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"I can imagine getting a phonecall in the middle of the night from a shareholder sharing their view about something we were about to air.
He said: "I can imagine getting a call in the middle of the night from a shareholder sharing their view about something we were going to air that was going to have a lot of impact.
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The Court commented in Hobby Lobby that this seemed "improbable" because of the "practical restraints" of a diverse set of shareholders sharing religious beliefs.
Mr. Ballmer said he believed that a majority of Yahoo shareholders shared that view.
"We believe that the majority of your shareholders share this assessment, even after reviewing your public disclosures relating to your future prospects".
It is not clear whether other shareholders share Southeastern's misgivings.
Many other shareholders share our views and will be adding their names in the days ahead.
Renaissance disclosed that Plato Learning had proposed a competing bid to acquire the Pauls' shares for $15.10 a share and the public shareholders' shares for $18.
Nasdaq rules prevent so-called dual-class recapitalizations where management is issued a high vote share class and public shareholders shares get one or no votes.
This so-called stub would let shareholders share in any future Dell success, or continue to suffer if the technology giant falters.
Renaissance disclosed that Plato Learning Inc., a company owned by the private equity firms Thoma Bravo and HarbourVest, had proposed to acquire the Pauls' shares for $15.10 a share and the public shareholders' shares for $18.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com