David Einhorn's Greenlight Capital is due in court today, when it will ask a judge to block a...


David Einhorn's Greenlight Capital is due in court today, when it will ask a judge to block a vote of Apple's (AAPL) investors over three different proposals unless they are considered separately. Einhorn is particularly interested in Apple's desire to give shareholders the power to approve the issuing of preferred shares, which he opposes. The vote is scheduled for next week.

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Comments (7)
  • gensearch2
    , contributor
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    I do find it odd that a shareholder opposes shareholder approval.
    19 Feb 2013, 05:24 AM Reply Like
  • chriscrimson98
    , contributor
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    So you think all shareholders vote in kind?
    19 Feb 2013, 11:25 AM Reply Like
  • gensearch2
    , contributor
    Comments (1556) | Send Message
     
    I don't think all shareholders will vote in kind. I think the majority of shareholders won't vote or will agree to whatever the board of directors recommends. The shareholders that don't vote will, in effect, be voting for the recommendations of the board of directors.

     

    It's pretty unusual to see a vote in favor of something that the board of directors opposes. I've only seen it happen in very rare instances and it's usually associated with companies that have a CEO who is utterly incompetent.

     

    The proposal is :Let's have a shareholder vote and whether the shareholders should be allowed to vote. My vote is the shareholders should not be allowed to vote.
    20 Feb 2013, 08:20 AM Reply Like
  • ACAC
    , contributor
    Comments (141) | Send Message
     
    Why is it odd?
    Contrary to what is reported above, Apple wants to limit her ability to issue Preferred Shares to stop what renegade shareholder Einhorn is trying to do.
    Einhorn wants Apple to issue Preferred Shares to capture the billions Apple is sitting on.
    19 Feb 2013, 03:09 PM Reply Like
  • gensearch2
    , contributor
    Comments (1556) | Send Message
     
    "Apple wants to limit her ability to issue Preferred Shares to stop what renegade shareholder Einhorn is trying to do."

     

    That makes no sense. If Einhorn wins this suit, then he won't be allowed to vote on issuing a preferred stock. It will be solely at the discretion of Apple and the board of directors.

     

    The only chance that Enhorn has a getting a preferred stock issued over the objections of Apple is to have a shareholder vote on it. Which Einhorn opposes.
    20 Feb 2013, 08:23 AM Reply Like
  • rrosey2
    , contributor
    Comments (884) | Send Message
     
    IF EINHORN DOES A HOSTILE TAKEOVER, HE CAN ISSUE PREFERRED TO STOCKHOLDERS WITHOUT A VOTE.

     

    ANYWAY THE SHARES WILL GO UP.
    19 Feb 2013, 11:49 PM Reply Like
  • gensearch2
    , contributor
    Comments (1556) | Send Message
     
    A hostile takeover of Apple? Icahn couldn't pull that off let alone Einhorn. China might be able to pull off a hostile takeover. How much cash, even in a LBO would someone need to raise to take over Apple?
    20 Feb 2013, 08:26 AM Reply Like
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