This may surprise you: there are actually board members in favor of iPrefs and Buffett
Didn't dismiss the idea because of Merritt but because it doesn't really create new value. It only forces the recognition of value.
Furthermore, Einhorn's assertions that the market is placing a lower multiple on Apple because of their inefficient capital structure is flawed. Why? Because just a few months ago Apple was valued at 700 dollars per share with the same capital structure. But, he is still right about undervaluation and iPrefs would be a very smart thing to do even in parts. I personally think it better than buyback which Buffett is advocating.