Wednesday, July 30, 2008

Pickens Bails, Says Yang Is A Yahoo

Boone Pickens excoriated Yahoo's management for failing to reach an agreement to sell all or part of the Web portal to Microsoft Corp.

Pickens, who bought 10 million Yahoo shares in May in hopes that an acquisition was imminent, said Monday that he got tired of waiting for a deal and sold his entire holdings at a loss.

"I think that Yahoo management was pathetic," Pickens told The San Francisco Chronicle's editorial board.

Pickens declined to say how much money he lost on his Yahoo investment. A little calculation, though, can result in a rough determination. He bought his shares in early May, likely paying between $25 and $27. Yahoo! is now trading five dollars lower, in the $20 to $22 range. That puts Pickens' loss at around $50 million

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