Categories: OLD Media Moves

Disgruntled TheStreet shareholder asks for “withhold” vote

A disgruntled shareholder of financial news service TheStreet.com has asked shareholders to withhold their votes for any director election proposals and management compensation proposals in the company’s proxy statement.

Carlo Cannell, the head of Cannell Capital in Jackson, Wyoming, owns 8.85 percent of TheStreet.com. In December, he asked TheStreet.com co-founder Jim Cramer to either resign from CNBC or sell TheStreet because the current structure of the company was preventing shareholders from seeing any return.

In a new SEC filing, Cannell stated, “One hundred and twenty five days having passed with scant evidence of collaboration or argument to the contrary.”

The filing continued:

Mr. Cannell today amends the Initial 13D to call for all Shareholders of the Company to cast a “withhold vote” for any and all director election proposals and management compensation proposals appearing on the proxy solicitation form for the Company’s 2015 annual shareholder meeting.

The filing can be found here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.