Judge blocks Apple proposal

Investor's Business Daily

U.S. District Judge Richard Sullivan in New York granted a motion Fri. by hedge fund manager David Einhorn's $8 bil Greenlight Capital for a preliminary injunction blocking iPhone maker Apple (AAPL) from moving ahead with a shareholder vote on a proposal to limit the company's ability to issue preferred stock. The vote was slated for Feb. 27 as part of Apple's annual shareholders meeting. Einhorn seeks to get Apple to share more of its cash reserves — said to be $137 bil — with its shareholders. Apple shares rose 1.1% to 450.81.

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