Nonetheless, Gimme Credit stopped short of calling the default notice “frivolous,” noting that the backdating scandal is a “serious issue.” Other companies caught up in the ongoing scandal have produced serial restatements, Shanley observed.
“We think the odds are remote that debt payments will be accelerated,” she wrote, but if the company were to fail to file its restatement on time, it might need to amend its indenture.
Of course, it would depend on the timing of the rollout to reach such numbers, but any Apple i Phone would surely crank out a new profit source for the Cupertino, Calif.-based company.
However, this is the same company that has misled investors about executive payouts and therefore earnings leverage of investors' shares for the past decade or so. At any rate, as much as I'm disgusted by the lies, I've been long Apple since the dawn of the i Pod and continue to hold it, partly because of the earnings leverage that the i Phone would entail.
Anderson retired in 2004, on good terms with the company.However, the judge reportedly denied a request by the retirement board's executive officer to gain access to records of the company's own internal investigation into its executive backdating scandal.Still, the reports, Apple may be able to avoid disclosing certain records if it can prove to the judge that they are covered by attorney-client or some other privilege.At a hearing in San Jose on Monday, California Superior Court Judge Jack Komar said he would sign an order on Friday instructing the consumer electronics giant to provide the Boston Retirement Board with copies of meeting minutes of Apple's board of directors and board committees from 1997 to the present.The retirement board is among the shareholder groups suing Apple for its historical stock options backdating practices.Normally a staunch defender of bondholder interests, Shanley reacted skeptically to the default notice.She pointed out that United Health’s bonds currently are trading below face value, “so investors who bought below par would make a ‘tidy return’ if the company were forced to redeem the issue.” Moreover, says Shanley, the weaker price of United Health’s bonds is not related to concerns about the health insurer’s delayed 10-Q.A California judge said this week he plans to order Apple Inc.to turn over board meeting minutes and historical records relating to the company's stock options accounting to an investor, reports the San Jose Mercury News.His contributions and integrity as our CFO create a new benchmark for public company CFOs,” said Tim Cook, Apple CEO.“Peter is also a dear friend I always knew I could count on.