Now, taking a different tactic, Yahoo released a "timeline of events" and a list of complaints which it claims describes its problematic interactions with Microsoft.  The items, which it hopes will sway shareholders, depict a starkly different picture than that seen in media for much of the last few months.

The report, filed with the Securities and Exchange Commission, paints Yahoo as an eager and willing participant, only looking out for its own good.  It paints Microsoft as uncooperative and deceptive.

While the report also deals with the benefits, Yahoo's management says the deal with Google will bring -- with Yahoo essentially selling its advertising to Google --  the real gems, or perhaps nuggets are in the timeline of the Microsoft merger talks and accompanying materials.

Yahoo issues a laundry list of accusations.  Its writes:

--Microsoft was unresponsive to multiple requests

--No response to regulatory information requests

--No response to non-price terms, including value protection for stock component and regulatory issues

--No revised price indication until several months into the process, days before withdrawing

The timeline (viewable here) meanwhile paints Yahoo as an eager participant.  It details multiple meetings between Microsoft and Yahoo that occurred.  It also details internal meetings in March that occurred at Yahoo to assess the detail.  Basically, Yahoo is trying to paint that it carefully and earnestly considered the deal, and only refused because of Microsoft's unreasonable nature.

One interesting insight from the timeline is it says that May 29 Microsoft offered a "hybrid" transaction, offering to buy just the search engine business and select other sections of Yahoo.  A little over a week later on June 8, Yahoo says it met with Microsoft, at a meeting in which Microsoft rejected any possibility of a full buyout.  Yahoo argues that such a hybrid offer would cripple its traffic and bottom line.

Jerry Yang, Yahoo co-founder and CEO says in an attached statement, "Despite all the challenges we've been through, including Microsoft's unsolicited proposal and now a proxy contest by Carl Icahn, Yahoo remains a unique value proposition.  The combination of our leading positions in search and display together with the benefits expected from our recently-signed agreement with Google make us exceptionally well-positioned to capitalize on the convergence of search and display."

Microsoft meanwhile blasted back at Yahoo stating that Yahoo's timeline and statements reeked with ridiculous fabrication. "This is simply revisionist history," said a Microsoft spokesman.

Allegedly, Microsoft is considering sweetening its hybrid offer, which it hopes Icahn and the board to come will consider.  With internal warfare at Yahoo, anything is possible -- but if the latest exchange is any indication, one thing is for sure; it won't be pretty.