Rebel Apple investor tries to rally Street

Feb 22, 2013 by Peter Svensson

(AP)—A Wall Street maverick who wants Apple to share more of its wealth with investors took his case to other shareholders Thursday, urging them to send management a message by voting against a company proposal at the upcoming annual meeting.

David Einhorn, founder of Greenlight Capital, laid out his case for "iPrefs," a class of -bearing preferred stock he wants the company to issue as a way of committing to use its massive profits for the benefit of shareholders.

Apple hands only a small amount of its profits to shareholders. The rest of the money goes in the bank, where Apple's cash hoard amounted to $137 billion at the end of last year.

Einhorn introduced his plan two weeks ago. Apple responded, saying it would consider the proposal.

Explore further: Apple, Samsung lose ground in cooling tablet market

5 /5 (5 votes)
add to favorites email to friend print save as pdf

Related Stories

Greenlight sues Apple, with eye on cash pile

Feb 07, 2013

US hedge fund Greenlight Capital Thursday filed suit against Apple as it boosted pressure on the tech giant to unleash to shareholders the value of its huge capital stockpile.

Apple CEO Cook says lawsuit is 'silly sideshow'

Feb 12, 2013

Apple CEO Tim Cook calls a shareholder lawsuit against the company a "silly sideshow" but says he is open to looking at the shareholder's proposals for sharing more cash with investors.

Apple CEO hints company will part with some cash

Feb 23, 2012

(AP) -- Apple CEO Tim Cook believes the world's most valuable company has more money than it needs. His next challenge is to figure out whether Apple should break from the cash-hoarding ways of his predecessor, the late ...

Apple CEO Jobs favors flexibility of cash hoard

Feb 25, 2010

(AP) -- Apple Inc., buoyed by the success of the iPhones, iPods and computers it churns out to breathless buyers, could give some of its $25 billion in cash back to shareholders. But CEO Steve Jobs said Thursday that he ...

Recommended for you

Report: China to declare Qualcomm a monopoly

6 hours ago

(AP)—Chinese regulators have concluded Qualcomm Inc., one of the biggest makers of chips used in mobile devices, has a monopoly, a government newspaper reported Friday.

Nokia profits rise after sale of handset division

Jul 24, 2014

(AP)—Telecommunications and wireless equipment maker Nokia Corp. saw its shares surge on Thursday after it reported higher profits and an improved earnings outlook in the wake of its sale to Microsoft of its troubled handset ...

User comments : 0