Yahoo chairman Roy Bostock fired CEO Carol Bartz over the phone 91 days ago.

Since then, the board has not hired another CEO, but spent its time instead examining all sorts of financial transactions in hopes of pleasing short term shareholders and "unlocking" the value in Yahoo's Asian assets.

The most likely outcome seems to be that Yahoo's board will do a PIPE deal with a private equity firm. TPG and Silver Lake are the leading contenders. In this sort of deal, Yahoo creates new stock to sell to the PE firm and then uses the cash it raises to buy back stock from current investors.

Henry Blodget, who spoke to sources close to one of these offers, likes the idea.

A Yahoo insider wrote us to say that he or she most definitely does not.