Shareholder slams TheStreet board

A large shareholder of TheStreet.com has criticized its board of directors for its management of the company, reports Josh Kosman of the New York Post.

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.”

Read more here. Spear Point’s letter can be found here.