Greenlight Sues Apple Over Capital Allocation

[danpass]

http://abcnews.go.com/Technology/wireStory/greenlight-sues-apple-capital-allocation-18429492

Greenlight Capital is suing Apple in federal court in New York over attempts to eliminate preferred stock at the world's most valuable company.

............

In a letter to Apple shareholders, Greenlight called Apple a "phenomenal company filled with talented people creating iconic products that consumers around the world love." But it said the company has an "obligation to examine all options to create and unlock additional value."

lol. Start your own company if you don't like it or sell your shares. Or buy more and become a Board member.

Otherwise don't be such a little bitch.


I don't blame Dell one bit for going private.

 

[basesloaded190]

He is suing over a proxy vote, not suing because Apple is allocating it's capital the way he wants.

He's not happy with the way Apple is using their cash, but isn't suing the company because of that.

 

[danpass]

It is part of their argument though

Apple, Greenlight continued, "has $145 per share of cash on its balance sheet. As a shareholder, this is your money."

 

[TedM]

I'm really interested in the way this turns out. Wonder what will happen.