You almost have to wonder: with Yahoo executives all rushing for the door at the same time, could shareholders force the company back into Microsoft’s (NSDQ: MSFT) arms? Mithras Capital, a holder of 1.7 million Yahoo shares (pretty tiny in the scheme of things) has sent an open letter to Steve Ballmer, asking him to revisit the partial offer for Yahoo (NSDQ: YHOO). Only this time, the firm wants Microsoft to bypass Yahoo’s management and go directly to shareholders.

From the letter (via TechTraderDaily): “Yahoo! shareholders will shortly have the opportunity to vote for a new BOD. By bringing its case directly to Yahoo! shareholders, by credibly and convincingly spelling out in detail how its transaction is superior to the one Yahoo! signed with Google (NSDQ: GOOG), Yahoo! shareholders will in effect be able to choose this alternative by electing the slate of directors proposed by Carl Icahn. Icahn has been unequivocally clear that he understands a board’s fiduciary duty to maximize shareholder value. There will be no impediment in the new BOD bringing to fruition a truly superior transaction with Microsoft.”

It’s a pretty long letter. He goes onto spell out the would-be deal, which might’ve involved Microsoft buying $8 billion of Yahoo shares at $35, and paying $1 billion for the company’s search assets. He obviously believes that if Microsoft can substantiate its claim to having the best deal, it might just win shareholders over.

• Updated: Yahoo’s Exit Door Blown Open: Garlinghouse,Makhijani, Lu Leaving; Reorg Plans Still Fluid