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  "docSlug": "d4c64e242528",
  "documentTitle": "Apple Inc. (AAPL)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2013-02-21 00:00:00",
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  "pageNumber": 33,
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  "nDataPoints": 4,
  "notes": "This slide outlines the specific financial instrument (iPref) proposed by Greenlight Capital to unlock value for Apple shareholders.",
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      "text": "What iPref holders should expect is to receive $0.50 a quarter in dividends, every quarter, forever.",
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      "text": "Three images of iPref certificates",
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      "text": "Each iPref has a face value of $50; Each iPref pays a 4% annual dividend payable quarterly ($2 annually); For every share of Apple common stock you own, you will get one or more iPrefs at no cost to you; You can keep it or sell it in the market",
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      "text": "dividend yield: 4%",
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      "text": "What iPref holders should expect is to receive $0.50 a quarter in dividends, every quarter, forever. The iPrefs will be registered and listed. When Apple shareholders receive them, they can either keep them for the future dividends or sell them into the market.",
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      "kind": "paragraph",
      "text": "Though Apple can redeem them for their face value, shareholders should not anticipate getting the $50 from Apple. Theoretically, if Apple is ever wound down, iPref holders would receive $50 each before common shareholders receive anything. But no one should expect either of those two things to happen.",
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      "text": "An iPref is a share of perpetual preferred stock. It has a face value of $50, and pays a dividend of $2 per year. Apple can distribute iPrefs, tax-free and at no cost, to existing Apple shareholders.",
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      "kind": "title",
      "text": "How Do iPrefs Work?",
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