Kelly writes, “‘We do think there is room for consolidation, especially in the smaller end of the market,’ said Ron Bienvenu, managing partner of New Orleans-based Spear Point, which has less than $100 million under management.
“’TheStreet, I think, lacks compelling vision,’ said Bienvenu. He holds just under 5 percent of the stock of TheStreet and is still smarting that his pick for a board seat, Lex Fenwick, a former top executive at Bloomberg and Dow Jones, last spring was disqualified on a technicality from a seat on the company’s board.
“‘We’re very frustrated,’ said Bienvenu. ‘We don’t like it when the chairman runs the company like a personal fiefdom.’
“Salon, meanwhile, held its first board meeting on Tuesday following a move by Spear Point on Friday to inject about $1 million into the struggling digital company to gain control of its board.”
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