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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