IBM - JAVA DEAL - TALKS POSSIBLY ENDING

I just can't believe it. Carl Icahn has been preaching about corporate governance for years now and I might learn why. The deal looks to be scraped, according to the WSJ, but the odd thing is that SunMicro is the one who walked away! I am in complete shock really but I dunno what is going to happen. I own $7 puts on JAVA, so this will help reduce the loss but according to "sources" from the report, IBM offered $9.40 a share and JAVA just walked away! Whatever happened to taking it to the shareholders and letting them vote?

Let's think about it.

Case 1: Yahoo and Microsoft: Microsoft offered $31 for Yahoo when Yahoo was trading at $19 and they turned it down! Microsoft then offered $34 and they turned them down again. Again, shareholders were completely ignored, got hurt, and now the stock is at $14.

Case 2: Take Two Interactive & Electronic Arts: EA offered $26 a share for the firm and again, the same type of BS and saying the general "this offer is grossly inadequate" and now TTWO is at $7.

The only point I can't understand is where is the shareholder in all of this? I mean TTWO has to quadruple to go back to the EA offer, why can't the acquirer go straight to the shareholder instead of dealing with management? I mean is the CEO the owner or the shareholders? I'll be completely honest, I thought the JAVA/IBM deal was IMMIENT. I bought some $7 puts for only about $70 worth just in case. I actually might break even. If the $7 puts go to $2 itll be around +$1400 in value, while the lose in equity will be anywhere between $1200-$1600. It's hard to guestimate, plus I don't know what the hell Sun's management is thinking. They must be trying to get $10+ or something, so I am pretty sure they are on the phone with Oracle, unless this thing is a total rumor. We will see...

As for the Stock Under $10...might be delayed...Wrestlemania is on tonight and Sun made me mad.