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February 12, 2013

US judge approves Apple’s request to speed up schedule in cash pile case

Last week Greenlight Capital filed a complaint in a New York court against Apple

By CBR Staff Writer

A US judge agreed to a request by Apple to speed up a lawsuit schedule filed by American hedge fund manager, David Einhorn, demanding the company disburse more of its $137bn cash pile to shareholders.

US District Judge, Richard Sullivan, granted Apple’s request which argued that the proposed meeting may affect its shareholder meeting on then 27th of this month.

Last week Einhorn, founder of Greenlight Capital, filed a complaint in a New York court.

Apple will file its response to the lawsuit by the 13th of this month while Greenlight will file its response three days later. The judge ordered both the firms to appear for oral arguments on 19 February.

According to Reuters, Apple said that the proposal had the support of many shareholders and that striking a blank check provision from its charter would not preclude preferred share issuances in future.

Einhorn claimed that Apple did not take measures to ensure that its shareholders receive the benefits of the company’s success.

He is urging all shareholders to vote against Proposal 2 in Apple’s proxy, which eliminates the company’s ability to issue preferred stock.

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