And here I thought we in the Flash developer community were a bit ranty during the acquisition announcement. We are nothing compared to Mr. Steve Staehr who has chose to sue the board of directors of Adobe over the planned acquisition of Macromedia saying that they have breached their duty to their shareholders.

Apparently his issue is that Macromedia’s valuation changed in a restatement made on June 10 (something like an auditing discrepancy or change in internal accounting policy, etc). Well, ok, that’s not really his issue. His issue is that he likes filing lawsuits against the companies in his portfolio. Doing a quick search, he has recently filed suits against netflix and Hartford Financial Services.

I wonder if he considers himself a watchdog or if he is really just doing it hoping for a quick settlement. Either way, here’s hoping he doesn’t have YHOO stock.

For anyone with more corporate finance savvy than me, here is the investor relations page for Macromedia.