Wednesday, February 13, 2013

CEO vs. hedgie in Apple smackdown

From today's NY Post: The fight over Apple’s cash pile is starting to take its toll.  Apple CEO Tim Cook yesterday characterized a lawsuit brought by hedge-fund honcho David Einhorn as a “silly sideshow” and a “waste of shareholder money.”

While Cook said Apple is in “active discussions” about spending some of its $137 billion cash hoard, investors were disappointed that he didn’t elaborate. Shares fell 2.5 percent yesterday to close at $467.84.

Einhorn, the founder of $8 billion Greenlight Capital, wants Apple to return more cash to shareholders.  As part of that effort, he sued last week to thwart Apple’s plan to eliminate its ability to issue preferred stock without shareholder approval, so-called blank check preferred stock….

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