Deprived of a proxy fight Yahoo stockholders basically reacted with a shrug Friday to the board that cost them billions by running off Microsoft and overwhelmingly returned the existing directors.

CEO Jerry Yang got 85.4% of the vote, chairman Roy Bostock got 79.5%.

The assumption is stockholders didn’t have any viable alternative. The hopeful are still betting Microsoft will return and the truly disaffected have been selling off their stock, which has slumped to $19 and change, where it was when Microsoft and its rejected $33-a-share bid entered the picture six months ago.

The interpretation of Yahoo negotiations with Microsoft that Bostock gave at the meeting – he claimed there was “never a compelling offer put on the table” – caused Microsoft to issue a statement saying “Yahoo is attempting to rewrite history yet again with statement that are not supported by the facts.

The meeting was poorly attended and corporate trader Carl Icahn didn’t show up since he got three board seats in exchange for calling off the proxy fight.

Ex-AOL CEO Jonathan Miller, expected to be nominated by Yahoo, apparently won’t be one of them. Time Warner is enforcing the non-compete Miller signed.

Since AOL is up for sale, the move has been interpreted as meaning Time Warner might be ready to dice up the property into pieces and deal. Microsoft, Yahoo and Google, which put a billion in the joint a few years ago, are on the list of possibles.