I think you are wrong. IF IT IS taxed at the time of transfer, the taxable income to yahoo is the difference between yahoo's basis and the value at the time of transfer to spinco. Hopefully it won't be taxed.
When you have a class action, a hundred law firms could get involved. Is each one of their announcements newsworthy? We are "investigating." We are "seeking lead plaintiff." We are "filing lawsuit." Sheesh.