Judge stops Apple shareholder vote on preferred stock vote
TweetFollow Us on Twitter

Judge stops Apple shareholder vote on preferred stock vote

U.S. District Judge Richard Sullivan in Manhattan handed David Einhorn, founder of the Greenlight hedge fund, a victory in his court battle with Apple on Friday, blocking the Cupertino-based company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock, reports "Reuters" (http://tinyurl.com/b3tbasv)

The vote was scheduled for Feb. 27 as part of the company's annual stockholders' meeting. Greenlighthas been urging Apple to share its cash with investors by issuing high-yielding preferred shares, alleged in a lawsuit that the company unfairly lumped a stock restriction with two other corporate governance matters set for a vote by investors on Feb. 27.

Lawyers for Greenlight Capital argued that putting into one proposition three separate items -- two of which Einhorn supported and one (which barred Apple's board from issuing preferred shares without a shareholder vote) he vehemently opposed -- was a clear violation of SEC regulations against such "bundling."

Today U.S. District Judge Richard Sullivan said he was inclined to agree. However, less clear is whether Greenlight had proved that it would suffer the "irreparable harm" required for the judge to issue a preliminary injunction blocking the vote, reports "CNNMoney." Besides, no matter how the vote went, he said, Einhorn was unlikely to get Apple to issue the preferred shares he had been lobbying for, the article adds.

Recently, Greenlight began urging (http://tinyurl.com/ba2aytc) fellow shareholders of Apple to oppose the company’s attempt to amend its corporate charter. Apple has responded with the following statement:

"By early last year, Apple’s cash balance had built to a point beyond what we needed to run our business and maintain flexibility to take advantage of strategic opportunities, so we announced a plan to return $45 billion to shareholders over three years. As of next week we will have executed $10 billion of that plan.

"We find ourselves in the fortunate position of continuing to generate large amounts of cash, including $23 billion in cash flow from operations in the last quarter alone.

"Apple’s management team and Board of Directors have been in active discussions about returning additional cash to shareholders. As part of our review, we will thoroughly evaluate Greenlight Capital’s current proposal to issue some form of preferred stock. We welcome Greenlight’s views and the views of all of our shareholders.

"As a part of our efforts to further enhance corporate governance and serve our shareholders’ best interests, Proposal #2 in our proxy includes some recommended changes to our articles of incorporation. These changes were recommended independently of Greenlight’s proposal and would not preclude Apple from adopting their concept. Contrary to Greenlight’s statements, adoption of Proposal #2 would not prevent the issuance of preferred stock. Currently, Apple’s articles of incorporation provide for the issuance of 'blank check' preferred stock by the Board of Directors without shareholder approval. If Proposal #2 is adopted, our shareholders would have the right to approve the issuance of preferred stock. As such, Proposal #2 has the support of many of our shareholders.

"We remain committed to having an ongoing dialogue with our shareholders to get perspectives around return of capital and driving shareholder value."

 

Community Search:
MacTech Search:

Software Updates via MacUpdate

LooperSonic (Music)
LooperSonic 1.0 Device: iOS Universal Category: Music Price: $4.99, Version: 1.0 (iTunes) Description: LooperSonic is a multi-track audio looper and recorder that will take your loops to the next level. Use it like a loop pedal to... | Read more »
Space Grunts guide - How to survive
Space Grunts is a fast-paced roguelike from popular iOS developer, Orange Pixel. While it taps into many of the typical roguelike sensibilities, you might still find yourself caught out by a few things. We delved further to find you some helpful... | Read more »
Dreii guide - How to play well with othe...
Dreii is a rather stylish and wonderful puzzle game that’s reminiscent of cooperative games like Journey. If that sounds immensely appealing, then you should immediately get cracking and give it a whirl. We can offer you some tips and tricks on... | Read more »
Kill the Plumber World guide - How to ou...
You already know how to hop around like Mario, but do you know how to defeat him? Those are your marching orders in Kill the Plumber, and it's not always as easy as it looks. Here are some tips to get you started. This is not a seasoned platform... | Read more »
Planar Conquest (Games)
Planar Conquest 1.0 Device: iOS Universal Category: Games Price: $12.99, Version: 1.0 (iTunes) Description: IMPORTANT: Planar Conquest is compatible only with iPad 3 & newer devices, iPhone 5 & newer. It’s NOT compatible with... | Read more »
We talk to Cheetah Mobile about its plan...
Piano Tiles 2 is a fast-paced rhythm action high score chaser out now on iOS and Android. You have to tap a series of black tiles that appear on the screen in time to the music, being careful not to accidentally hit anywhere else. Do that and it's... | Read more »
Ultimate Briefcase guide - How to dodge...
Ultimate Briefcase is a simple but tricky game that’s highly dependent on how fast you can react. We can still offer you a few tips and tricks on how to survive though. Guess what? That’s exactly what we’re going to do now. Take it easy [Read more... | Read more »
SoundPrism Link Edition (Music)
SoundPrism Link Edition 1.0 Device: iOS Universal Category: Music Price: $4.99, Version: 1.0 (iTunes) Description: ***Introductory price for a the first few days after launch - if you're reading this, get it while it's fresh out of... | Read more »
Pre-register now for hack and slasher An...
Fincon, which won Facebook's Studio to Watch award in 2015, has announced that pre-registration is now open for the massive 3.0 update for its award-winning hack and slasher Angel Stone. Angel Stone is a post-apocalyptic action RPG in which the... | Read more »
Google has named Piano Tiles 2 as its Be...
Google has named Piano Tiles 2, which launched back in August last year, as its Best Game of 2015. If you're yet to play it, now's a good time to do so. It's a sequel to the hugely successful viral hit Piano Tiles (Don't Tap the White Tile) but... | Read more »

Price Scanner via MacPrices.net

Apple refurbished 2014 13-inch Retina MacBook...
Apple has Certified Refurbished 2014 13″ Retina MacBook Pros available for up to $400 off original MSRP, starting at $979. An Apple one-year warranty is included with each model, and shipping is free... Read more
Macs available for up to $300 off MSRP, $20 o...
Purchase a new Mac or iPad using Apple’s Education Store and take up to $300 off MSRP. All teachers, students, and staff of any educational institution qualify for the discount. Shipping is free, and... Read more
Watch Super Bowl 50 Live On Your iPad For Fre...
Watch Super Bowl 50 LIVE on the CBS Sports app for iPad and Apple TV. Get the app and then tune in Sunday, February 7, 2016 at 6:30 PM ET to catch every moment of the big game. The CBS Sports app is... Read more
Two-thirds Of All Smart Watches Shipped In 20...
Apple dominated the smart watch market in 2015, accounting for over 12 million units and two-thirds of all shipments according to Canalys market research analysts’ estimates. Samsung returned to... Read more
12-inch 1.2GHz Retina MacBooks on sale for up...
B&H Photo has 12″ 1.2GHz Retina MacBooks on sale for $180 off MSRP. Shipping is free, and B&H charges NY tax only: - 12″ 1.2GHz Gray Retina MacBook: $1499 $100 off MSRP - 12″ 1.2GHz Silver... Read more
12-inch 1.1GHz Gray Retina MacBook on sale fo...
B&H Photo has the 12″ 1.1GHz Gray Retina MacBook on sale for $1199 including free shipping plus NY sales tax only. Their price is $100 off MSRP, and it’s the lowest price available for this model... Read more
Apple now offering full line of Certified Ref...
Apple now has a full line of Certified Refurbished 2015 21″ & 27″ iMacs available for up to $350 off MSRP. Apple’s one-year warranty is standard, and shipping is free. The following models are... Read more
Free GUI Speedometer – The Ultimate Digital D...
Miami, Florida based RMKapps has announced the official release of GUI Speedometer 1.0, their digital dashboard display developed for iOS devices. GUI Speedometer allows users to track their precise... Read more
FutureCalc: Ergonomic iOS Calculator App For...
London, United Kingdom based Independent software developer and entrepreneur, Hovik Melikyan has announced the release and immediate availability of FutureCalc 1.0, his new ergonomic calculator app... Read more
Save up to $600 with Apple refurbished Mac Pr...
Apple has Certified Refurbished Mac Pros available for up to $600 off the cost of new models. An Apple one-year warranty is included with each Mac Pro, and shipping is free. The following... Read more

Jobs Board

*Apple* Subject Matter Expert - Experis (Uni...
This position is for an Apple Subject Matter Expert to assist in developing the architecture, support and services for integration of Apple devices into the domain. Read more
*Apple* Macintosh OSX - Net2Source Inc. (Uni...
…: * Work Authorization : * Contact Number(Best time to reach you) : Skills : Apple Macintosh OSX Location : New York, New York. Duartion : 6+ Months The associate would Read more
Computer Operations Technician ll - *Apple*...
# Web Announcement** Apple Technical Liaison**The George Mason University, Information Technology Services (ITS), Technology Support Services, Desktop Support Read more
Restaurant Manager - Apple Gilroy Inc./Apple...
…in every aspect of daily operation. WHY YOU'LL LIKE IT: You'll be the Big Apple . You'll solve problems. You'll get to show your ability to handle the stress and Read more
Simply Mac *Apple* Specialist- Service Repa...
Simply Mac is the largest premier retailer of Apple products in the nation. In order to support our growing customer base, we are currently looking for a driven Read more
All contents are Copyright 1984-2011 by Xplain Corporation. All rights reserved. Theme designed by Icreon.