Greenlight Pans Proposed Apple Changes To Preferred Stock

Law360, New York (February 15, 2013, 10:00 PM ET) -- Greenlight Capital Inc. argued Friday that Apple should not be allowed to group a few proposed amendments together for a shareholder vote — including one they opposed that would take away preferred stock — arguing it would essentially have shareholders vote against their interests. 

Greenlight and its principal, prominent short-seller David Einhorn, challenged Apple’s argument it had only bundled “pro-shareholder” amendments together, and argued that eliminating preferred shares is not favorable to shareholders and that it mainly only serves to help the company’s board defend itself...
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