Earlier today, Apple posted its preliminary proxy statement with the U.S. Securities and Exchange Commission.

The posting is of particular interest to the Wall Street crowd because of the details proscribed in the statement regarding the whopper of a $50 billion stock repurchase proposal put forward by persistent Apple shareholder and billionaire mogul Carl Icahn.

According to details gleaned from today's posting, here's what Icahn plans to pitch at the next meeting of Apple shareholders:

RESOLVED, that the shareholders hereby approve, on an advisory basis, High River's proposal that Apple commit to completing not less than $50 billion of share repurchases during Apple's fiscal year ending September 27, 2014 (and increase the amount authorized for share repurchases under its Capital Return Program accordingly).
Although the press is stirring the pot on today's statement and intimating that Icahn is drawing a line in the sand for Apple, Icahn's proposal is, in fact, nonbinding on Apple and only represents an "advisory" vote regardless of the outcome.

To review the Preliminary Proxy statement in full, click here.

Source: LA Times