For Jerry Yang, the erstwhile founder and chief of Yahoo, the barbarians are at the gate. He can smell the likes of Carl Icahn and his hedge fund hordes. And yet he is holding on. So how long can he hold on? The hedge fund guys certainly are not going to give up lightly, but it seems that he's holding out less for a miracle than for a more solid deal. Business Week Online reports he wants some guarantees that a deal will hold its value and that there will be some protection against a long regulatory driven delay. So despite his best efforts, it seems like in fighting only for a better deal, he has lost the larger war. What will be interesting is how Microsoft deals with him once the deal is done.

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