updated 09:28 am EST, Tue February 12, 2013
Formal Apple response due by end of Wednesday
Judge Richard Sullivan of the US Court for the Southern District of New York has approved a request by both Apple and Greenlight Capital to speed up lawsuit proceedings, says the Wall Street Journal. Apple is hoping to file a formal response by the end of Wednesday, and Greenlight will reply by Friday. The two parties are hoping for a hearing early next week.
The case is urgent since it revolves around a vote to take place at Apple's February 27th shareholders' meeting. Greenlight is hoping to block a vote on Proposal #2, which it believes would block a preferred stock plan it wants; the lawsuit is technically based on the position that bundling three items in one proxy proposal breaks Securities and Exchange Commission rules. Apple, though, has argued that nothing is stopping a preferred stock plan. If the proposal passes, any preferred stock issuance would require shareholder vote. At the moment, Apple executives could simply push one through.
The company's lawfirm in the case is O'Melveny & Myers. The group is pushing for a Tuesday hearing based on a busy schedule for partner George Riley, who was worked with Apple for a long time and is said to have been a close friend of Steve Jobs.