Yahoo!'s Chairman and Board Don't Exactly Inspire Confidence

5/16 - "...if you see Yahoo! chairman Roy Bostock walking with a noticeable limp this morning, it may be because his own words shot him in the foot.

"Microsoft's proposal significantly undervalued Yahoo!," Bostock writes, referring to the software giant's original $31-a-share offer. Ouch. If Bostock feels that $31 leaves Yahoo! "significantly undervalued," what does that say for his board's performance?"

"Our business is performing well as evidenced by our first quarter results," Bostock writes. Wellness is relative, I guess.

I certainly wasn't impressed by last month's report. Revenue inched just 14% higher during the period, and that was with the non-organic boosts provided by the company's many display-advertising acquisitions during the period. Other search-engine specialists like Google (Nasdaq: GOOG) and IAC's (Nasdaq: IACI) Ask.com are growing more quickly, at Yahoo!'s expense."

"I don't get it, Bostock. Perhaps this explains why you believe that the board is performing well. Maybe you shot yourself in the foot because you need new glasses. Those rose-colored ones just aren't working."