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Pickens Rips Into Yahoo Over Microhoo Handling

Oil baron and billionaire investor, T. Boone Pickens, dug into Yahoo's management for failing to sell all or part of the company to Microsoft Corp. Pickens bought 10 million Yahoo shares in May in the hope that an acquisition was forthcoming -- thanks in part to the proxy charge led by Carl Icahn. However, on Monday he said he got tired of waiting for a deal and sold his entire holding at a $50 million loss.

"I think that Yahoo management was pathetic," Pickens told the San Francisco Chronicle. Pickens' comments echo those of some other investors who were upset at Yahoo's handling of the situation. Yahoo shares are currently trading at $20.12, well below Microsoft's offer of $33 per share three months ago.

The Chronicle points out that this was an uncharacteristic foray into technology for Pickens, who during a CNBC interview acknowledged that he was merely following Icahn's lead in buying the Yahoo shares. However, earlier this month, Icahn settled his proxy battle with the Yahoo board, agreeing to take three seats in exchange for ending the boardroom battle.

Read the whole story at San Francisco Chronicle »

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