Is Jerry Yang Trying To Block A Yahoo Sale?

TheWall Street Journal has struck a nerve at Yahoo with a story today that quotes several investors who say co-founder Jerry Yang is trying to reassert his power at the company by underminingthe board’s effort to find a buyer.News reports based on rumor and speculation are just that,” the company says in a statement.Mr. Yang is one of 9 directors with the exact same fiduciary duties and motivation as all of his fellow directors — to serve the best interests of all the company’s shareholders.”The WSJ story says that as former CEO and now a major investor and board member, Yang’s”multiple hats have raised questions both inside and outside Yahoo about whether he can act in the best interest of shareholders rather than from a desire to preserve his influence and legacy.” It quotesa letter sent today by Daniel Loeb, who manages theThird Point LLC hedge fund, a major investor in Yahoo, calling on Yang to resign. He cited Yang’s “ineptitude” in 2008 when he was CEO and rejectedMicrosoft’s $45B offer for Yahoo — which now has a market value of $19.2B.Loeb said he would fight a “sweetheart” to sell Yahoo to a private equity firm. The story also quotes Peter Schoenfeld ofP. Schoenfeld Asset Management LP, who says that the”board should be focused on unlocking [Yahoo] value for all shareholders instead of protecting a small group.” Yahoo has been trying to find its way since September when it fired Carol Bartz as CEO.