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  • Icahn Back to Bugging Apple with New Shareholder Proposal


    Billionaire investor and philanthropist Carl Icahn is back to bugging Apple about parting 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.
    It's the same message Icahn has been pushing with Apple CEO Tim Cook in their recent conversations and face-to-face meetings.

    “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."

    Source: TIME
    This article was originally published in forum thread: Icahn Back to Bugging Apple with New Shareholder Proposal started by Michael Essany View original post
    Comments 7 Comments
    1. RandyTG's Avatar
      RandyTG -
      "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.
    1. jOnGarrett's Avatar
      jOnGarrett -
      Quote Originally Posted by RandyTG View Post
      "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.
      lol. and doesn't apple do the same thing? make itself richer and richer--sometimes stomping on the little guy?
    1. *T*'s Avatar
      *T* -
      Quote Originally Posted by RandyTG View Post
      "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.
      Go back to your communist utopia, I'm pretty sure all of us want to get richer regardless of whether they make other people rich too.
    1. REMED1AL's Avatar
      REMED1AL -
      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.
    1. Scotty Manley Silberhorn's Avatar
      Scotty Manley Silberhorn -
      Quote Originally Posted by REMED1AL View Post
      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 if for future products, retail expansion, workers pay, emerging countries and countless losses simply by moving the money just so he can make a pay day and then fault Apple when they are cash poor and have a huge loss on their stock value.
      He's actually stated that he will exclude himself from the share buy back plan. All shares that he owns wouldn't be directly affected by the buy back. I agree though that apple shouldn't listen to everything he wants them to do.
    1. bigboyz's Avatar
      bigboyz -
      This guy is a cancer. Apple doesn't need your investment. Give him back his billion and move on.
    1. REMED1AL's Avatar
      REMED1AL -
      Quote Originally Posted by bigboyz View Post
      This guy is a cancer. Apple doesn't need your investment. Give him back his billion and move on.
      He wants the large buy-back to increase his shares and then he'll sell them. He would make less participating in the buy-back then he will after. He believes Apple's stock is undervalued and if Apple buys a significant portion of their shares it will decrease availability and then supply/demand increased the stock value.

      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.