One other possible hint from the 10-K that the Microsoft deal might not be terminated at the end of the month: If you compare the language describing the relationship between this year's 10-K and last year's, it didn't really change that much. If there was a strong likelihood that Yahoo! was thinking of terminating the agreement, I would have expected more language in the "risk factors" section describing the relationship.

We will have to sit tight and see what happens.

In the meantime, the gains from Yahoo!'s YJ forward hedging program should pay immediate dividends in the April results announced in a few weeks.

Yahoo! investors can likely thank Dan Loeb again for his input on the board. He's really the only person on the board or in management who would have the knowledge and experience to demand that Yahoo! be more thoughtful and opportunistic when the yen was trading at such strong levels at the end of last year.

And to think former Yahoo! CEO Scott Thompson was trying to keep Loeb off the board because he lacked sufficient experience to be an effective director. What a bizarre argument.

Since Scott Thompson was fired for lying on his resume on May 13 of last year, Yahoo!'s stock is up 51%.

At the time of publication the author was long YHOO.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Eric Jackson is founder and Managing Member of Ironfire Capital and the general partner and investment manager of Ironfire Capital US Fund LP and Ironfire Capital International Fund, Ltd. In January 2007, Jackson started the world's first Internet-based campaign to increase shareholder value at Yahoo!, leading to a change in CEOs in 2007. He also spoke out in favor of Yahoo!'s accepting Microsoft's buyout offer in 2008. Global Proxy Watch named Jackson as one of its 10 "Stars" who positively influenced international corporate governance and shareowner value in 2007.

Prior to founding Ironfire Capital, Jackson was President and CEO of Jackson Leadership Systems, Inc., a leadership, strategy, and governance consulting firm. He completed his Ph.D. in the Management Department at the Columbia University Graduate School of Business in New York, with a specialization in Strategic Management and Corporate Governance, and holds a B.A. from McGill University.

He was previously Vice President of Strategy and Business Development at VoiceGenie Technologies, a software firm now owned by Alcatel-Lucent. In 2004, Jackson founded the Young Patrons' Circle at the Royal Ontario Museum in Toronto, which is now the second-largest social and philanthropic group of its kind in North America, raising $500,000 annually for the museum. You can follow Jackson on Twitter at www.twitter.com/ericjackson or @ericjackson.

You can contact Eric by emailing him at eric.jackson@thestreet.com.

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