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  "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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  "notes": "This slide addresses potential investor concerns regarding the risk profile of iPrefs by clarifying their equity nature.",
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      "text": "iPrefs are equity, not debt. There is no such thing as a default.",
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      "text": "No default and no bankruptcy\nDistributions to the common stock would be halted\nDividends accumulate and must be restored before common stock dividends restart\nAfter multiple dividend misses, preferred shareholders can demand board representation",
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      "text": "iPrefs are equity, not debt. There is no such thing as a default. The company has the option to cut the dividend, just like it can cut a common dividend, which of course would send a negative message to the market. But aside from that, cutting the dividend just means that there can't be additional payments or distributions to the common stock until Apple catches up on dividends to the iPrefs. While this scenario is unlikely, it is important to understand that there are no circumstances where issuing iPrefs puts the company at risk of failure.",
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      "kind": "title",
      "text": "What Happens If They Don't Pay the Dividend?",
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