Apple is sued over its cash pile
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Thursday 07 February 2013
David Einhorn's hedge fund Greenlight Capital is suing Apple in an attempt to force the tech giant to give shareholders a bigger chunk of its massive cash pile.
The Californian company boasts huge cash reserves of more than $130bn (£83bn), and has often faced calls to do more with it.
Mr Einhorn, who is famous for shorting Lehman Brothers and once finishing 18th in the World Series of Poker, has invested in Apple since 2010. Greenlight wants the New York court to block Apple's AGM proposal to eliminate preferred stock.
Mr Einhorn says this elimination would make it harder for the board to distribute the money.
In an interview with CNBC, he said he has been pushing for the creation of new high-yield preferred stock that would allow investors to share in the money.
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