I think you have to trust MM regarding how to dispense the $3.4B YHOO received from Alibaba. It seems the market is liking MM decision-making as indicated to YHOO share price climbing from $15 to $19 and going higher. MM is not even six months in the job.
The stock was almost $19 two years ago, under Bartz. So, raise your standards. They should do buybacks AND issue a small special dividend. Also, taking the cash and buying things in the internet world has not always turned to be good investments. The shareholders over the past 5 years have had a lot of pain, but you didn't see the board make any sacrifices themselves as they heaped loads of options on themselves, and they still are doing that.