Einhorn's Apple (AAPL) proposal is pretty much the stub stock idea made famous by Joel Greenblatt, writes The Brooklyn Investor, showing how issuing $50B in preferred would theoretically add $32/share in value. In cases where an underleveraged firm won't lever up, Greenblatt reminded an investor can and should create their own leverage using LEAPs. This spreadsheet (from May) on Greenlight's site details Einhorn's preferred idea for not just Apple, but DELL, GM, MRVL, and MSFT.
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