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12-04-2013, 02:42 PM #1
Icahn Back to Bugging Apple with New Shareholder Proposal
Billionaire investor and philanthropist Carl Icahn is back to bugging Apple to part ways with more of its vast financial reserves.
TIME magazine is reporting that Icahn has just filed a new shareholder proposal that urges Apple to spend more to buy more of the company's own shares.
His measure calls for a share buyback and is in the form of a precatory proposal, which means that even if a majority of Apple shareholders approved, it would not be binding on the company’s management.
“A lot of people say Steve Jobs probably wouldn’t have talked to me, and maybe that’s true,” Icahn tells TIME. “But I think he [Cook] found our conversation sort of interesting. He said, `Look, you’ve accomplished a lot, and we want to listen to you.’”
Although Apple hasn't yet confirmed plans to proceed with Icahn's recommendations, the tech giant says no changes would be announced (if any) until the "first part of 2014."
12-04-2013, 03:17 PM #2
"If the CEO won't agree to make me richer, then I will ask the shareholders to vote for my proposal to make me richer". If he was legitimately concerned for the shareholders; other than himself, I would applaud his efforts, but he does this to make himself richer and that is all he cares about.
12-04-2013, 06:19 PM #3
12-04-2013, 06:27 PM #4
12-05-2013, 08:13 AM #5
No shareholder should follow this guy if they have any consideration for Apple as a company. The end result will be a mass devaluation of Apple when he skips town with his winnings. All who vote for his proposal will do the same adding to the mass sell-off.
Anyone left will eat it and Apple will have to defend itself for years to come as though their stock value was actually a loss and not a manipulated inflating by Icahn.
Apple's vast cash will be hammered if they bring it into the U.S. with taxes alone which would be needed to buy the stock back. An investor who thinks it's wise to pay 50 Billion in taxes so her can get his pay day is clearly out for personal gain.
A significant loss to Apple's cash holding would cause slower growth in all of the expanding areas and slower technology development. Icahn is for personal gain at the cost of future products, retail expansion, workers future pay, expansion in emerging countries and countless losses simply by moving the money.
Then after all this everyone will fault Apple when they are cash poor and have a huge loss on their stock value.
Last edited by REMED1AL; 12-05-2013 at 08:26 AM.
12-05-2013, 08:25 AM #6
12-05-2013, 08:25 AM #7
This guy is a cancer. Apple doesn't need your investment. Give him back his billion and move on.
12-06-2013, 08:58 AM #8
However, I'd be for a day when Apple went private or at the very least only had a small % available in the stock market.