This transcript is automatically generated
-- David Einhorn taking aim at Apple's cash your money Joshi has the story teacher Bonnie -- analysts say gas public brouhaha surrounding apple something we haven't seen -- a very long time attacked by David Einhorn.
He is the activist hedge fund manager and apple in -- Making a public appeal to shareholders and the -- press release ahead of the company's shareholder meeting.
Asking for then to keep the option open -- issuing preferred shares there's an agenda item.
At this year's shareholder meeting to stop -- and no longer.
Issue preferred shares and he does not want that to happen the reason he wants to prevent that is because he wants to unlock shareholder value.
Keep in mind the share price of apple over the last six months is down 30%.
He also says that there's a lot of cash on the books that he wants to get into his own pocket he issued in this statement.
The following we understand that many of our shareholders share our frustration.
With Apple's capital allocation policies.
Apple has a 145.
Dollars per share of cash on its balance sheet and as a shareholder this is your money.
He's trying to get his hands on it so what is the likelihood he's gonna get what he wants you know we -- these proxy fights shadow meant not -- go in anyone but Apple's favors but what he is proposing and what he did proposed apple which was shot down was a possibility.
Of a perpetual preferred that -- it on paper.
Is of no cost to investors but for that 4% return there's no voting rights associated with it -- his ultimate goal.
Whether or not -- be able to reach stat in a big gestured in determining factor is that vote on the 27 of this -- will be while watching that following necklace and all very interesting to follow us running -- thanks so much.