Rebel Apple investor tries to rally Street

February 22nd, 2013 in Technology / Business

(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.

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"Rebel Apple investor tries to rally Street." February 22nd, 2013. http://phys.org/news/2013-02-rebel-apple-investor-rally-street.html