After telling the San Francisco Chronicle’s editorial board that Yahoo’s management was “pathetic,” oilman T. Boone Pickens dumped his 10 million shares of Yahoo stock the other day for a $50 million loss. He acquired the position in May out of sympathy for his friend Carl Icahn’s proxy fight and in hopes of a quick buck.

Icahn’s proxy fight dematerialized into three Yahoo board seats and now Icahn isn’t even going to show up for the Yahoo shareholders meeting today to avoid turning it into “a media event for no purpose,” he said on his blog. (Maybe he’ll try meeting with Steve Ballmer instead.)

Any fireworks have been left to the company’s myriad disenchanted stockholders, bitter that the stock’s at $20 or less, basically where it was before Microsoft and its $33 were run off leaving Yahoo stockholders $20 billion poorer.

According to the New York Post, Gordon Crawford of Capital Research and Management, Yahoo’s second-largest shareholder, has been toying with the idea of voting against the re-election of Jerry Yang and Yahoo chairman Roy Bostock.

Proxy advisors Glass Lewis and Proxy Governance have recommended that shareholders oust the board’s compensation committee, to wit Bostock, Ron Burkle and Arthur Kern, for increasing executive pay as performance eroded.