Einhorn Bites Apple, but Not Too Hard

Einhorn has been pushing a proposal that Apple issue perpetual preferred stock to existing shareholders which would pay a dividend while still allowing the company to retain a substantial cash hoard to use for corporate purposes. Apple had included in its proxy statement a proposal to eliminate the company’s preferred stock.

Apple’s shareholders’ meeting is scheduled for this coming Wednesday. That’s still several days away and we’d be willing to be that this is not the last word on this subject, either from Einhorn or Apple.