Yahoo! Holder Building a Dissident Nation

Jackson is presenting his Plan B in the form of a wiki -- a platform that lets many users collaborate -- much like the Wikipedia online encyclopedia. The plan is already benefiting from user input. One user said that the scope of replacement CEO candidates should be expanded beyond Decker, while another suggested that Yahoo! spin off its holdings in Yahoo! Japan, for example. (Yahoo! didn't immediately respond to a request for comment.)

But this far-flung group of individual investors will have to put their money where their collective mouth is are for the plan to really take off. Pooling their Yahoo! holdings -- and the associated voting power -- will give teeth to their vision. In fact, Jackson's goal is to cobble together a breathtaking 10% of Yahoo! stock -- a stake larger than that held by any institutional investor.

Such a target seems outlandish at first, but it's not impossible, Jackson argues. Yahoo! has 250 million registered users, and if 10% of those purchased 50 shares each and joined his group of vigilantes, it would more than exceed the goal. Bringing together 25 million users is still as daunting a task as they come -- but the group could still become a force to be reckoned with even if it controlled far less than a 10% stake.

Jackson, who says he has so far received enthusiastic feedback and commitments of about $1 million in Yahoo! stock, is further emboldened by the frustration he sensed among fellow Yahoo! shareholders since he first became critical of the company's management last fall.