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Sources say that Yahoo have wasted more than $30 million on advice even after the amount of shareholders money that was lost after Yahoo didn’t sell to Microsoft.

Yahoo spent the cash on fees it has racked up for outside advice from bankers and lawyers according to a filing with the Securities and Exchange Commission. Yahoo said it spent $36 million in the first half of 2008 on fees for outside advisers helping it handle Microsoft’s bid, Carl Icahn’s attempt to oust Yahoo’s board. Icahn later stopped the coup for a seat on the board.

Most of the cash went to Goldman Sachs, Lehman Brothers and Moelis & Company who were the financial firms that have been working with Yahoo as it considered Microsoft’s takeover offer and other strategic alternatives. Skadden Arps Slate Meagher & Flom who gave Yahoo such sterling legal advice were also understood to be laughing all the way to the bank.

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