Fri, May 27, 2016
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. Ares Capital to buy American Capital in $3.4 billion deal[more]

    From PIOnline.com: Ares Management's business development company Ares Capital Corp. is buying troubled BDC American Capital for $3.43 billion, said a joint news release by the BDCs and another release by Ares Management. Ares Capital Corp.'s assets are expected to grow to about $13.2 billion when t

  2. Performance - Hedge fund ETFs take a battering, Have long-short credit funds delivered?[more]

    Hedge fund ETFs take a battering From ETFStrategy.co.uk: It was a blow for the hedge fund world when Hillary Clinton’s son-in-law Marc Mezvinsky announced he would be closing his Greek-focused fund after it plummeted in value by 90%, just two years after it launched. For passive investor

  3. Launches - Man Group and American Beacon launch new emerging debt fund, Nikko AM launches new Japan equity UCITS fund[more]

    Man Group and American Beacon launch new emerging debt fund American Beacon Advisors, an experienced provider of investment advisory services to institutional and retail markets, launched the American Beacon GLG Total Return Fund today. The Fund became effective May 20. The America

  4. Emerging markets hedge funds perform strongly, but capital base erodes[more]

    Komfie Manalo, Opalesque Asia: Latin American Emerging Markets and Russian hedge funds lead industry gains in the first months of 2016, posting strong performances through April as global and EM equity, commodity and currency markets surged in recent weeks following steep losses to begin the year

  5. Americas - Australian banks sending U.S. hedge funds broke, Ryan Puerto Rico ‘rescue’ bill could be windfall for hedge funds[more]

    Australian banks sending U.S. hedge funds broke From SMH.com.au: US hedge funds are not having the best of years. Profits are hard to find, they're underperforming and the punters are losing patience, withdrawing US$15 billion ($20.8 billion) in the March quarter. They're expected to wit