Hedge fund manager David Einhorn, who is battling Apple in court as part of a wider effort to get the iPhone-maker to share more of its cash pile, will now make a direct appeal to the company's shareholders.
He will host a conference call today to argue the merits of distributing perpetual preferred stock -- his favoured way of rewarding shareholders.
Einhorn's $US8 billion Greenlight Capital is seeking an injunction to block a February 27 shareholders' vote on "Proposal 2" in Apple's proxy statement, which would abolish a system for issuing preferred stock at its discretion.
Apple declined to comment on Einhorn's plan to appeal directly to shareholders. Chief Executive Tim Cook last week dismissed the lawsuit as a "silly sideshow".
But Cook said the idea of issuing preferred stock was creative and one that Apple's board was carefully considering, while it ponders other ways to share its $US137 billion in cash and securities -- something Wall Street investors have been seeking for years.
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