I suspect Icahn's plan for the post-Microsoft Yahoo! remnants permutation (i.e., if Microsoft opts to not acquire all of Yahoo!) is quite simple: fire sale -- i.e., complete tear-down
Microsoft and Carl Icahn made Yahoo an offer it apparently could, and did, refuse over the weekend. It was another flavor of the search-only alternative transaction Microsoft has been floating since May, but this time around, according to a Saturday night statement from Yahoo, Icahn would get the Yahoo leftovers.
Some investors are wary of that outcome given that Icahn has yet to articulate what he would do if he were in charge. This latest aggressive offer may add a new dimension to investors' thinking ahead of Yahoo's Aug. 1 stockholder meeting, which is starting to look like the OK Corral.