“It looks like billionaire hedge-fund manager David Einhorn won half his battle with Apple (AAPL) in a New York federal court Tuesday,” Philip Elmer-DeWitt reports for Fortune.

“Lawyers for Greenlight Capital, Einhorn’s firm, had 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,’” P.E.D. reports. “At the end of the 90-minute hearing — expedited because Apple’s shareholders meeting is scheduled for Feb. 27 — U.S. District Judge Richard Sullivan said he was inclined to agree. ‘Candidly I do think the likelihood of success is in favor for Greenlight on the merits,’ he said.”

P.E.D. reports, “What was less clear was whether Greenlight had proved that it would suffer the ‘irreparable harm’ required for the judge to issue a preliminary injunction blocking the vote.”

Read more in the full article here.

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