Hedge-Fund Mogul Paulson Joins Icahn In Yahoo Siege; 30% of Proxy Vote In Bag

Henry Blodget | May 15, 2008 3:10 PM

johnpaulson.jpgCarl Icahn owns 59 million Yahoo shares (YHOO), or 4% of the company. John Paulson, head of merger-arb shop Paulson & Co., who made a reported $3 billion personally shorting sub-prime last year, owns 50 million shares, Reuters says. So that's about 8% of Yahoo between them. Icahn is cleared to buy another 4%, which would make 12%.

No question how those shares will vote in a proxy fight. Then there's the 16% owned by Capital Research, whose Gordon Crawford was "extremely angry" with Jerry Yang for blowing the original Microsoft (MSFT) deal. And the 7% or so owned by Legg Mason's Bill Miller, who as much as said he'd be happy with $34 a share.

Add all of them together and you're at about 30%-35% of Yahoo's stock. Bill Miller won't vote to sack Yahoo's board unless he knows Microsoft will play ball, but let's assume Carl can at least create the impression that Microsoft's on board. Then Icahn, Paulson, & Co. only need to make it clear that they can scrape together another 15%-20% of the votes...and Jerry Yang and Roy Bostock will be on the next Seattle plane.

See Also: Meet Carl Icahn's Yahoo Board: Mark Cuban, Frank Biondi, Adam Dell, and More...

Gordon Crawford To Carl Icahn: You're Not So Clueless, After All

carlicahn.jpg

Subscribe to SAI: RSS, email newsletter (no spam)

More:

Share:
Post to Del.icio.us


< Prev. Story
Next Story >

74 Comments

MiC said:
If Microsoft is still interested, they'll have up hand and can lower their offer to $28-29. If Yahoo! is crawling back, I don't see any reason MS would need to pay $33
FM said:
Wonder if everyone is throwing a party but MSFT has no plans to attend. Can't believe won't see the benefit of just sitting this one out and letting bagholders stew. On the other hand, hard to believe Carl didn't ck in w/ Seattle before plunking down his bet.
Henry Blodget said:
Agree with both, FM. Seems a key voice here is missing. A Microsoft-Yahoo combo would likely be a disaster, and I wonder if Steve Ballmer didn't finally begin to see that.
Gordon said:
"Microsoft-Yahoo won't happen, and it was never a good idea -- not at forty-something-billion dollars. Megamergers are never a good idea. They are for the desperate and the contracting industries. Synergies are a laughable concept. Anytime some CEO promises synergies in a big merger, think of it in the same category as a washed-up TV star on an infomercial telling you that some product will make you look like an Olympic triathlete in two weeks." - Kevin Maney
Hmmm said:
Paulson is actually a smart guy not a greenmailer. Hmmm..

What is the back up plan if MSFT says no way we moved on? Is there a sum of the parts story here?
Chapin said:
Paulson is a merger arb guy. He bought his stock in 1Q likely after the deal was announced. Plain and simple an arb guy making an arb bet.

Bill Miller sold nearly 20m shares in 1Q, again likely after the deal was announced. Legg owns sub 5%
Henry Blodget said:
Ah, interesting. Didn't realize Miller had dumped stock. That's actually important... So much for his jawboning about how MSFT bid way too low
Joseph said:
I am 99% sure that Icahan had already discussed this with MSFT prior investing this huge money. All he is doing is that preparing yahoo for msft while making himself a nice pocket change.
This deal is done and Ballmer will come out on top for acquiring Yahoo! for 33 dollars/share....You may argue that it is bad move for MSFT but the fact is that they didn't have to raise the offer much to get this done.

Joseph said:
I am 99% sure that Icahan had already discussed this with MSFT prior investing this huge money. All he is doing is that preparing yahoo for msft while making himself a nice pocket change.
This deal is done and Ballmer will come out on top for acquiring Yahoo! for 33 dollars/share....You may argue that it is bad move for MSFT but the fact is that they didn't have to raise the offer much to get this done.

Gordon said:
would it be illegal for Icahn to act on inside information he got from Ballmer?

i'm sure it wouldn't be the first time!
purple haze said:
Even if msft is out of the game (me thinks they're not: while ballmer lost his patience this acquisition just makes too much sense - particularly now with a chastised y board - for them not to go at it again) yhoo is still better off with a new shareholder-driven board than under the existing founder-driven board. it won't be easy to turn around but they'll certainly not do any worse than the $19/share that Yang and Decker were able to deliver. sure, y employees will walk but they have done that already and would do it whether y would be sold or remain independent
Yankini said:
Okay, now I am confused. Please answer the following:

Who do I sue? For what? When What happens?

Am I suing Icahn for insider trading? Yang for high five-ing? Or MSFT for moving on?
Steve Baldwin (URL) said:
I don't think that Carl Icahn would have gone into this deal if he hadn't been assured that Yahoo would have a buyer, and there is a very short list of buyers here. Speculation around our office is that Microsoft called Icahn last week and turned him loose on Yahoo, saving Ballmer & co. any necessary messy work. This works very well because Microsoft doesn't even have to be perceived as the heavy.

Fun fun fun!
Stjepan (URL) said:
Maybe Mr. Yang thinks the answer is in China? I don't want to clutter this forum so you can my analysis here: http://www.poandpo.com/business-as-usual/can-jerry-yang-find-help-in-china

Do you think there's something to it, or I'm talking about conspiracy theory?
Mon said:
StockJockey (URL) said:
Bill Miller is getting redemption each and every day. He is selling anything that is not nailed down. Don't kow how is prioritizes it, but probably trims stuff across the board. I would not read that much into the sale of Yahoo!
Mon said:
That's a good parody for 'nuff said. Except that my comment vanished with the failure of my internet connection. Sorry.

Anyway,what I said was Icahn would not have done this except for acting as MSFT's proxy in the proxy fight.

And to answer to Icahn's WIIFM question? MSFT's signing in to a $35 offer, of course. The difference between $33 and $35 is his proxy premium. The difference between is buying price of $25 to $27 and $35 is his regular stock trade profit.

Billy Bidinko said:
Deal done. Carl's counsel spoke w/ MSFT's last week before Carl started loading up at $22-24.50 per share. MSFT will honor the $33 but the board gotta go. We just want the soft ware engineers and everything thats in place, particularily ASIA.
He's already up $250 MILLION in two weeks!!! What a GUY!
So if you want to pick up 12% on your money in the next 90 days, buy some YHOO...or options better yet.
Now...Jerry took a shot at $38 and said board would accept $37. He was trying for middle ground. Happens all the time. That chunky bald guy just picked up his marbles($50 BILLION) and took off. What's a guy to do....I'll tell you what I'd do....I'd be running down the halls in The Holiday Inn..."Steve, Bill Wait a second. Can't you take a joke...don't you think you can squeeze a buck or two more so we meet between the 33 and 37????? OK I'll give...let's do the deal at $34 OK???? Remember Gordon Gekko. Well since you brought up my mother. OK Steve you're a great guy,but man are you tough. $33.50 and we sign this up right now...
Now Carl has to go back and get the deal done...at $33...it's been cleared and is wired. So keep the new 09 Mercedes order in place.
Chapin said:
Legg Mason sale of YHOO is a rotation from tech/internet to financials and retail. Classic early cycle rotation strategy.

He plowed into names like FRE whild dumping AMZN and YHOO. Bill Miller was smart enough to see $33 was upper pain threshold of MSFT and reallocated capital to fresh ideas.

He sold 20m out of 84m YHOO or 24% of his stake compared to just 11% of his AMZN stake and even less of EBAY. He is saying see ya to Jerry.
Marah Marie (URL) said:
Now it's getting good. Thank God Icahn got more people with him on this. Can't wait to see how it turns out.
thehanu said:
Yes, this works as long as Icahan got some sort of confidence that MS comes back to the table. Do you think this billionire is just investing lot of money for nothing? Look at his track record.
Marah Marie (URL) said:
Then again, this guy is known for buying up stock just to force companies to buy it back to avoid exactly this sort of scenario, and as one commenter pointed out to me on another SAI post about this, he's so-well known for it he's, in "huh's" eyes, a "scamster". Him and I are were arguing at cross-purposes by then since that was pretty much my point, too (he's not a real activist - activists actually give a damn about the companies they go after - or at least they care about the users affected by those companies practices, management, and financial decisions). So this could just be more of the same from Icahn. Bottom line: it helps him make money and wipes out almost everyone else's wealth unless you play it right on the stock side.
bobthegreat said:
msft-yhoo would indeed be a disaster. I doubt that Ballmer and MSFT walked away because of that. I think it was a valuation issue (31 was already a stretch), but it does not really matter.

Jerry Yang and his team screwed up, but that was to be expected. Look at where the business is. What real management experience does Yang have? Credit and billions to him for starting a directory of sites way back when the Internet was just starting. But that does not make him a good executive. This is a fundamental problem in the Valley.

B
Rav (URL) said:
Don't count Jerry and YHOO's current board out yet. They still have couple of moves in their arsenal.

First, is that YHOO-GOOG talks are still ongoing with a possible deal next week.
http://www.reuters.com/article/mergersNews/idUSN1534279620080515

The second is YHOO's response to Icahn.
http://www.marketwatch.com/news/story/complete-text-yahoos-reponse-carl/story.aspx?guid=%7BBBB659F0%2D1EE6%2D4C63%2DAB48%2DEDF7AB4AB73C%7D&siteid=yhoof

I find YHOO's version of merger talks with MSFT more credible than the version put forth by MSFT. The key issue is that MSFT never specified how they would ensure "certainty of value" and "certainty of closing" in its so called $33/offer. Mr. Ballmer's letter is silent on those details. Even in my previous comments, I mentioned that these reasons in addition to the difference in expectation on the share value ($37 v/s $33) were the deal-breakers.

I don't see how the activist shareholders can address those issues. I think the most likely outcome is that the activist shareholders would act as a catalyst and force the current YHOO BOD to take quick actions like selling off asian assets and signing deal with GOOG, in order to maintain the share value and also keep the company independent. We'll see how this turns out, but this is my strong belief in the eventual outcome. The alternative of MSFT acquiring YHOO at ~$35+ doesn't seem likely because of MSFT's unwillingness to pay that much and also potential negative effect on its own stock.

Alley Insider said:
Henry-- now that we know Carl bought nearly all of his YHOO stock after Microsoft walked away, can you put together a quick financial model on what the Yahoo! stock would have been at had he not bought the 59 million shares to drive up to $25-$26?

While speculative, that would be interesting to see...
Marah Marie (URL) said:
Alley Insider- that would be very helpful information to have. I hope you crunch those numbers soon, Henry...
IMVU gold (URL) said:
You can even accept wireless gaming from another computer or from other IMVU gold connected to a LAN network.
cheap gw gold said:
Every day, in addition to upgrade and earn gw gold, there is always one person let me care about. Although we played the game and hard to pick up GuildWars Gold as the usual, I still felt our feeling changed. I really mistake, although in the game I send her some Guild Wars Gold, but that is not she wanted. Every day, I continue played the game, and I have been a lot of GuildWars money. I also remember that time when we hard to earn cheap gw gold together, we are so happy.
jeff said:
mp4 converter for mac allow you to trim videos, crop videos and apply special effects to videos.
Rosanna said:
dvd ripper for mac is really a useful software which can help you convert dvd to any format you want.And flv converter for mac is the other software that I highly recommend to you which allows you to convert flv videos to any format you want on mac.
shadow of legend Gold (URL) said:
However, although I understand that is love, shadow of legend Gold it is necessary to brave.
selamler (URL) said:
sohbet chat sohbet chat çet sohbet msn msnchat chat özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış sesli chat sesli sohbet sesli görüntülü chat görüntülü sohbet kameralı sohbet kameralı chat bayan arkadaş görüntülü çet sesli muhabbet kızlarla sohbet kızlarla chat kameralı çet kameralı sohpet kızlarla çet chat gizli kamera güvenlik sistemleri kamera güvenlik kamerası cilt bakımı cilt bakım ürünleri ıslak mendil kolonyalı mendil kolonyalı mendil güvenlik kamerası gizli kamera kamera canlı sohbet sohpet sohbet sesli sesli chat sesli sohbet kameralı sohbet kameralı chat görüntülü chat görüntülü sohbet bayanlarla sohbet sesli muhabbet bayanlarla chat kızlarla sohbet bayan arkadaş görüntülü çet sesli çet sesli sohpet seslichat sesliçet kameralı sohpet kameralı çet kızlarla sohpet kızlarla çet sesli sohbet sesli sohbet sesli sohbet sesli chat sesli chat chat çet ek iş ek gelir mirc avşa adası avşa avşa adası avşa tatil tatil köyleri "Trkycmhrytllbtpydrklcktr" Trkycmhrytllbtpydrklcktr Trkycmhrytllbtpydrklcktr "Trkycmhrytllbtpydrklcktr" "Trkycmhrytllbtpydrklcktr" Trkycmhrytllbtpydrklcktr özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış "adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması" adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması "adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması" "adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması" adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması ıslak mendil ıslak mendil kolonyalı mendil kolonyalı mendil paketleme ambalajlama paket web tasarım seo refreshing towel perde tatil kozmetik haber joy türk radyo aşk haber video tatil tekstilkent yabancı personel çalışma izni



sohbet
sohbet
sohbet
sesli sohbet
özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması
aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış
kozmetik
danismanlik
islak mendil
chat
msn
adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması
Sohbet
werwf (URL) said:
We offer Packages: popular tibet tour packages, Tibet adventure Travel Packages,Tibet tours of all kinds.We can also customize your tour in tibet. please browse our carefully designed and choose one which fits your time and budget or simply click here to tell us what you want and we will design a unique tibet travel for you. which will speed up economic development travel to tibet the tibet railway will not only bring about tibet trekking a significant change of the mystical view of the outside world to tibet map, but will also create a better cognition of the Tibetan people by the outside world.tibet tour guide will be provided with a great deal of useful information such as maps of tibet, weather forecasts, photos, history, culture notes and travel tips. Our website and tour guide will help you become a very knowledgeable,Want to go to Tibet tour? You can rely on us!We are offering tibet tours in great discount,
Archlord online Gold (URL) said:
Of course, it will take an interesting feature like this for Archlord to compete in the crowded MMO pay Archlord online Gold to play genre.
Considerable amount of Archlord money content via questing. Music scored by the London Symphony Orchestra.
You have to buy Archlord gold in the game like WoW then pay a monthly fee.
In the two years I made many good friends also spend much money to buy the Archlord gold, but I do not have a little sad.
I made a foreign people who called Tom. I think he was very handsome, because I always in trouble in Archlord Online and he often helped me without any Archlord cheap.
Sho Online Mun (URL) said:
I have played for about two years old. I also have a better strategy which is the way of gaining Sho Online Mun.
I thought that now grasp C to exchange Sho Online gold can waste too much of time and the result also could not gain more Sho Mun.
I explain here, beat yellow, red and blue gemstones which there are not many people use these three gemstones and therefore could not exchange for the number of Sho gold.
If you move your character to a gateway, a full map will appear allowing you to buy Sho Online gold to choose a zone
Eric L. Prentis said:
With this easy-to-use m2ts converter，you can edit and adjust the video settings, Futuremore, , this poweful tool can let you playback your converted files on all popular portable players.
video joiner for mac can Join multiple videos of same or different format and save it as single video.

dfdfd (URL) said:
Eyeglasses at discount prices plus a full line of Eye Glasses. Eyeglass Frames, Discount Eyeglasses, Reading Glasses and others.
Tiffany and co Store provides our customers with various kinds of tastefully, handcrafted replica tiffany and Fake Tiffany which are appealing to their refined tastes and other tiffanys jewelry. In our Tiffany Jewellery online stores, You can chase after every kind of Tiffany & co. silver necklace you want, such as Tiffany Necklaces, Tiffany Rings. The tiffany styles are from classic to modern, and there must be one type to fit you. If you want to view our tiffany jewelry...
ads said:
modern abstract art sofa manufacturer гранит 净水器 混合机 过滤机
保险箱 保险柜 法兰 法兰标准 ffxi gil
牛皮癣 皮肤病 北京快递公司 北京国际快递
传世私服 传奇世界私服 天龙八部私服 天龙私服 传奇私服
网络电话 免费网络电话
假发 补发 织发 植发 上海搬家公司
上海搬场公司 大众搬家
大众搬场 韩国SZ女装
实验仪 传感器实验仪 传感器实验仪 传感器实验仪
萎缩性胃炎 neoprene laptop bags
DHL快递 苏州DHL SEO优化 SEO优化 计量泵 胃炎 胃病
血糖仪 血糖仪 银杏 水培花卉 企业宣传片 空分设备 机电设备安装
代孕 代孕网 软件著作权登记
代孕 代孕 代孕 试管婴儿 代孕 电话交换机 程控交换机 集团电话 集装袋
混合机混合机 混合机捏合机 捏合机 捏合机导热油炉 导热油炉 导热油炉 反应釜 反应釜 反应釜 回流焊 波峰焊
spherical roller bearing
DHL快递 苏州DHL 苏州DHL快递
搬运车 搬运车 电动搬运车 油桶搬运车 堆高车 电动堆高车 半电动堆高车 堆垛车 高空作业平台车 电动叉车 平衡重叉车 前移叉车 电瓶叉车
苗木价格 苗木信息 标牌制作 深圳标牌 儿童摄影 北京儿童摄影 防静电鞋 淘宝刷信誉
威海凤凰湖 威海海景房 大庆密封件
打标机 淘宝刷信誉 TESOL/TEFL国际英语教师证书 英语教师进修及培训
韩国饰品批发 代写论文 代写代发 论文代写 代写毕业论文 减速机 野山参 西洋参 美甲加盟店 美甲店加盟 淘宝刷信誉 金龙出租汽车 电源模块 模块电源
X架 超薄灯箱> 易拉宝 展柜制作
代理服务器 游戏加速器 网络加速器 网通加速器 电信加速器 电信网通转换器 电信网通加速器 网通电信互转 网通电信互通 网络游戏加速器 美国VPN代理 美国独享VPN 美国独享IP
pvc ceiling panel Spherical roller bearings 天龙八部私服
电烤箱 厨房电器
电蒸炉
烤箱
家用电烤箱
嵌入式电烤箱
消毒柜
家用消毒柜
嵌入式消毒柜
蒸汽炉
SEO优化
安全鞋 劳保鞋 防砸鞋 电绝缘鞋 上海安全鞋 上海劳保鞋 江苏劳保鞋
欧洲旅游 美国旅游 马尔代夫旅游
服装软件 服装管理软件 进销存软件 进销存管理软件 服装管理系统 服装进销存软件 进销存系统 进销存管理系统 免费进销存软件
吉林中医 东北特产
打包机 dhl
阳痿 阴茎短小 阴茎增大 早泄 前列腺炎 阴茎增粗 阴茎延长
国际机票 上海国际机票 国际打折机票 国际特价机票
CRM 客户管理软件 客户关系管理 免费客户管理软件 客户管理软件下载 客户信息管理系统 销售管理系统 销售管理 CRM系统 CRM软件 客户关系管理系统 客户关系管理软件 客户管理 客户管理系统 营销管理系统 客户资源管理 销售管理软件 客户资料管理软件 客户资源管理软件 客户信息管理软件 客户资料管理 客户资源管理 客户信息管理 客户资料管理系统 客户资源管理系统 客户管理软件免费版
砂磨机 砂磨机 砂磨机 卧式砂磨机 卧式砂磨机 卧式砂磨机 三辊研磨机 三辊研磨机 三辊研磨机 混合机 混合机 混合机 锥形混合机 锥形混合机 锥形混合机 行星动力混合机 行星动力混合机 行星动力混合机 无重力混合机 无重力混合机 无重力混合机 干粉砂浆设备 干粉砂浆设备 干粉砂浆设备 捏合机 捏合机 捏合机 导热油炉 导热油炉 导热油炉 反应釜 反应釜 反应釜 搪玻璃反应釜 搪玻璃反应釜 搪玻璃反应釜
乳化机 涂料设备 干混砂浆设备 无重力混合机 胶体磨 涂料成套设备 双螺旋混合机
北京婚庆 北京婚庆公司
商业计划书 投资价值分析报告
玩具加盟 玩具店加盟 湖北led 400电话
办证 呼吸机 制氧机
减速箱
准分子 近视治疗 眼科医院
眼科 眼科专科医院
亚都 亚都加湿器 亚都净化器 亚都装修卫士
饰品批发 小饰品批发 韩国饰品 韩国饰品批发 premature ejaculation penis enlargement
破碎机 制砂机 球磨机 雷蒙磨 雷蒙磨粉机 鄂式破碎机 免烧砖机 加气混凝土设备 反击式破碎机 选矿设备
安利产品 马来西亚留学
格力空调 格力 广州格力空调专卖 广州格力空调价格
网站优化 网站推广
衬布
vancl 冷却塔
上海装潢 股骨头坏死 更衣柜
代写论文 代写论文
论文代写
代写论文
代写代发职称论文
代写硕士论文 代写论文
代写毕业论文 代写硕士论文 代写代发职称论文 代写毕业论文
论文代写 代写论文 代写硕士论文 代写毕业论文
磁力泵
离心泵
化工泵
隔膜泵
螺杆泵
潜水泵
油泵
耐腐蚀泵
泵 水泵
拖链 防护罩 排屑机 塑料拖链 钢铝拖链
水泵
磁力泵
隔膜泵
离心泵
液下泵
自吸泵
多级泵
排污泵
螺杆泵
油泵
化工泵
电动隔膜泵
气动隔膜泵
自吸式磁力泵
氟塑料磁力泵
管道离心泵
导热油泵
深井泵
潜水泵
污水泵
潜水排污泵
深圳装饰 深圳装饰公司 深圳装修公司
特价机票 打折机票 国际机票 机票
新风换气机 换气机 立式新风换气机 风机箱 新风系统 能量回收机
搅拌机 混合机 乳化机 分散机
毛刷 毛刷辊 工业毛刷 刷子 钢丝刷
涂层测厚仪 硬度计
兆欧表 激光测距仪
测振仪 转速表
温湿度计 风速仪
超声波测厚仪
粗糙度仪
噪音计 红外测温仪
万用表
硬度计 万用表
美容院 美容加盟
澳洲留学 澳大利亚留学
什么是法兰
电烤箱
酒店预定 北京酒店预定 北京酒店
老虎机上分器
离心机
张家界旅游 香港旅游 深圳旅行社
打包机 收缩机
nail equipment nail products nail product nail uv lamp nail uv lamp nail uv lamps uv nail lamp nail brush nail file nail tool nail tip nail gel curing uv lamps lights
万用表 风速仪
红外测温仪 噪音计
welcome to wow gold,world of warcraft gold,warcraft gold,world of warcraft gold,wow leveling, the cheapWoW Power Leveling, service site,world of warcraft WoW Power Leveling,fast and secure service.we WoW Power Leveling, WoW gold isn’t found everywhere in the game; WoW Power Leveling,you have to look for it and, when you find it,WoW Gold, you have to save it.WoW Gold,WOW goldis earned through doing things like killing enemies, WoW Gold, hunting and crafting. WoW Gold, is for sale online at a number of locations. buy WoW Gold,The decision wow gold,wow gold to buy wow gold is one Cheap WoW Gold, that many video gamers wrestle with. Cheap WoW Gold,Many World of Warcraft players try to play the game on their own wow power level before making the decision to buy wow gold. Cheap WoW Gold,If you wow gold,want to buy Cheap WoW Gold,wow gold there is nothing wrong with it.WoW Gold, Buying wow gold is similar to finding cheat codes WoW Gold,World of warcraft Power Leveling,World of warcraft Power Leveling,age of conan gold,aoc gold,buy aoc gold,cheap aoc gold,aoc power leveling,age of conan power leveling,aoc power leveling,aoc gold,age of conan gold,age of conan power leveling,maplestory mesos, maple story mesos,maple story mesos,maple story mesos,maple story mesos,Maple Story mesos,MapleStory mesos,ms mesos,mesos,SilkRoad Gold,SRO Gold,SilkRoad Online Gold,eq2 plat,eq2 gold,eq2 Platinum,EverQuest 2 Platinum,EverQuest 2 gold,EverQuest 2 plat,lotro gold,lotr gold,Lord of the Rings online Gold,oil purifier,rolex replica,replica rolex,chongqing,yantai,evening dresses,evening gowns,wedding dresses,bridal gowns,wedding gowns,cocktail dresses,Bridesmaid dresses,prom dresses,formal dresses,Promotional items,Promotional products,Wedding dresses,Pet supplies,Dog clothes,Replica handbags,Replica Watches,wedding cake toppers,cake toppers,digital cameras,digital camera,warhammer online,war gold,digital cameras,digital camera,Mobile Phones,Mobile Phone,Cell Phones,Cell Phone,Mp3,world of warcraft power leveling,world of warcraft power leveling,power leveling wow,power leveling wow,power leveling wow,cheap wow power leveling,cheap wow power leveling,cheap wow power leveling,buy wow power leveling,buy wow power leveling,buy wow power leveling,power leveling,power leveling,power leveling,power level,power level,power level,
noname said:
video
chat (URL) said:
thanks
daren (URL) said:
640-802 Hedge-Fund Mogul Paulson Joins Icahn In Yahoo Siege; 30% of Proxy Vote In Bag If you're not happy say it. That's bullshit.

Comments I have to add,
割灌机
割草机
电动喷雾器
地钻
采茶机
excuse me hope
Comments I have to add,
a href="http://www.vtachina.com/cp2.asp">分子蒸馏
短程蒸馏
薄膜蒸发器
导热油
真空泵油
excuse me hope
roly (URL) said:
Give it up. Better luck next time. 640-802 / 642-586 / 220-601 / 70-649 / 642-445
wow (URL) said:
wow gold http://www.mmoga.com
MMOGA mediates virtual goods for online games within 1-24 hours. Offers don´ t only consist of the latest games, items, WoW powerleveling, WoW gold but WoW accounts and much more. Furthermore we have currencies for plenty top online games like Silkroad Gold, Guild Wars Platin, Eve ISK, Lotro Gold, AOE Gold and many more.
In addition we offer prepaid game cards for many games. Multilingual competent team, we are your MMORPG´s partner.
argearg said:
wholesale shoes, distributor shoes, closeout shoes, discount shoes Wholesale,PursesWholesale shoes Wholesale,Shoes Wholesale,Wholesale Scarves,etc..cheap nike shoes
retro air jordansBuy Everything at Wholesale Price.
wef said:
Nike Jordan Shoes

cheap nikes,cheap nike shox,cheap nike,cheap air jordans,cheap.
good (URL) said:
good job chat chat Canlı Sohbet Sohbet odaları MuhabbeT Every business needs to trim the fat every once in a while
good joob (URL) said:
Hats off to him for realizing this and making a positive move. Sohbet siteleri Sohbet sohbet sohbet kanalları Oyun oyna oyun good

Join the discussion