Arch-enemies, Myer's largest shareholder, Solomon Lew, and its new chairman, Garry Hounsell, both claimed victory following the company's annual meeting on Friday.
It would be more accurate for both to have admitted defeat.
Lew's main game was to use his 10.8 per cent stake in Myer and his rallying public relations campaign to vote down three Myer directors that were up for re-election at the meeting.
He mustered almost 30 per cent of the shares to support him – but it wasn't even close to the 50 per cent he needed.
But he did successfully manage to vote down Myer's remuneration report and land what is called a first strike. At next year's meeting, a second strike would trigger a full spill of the board.
The Myer board might represent the meeting as a victory. It isn't.
Having 30 per cent of the shareholders unhappy with its governance is no cause for celebration.
What's more, having the prospect that Lew could call a second (extraordinary general meeting) in a few months means that both camps will have to keep up their lobbying attempts.
In recent months, Lew has threatened more than once to take Myer to the courts with accusations that he as a shareholder was misled about the state of Myer's financial health and earnings prospects.
If Hounsell thinks Lew is going to back off, he is badly mistaken.
Indeed, Lew is just widening the range of his rifle and now is taking shots at Myer's second-largest shareholder, Anton Tagliaferro from Investors Mutual.
Lew told journalists on Friday that Tagliaferro tried to sell his shares to Lew twice, either for cash or shares in Lew's publicly listed company, Premier.
Having 30 per cent of the shareholders unhappy with its governance is no cause for celebration.
Lew says he estimates that Investors Mutual has lost $55 million on Myer. No doubt Tagliaferro is not happy with the Myer investment but like Lew is a bit stuck.
Tagliaferro's get-out-of-jail-free card would have been for Lew to make a takeover of Myer, but this may never happen.
Tagliaferro's version of their discussion is somewhat different to Lew's. He says the offer was part of his firm's suggestion that it would be happy with a merger of Myer and Premier.Â
"If he wanted to put a merger proposal forward, we would look at that very gladly," he says.
To have supported Lew with his vote, Tagliaferro would have handed control of Myer to Lew and ensured Premier wouldn't ever need to make a full takeover.
Tagliaferro's strategy makes sense but he better keep his flak jacket zipped up – Lew is already telling the world that Tagliaferro is now part of Myer's "dismal" performance.
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