“Given the advance buildup — a headline-grabbing billionaire, a high-profile proxy fight, a hedge-fund lawsuit, a federal judge’s preliminary injunction and those cutesy iPrefs — Apple’s annual shareholders meeting today is likely to disappoint,” Philip Elmer-DeWitt writes for Fortune.

“For one thing, the proposition that created all the fuss — a change in the company’s articles of incorporation that would have prohibited the issuance of preferred shares without a shareholder vote — has been taken off the table,” P.E.D. writes. “For another, the real issue behind the fuss is Apple’s $137 billion cash stockpile — if, when and how much of that cash the company plans to divvy up among the shareholders. Those aren’t questions boards of directors usually answer at shareholders meetings.”

Read more in the full article here.