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

The best GIF making apps
Animated GIFs have exploded in popularity recently which is likely thanks to a combination of Tumblr, our shorter attention spans, and the simple fact they’re a lot of fun. [Read more] | Read more »
The best remote desktop apps for iOS
We've been sifting through the App Store to find the best ways to do computer tasks on a tablet. That gave us a thought - what if we could just do computer tasks from our tablets? Here's a list of the best remote desktop apps to help you use your... | Read more »
Warhammer 40,000: Freeblade guide - How...
Warhammer 40,000: Freebladejust launched in the App Store and it lets you live your childhood dream of blowing up and slashing a bunch of enemies as a massive, hulking Space Marine. It's not easy being a Space Marine though - and particularly if... | Read more »
Gopogo guide - How to bounce like the be...
Nitrome just launched a new game and, as to be expected, it's a lot of addictive fun. It's called Gopogo, and it challenges you to hoparound a bunch of platforms, avoiding enemies and picking up shiny stuff. It's not easy though - just like the... | Read more »
Sago Mini Superhero (Education)
Sago Mini Superhero 1.0 Device: iOS Universal Category: Education Price: $2.99, Version: 1.0 (iTunes) Description: KAPOW! Jack the rabbit bursts into the sky as the Sago Mini Superhero! Fly with Jack as he lifts impossible weights,... | Read more »
Star Wars: Galaxy of Heroes guide - How...
Star Wars: Galaxy of Heroes is all about collecting heroes, powering them up, and using them together to defeat your foes. It's pretty straightforward stuff for the most part, but increasing your characters' stats can be a bit confusing because it... | Read more »
The best cooking apps (just in time for...
It’s that time of year again, where you’ll be gathering around the dinner table with your family and a huge feast in front of you. [Read more] | Read more »
Square Rave guide - How to grab those te...
Square Rave is an awesome little music-oriented puzzle game that smacks of games like Lumines, but with its own unique sense of gameplay. To help wrap your head around the game, keep the following tips and tricks in mind. [Read more] | Read more »
Snowboard Party 2 (Games)
Snowboard Party 2 1.0 Device: iOS Universal Category: Games Price: $1.99, Version: 1.0 (iTunes) Description: Crowned the best snowboarding game available on the market, Snowboard Party is back to fulfill all your adrenaline needs in... | Read more »
One Button Travel (Games)
One Button Travel 1.0 Device: iOS Universal Category: Games Price: $2.99, Version: 1.0 (iTunes) Description: “To cut a long story short, If you like interactive fiction, just go buy this one.” - Toucharcade.com “Oozes the polish that... | Read more »

Price Scanner via MacPrices.net

Holiday weekend Mac sales roundup: B&H Ph...
B&H Photo continues to have all new Macs on sale for up to $500 off MSRP as part of their Black Friday/Holiday weekend sale. Shipping is free, and B&H charges NY tax only: - 15″ 2.2GHz Retina... Read more
iMobie Releases its Ace iOS Cleaner PhoneClea...
iMobie Inc. has announced the new update of PhoneClean 4, its iOS cleaner designed to reclaim wasted space on iPhone/iPad for use and keep the device fast. Alongside, iMobie hosts a 3-day giveaway of... Read more
U.S. Cellular Offering iPad Pro
U.S. Cellular today announced that it is offering the new iPad Pro with Wi-Fi + Cellular, featuring a 12.9-inch Retina display with 5.6 million pixels — the most ever in an iOS device. U.S. Cellular... Read more
Newegg Canada Unveils Black Friday Deals for...
Newegg Canada is offering more than 1,000 deep discounts to Canadian customers this Black Friday, available now through Cyber Monday, with new deals posted throughout the week. “Black Friday is... Read more
Black Friday: Macs on sale for up to $500 off...
BLACK FRIDAY B&H Photo has all new Macs on sale for up to $500 off MSRP as part of their early Black Friday sale including free shipping plus NY sales tax only: - 15″ 2.2GHz Retina MacBook Pro: $... Read more
Black Friday: Up to $125 off iPad Air 2s at B...
BLACK FRIDAY Walmart has the 16GB iPad Air 2 WiFi on sale for $100 off MSRP on their online store. Choose free shipping or free local store pickup (if available): - 16GB iPad Air 2 WiFi: $399, save $... Read more
Black Friday: iPad mini 4s on sale for $100 o...
BLACK FRIDAY Best Buy has iPad mini 4s on sale for $100 off MSRP on their online store for Black Friday. Choose free shipping or free local store pickup (if available): - 16GB iPad mini 4 WiFi: $299.... Read more
Black Friday: Apple Watch for up to $100 off...
BLACK FRIDAY Apple resellers are offering discounts and bundles with the purchase of an Apple Watch this Black Friday. Below is a roundup of the deals being offered by authorized Watch resellers:... Read more
Black Friday: Target offers 6th Generation iP...
BLACK FRIDAY Save $40 to $60 on a 6th generation iPod touch at Target with free shipping or free local store pickup (if available). Sale prices for online orders only, in-store prices may vary: -... Read more
Black Friday: Walmart and Target offer iPod n...
BLACK FRIDAY Walmart has the 16GB iPod nano (various colors) on sale for $119.20 on their online store for a limited time. That’s $30 off MSRP. Choose free shipping or free local store pickup (if... Read more

Jobs Board

*Apple* Site Security Manager - Apple (Unite...
# Apple Site Security Manager Job Number: 42975010 Culver City, Califo ia, United States Posted: Oct. 2, 2015 Weekly Hours: 40.00 **Job Summary** The Apple Site Read more
WiSE *Apple* Pay Quality Engineer - Apple (...
# WiSE Apple Pay Quality Engineer Job Number: 44313381 Santa Clara Valley, Califo ia, United States Posted: Nov. 13, 2015 Weekly Hours: 40.00 **Job Summary** Join our Read more
Holiday Retail Associate with *Apple* Knowl...
…and assertive.Someone who can troubleshoot iOS devices (iPhone and iPad) and Apple Mail issues.Someone who can offer solutions.Someone who can work weekends.Someone with Read more
*Apple* Systems Engineer (Mclean, VA and NYC...
Summary:Assist in providing strategic direction and technical leadership within the Apple portfolio, including desktops, laptops, and printing environment. This person 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.