Nokia Plan B shareholder rebels call it quits

Nokia Plan B, the anonymous investor group of former Nokia employees who launched a campaign to oust CEO Stephen Elop, have already given up the fight - just two days after their rebellion began.

Today's tail-between-legs announcement was a far cry from Monday's bombastic declaration of war on the freshly inked deal between Nokia and software giant Microsoft to develop hardware for the software giant's Windows Phone 7 platform.

In a blog post published today entitled "Calling it quits", the shareholders explained their reasons for abandoning Plan B before it had even started.

In spite of receiving messages, they say, from "hundreds of individual shareholders (owning anywhere from 10 to 400,000 Nokia shares) pledging to support us by proxy voting or by personally attending the AGM", the group is throwing in the towel because:

First, institutional investors, who own most of Nokia's shares, would be legally prevented by their fiduciary responsibilities from "supporting radical initiatives like seating a bunch of kids on the board of directors".

And second, "by the time our Plan B would kick in, most remaining software talent in Nokia would have already left the company, so it would be really an uphill battle to pick up things from there."

Spartacus it ain't.

At the time of writing, Plan C was in the pub drinking, and Plan D had cut his losses and bought shares in Google instead.