The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage. NEW YORK ( TheStreet) -- The departure of TechCrunch founder Michael Arrington could have adverse consequences for AOL's ( AOL) business. It also casts an unbecoming light on its leadership, as the media world continues to whine over potential conflicts of interest between AOL's TechCrunch and Arrington's poorly named CrunchFund. Following the announcement of the fund, the ensuing confusion of what Arrington's role with AOL was going to be only added to the drama. What should have been a simple announcement turned into a mess where AOL management, including CEO Tim Armstrong and Ariana Huffington, appeared confused, with conflicting statements on Arrington's role and the treatment of TechCrunch. So while this should be a non-event, the bigger question is whether this provides a window into how AOL runs. It could also explain why AOL is, losing ground to competitors like Google ( GOOG), Facebook and Yahoo! ( YHOO) on most metrics. We have a price estimate of $14 for AOL stock, which is roughly in line with the current market price.