Enough is enough.

That seems to be the prevailing sentiment behind an unusual stockholder uprising at Take Two Interactive. Yesterday, a coalition owning 46% of T2 stock announced plans to seize control of the company's board of directors at the March 23rd shareholders meeting.

Among the group's first moves will be the ouster of CEO Paul Eibeler. As reported by GamePolitics, Eibeler was named Worst CEO of 2005 by financial website Marketwatch.

Reaction to the news was both widespread and swift. Said University of Delaware professor Charles Elson, director of the school's John L. Weinberg Center for Corporate Governance:

To get the largest shareholders angry enough to step in is very rare. You’ve got to be very angry to do it.

Analyst Michael Pachter, who tracks the game industry for Wedbush-Morgan, told Reuters

Replacing the board is a good thing. I think it's very healthy to flush everybody. They completely abdicated any responsibility for the oversight of the options-granting policy. A more responsible board would have committed hari-kari. They need someone (as CEO) who's tough enough and smart enough to make the tough decisions and someone who is soft enough to coddle the creative people.

Pachter also told Bloomberg News:

The lack of oversight and the empowerment of Ryan Brant as a rogue options granter at Take Two kind of leads you to believe that that board just didn't do anything.

Todd Mitchell, an analyst for  Kaufman Brothers LP, added:

Management has sort of lost the faith of the investor community. A shake up would be a positive thing.

Writing for the 24/7 Wall St, blogger Jon Ogg serves up a copy of the takeover group's SEC filing (the juicy bits begin on page 22) and muses:

It appears that the only remaining issue will be if the investor group offers some hot coffee to the board.