You told me that the Board felt my experience and knowledge 'would not be additive to the Board' and that as Yahoo!'s largest outside shareholder, I would be 'conflicted' as a Director, wrote Loeb to CEO Scott Thompson. "Am I conflicted to advocate for the interests of other shareholders because we are owners of 5.8% (over $1 billion) of Yahoo! shares (unlike the non-retiring and proposed board members who have never purchased a single share of Yahoo! except for subsidized shares issued through option exercises and shares "paid" by the Company in lieu of fees)? [emphasis mine] Only in an illogical Alice-in-Wonderland world would a shareholder be deemed to be conflicted from representing the interests of other shareholders because he is, well, a shareholder too. This sentiment further confirms that Yahoo!'s approach to Board representation is "shareholders not welcome."