The latest plans to revamp Yahoo! Inc. (YHOO) received a cold reception this week. Despite CEO Marissa Mayer’s pledge that management will be good stewards of Yahoo!’s value, shares of the internet group plummeted 5% to $27.60 in the morning. Mayer outlined plans to shop patents, real estate, and other non-essential assets that could fetch more than $1 billion during a late Tuesday earnings call. The CEO said Yahoo! Will focus on its core search, e-mail, and digital content businesses, and plans to cut staff and otherwise streamline the businesses. Ben Schachter of Macquarie Capital put the value of the core businesses at $3.7 billion or five times projected 2016 Ebitda. The largest pieces of value at Yahoo! Are in its Asian holdings. Stabler valued a stake in Yahoo! Japan at $6.7 billion after taxes and put the 15% position in Alibaba Group Holding at $21.6 billion after taxes. Yahoo! Already planned for a reverse-spin of its core business and a stake in Yahoo! Japan so that investors could more directly benefit from the value of its stake in Alibaba. Alongside the reverse-spin, Mayer and Yahoo! Management will be aggressively streamlining operations to save $400 million a year and possibly weighing offers for its business.