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Monday, July 21, 2008

Yahoo elects Icahn to board

Last week, Yahoo sent an open letter to shareholders urging them to ignore the Icahn slate. In the letter, they stated "Mr. Icahn and his slate lack the working knowledge of Yahoo! and its Internet business..." and "...they do not have the hands-on experience to manage and lead Yahoo!..."

Four days later, they elect this unknowledgeable, inexperienced manager to the board of directors.

As the quarter is to come before the proxy battle, could Yahoo know their position will be severely hampered by their disappointing results?

If I've learned anything reading the media reports on this battle, it's that Yahoo is all kinds of confused. I've also learned that Google is the web partner of choice... even for Yahoo. I doubt that's lost on advertisers.

I'm short some and intend to stay there for the quarter.

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