I Hear Microsoft's Got an Alternative Slate It's Not Using

July 3 will be “Independence Day” for Yahoo (YHOO) shareholders (“Independence day. Heh. “Enjoy The Shareholder Meeting. It May Be Your Last …“). So says Eric Jackson, president of Ironfire Capital, who is doing his damnedest to recruit an alternate slate of directors to present at Yahoo’s annual meeting on that day.

“It’s hard to believe the board could let this happen,” Jackson told the Associated Press. “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.”

If Jackson hopes to make good on his threat, he’d best get cracking. Shareholders have only 10 days from the announcement of Yahoo’s annual meeting to nominate directors and Yahoo did just that this past Monday. That means Jackson has until May 15 to pull his slate together. Perhaps he can just borrow Microsoft’s (MSFT) …