Wed, Jan 18, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Update: Greenlight Capital speaks out to investors and the media, pushing for support of its Apple campaign

Friday, February 22, 2013

Bailey McCann, Opalesque New York: As Opalesque has reported, hedge fund activist David Einhorn and his firm Greenlight Capital have launched a fight over a change to Apple's corporate charter that would require shareholder approval for the issuance of preferred stock. Einhorn says that the change is a bad idea, and spoke directly to Apple CEO Tim Cook on the matter. He's also filed a lawsuit claiming that the vote as currently slated to happen during Apple's annual shareholder meeting at the end of this month is a violation of SEC rules. Since then, a few big names who are also Apple shareholders like CalPERs, ISS, and Glass Lewis have all come out in support of Apples proposed change. Now, as the shareholder meeting looms large, Einhorn took to the phones speaking to investors and the media about why his ideas are better.

"It's not complicated, it's simple," Einhorn said of his idea on a call with the media earlier this afternoon. In essence, he views the change as a means of killing off preferred stock or at least making it significantly more difficult to issue. Instead, he wants Apple to distribute perpetual preferred shares to Apple shareholders for free. In the presentation he cited IBM and Texas Instruments as examples of companies that are friendly to shareholders and reiterated his claim that the proposed proxy wo......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Southpoint Capital gains 3.8% in Q3, bringing year-to-date returns to 5.2%[more]

    From Valuewalk.com: Southpoint Capital Advisors, the $3 billion New York hedge fund founded by former employees of David Einhorn’s Greenlight Capital, added 3.8% net during the third quarter of 2016, bringing year-to-date returns to 5.2% and cumulative returns since inception (July 2004) of 237.4% a

  2. The Big Picture: The case for emerging market debt in 2017[more]

    Benedicte Gravrand, Opalesque Geneva: Emerging market (EM) assets outperformed in 2016 mainly because of stronger fundamentals and an improving international environment, with GDP picking up speed, leading to positive earnings revisions for the first time in five years,

  3. Short Selling - Long-short hedge funds are ditching the shorts to focus on longs[more]

    From Bloomberg.com: What happens when you take the "short" out of a long-short trading strategy? Some hedge funds are about to find out. Equity long-short fund managers, the biggest category in hedge funds, hold the fewest bearish stock bets on record, data compiled by Credit Suisse Group AG s

  4. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel

  5. Some hedge funds strong start in 2017 nice contrast to 2016[more]

    With the 2016 HSBC Hedge Weekly performance rankings in the books - a year in which the same leader-board entries pretty much dominated unchallenged throughout the year - comes a new leader board that is a hard-scrabble mix of hedge fund styles and categories. What is clear after but a few short wee