Greenlight Capital's David Einhorn appealed directly to Apple shareholders Thursday in a conference call to get more of them to join his push to get the tech giant to distribute more cash.
Einhorn said Apple is trapping $14 per share in earnings by hoarding cash and that his plan could boost the stock by $150.
Earlier this month, Einhorn proposed a plan that would allow Apple to distribute some of its $140 billion cash load to shareholders. He then sued the company for "Proposal 2" in Apple's proxy statement, which essentially only allows Apple to issue preferred stock with the approval of shareholders.
(Read More: Hedge Fund Greenlight May Succeed in Case Against Apple: Judge )
In the call Thursday, Einhorn said that Apple's strategy of stockpiling cash is flawed and that his plan for Apple "is not complicated." He said he wants the company to issue perpetual preferred shares, which he calls iPrefs. By adding one preferred share for each common share could boost Apple's stock price by $150, he said.
(Read More: Einhorn Fires Back at Apple's Tim Cook )
Einhorn said that if Apple was to take all of its foreign cash, which would be about $84 billion after taxes and placing some in reserve, it would have enough to make a one time cash distribution of $89 per share.
The cash on Apple's books is like an inventory problem for the company, he said. Einhorn gave IBM and Coke as an example of companies that have continued to grow for decades while issuing cash returns.
Apple didn't comment on Einhorn's appeal to shareholders.
On Tuesday, there was a federal court hearing for Greenlight's case against Apple and the judge said that he needed more time to consider Einhorn's request for an injunction to block the vote on Apple's proxy.
