Spear Point, a private equity firm, said that they want TheStreet to externally hire a financial adviser to weigh the number of options in the company. Spear Point holds a 2% stake in TheStreet. Spear Point said that they plan to make a bid for the company. The private equity firm holds a gripe against the company's ownership structure.

Technology Crossover Ventures (TCV), a venture capital firm, owns 11.5% of TheStreet in the form of preferred shares. TCV said that they received these shares when the company invested US$55 million in TheStreet in later part of 2007 as a part of a deal to give the company funding for acquisitions.

TCV has the right to sell its shares at an average of US$14.26 with TheStreet shares trading at less than US$2. Spear Point argued that the shares effectively prevent TheStreet from receiving any buyout offers. Buyers interested in TheStreet must first make a US$55 million to make TCV whole.

"The company's capital structure creates an overhang that makes it difficult for the company to execute," said Spear Point co-CEO Nicolas Perkin.