Reuters: Technology News: Hedge fund manager Einhorn takes Apple campaign to shareholders

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Hedge fund manager Einhorn takes Apple campaign to shareholders Feb 21st 2013, 01:36 Tweet Share this Email Print Related News UPDATE 2-Einhorn hedge fund may succeed in Apple case, judge says Tue, Feb 19 2013 Judge says hedge fund Greenlight may succeed in Apple case Tue, Feb 19 2013 Ahead of hearing, Einhorn reiterates case against Apple Fri, Feb 15 2013 Big hedge funds fueled fourth-quarter dive in Apple shares Thu, Feb 14 2013 UPDATE 2-Big hedge funds fueled 4th-quarter dive in Apple shares Thu, Feb 14 2013 Analysis & Opinion Herbalife: the ultimate financial plaything LIPPER: Aux armes, millionaires! David Einhorn, president of Greenlight Capital, speaks during the Sohn Investment Conference in New York, May 16, 2012. Credit: Reuters/Eduardo Munoz By Poornima Gupta SAN FRANCISCO | Wed Feb 20, 2013 8:36pm EST SAN FRANCISCO (Reuters) - Hedge fund manager David Einhorn, who is battling Apple Inc in court as part of a wider effort to get iPhone-maker to share more of its cash pile, will now make a direct appeal to the company's shareholders. He will host a conference call on Thursday to argue the merits of distributing perpetual preferred stock -- his favored way of rewarding shareholders. Einhorn's $8 billion Greenlight Capital is seeking an injunction to block a February 27 shareholders' vote on "Proposal 2" in Apple's proxy statement, which would abolish a system for issuing preferred stock at its discretion. Apple declined to comment on Einhorn's plan to appeal directly to shareholders. Chief Executive Tim Cook last week dismissed the lawsuit as a "silly sideshow". But Cook said the idea of issuing preferred stock was creative and one that Apple's board was carefully considering, while it ponders other ways to share its $137 billion in cash and securities -- something Wall Street investors have lobbied for for years. But even as the hedge fund star tries to rally Apple shareholders to his cause, one of Greenlight Capital's own previous investors objected publicly on Wednesday to his tactics. The Nathan Cummings Foundation, which said it had been a limited partner of Greenlight's through its endowment, said it was "dismayed" that Einhorn was suing Apple to prevent a vote on Proposal 2. "We very much oppose your decision to enjoin the 2013 annual meeting and the vote on Resolution #2," Simon Greer, President and CEO of the foundation, said in a letter to Einhorn that was obtained by Reuters. In response, Greenlight said in a statement: "This is a former investor who redeemed. We wish them well." (Editing by Edwina Gibbs) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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