CEO filed suit against apple in February for 'iPref' stock
In Greenlight Capital Investor's quarterly earnings conference call, Chairman David Einhorn revealed that he has grown his stake in the company. The move was made in reaction to Apple's announcement of the $100 billion share repurchase, and record-breaking dividend program which he called "a major step forward" for the Cupertino manufacturer.
Injunction accomplishes firm's goal
Greenlight Capital has withdrawn its lawsuit against Apple over a proxy proposal that was meant to be voted on at this week's shareholders' meeting, says AllThingsD. Before the meeting Greenlight had managed to secure an injunction against the vote from a federal judge. Regarding the withdrawal, a Greenlight spokesman explains that the company managed to achieve its aims with the lawsuit. "Apple removed the bundled proposal from the shareholder meeting therefore resolving the issue."
Measure must now be excluded from shareholder meeting
[Update: Apple pulls measure, issues statement] US District Judge Richard Sullivan has ruled in favor of Greenlight Capital, and issued an injunction against an Apple shareholder vote on issuing preferred stock, Reuters reports. The proposal was to have been brought up at Apple's annual shareholder meeting on February 27. Greenlight is pursuing a lawsuit against Apple in the belief that if passed, the measure would prevent a preferred stock plan it wants from being considered.
Calls Greenlight lawsuit 'silly sideshow'
Apple CEO Tim Cook addressed a number of topics at today's Goldman Sachs Technology and Internet Conference, including the lawsuit brought against it by Greenlight Capital. Cook called the matter a "silly sideshow," and insisted that the proxy proposal is about "corporate governance," not whether or not Apple should funnel more money to shareholders. He suggested, in fact, that the proposal is better for shareholders, since it means they get a say on preferred stock issuances.
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.
Crowd-sourced scheme sets popular items onto online store
Valve Software has opened its crowd-sourced product release scheme. Steam Greenlight will allow game creators to list their titles on the service and allow users to vote for which they wish to see put onto the service in the future, effectively taking a significant amount of product vetting work off the Valve employees. Large game publishers will still be able to add their titles to the system though existing procedures.
N Carolina Ices Anti-Muni
North Carolina's House of Representatives today said it has sent a controversial bill that would have restricted municipal broadband to a study committee. The move effectively shelves the bill for at least a year and comes after those opposing it put pressure on the House to reevaluate the measure, which would have banned cities from taking advantage of any Obama administration broadband stimulus money while still letting private carriers take advantage of the funds themselves. It would have also in many cases made it difficult for such services to continue.