Investor in Both Apple and Greenlight Rejects Einhorn's False Choices
NEW YORK, Feb. 21, 2013
The Nathan Cummings Foundation calls on Einhorn to stop misleading investors
and undermining shareholder rights
NEW YORK, Feb. 21, 2013 /PRNewswire-USNewswire/ -- The Nathan Cummings
Foundation, an investor in both Apple and Greenlight Capital, released the
following statement in reaction to today's conference call by David Einhorn,
president of Greenlight Capital.
Simon Greer, president and CEO of the Nathan Cummings Foundation said:
"As long-time Greenlight investors, the Nathan Cummings Foundation rejects
the false choice offered by David Einhorn in today's investor call. Mr.
Einhorn's comments clearly indicate his intention to hold governance reforms
hostage to his efforts to draw cash out of Apple. This flies in the face of
what we know about long-term value creation.
Today investors learned nothing about how Mr. Einhorn's plan would improve
governance practices and long-term value creation. Instead, he chose to give
a lengthy and spirited defense of his particular approach to issuing
preferred shares. To be clear, we are not necessarily opposed to his ideas
about preferred shares, which Apple management has agreed to give serious
consideration. But why must shareholder rights be sacrificed to achieve this
There is a tremendous opportunity for shareholders to benefit from Apple's
enormous capital reserves – and the way to do that is by improving
governance and ensuring that shareholders have a voice by rejecting Mr.
Einhorn's position. We continue to support the position of Apple management
to reform its governance practices. This reform should be grounds for
celebration, not lawsuits.
Today we have Apple trying to do the right thing for shareholders – and
being told by Mr. Einhorn to stop. We see this as being fundamentally about
control. Will shareholders be in the drivers' seat? Or will one individual
billionaire decide everything?
As a former direct investor in Greenlight and a current investor through a
pooled fund, we hope Mr. Einhorn will do what is right for Apple
shareholders and withdraw his bid to deny Apple shareholders their rights."
The Nathan Cummings Foundation holds a $400 million endowment and provides
grants to eligible organizations as reflected in the Foundation's guidelines.
The Foundation is an active investor, a long-time member of the Council of
Institutional Investors and a co-founder of the United Nation's Principles for
SOURCE Nathan Cummings Foundation
Contact: Tom Fazzini, Rabinowitz/Dorf Communications, +1-202-265-3000,
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