“Greenlight Capital’s David Einhorn is putting his money where his mouth is, adding to his Apple (AAPL) as of the end of 2012,” Chris Ciaccia reports for TheStreet.
“Einhorn, who is currently suing Apple to try to prevent the company from changing its charter, now owns 1.3 million shares according to his latest 13F filing, up from the third quarter, when he owned 1.09 million shares,” Ciaccia reports. “In addition to the 1.3 million share stake, Einhorn owns the right to purchase another 275,000 shares via call options.”
Ciaccia reports, “Last week, Einhorn put out a letter asking shareholders to vote against Apple’s proposal to do away with preferred stock, which he says restricts ‘the Board’s ability to unlock the value on Apple’s balance sheet.’ Apple responded, saying that it would ‘thoroughly evaluate Greenlight Capital’s current proposal to issue some form of preferred stock.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]
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Judge approves Apple request to expedite Einhorn’s Greenlight Capital case – February 11, 2013
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We’re coming to get you asshole . Let the lawsuts against Einhorn begin.
My 78807+ shares votes for Tim & The Team. Then again I am very pleased to buy some more with extra low price (+44). Disclosure.. very long AAPL.
Damn typo! >:(
Wow that was wishful thinking though =D
7887+44 is the right amount of shares. Not 78807! =D
Either way, you’re awesome, thanks and good luck!
Go Apple!
What a bunch of crap. They know that Apple is just changing the charter so preferred stock is voted on by all stockholders, yet they perpetuate the idiotic greenlight rumor. What they posted is factually correct (einhorn basically lied in his original letter), but Street does nothing to correct it, and doesn’t mention Apple’s rebuttal at all. Bullshit “journalism”.
Its in Apple’s answer:
and Apple’s attorneys are drafting a brief to answer the second copycat lawsuit filed yesterday against Apple, as i type.
My somewhat obfuscated point was that the Street prints this:
Ciaccia reports, “Last week, Einhorn put out a letter asking shareholders to vote against Apple’s proposal to do away with preferred stock, which he says restricts ‘the Board’s ability to unlock the value on Apple’s balance sheet.’ Apple responded, saying that it would ‘thoroughly evaluate Greenlight Capital’s current proposal to issue some form of preferred stock.’”
Read more at http://macdailynews.com/2013/02/14/einhorn-adores-apple-in-latest-13f-filing/#czUrcpg3YIjl7KrH.99
If you don’t know the facts you would read this as: “Apple is doing away with preferred stock, but now that Einhorn is suing them they will change their minds.”
The way this is written is complete bullshit and a twisting of the facts to suit their (Street) agenda. They do nothing in the article to clarify or refute any of Einhorn’s idiocy, or Apple’s astute reply to said idiocy. Hacks. Hit Whores.
Einhorn wants to raid Apple.
Over our dead bodies!
Sue the vulture.
Little Boy Blue, come blow your Einhorn.
The sheep’s in the meadow, the cow’s in the Eincorn.
Where is the boy that looks after the sheep?
He’s in a court suing Apple inc.
Tie him up and set him off like a ball out of a canon!
Wonderful and fresh. Mock the narcissistic, self-serving aristocrats with verse, as sly court jesters did to dullard monarchs in the Middle Ages! Remember to leave a side door open for a quick escape should they stir from their lethargy and summon the palace guards.
Plus one.
Thanks for the tip! I nearly got caught admiring my own work until you sounded the alarm!!!
So basically Wall Street wants to plunder Apple’s cash like they “own” it. Newsflash: Shareholders don’t generate profit, customers do. Apple is about delighting customers and giving them value not pleasing shareholding hedge fund Wall Street types.
It was Steve Jobs idea to put the products that delight the customer over profits. Profits are what occurs as a result not the goal itself. This lawsuit may end up deciding if this business philosophy of Steve’s will become the norm for the future or if we’ll continue to “maximise shareholder value”.
http://blogs.hbr.org/cs/2011/10/steve_jobs_solved_the_innovato.html
http://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/