Dumping TSCM

I closed my TheStreet.com (TSCM) today. This was my worst investment ever. Oh well, our mistakes should teach us something.
First of all, reasons for selling. They are straight from Jim Cramer's book, "Real Money"
From chapter 6 "Stock-Picking Rules to Live By"
Twenty-Five Investment Rules to Live By
Rule 19: When high-level people quit a company, something is wrong.
In March, Thomas J. Clarke Jr, long time CEO of the company, suddenly left.

From chapter 9, "Spotting Tops":
8. Accounting Mayhem
Accounting irregularities = sell.

I can't say there is an accounting mayhem in the company. But definitely there are some irregularities. Company didn't report quarterly earnings for two last quarters and recently got 180 days exception from Nasdaq for 2nd quarter of 2009.

Why didn't I sell right away in March? Because market started meteoric rise and rising water lifts all ships. But now is the time. Of course, at $3 time was even better, but I was stupid not to sell then.

What can I learn from this? I did by TSCM to bank on popularity of Jim Cramer. I remain a follower of Jim, he made me a lot of money. But TSCM also represents a business. And, judging by what I read in another Jim's book, "Confessions of a Street Addict", business of TheStreet.com was troublesome from the beginning. In no small part because of Jim's personal choices. Well, I read this book after I bought TSCM, but it's no excuse. I had to collect more information before buying.

I always might be wrong. TSCM might shine and make a lot of money for other people. Might. But there is another rule of investments written by Jim:
Rule 13: No woulda-shoulda-coulda
As a follower of Jim, I have to sell.


Full disclosure: at the time of publication author did not have any positions in TSCM. Positions can change any time.