If you’re a Yahoo (NSDQ: YHOO) shareholder, but you don’t obsessively follow the twists and turns of the Yahoo-Microsoft-Icahn drama the way some of us do, then Yahoo has put out a letter just for you. Basically it’s: here’s our argument, one more time, for why you should elect the existing board. Real quickly now, here’s a summary:

—We’re moving forward on a plan to be a global internet leader, including dominating in ads and working with Google (NSDQ: GOOG). Also, it’s possible we may look at getting some value from our Asian assets, maybe (that last part may be newish).
—Carl Icahn? That guy’s just a short-term agitator in bed with Microsoft (NSDQ: MSFT). Because he’s signaled that Microsoft is his only exit plan, he has no leverage. And neither he nor his board have any operational chops or internet experience.
—Also, he keeps changing his mind and can’t be trusted on what he wants to do.
—As for Microsoft, they keep changing their mind too, and don’t know what they want strategically.
—So just a reminder: we’re open for a full sale to Microsoft at $33 per share. Barring that, we’re committed to enhancing shareholder value.
—Vote the WHITE proxy card on August 1.

Sincerely,
Roy Bostock and Jerry Yang.

Updated: Most of Yahoo’s latest PPT filing looks very been there, done that but here’s the latest MSFT timeline for those keeping track (click to enlarge):