Shares of TheStreet.com (TST) ("The Street") received a bump after I wrote about the company in September, and after a private equity firm revealed it solicited a $2.80 takeover bid for the company, representing a 31% premium to the $2.14 closing price on December 12, 2013.
Over the last several weeks, shares have meandered lower, retracing to levels when my original article was published. Today, The Street's common shares are valued at ~$72 million, and the company is still encumbered by preference shares held by Technology Crossover Ventures with a liquidation value of $55 million.
In my mind, the existence of these preference shares in the capital structure are obstructing some value from being recognized in...
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