Yahoo Paid $37 Million For Bad Advice

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	Yahoo Paid $37 Million For Bad Advice

Andy Greenberg

10-22-2008 11:14 AM

1715 views

tags:

yahoo, microsoft, google, jerry yang, henry blodget

Andy Greenberg says:

Henry Blodget rubs more salt into the wound of Yahoo!'s idiotically botched deal with Microsoft.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/facae32b-ccbf-4e47-af11-5fc7fb4e942e/C5504BD8-012C-4698-98DC-7A5A5CB9F57A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.alleyinsider.com/2008/10/going-rate-for-terrible-yahoo-m-a-advice-37-million-a-quarter" href="http://www.alleyinsider.com/2008/10/going-rate-for-terrible-yahoo-m-a-advice-37-million-a-quarter" style="font-size: 11px;">www.alleyinsider.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alleyinsider.com/2008/10/going-rate-for-terrible-yahoo-m-a-advice-37-million-a-quarter"><H1 class="asset-name">Going Rate For Terrible Yahoo M&A Advice? $37 Million A Quarter</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alleyinsider.com/2008/10/going-rate-for-terrible-yahoo-m-a-advice-37-million-a-quarter"><P><IMG height="251" border="0" width="337" title="Jerry Reuters head down.jpg" alt="Jerry Reuters head down.jpg" src="http://static.10gen.com/alleyinsider.com/~~/f?id=4876861f796c7a8300a144d6&maxX=337&maxY=251" class="float_right" />Yahoo (YHOO) shareholders who read the fine print in the press release will have observed that they got insulted to the tune of $37 million in advisory fees in Q3. What, pray tell, were the expert advisors paid for?</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alleyinsider.com/2008/10/going-rate-for-terrible-yahoo-m-a-advice-37-million-a-quarter"><li style="margin-left:16px;padding-left: 0px;">Blowing the Microsoft deal (This is only the Q3 portion, of course; As a reminder, Microsoft offered $33. Yahoo's stock currently trades at $12.)<BR /></LI></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alleyinsider.com/2008/10/going-rate-for-terrible-yahoo-m-a-advice-37-million-a-quarter"><li style="margin-left:16px;padding-left: 0px;">Constructing an emergency search deal with Google that apparently won't pass muster with the Justice Department</LI></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alleyinsider.com/2008/10/going-rate-for-terrible-yahoo-m-a-advice-37-million-a-quarter"><li style="margin-left:16px;padding-left: 0px;">Fighting off Carl Icahn</LI></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alleyinsider.com/2008/10/going-rate-for-terrible-yahoo-m-a-advice-37-million-a-quarter"><P>Just as bad, Yahoo regards these fees as "extraordinary" items that shouldn't be factored into the calculation of earnings per share. Please. At best, fees like these should be mentioned in passing when discussing the earnings results--they shouldn't be stripped out of operating EPS calculations.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C5504BD8-012C-4698-98DC-7A5A5CB9F57A/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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