Tuesday, 2 September 2014
Last updated 6 hours ago
Feb 14 2013 | 12:13pm ET
Major public pension funds—and major Apple Inc. investors—are taking sides in the company's fight with Greenlight Capital.
Greenlight has sued Apple to prevent the company from linking a proposal to do away with preferred share issuance with two other, more widely-supported, corporate governance moves. And the New Jersey Division of Investment seems to think that Greenlight founder David Einhorn, who fears the preferred-share rule could allow Apple to continue to hold on to its huge cash horde, is right about the basics.
The Garden State pension manager's chairman, Bob Grady of private-equity firm Cheyenne Capital, did not say where he or the pension stood on the proxy issue. But he told the New York Post, "Apple has over $130 billion in cash and we think more of that cash should be returned to shareholders."
Two even bigger pensions, however, are backing their home-state company. The California Public Employees' Retirement System and California State Teachers' Retirement System are both in favor of Apple's proposal. CalSTRS corporate governance chief Anne Sheehan told the Post that "blank check" preferred stock issuance "can be used as anti-takeover defenses and entrench a board."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...