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03-01-2013, 02:22 PM #1
Greenlight Capital Turns Red Light on Apple Lawsuit
Last month, hedge fund manager David Einhorn, who oversees management of Greenlight Capital, filed a lawsuit against Apple in response to a growing "cash problem" the company purportedly exhibits. Blasting Apple's hoarding tendencies, Einhorn says Apple's $137 billion in cash-on-hand shouldn't be so far removed from shareholders.
Greenlight brought the lawsuit to federal court, hoping it would force Apple to modify a proposal in its proxy at that time. Specifically, Greenlight was opposed to a proposal that would remove Apple's ability to issue preferred stock from its charter.
Last week, Apple yanked that proposal from its shareholder meeting, after a federal judge ruled it had been “impermissibly bundled” with other matters requiring shareholder consideration, and issued an injunction preliminarily blocking a vote on it.
Not admitting defeat, a Greenlight spokesman says: “Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue.”
03-01-2013, 04:05 PM #2
Let me guess...Judge Lucy Koh has a free Samsung Galaxy IV!
03-02-2013, 11:29 PM #3