Einhorn Rallies for Apple to Offer iPrefs
Greenlight Capital Inc. (NASDAQ:GLRE) President David Einhorn continues to rally Wall Street investors to vote against a bundle of Apple (NASDAQ:AAPL) proposals at the annual shareholder meeting next Wednesday, February 27, at the tech company’s headquarters in Cupertino, California.
In a Thursday afternoon presentation to investors called “iPrefs, Unlocking Value,” Einhorn explained in more detail why he thinks his proposed capital-allocation strategy for Apple is a “win-win for everyone.”
“In contrast with the rest of the business, where innovation is the norm,” explained Einhorn, “Apple’s attitude toward its cash is quite conservative. We have a solution that allows it to have its cake and eat it too.” His solution? iPrefs, a perpetual preferred stock, or in other words, shares that pay continual dividends…