Kosman writes, “Spear Point believes it has the right to nominate directors to TheStreet but has been stopped because the board enacted a late rule change that requires shareholders to physically possess the stock.
“TheStreet’s chairman and interim chief executive, Larry Kramer, says the Cramer-founded company is no ‘Money Monster.’
“Kramer has spoken to Spear Point for months and in recent days reached a deal in which they would choose a new board member together with both sides having the right to veto the nominee, he said.
“‘Then they moved the goalposts and killed the deal,’ Kramer said.
“Spear Point and a firm it works with have a nearly 10 percent stake in TheStreet and are trying to get the June 9 annual meeting pushed back in order to gain time to nominate directors.
“Kramer said that would be very difficult, since voting has already begun.”
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