Apple CEO Refers to Einhorn Lawsuit as "Silly Sideshow," "Bizarre"
February 12, 2013 4:32 PM
comment(s) - last by
Cook said the board is currently discussing Einhorn's proposal, and even called it "creative"
Apple CEO Tim Cook called David Einhorn's lawsuit against the iPhone maker "a sideshow," citing the number of media and television interviews Einhorn has participated in since it was launched.
Einhorn, an American hedge fund manager, is suing Apple over a proposed change to the company's charter that would throw out Apple's ability to issue blank check preferred stock per its judgment. More specifically, the lawsuit opposes how this charter change is packaged together with two other proposals in "Proposal 2."
Einhorn wants Apple to open up its fat wallet of $137 billion in cash and issue prepetual preferred shares that pay dividends to existing shareholders.
Cook said the board is currently discussing Einhorn's proposal, and even called it "creative." However, Cook has called the lawsuit and the number of media interviews surrounding the topic "a silly sideshow" and said it's "bizarre that we would find ourselves being sued for doing something good for shareholders."
"This is a waste of shareholder money and a distraction and not a seminal issue for Apple," said Cook. "That said, I support Prop 2. I am personally going to vote for it."
Einhorn is the influential investor that
pushed for Microsoft CEO Steve Ballmer's resignation
back in May 2011. He said Ballmer was key in many of Microsoft's misses at the time, such as puchasing Skype for nearly twice its market valuation and missing the boat when it came to tablets.
This article is over a month old, voting and posting comments is disabled
2/12/2013 5:08:58 PM
It's a waste of shareholder money to... keep all that cash locked up away from shareholders, because it's their money.
So yeah, there is a waste of shareholder money, on Apple's end.
The simple solution for Apple would be to do what he's requested, which is split the voting on the issues they are putting to the shareholders. Lawsuit gone.
"The whole principle [of censorship] is wrong. It's like demanding that grown men live on skim milk because the baby can't have steak." -- Robert Heinlein
Influential Investor Cries for Microsoft's Ballmer to Resign
May 26, 2011, 11:08 AM
Apple, World's Most Valuable Tech Company, Bumps AT&T Off of the DOW Index
March 6, 2015, 7:17 PM
Microsoft Launches Budget Lumia 640/640 XL; No High-End Devices Until This Fall
March 4, 2015, 9:10 AM
Finished Apple Watch Expected to be Showcased at"Spring Forward" Mar. 9 Event
February 26, 2015, 12:17 PM
Google Preps Pixel 2 ChromeBook, New X Server Replacement "Freon"
February 24, 2015, 11:12 PM
Report: Samsung Semiconductor Bounces Back w/ iPhone SoC and Memory Orders
February 24, 2015, 1:40 PM
Comcast Borrows Apple's Branding Flourishes for Its Remotes
February 24, 2015, 11:32 AM
Most Popular Articles
Samsung is Bringing Sexy Back w/ Launch of Razor-Thin Galaxy S6 and S6 Edge
March 3, 2015, 2:25 AM
Australian Engineers Successfully Developed 3D-Printed Jet Engines
March 2, 2015, 11:08 AM
Scientists Tap Hard Data on 15,500 Penises to Estimate Average Length
March 3, 2015, 11:22 PM
Windows 10 Adds USB 3.1 for Dual-Role Peripherals, External Display Support
February 27, 2015, 11:39 AM
Windows 10 Testers: Beware Experimental NVIDIA Drivers Tied to DX12 Update
March 3, 2015, 11:13 AM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information