Feeds

iPrefs-seeking shareholder Einhorn drops Apple lawsuit

'Silly sideshow' folds its tent, moves on

Beginner's guide to SSL certificates

David Einhorn and his hedge fund Greenlight Capital have dropped their lawsuit against Apple.

Einhorn had sued to block a vote at Apple's investor meeting, held this Wednesday, that would have forced a shareholder vote on the issuance of higher-dividend preferred shares. Einhorn is promoting the idea of that class of shares, which he dubbed "iPrefs".

"Apple removed the bundled proposal from the shareholder meeting therefore resolving the issue," a Greenlight Capital spokesman told AllThingsD.

Not that Apple had a choice. Last Friday, a New York District Court judge issued an injunction preventing Apple from holding that vote, known as Proposition 2, agreeing with Einhorn that Security and Exchange Commission rules prevented its "bundling" of multiple measures.

Einhorn's iPrefs idea – which lives on, unaffected by Friday's withdrawal of legal action – is intended to pry loose some of Apple's ginormous cash holdings, which were reported to stand at $137.1bn in the company's most recent financial report.

Einhorn's activist-shareholder stance has inspired both plaudits and brickbats. Place Apple CEO Tim Cook firmly in the latter camp, having called the Einhorn suit a "silly sideshow" both at the Goldman Sachs Technology and Internet conference on February 12 and at his company's investors meeting this Wednesday.

Einhorn may now be folding that particular sideshow's tent, but don't expect him to retire his activist act entirely. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.