Eric Jackson is on the case—Jerry Yang’s case, that is. The activist shareholder told AP he hopes to turn Yahoo’s (NSDQ: YHOO) July 3 annual meeting into “into ‘Independence Day’ for Yahoo’s shareholders.” Yahoo postponed the annual meeting after Microsoft’s (NSDQ: MSFT) unsolicited bid for the company and set the new date following Microsoft’s weekend withdrawal. Stirring up Jackson’s ire this time: the Yahoo board’s insistence on $37 a share after Microsoft upped its bid to $33 rather than looking for middle ground: “It’s hard to believe the board could let this happen. I think they completely misconstrued the situation and thought, ‘Microsoft is rich, so let’s soak them.’ They were bluffing all the way and got caught.”

Yang beware: Some of you may recall Jackson’s bravura performance at last year’s annual meeting, where he told then-CEO Terry Semel: “I am surprised that you didn’t apologize to the Yahoo shareholders for the last three years of Yahoo performance.” It turned out to be Semel’s last hurrah as CEO; six days later, he was out.