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$30 billion hedge fund Paulson & Co. has released filings to show it owns 3.4 percent of Yahoo shares and intends to support Carl Icahn's bid to replace the company's board. Combined with Icahn's 4.3 percent share, Legg Mason fund manager Bill Miller's 5 percent share and Capital Research fund manager Gordon Crawford's 6 percent share, at least 18 percent of Yahoo's ownership now favors displacing the company's board with directors more amenable to a Microsoft merger. Capital Research funds beyond Crawford's control own another 11 percent of the company, raising that total to at least 29 percent. Shareholder activist Eric Jackson says investors owning another 3.2 million Yahoo shares favor a Microsoft merger as well. CEO Jerry Yang and chairman Roy Bostock can write all the letters they want. There's only one holdup: Getting Microsoft back to the table. (Photo by Simon Grossi)