yahoo's board is in trouble, but it doesn't seem as if the shareholders are. either the merger will go through at $31/share, which is pretty good (even for thos

yahoo's board is in trouble, but it doesn't seem as if the shareholders are. either the merger will go through at $31/share, which is pretty good (even for those who got in at $29/share)--or the shareholders will get to vote on it in a proxy fight. the only losers in the latter scenario are those who vote in opposition to the final result. but whichever result that is, a majority of the shareholders will have believed in that outcome (either higher value with existing management or higher value with microsoft's offer) such that that outcome might actually be plausible, and we can all go forward from there.