Apple would have to issue a preferred stock for that. The structure you suggest would not go over well with the investing public because of the dilution that w

Apple would have to issue a preferred stock for that. The structure you suggest would not go over well with the investing public because of the dilution that would be involved. Also, this scheme is much more convoluted than a straight up preferred or dividend. Too much like a debt product; stock investors don't like doing as much work as bond investors.