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
2/13/2013 1:48:06 PM
That's Tony for you, delusions running rampant through his mental head.
"Nowadays, security guys break the Mac every single day. Every single day, they come out with a total exploit, your machine can be taken over totally. I dare anybody to do that once a month on the Windows machine." -- Bill Gates
Influential Investor Cries for Microsoft's Ballmer to Resign
May 26, 2011, 11:08 AM
Verizon Wireless Unlimited LTE Customers Rejoice; Throttling Campaign Canceled
October 1, 2014, 4:57 PM
Quick Note: Apple's iPhone 6 Billboards are Ironically Bent
October 1, 2014, 4:55 PM
Now Verizon Wireless is Jumping on the "Double Data" Bandwagon
October 1, 2014, 2:50 PM
Sprint Counters AT&T’s Double Data Promotion, Offers Even Larger Data Pools
October 1, 2014, 1:38 PM
Report: Microsoft’s Lumia 530 to Hit T-Mobile This Month for $69 Off-contract
October 1, 2014, 9:10 AM
Quick Note: Pebble, Pebble Steel Smartwatches Reduced to $99, $199 Respectively
September 30, 2014, 3:59 PM
Most Popular Articles
New AT&T Mobile Share Value "Double Data" Promotion Lasts Through October
September 28, 2014, 8:32 AM
Update: Apple Releases iOS 8.0.2 Update to Make Up for Botched 8.0.1 Release
September 25, 2014, 8:19 PM
Appalling Negligence: Decade-Old Windows XPe Holes Led to Home Depot Hack
September 8, 2014, 8:58 PM
TiVo Mega Features 24TB of Storage, Can Record Three Years* Worth of TV Content
September 8, 2014, 8:45 AM
FBI Outraged That Apple, Google are Adopting Digital "Locks" to Protect Users
September 26, 2014, 1:00 PM
Latest Blog Posts
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
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information