Multi-car wreck injures spectators of NASCAR race

YouTube video posted by user tyler4dx that shows fans being injured by debris coming into the grandstand area at Daytona International Speedway.









DAYTONA BEACH – At least 15 people in the stands were reportedly injured at Daytona International Speedway when a multi-car accident sent wreckage into the safety fence in front of the grandstand Saturday afternoon.


The accident came on the final lap of the NASCAR Nationwide Series DRIVE4COPD 300.


Initial reports say at least 15 fans were injured, including four who were strapped to backboards.








Volusia County emergency responders transported eight race fans, six of which were trauma level patients with serious injuries, said Volusia County government spokesman Dave Byron.


Six of those patients were sent to Halifax Health Medical Center, one was taken to Florida Hospital Memorial Medical Center in Daytona Beach and one at Halifax Medical Center in Port Orange.


Florida Hospital spokeswoman Lindsay Rew confirmed they currently have one patient but are expecting four more.


Halifax Health Medical Center officials have not confirmed the number of patients at their facility but sources say there are about 10.


"The important thing is what's going on the front stretch right now," race winner Tony Stewart said."We've always known since racing was started this is a dangerous sport. But it's hard. We assume that risk. It's hard when the fans get caught up in it.


"As much as we want to celebrate right now, as much as this is a big deal to us, I'm more worried about the drivers and fans in the stands right now. I could see it all in the mirror and it didn't look good from where I was either."


As drivers jockeyed for position on the final lap, a number of cars made contact. Kyle Larson's' car was essentially sheared in half as cars spun out of control..


His engine ending up in front of fans along the front stretch after the car tore through the catch fence _ designed to protect fans in case of accidents. The debris splattered all over, going as far as to hit a spectator 45 rows up in the stands at Daytona International Speedway. Other car parts -- included a tire -- also flew into the stands.


"I know I took a couple of big hit there and saw my engine was gone," Larson said.


Although no driver was seriously hurt, NASCAR officials were still trying to assess if any fans had been seriously hurt.


"You've been able to see and explain," said Mike Helton, NASCAR President on the ESPN broadcast following the race. "There was some intrusion into the fence and there were plenty of emergency worker ready to go and jumped right into it quickly."


"They are moving folks into the care center and Halifax Medical Center."


Driver Michael Annett was transported to Halifax Medical Center after his car slammed into the SAFER barrier head on during an earlier incident during the race.


NASCAR spokesman Kerry Tharp said the damage to the stands in time for the running of the 55th Daytona 500 Sunday afternoon.


Sentinel staff writer Arelis R. Hernández contributed to this report. Read George Diaz's blog at OrlandoSentinel.com/enfuego or e-mail him at gdiaz@orlandosentinel.com



 




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Einhorn scores legal victory versus Apple in cash scuffle


NEW YORK (Reuters) - A U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with Apple Inc on Friday, blocking the iPhone maker from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.


U.S. District Judge Richard Sullivan in Manhattan granted a motion by Einhorn's Greenlight Capital for a preliminary injunction stopping a vote on that proposal, scheduled for the company's February 27 stockholders' meeting.


The decision could hand Einhorn more leverage as he pursues his pitch for Apple to issue what he has called the "iPref": preferred stock with a perpetual dividend that he contends would reward investors and help boost the company's share price.


Greenlight sued Apple on February 7 as part of a broader pitch to unlock more of its $137 billion in cash. The hedge fund manager has lobbied Apple to issue preferred stock with a perpetual 4 percent dividend, and on Thursday made a direct appeal to shareholders on a teleconference.


Apple Chief Executive Tim Cook last week dismissed the lawsuit as a "silly sideshow."


The lawsuit itself challenged a measure called Proposal No. 2 that Apple put forward, which would eliminate its power to issue preferred shares without a shareholder vote.


At issue is Apple's "bundling" of that measure with two other unrelated matters into a single proxy proposal.


Greenlight said it supported two of the proposed amendments, but not the one on preferred shares.


In his ruling, Sullivan said Greenlight and another investor who also sued Apple "are likely to succeed on the merits and face irreparable harm if the vote on Proposal No. 2 is permitted to proceed."


"We are disappointed with the court's ruling. Proposal No. 2 is part of our efforts to further enhance corporate governance and serve our shareholders' best interests," Apple spokesman Steve Dowling said. "Unfortunately, due to today's decision, shareholders will not be able to vote on Proposal No. 2 at our annual meeting next week."


A spokesman for Greenlight called the ruling a "significant win for all Apple shareholders and for good corporate governance."


But not all shareholders were happy. California pension fund Calpers, a major Apple investor and public supporter of Apple's proposal, said implementation of "majority voting and shareholder approval for the issuance of new stock - preferred or otherwise - is worth waiting for."


"We encourage Apple to reintroduce these measures as soon as is practical so that all investors can be heard," Anne Simpson, Calpers' director of global governance, said in a statement.


BUNDLES


The ruling could be a warning for other companies when issuing proxy proposals, said James Cox, a professor at Duke University School of Law.


"It's going to make managers reluctant to bundle things together, because you're never going to know when you send them out if there's an Einhorn out there," he said.


The lawsuit was centered on a narrow issue of whether Apple violated U.S. Securities and Exchange Commission rules by "bundling" the preferred shares item with two other unrelated matters into one proxy proposal.


Greenlight's lawyers contended the SEC rules were intended to protect shareholders from being forced to vote for a proxy proposal involving materially different issues that the investors might not entirely support.


Apple had argued Proposal No. 2, which only dealt with amendments to its charter, constitute a single matter and wasn't bundled. Sullivan called the company's arguments "unavailing."


"Given the language and purpose of the rules, it is plain to the Court that Proposal No. 2 impermissibly bundles 'separate matters' for shareholder consideration," Sullivan wrote.


Judge Sullivan also found that Greenlight would be irreparably harmed without the injunction, since it would be forced to vote against its own interests. Denying Greenlight's motion would prevent it and other investors from exercising their rights to a fair vote, Sullivan said.


Sullivan separately declined to block a vote from going forward on a separate proxy proposal, Proposal No. 4, which sought an advisory "say on pay" vote on Apple executives' compensation.


The proposal had been challenged by investor Brian Gralnick of Pennsylvania, who contends Apple did not disclose enough details about how it made its compensation decisions.


Sullivan rejected that argument, saying Apple's disclosures were "plainly sufficient under SEC rules."


Arnold Gershon, a lawyer for Gralnick at Barrack, Rodos & Bacine, said he was "very pleased" with Sullivan's decision to the extent it enjoined the Proposal No. 2 vote, though said he would have to decide what to do next with regard to the say-on-pay proposal.


Sullivan directed the parties to submit a joint letter by March 1 outlining the next contemplated steps in this case.


Apple shares closed up 1.1 percent at $450.81 on Friday.


The case is Greenlight Capital LP, et al., v. Apple Inc., U.S. District Court, Southern District of New York, 13-900.


(Reporting by Nate Raymond in New York; Additional reporting by Poornima Gupta in San Francisco; Editing by Martha Graybow, Gary Hill, Leslie Adler, Carol Bishopric and Lisa Shumaker)



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Fans injured when car sails into fence at Daytona


DAYTONA BEACH, Fla. (AP) — At least 12 NASCAR fans were injured Saturday when large chunks of debris, including a tire, sailed into the grandstands when a car flew into the fence at Daytona International Speedway on a frightening last-lap accident in the second-tier Nationwide Series race.


The crash began as the field closed in on the finish line and sent rookie Kyle Larson's car sailing into the fence that separates the track from the seats.


Large chunks of Larson's car landed in the grandstands. The car itself had its entire front end sheared off, with the burning engine wedged through a gaping hole in the fence.


Volusia County spokesman Dave Byron said six people with serious injuries were taken by ambulance to Halifax Health Medical Center in Daytona Beach.


"Those six met the condition of trauma patients," Byron said, adding one person was also taken to Halifax in Port Orange. That injury was not serious.


Lindsay Rew, a spokeswoman for Florida Hospital Memorial Medical Center, said its Daytona Beach hospital had one fan there who was in good condition. She said they were expecting three more people who were coming by ambulance, but she didn't yet know their conditions.


NASCAR and Daytona International Speedway officials were scheduled to discuss the accident at 7 p.m. EST on Saturday night.


"There obviously was some intrusion into the fence and fortunately with the way the event's equipped up, there were plenty of emergency workers ready to go and they all jumped in on it pretty quickly," NASCAR President Mike Helton said after the accident. "Right now, it's just a function of determining what all damage is done. They're moving folks, as we've seen, to care centers and take some folks over to Halifax Medical."


As emergency workers tended to injured fans and ambulance sirens wailed in the background, a somber Tony Stewart skipped the traditional post-race victory celebration.


Stewart, who won for the 19th time at Daytona and seventh time in the last nine season-opening Nationwide races, was in no mood to celebrate.


"The important thing is what going on on the frontstretch right now," said Stewart, the three-time NASCAR champion. "We've always known, and since racing started, this is a dangerous sport. But it's hard. We assume that risk, but it's hard when the fans get caught up in it.


"So as much as we want to celebrate right now and as much as this is a big deal to us, I'm more worried about the drivers and the fans that are in the stands right now because that was ... I could see it all in my mirror, and it didn't look good from where I was at."


The accident spread into the upper deck and emergency crews treated fans on both levels. There were five stretchers that appeared to be carrying fans out, and a helicopter flew overhead. A forklift was used to pluck Larson's engine out of the fence, and there appeared to be a tire in the stands.


Daytona President Joie Chitwood waited by steps as emergency workers attended to those in the stands. Across the track, fans pressed against a fence and used binoculars trying to watch. Wrecked cars and busted parts were strewn across the garage.


"It's a violent wreck. Just seeing the carnage on the racetrack, it's truly unbelievable," driver Justin Allgaier said.


It was a chaotic finish to a race that was stopped nearly 20 minutes five laps from the finish by a 13-car accident that sent driver Michael Annett to a local hospital, where his Richard Petty Motorsports team said he would be held overnight with bruising to his chest.


The race resumed with three laps to go, and the final accident occurred with Regan Smith leading as he headed out of the final turn to the checkered flag. He admittedly tried to block Brad Keselowski to preserve the win.


"I tried to throw a block, it's Daytona, you want to go for the win here," Smith said. "I don't know how you can play it any different other than concede second place, and I wasn't willing to do that today. Our job is to put them in position to win, and it was, and it didn't work out."


As the cars began wrecking all around Smith and Keselowski, Stewart slid through for the win, but Larson plowed into Keselowski and his car was sent airborne into the stands. When Larson's car came to a stop, it was missing its entire front end. The 20-year-old, who made his Daytona debut this week, stood apparently stunned, hands on his hips, several feet away from his car, before finally making the mandatory trip to the care center.


He later said his first thought was with the fans.


"I hope all the fans are OK and all the drivers are all right," Larson said. "I took a couple big hits there and saw my engine was gone. Just hope everybody's all right."


He said he was along for the ride in the last-lap accident.


"I was getting pushed from behind, I felt like, and by the time my spotter said lift or go low, it was too late," Larson said. "I was in the wreck and then felt like it was slowing down and I looked like I could see the ground. Had some flames come in the cockpit, but luckily I was all right and could get out of the car quick."


It appeared fans were lined right along the fence when Larson's car sailed up and into it.


"Honestly, the race itself pales in comparison to the injuries sustained by the fans," said Chip Ganassi, the team owner who has Larson in his driver development program. "Our thoughts and prayers go out to all the fans that were injured as a result of the crash. As for Kyle, I am very happy that he is OK."


Keselowski watched a replay of the final accident, but said his first thoughts were with the fans. As for the accident, he agreed he tried to make a winning move and Smith tried to block.


"He felt like that's what he had to do, and that's his right. The chaos comes with it," Keselowski said. "I made the move and he blocked it, and the two of us got together and started the chain events that caused that wreck. First and foremost, just want to make sure everyone in the stands is OK and we're thinking about them."


Keselowski said the incident could cast a pall on Sunday's Daytona 500.


"I think until we know exactly the statuses of everyone involved, it's hard to lock yourself into the 500," Keselowski said. "Hopefully, we'll know soon and hopefully everyone's OK. And if that's the case, we'll staring focusing on Sunday."


___


AP Sports Writer Dan Gelston in Daytona Beach and Associated Press writer Jennifer Kay in Miami contributed to this report.


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FDA approves new targeted breast cancer drug


WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.


The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.


Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.


"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."


Cobleigh helped conduct the key studies of the drug at the Chicago facility.


The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.


The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.


Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.


FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.


Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.


FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer


Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.


Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.


Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.


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Oscars expand social media outreach for 85th show


LOS ANGELES (AP) — The Academy of Motion Picture Arts and Sciences is encouraging celebrities to tweet during the Oscars.


The film organization has expanded its digital outreach for the 85th Academy Awards with a new feature that lets stars to snap photos of themselves backstage during Sunday's ceremony and instantly post them online.


What Twitter calls a "Magic Mirror" will take photo-booth-style pictures of participating stars in the green room and send them out on the academy's official Twitter account. Organizers expect multiple celebrity mash-ups.


The backstage green room is a private place for stars to hang out before taking the stage and is typically closed to press and photographers.


The Magic Mirror is "giving access to fans at home a part of the show they never got to experience before," Twitter spokeswoman Elaine Filadelfo said Friday.


A new video-on-demand/instant replay feature also being introduced Sunday will allow Oscar fans to view show highlights online moments after they happen and share them with friends on Twitter and Facebook. Dozens of clips from the red carpet and the awards telecast will be available on the official Oscar website beyond Sunday's ceremony.


Oscar.com also offers other behind-the-scenes interactive features, including various backstage camera perspectives and a new live blog that aggregates the show's presence across social media. It will track the traffic on whatever makes a splash, like Angelina Jolie's right leg did last year.


The academy wants to make its second-screen experience just as rich as its primary one.


"Social media is now mainstream," said Christina Kounelias, chief marketing officer for the academy.


"We're not doing social media to reach out to young kids," said the academy's digital media director, Josh Spector. "We're doing it to connect with all Oscar fans."


___


Follow AP Entertainment Writer Sandy Cohen on Twitter: www.twitter.com/APSandy.


___


Online:


www.oscar.com


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Promise, peril seen for crowd-funding investors









Crowd funding is widely seen as a revolutionary idea.


A 2012 federal law known as the JOBS Act opens the door to allowing small, privately owned businesses to market ownership stakes in their ventures to people over the Internet.


Companies will be able to sell up to $1 million in equity a year to ordinary investors without having to register the offering with the Securities and Exchange Commission or state regulators.





Before the average person can use crowd funding to stake a claim in a startup, the SEC still must draft rules that the Obama administration hopes will result in U.S. businesses growing and adding jobs. At the same time, the securities cop needs to include safeguards that protect less sophisticated individual investors drawn to inherently risky startups.


That's why equity crowd funding under JOBS, or Jumpstart our Business Startups, has some longtime regulators and securities lawyers squirming.


"It can be an invitation for fraudsters to steal money," Matthew Brown, a Katten Muchin Rosenman lawyer, said last month at a CFA Society of Chicago event at 1871, a center for digital startups in Chicago.


But Brown also noted that equity crowd funding also democratizes small-business financing, a process that historically has given access mostly to wealthier — or, as they're known in high-finance circles, "accredited" — investors.


"The world has changed dramatically, and who's to say who is smarter than anyone else?" Brown added.


Many existing crowd-funding platforms such as Kickstarter don't sell equity stakes in businesses to average investors. Rather, they give consumers the chance to donate money to an enterprise or to get an early or discounted crack at a new product. Since Kickstarter's launch in April 2009, more than $450 million has been pledged by more than 3 million people funding more than 35,000 projects, the New York-based company's website says.


Their acceptance suggests that consumers are willing to engage with companies on a deeper level. As such, enabling unaccredited consumers to invest in companies in small increments online has promise and could become part of the fundraising "ecosystem," says one Chicago entrepreneur.


Abe's Market, a Chicago-based e-commerce site selling natural and organic products from more than 1,000 suppliers, said it would consider crowd funding under the JOBS Act, saying it and its vendors have "die-hard fans" and "a core group of customers" who might like to invest in their vision.


Last month, Abe's raised $5 million from Carmel Ventures, Index Ventures, Beringea and Accel Partners, a Groupon backer. New backers include OurCrowd, a crowd-funding site for accredited investors.


"If you can get passionate people to invest in your business, you're not just gaining investors, you're gaining evangelists," Abe's Chief Executive Richard Demb said. "The challenge for any consumer brand is: How do you find not just customers, but the right customers who are going to tell their friends?"


But there would also be potential headaches for companies raising equity financing through crowd funding, he said.


"You have to make sure that expectations would be set fairly, that no one is putting their life savings into the investment, and that they don't also come back and become a challenge to manage as the business grows," Demb said. "You don't want someone who invested $250 to come back and say, 'I don't think we should expand to the West Coast.'"


Safeguards for average investors exist in the JOBS Act. They include capping nonaccredited individuals' crowd-funding investments at $2,000, or 5 percent of annual income or net worth of less than $100,000, whichever is greater.


Snapclass, launched a few weeks ago at 1871, provides software enabling businesses to provide training online. Co-founder Scott Mandel, who has financed the company himself, doesn't expect to take advantage of equity crowd funding in the future and instead would seek, say, venture capital funding.


"Not all checks are the same," said Mandel, previously a trader and professional poker player. "I'd want someone who could add more than just the cash, such as connections and experience and help with things that I'm not an expert in."


One of 1871's fastest-growing startups is MarkITx. It recently raised $1.2 million from wealthy individuals in its first fundraising round, has seven employees and is looking to add sales jobs. It's an online exchange for businesses wanting to buy and sell used information technology equipment, from iPads to Oracle servers.


"For us, it wouldn't be the sole way to raise money, but it definitely is a viable vehicle to look at raising money," MarkITx partner Marc Brooks said of equity crowd funding under the JOBS Act.





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Jail officers ordered inmate beating, prosecutors say









Two Cook County Jail officers overseeing a high-security psychiatric ward ordered two inmates to beat up another inmate who had angered them, and then tried to cover it up by claiming the victim had attempted suicide, prosecutors said today in court.

“This is what happens to you (expletive) when you step out of line. You disrespect us, we disrespect you,” prosecutors said the women officers announced to the entire tier after the beating last February. 

Delphia Sawyer, 31, and Pamela Bruce, 30, both six-year veterans with the sheriff’s office, were charged with official misconduct, obstructing justice, perjury and mob action.

Judge Edward Harmening set bond at $50,000 each and ordered them to turn over any firearms and passports. The two were stripped of police powers by the sheriff’s department.

“They are supposed to maintain order in the jail in a professional and conscientious manner,” Assistant State’s Attorney Nicholas Trutenko said in court. “Instead, they used these two inmates (who administered the beating) in the same way you would a gun or a knife.”

On the night of Feb. 9, 2012, Sawyer and Bruce were monitoring the psychiatric tier in Division 10 – a maximum-security area of the jail – when some of the inmates tried to light a makeshift cigarette in an electrical outlet, sparking a small fire and cutting power to part of the tier, Trutenko said.

The officers believed an 18-year-old inmate was partly responsible and confronted him in the shower. Both sides cursed at one another, the prosecutor said. As they led him to his cell,  the exchange grew more heated, he said.

“The officers told him that he would see who the (expletive) was,” Trutenko said.

Sawyer and Bruce then summoned “two of the larger inmates from the tier and instructed them to go in to his cell and beat him,” the prosecutor said.

Sawyer and Bruce unlocked the victim’s cell and stood watch while the two inmates beat the victim in the face, head and body for nearly five minutes, the charges alleged. At one point the officers warned the inmates to administer only “body shots” so the damage to his face would be less visible, Trutenko said.

The officers then joined in the beating, striking the victim with their radios and kicking him in the side, according to the prosecutor.

Sawyer and Bruce told their supervisor that the inmate’s injuries were self-inflicted and that they had seen the victim “attempting suicide in the shower by banging his head against the wall,” according to the charges.

The sheriff’s Office of Professional Review began an inquiry into the incident almost immediately and turned the case over to the Cook County state’s attorney’s office last year.

Bruce and Sawyer later signed false statements and lied repeatedly to a grand jury investigating the beating, Trutenko said.

Trutenko showed the judge a large color photo taken the day after the beating that showed the victim with two black eyes and severe swelling to his face. The victim still has hearing problems in one ear but did not suffer any other permanent physical injuries, the prosecutor said.
 
Bruce, of Chicago, and Sawyer, of Justice, both are married mothers of two and have no previous criminal records or disciplinary history with the sheriff’s department, according to their attorneys.

Peter Hickey, who represented Sawyer at the bond hearing, noted she was in charge of a very volatile tier of “psychiatrically disturbed patients.”

“These aren’t choir boys from St. Patrick’s parish,” Hickey told the judge.

Court records show the victim, Kyle Pillischafske of Mount Prospect, was in jail on an aggravated battery charge at the time of the beating. He later pleaded guilty, and was sentenced to 2 years of probation and released from custody.

He filed a federal civil suit against the officers, the county and Sheriff Tom Dart still pending in federal court, records show.

jmeisner@tribune.com

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Einhorn wins ruling against Apple in cash pile fight


NEW YORK (Reuters) - A U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with Apple Inc on Friday, blocking the iPhone maker from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.


U.S. District Judge Richard Sullivan in Manhattan granted a motion by Einhorn's Greenlight Capital for a preliminary injunction stopping the vote on that proposal.


The vote was scheduled for February 27 as part of the company's annual stockholders' meeting.


Greenlight sued Apple on February 7 as part of a broader pitch to unlock more of Apple's $137 billion in cash for shareholders. Einhorn has argued Apple should issue preferred stock with a perpetual 4 percent dividend.


The lawsuit itself challenged a measure called Proposal No. 2 that Apple put forward that would eliminate Apple's power to issue preferred shares without a shareholder vote.


At issue is Apple's "bundling" of the measure on the preferred shares with two other unrelated matters into a single proxy proposal.


Greenlight said it supported two proposed the amendments but not the one on preferred shares.


Sullivan said Greenlight and another investor who also sued Apple "are likely to succeed on the merits and face irreparable harm if the vote on Proposal No. 2 is permitted to proceed."


Representatives for Apple did not immediately respond to requests for comment.


For Einhorn, the decision could provide leverage as he pursues his pitch for Apple to issue what he has called "the iPref," preferred stock with a perpetual dividend that he contends would reward investors and help boost the company's share prices.


In a statement, a spokesman for Greenlight called the ruling a "significant win for all Apple shareholders and for good corporate governance."


The lawsuit was centered on a narrow issue of whether Apple violated U.S. Securities and Exchange Commission rules by "bundling" the preferred shares item with two other unrelated matters into one proxy proposal.


Greenlight's lawyers contended the SEC rules were intended to protect shareholders from being forced to vote for a proxy proposal involving materially different issues that the investors might not entirely support.


Apple had argued Proposal No. 2, which only dealt with amendments to its charter, constitute a single matter and wasn't bundled. Sullivan called the company's arguments "unavailing."


"Given the language and purpose of the rules, it is plain to the Court that Proposal No. 2 impermissibly bundles 'separate matters' for shareholder consideration," Sullivan wrote.


The judge separately declined to block a vote from going forward on a separate proxy proposal, Proposal No. 4, which sought an advisory "say on pay" vote on Apple executives' compensation.


The proposal had been challenged by investor Brian Gralnick of Pennsylvania, who contends Apple did not disclose enough details about how it made its compensation decisions.


Sullivan rejected that argument, saying Apple's disclosures were "plainly sufficient under SEC rules."


Arnold Gershon, a lawyer for Gralnick at Barrack, Rodos & Bacine, did not respond to a request for comment.


Apple shares closed up 1.06 percent at $450.81 on the New York Stock Exchange on Friday.


The case is Greenlight Capital LP, et al., v. Apple Inc., U.S. District Court, Southern District of New York, 13-900.


(Reporting By Nate Raymond in New York; Editing by Martha Graybow, Gary Hill and Leslie Adler)



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Oscar Pistorius gets bail as murder trial looms


PRETORIA, South Africa (AP) — Oscar Pistorius walked out of court Friday — free at least for now — after a South African magistrate released him on bail, capping four days of often startling testimony that foreshadowed a dramatic trial in the Valentine's Day slaying of his girlfriend.


But as he was driven away, chased by photographers and cameramen, questions continued to hound the double-amputee Olympian about what actually happened the night he gunned down Reeva Steenkamp inside a locked bathroom in his home.


Pistorius is charged with premeditated murder, and even Chief Magistrate Desmond Nair expressed doubts about his story that he mistook the 29-year-old model for an intruder and fired out of fear.


"Why would (Pistorius) venture further into danger" by going into the bathroom at all, Nair asked.


Cries of "Yes!" went up from Pistorius' supporters when Nair announced his decision to a packed courtroom after a nearly two-hour explanation of the ruling.


Nair set bail at 1 million rand ($113,000), with $11,300 in cash up front and proof that the rest is available. The 26-year-old track star was also ordered to hand over his passports, turn in any guns he owns and keep away from his upscale home in a gated community in Pretoria, which is now a crime scene.


He cannot leave the district of Pretoria without his probation officer's permission and is not allowed to consume drugs or alcohol, the magistrate said. His next court appearance was set for June 4.


Earlier, Pistorius alternately wept and appeared solemn and composed, especially as Nair criticized police procedures in the case and as a judgment in the track star's favor appeared imminent. He showed no reaction as he was granted bail.


Pistorius left the courthouse in a silver Land Rover just over an hour after the bail conditions were set. The vehicle, tailed by motorcycles carrying television cameramen, later pulled into the home of Pistorius' uncle.


"We are relieved at the fact that Oscar got bail today, but at the same time we are in mourning for the death of Reeva, with her family," said Pistorius' uncle, Arnold Pistorius. "As a family, we know Oscar's version of what happened on that tragic night and we know that that is the truth and that will prevail in the coming court case."


Dozens of journalists and international and local television crews had converged on the red-brick courthouse to hear the decision — a sign of the global fascination with a case involving a once-inspirational athlete and his beautiful girlfriend, a law school graduate and budding reality TV show contestant.


Nair said Pistorius' sworn statement, an unusual written account of what happened during the pre-dawn hours of Feb. 14, had helped his application for bail.


"I come to the conclusion that the accused has made a case to be released on bail," Nair said.


Pistorius said he shot Steenkamp accidentally, believing she was an intruder in his house. He described "a sense of terror rushing over" him and feeling vulnerable because he stood only on his stumps before opening fire.


Prosecutors say he intended to kill Steenkamp as she cowered in fear behind the locked bathroom door after a loud argument between the two.


Yet despite poking holes in Pistorius' version of events and bringing up incidents they say highlight his temper, the state's case started to unravel during testimony by the lead investigator, Detective Warrant Officer Hilton Botha.


Botha, who faces seven charges of attempted murder in an unrelated incident, was removed from the case Thursday. His replacement, the nation's top detective, Vinesh Moonoo, stopped by the hearing briefly Friday.


While Nair leveled harsh criticism at Botha for "errors" and "blunders," he said one man does not represent an investigation and that the state could not be expected to put all "the pieces of the puzzle" together in such a short time.


The prosecution accepted the judge's decision without protest. "We're still confident in our case," prosecution spokesman Medupe Simasiku said.


Pistorius faced the sternest bail requirements in South Africa because of the seriousness of the charge, which carries a life sentence if convicted. His defense attorneys had to prove that he would not flee the country, would not interfere with witnesses or the case, and his release would not cause public unrest.


Nair questioned whether Pistorius would be a flight risk when he stood to lose a fortune in cash, cars, property and other assets. Nair also said that while it had been shown that Pistorius had aggressive tendencies, he did not have a prior record of offenses for violent acts.


Anticipating the shape of the state's case at trial, he said he had serious questions about Pistorius' account: Why didn't he try to locate his girlfriend if he feared an intruder was in the house? Why didn't he try to determine who was in the bathroom before opening fire? And why did he venture into perceived "danger" in the bathroom when he could have taken other steps to ensure his safety?


"There are improbabilities which need to be explored," Nair said, adding that Pistorius could clarify these matters by testifying under oath at trial.


Sharon Steenkamp, Reeva's cousin, said the model's family would not be watching the bail decision and had not been following the hearing.


"It doesn't make any difference to the fact that we are without Reeva," she told The Associated Press.


Before the hearing, Pistorius' longtime coach, Ampie Louw, said he hoped to put the runner back into his training routine if he got bail.


"The sooner he can start working the better," said Louw, who persuaded the double-amputee to take up track as a teenager a decade ago. But he acknowledged Pistorius could be "heartbroken" and unwilling to immediately pull on the carbon-fiber running blades that earned him the nickname "Blade Runner."


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AP Sports Writer Gerald Imray contributed to this report from Johannesburg.


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Jon Gambrell can be reached at www.twitter.com/jongambrellAP .


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'Parade's End' keeps British TV invasion going


LOS ANGELES (AP) — Tom Stoppard is sitting on the patio of a Sunset Boulevard hotel, bathed in California winter sunshine, framed by bamboo landscaping and looking very much out of his element in Hollywood.


The acclaimed British playwright professes to feeling that way as well, despite having pocketed a Writers Guild of America lifetime achievement award the night before for his screenplays, including the Oscar-winning "Shakespeare in Love."


"I was always nervous coming here. The first time I was terrified," he said. "I'm trying not to sound nauseatingly self-deprecating, but I don't think of myself as being a terrific screenwriter or even a natural screenwriter."


Combine that, he said, with the local entertainment industry's perception that "I'm some different kind of animal," a high-minded artist to whom the words "intellectual" and "philosophy" are freely applied.


But if Hollywood can be forgiven anything, it should be that. Stoppard has created a remarkable wealth of two dozen-plus plays, including "Rosencrantz and Guildenstern Are Dead," ''Travesties" and "The Real Thing," and he's counting on more.


He looks like a proper man of letters, with unkempt gray hair, a comfortably unstylish cardigan and a delicately shaped mouth that hesitates, slightly, before dispensing exacting thoughts on the art of writing (without pretension: he relishes a snippet of "Ghostbusters" dialogue.)


Stoppard also is the master behind "Parade's End," a five-part HBO miniseries (airing Tuesday through Thursday, 9 p.m. EST) that was lauded by U.K. critics as "the thinking man's 'Downton Abbey'" after its BBC airing.


Adapted by Stoppard from a series of novels by British writer Ford Madox Ford, "Parade's End" features rising stars Benedict Cumberbatch ("Sherlock Holmes" and the upcoming "Star Trek" movie) and Rebecca Hall ("Vicky Cristina Barcelona") in the juiciest of roles.


Like PBS' "Downton Abbey," it's set in the early 20th century among aristocrats and encompasses World War I's shattering effect on the social order. Romance is provided by the triangle of Cumberbatch's tradition-bound Christopher, his unfaithful wife, Sylvia (Hall), and a suffragette (Australian newcomer Adelaide Clemens). The uniformly impressive cast includes Janet McTeer, Miranda Richardson, Roger Allam and Rupert Everett.


Stoppard rejects the oft-made comparison to PBS' "Downton" as unfair to it and its writer-creator, Julian Fellowes: "I was embarrassed by it because it's so condescending of Julian's work. He's a good writer and he's done a superlative job," he said. It's also a misguided comparison because "Downton" is heading toward season four and "Parade's End" is "five episodes and that's it, forever."


The self-effacing Stoppard leaves it at that. But there's a wider gap between the two: "Downton" is an easy-to-digest soap opera, while "Parade's End" is a challenging, nuanced view of a slice of British society and a set of singular characters, all dressed to the nines in the heady language of literature.


"There's a wonderful richness to the language and a beauty, which I think is the brilliance of Tom Stoppard, and also this very beautiful language of Ford Madox Ford," said director Susanna White.


The heedless, acid-tongued Sylvia has dialogue to relish, something Stoppard cannot resist.


"The line I like best comes straight from Ford: (the public) likes 'a whiff of sex coming off our crowd, like the steam on the water in the crocodile house at the zoo,'" he said, adding gleefully, "What a line!"


Although careful to credit the novelist with that particular zinger, Stoppard said "Parade's End" is the first adaptation in which his dialogue and that from the original text have become intertwined in his memory.


He attributes that to the year he spent forming Ford's intricate novels into a screenplay, often crafting original scenes, and the several more years he spent helping bring the series to fruition with the producers and White ("Generation Kill").


"It's the closest thing to writing a play which isn't a play that I have ever been involved with," he said.


The stage has been the Czech-born Stoppard's chief occupation since leaving journalism in his 20s. But he's made a number of detours into film, either as a screenwriter or a behind-the-scenes script doctor. His latest big-screen project is the adaptation of "Anna Karenina" with Keira Knightley.


Stoppard's insistence that he isn't an outstanding scriptwriter stems, in part, from his reticence. Then there's what he calls the differing "schools of eloquence" represented by film and plays.


"I envy and admire movies which are eloquent without recourse to long speeches," he said, citing several lines to illustrate his point. One comes from "The Fugitive" ("I don't care," Tommy Lee Jones says after Harrison Ford insists he didn't kill his wife), another from "Ghostbusters."


Bill Murray is confronted by "this kind of Amazonian ghost goddess, spooky thing, and he goes, 'This chick is toast,'" Stoppard said, with a delighted smile.


"It's the sense that precisely the right words have been uttered," he explained.


That's how fellow scribes feel about him. One L.A. film and TV writer said she regularly rereads the famed cricket-bat speech from "The Real Thing," about the challenge of writing, for joy and inspiration: "If you get it right," the character Henry says, "the cricket ball will travel two hundred yards in four seconds, and all you've done is give it a knock like knocking the top off a bottle of stout, and it makes a noise like a trout taking a fly. What we're trying to do is to write cricket bats, so that when we throw up an idea and give it a little knock, it might travel."


For now, the right words for Stoppard would be those of a new play, the first since "Rock 'n' Roll" from seven years ago. He has no regrets about immersing himself in "Parade's End," but is ready for the solitude needed to find the right story for the stage.


He used to steal away to a house in France until the air travel became too much. Now he makes do with a "small, shabby cottage an hour-and-a-half from London, which in theory is supposed to be my French house. But it's not far enough away" to evade commitments, social and otherwise. ("I'm Mr. Available," he laments.)


It's welcome assurance to hear the guild lifetime award he received Feb. 17 doesn't signal a halt for Stoppard. It did pull him up short, at least briefly.


"I was quite surprised. Though I am 75, so I shouldn't be surprised. But I haven't thought of stopping yet."


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Online:


http://www.hbo.com


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Lynn Elber is a national television columnist for The Associated Press. She can be reached at lelber(at)ap.org and on Twitter (at)lynnelber.


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