"A sale of the company at this time is not in the best interest of our stockholders," Mr. Mathis said.

Yang says that he's "not opposed to a transaction with Microsoft if it is in the best interests of our stockholders."

"We urge PeopleSoft directors to seriously consider our offer and put the interests of their stockholders first."

When a business is in trouble, and the interests of its many stockholders must be protected, it needs the flexibility it now has to cut costs quickly.

Paramount had argued, in part, that Time's directors tried to entrench themselves rather than acting in the best interests of the company's stockholders.

Aristech's chairman, Thomas Marshall, said, "The board does not consider it in the best interests of our stockholders to react favorably."

He added, Our desire is to do what is in the best interests of our stockholders.

"But that wouldn't be in the best interest of our stockholders."

Washed down with mother's milk was this message: The corporation exists in the interest of its stockholders.

In most countries, boards of directors and company managers have a fiduciary responsibility to run the company in the interests of its stockholders.