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Author: Corrigo Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 202227  
Subject: Re: Letter to the SEC Date: 12/30/2002 2:01 PM
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Recommendations: 7
Really great job, Rodger. I'm on my way to work and don't have much time, but a few things I noticed . . .

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. . . by focusing the board of directors' attention on . . .

. . . because the Proposal is not binding on the board of directors or on Apple . . .

*Caps on “B” and “D.” (Maybe do a search to make sure you catch all these.)

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. . . does not request that the Board of Directors place unnecessary restrictions . . .

*Should be “places.” (You have used “Board of Directors” as a singular elsewhere.)

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. . . use of the share repurchase program will be necessary in order to protect shareholders interests . . .

. . . As long as management demonstrates that it is acting in the shareholders best interests and presents . . .

. . . The Proposal seeks to focus the Board's attention on this issue and ensure that the Company's and shareholders interests are being served . . .

*Insert the apostrophe after “shareholders.” (You have used plural possessive elsewhere.)

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. . . The Proposal is not intended to be "binding" on the Company. It has been written as a "request" for the board of directors to take a series of action that shareholders believe would be beneficial to the Company and its shareholders . . .

*Caps on “B” and “D.” “Action” should be “actions” (plural).

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. . . then the Board of Directors would be acting within their rights . . .

*Should be “its” rights.

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. . . would not be considered to be excludable because the proposals would transcend the day-to-day business matters."" In this case . . .

*Delete the extra quotation mark.

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. . . Worldcom . . .

*Cap “C.”

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. . . from short term price fluctuations . . .

. . . insiders can cause short term fluctuations in the share price it presents . . .

. . . best serves their own short term interests while failing to serve the long term interests of shareholders . . .

. . . rather than for the short term benefit of the individuals running the repurchase program . . .

*Hyphenate “short-term” and “long-term.”

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. . . a desire of many shareholders that the Board of Directors take action to ensure . . .

*Should be “takes.”

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. . . Under the terms of the Proposal, management's decision making process does not need to be changed. Management can present the matters that effect their decision making process to the Board . . .

*Hyphenate decision-making. Also, I believe you want “affect” here.

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. . . management's potential abuses of conflicts of interesst. If the . . .

*Delete the second “s.”

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. . . At least 4 of Apple's top VPs, including the Company's CFO, each received 1,000,000 shares worth of options to repurchase stock. These VPs will likely profit by an additional $1,000,000 for every $1 that Apple's share price falls as a result of suspending the repurchase program in the months prior to the grant. No shares were sold by vice presidents during Q3 2001 . . .

*You have used “vice presidents” instead of “VPs” everywhere else. Also, add closing period after Q3 2001.

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. . .The cases cited all are all from 1983 . . .

*Delete the first “all.”

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. . . In summary, the Proposal neither seeks to "micro-manage" the company, nor does it probe into matters "upon which shareholders, as a group, would not be in a positions to make an informed judgement."

*Delete the “s” and the “e.” (You have used “judgment” elsewhere.)

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. . . Shareholders as a group may not be in a position to make informed judgements regarding the a company's daily business operations . . .

*Delete the “e” and the “a.”

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. . . in its current form may justifiably be omited from Apple's 2003 . . .

*Should be omitted.

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I don't believe Apple's managers has done anything illegal.

*Should be “have.”

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. . . shareholders to protect themselves from the conflict of interest I have described . . .

*I believe you want this to be “conflicts” (plural) of interest, based on the rest of your summary.

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This is a really quick hit—I hope it make sense and is helpful.


Best,

Corrigo
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