Posted in Apple

Small Apple Update

On Saturday morning May 18th, our attorney received a call from Tim Cook, CEO of Apple.

Apparently late Friday afternoon on the 17th, Tim Cook received a Federal order in regards to the forced sale of our Apple stock as well as the payment of our dividend. The order stated that the stock as well as the dividend will be paid in cash with a time frame given.

Tim Cook appeared to be scrambling, pleading for us to reconsider our order and sale of stock.  He was asking for another chance to work with us and that he’d make everything “right”.

Our attorney told him that he was given several chances and we were tired of the “excuses” that were nothing more than stall tactics. 

At no time did we ever “demand” full payment of our dividend. We were simply asking for something ( Apple products, some cash, etc.), anything to show good faith that he was truly working to fix the problem.

Bottom line, we were DONE WITH APPLE.

Then Monday morning May 20th, we see on the news that Tim Cook will be on Capital Hill. At no time during the conversation with Tim Cook and our Attorney did he volunteer any information that “once again” he’d be flying over Kentucky.

This kind of stuff just makes us shake our head and think that Tim Cook is full of Shit and full of excuses.

Here is a question for the readers of my blog and would appreciate any feedback.

If you were CEO of a major company and one of your “Largest” individual share holders weren’t happy because of something “your” company did, wouldn’t you do whatever it took to keep them as a share holder and avoid any legal liability???

I’m baffled by the decisions of Tim Cook. All it would’ve taken was product, cash, or a public apology to buy him more time to get our missed dividend payments to us.

SIDE NOTE: Once the sale of the stock has gone through, I will then disclose how many shares of Apple we owned. I feel that it would be inappropriate for me to disclose this information prior.

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6 thoughts on “Small Apple Update

  1. In answer to your question, yes you would think that a CEO would jump through hoops to keep you on board, but the experience of my brother in law shows the contrary to be the case.
    Major shareholder in an Australian company he was opposed to a project to enter the U.S. market: he put forward his objections and made the basis of his research clear.
    He held his stock, believing that the board were considering his views and, suddenly an announcement was made that the project would go ahead.
    The stock price fell…the project was a failure, for the reasons he had predicted…stock fell further…

    A disaster…but these days CEOs feel themselves to be have more responsibility to the corporate world than to their share holders. After all, what can shareholders do?
    The corporates vote themselves on to each other’s boards and keep a stranglehold on how the company is run…and how the executives are paid.

    1. Thank you for responding.

      The shareholders do have some power. The shareholders vote on the board of directors and the board of directors decide what position someone has with the company.

      The difficulty comes getting enough shareholders to take a stand with their vote. If there is legal liability and the company loses significant assets, that might prompt shareholders to act because it will affect the value of their stock. But at that point the damage is already done.

      In our case Apple became liable by opening an email. We were willing to over look this liability provided Tim Cook take action and show good faith while the problem was being taken care of.

      He feared a public apology, as we requested, would make the company look bad. However, he had no problem apologizing to China’s consumers.

  2. I would have just paid you your dividend in the first place and let it all sort out, even if JPM was a major institutional stockholder. But then given the option of equipment instead of dividend, would have jumped on it. Shows Cooks inability to make a decision flying in the face of remarks made at martini lunches by his new ‘heroes’ since inheriting the leadership after Jobs passed away. His weakness now shows in the drop of Apple value and emerging threat of Samsung, etc. for market share. Good thing you’re selling now. What you thought was a negative is God saving you a fortune.

    1. Thanks for responding and that is so very true. My wife and I often talk about someone must be watching out for us, things could be a lot worse if we didn’t know what we know now.

      This process has been very difficult for my family and I, but one thing we’ve really learned is that “patience truly is a virtue”.

  3. “If you were CEO of a major company and one of your “Largest” individual share holders weren’t happy because of something “your” company did, wouldn’t you do whatever it took to keep them as a share holder and avoid any legal liability???”

    In this world we live in accountability and apologies are something many seem to fear. Sadly people no longer like this Mr. Cook seek to do business above board. and they as well have forgotten a man’s word is his bond. It is how he looks upon his shareholders that speaks to his weakness.

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