My big question is can this proposed trustee by SoftVest work with the other two trustees. If not then we create a major problem for the board and for the shareholders with constant bickering. I ask for this question to be answered before we have to vote.
With 25.1% of the outstanding shares already voting for Oliver, TPL management will need to capture slightly more than 2 out of 3 of the remaining shares. That is going to be hard to accomplish without a compelling reason.
HK is a long run value investor, and not your typical “activist” trying for short run gain. That makes their push for a director change even more convincing in my opinion.
I agree that the new candidate has the inside track with the 25% voting block and influential call to action, and with the limited information we have about the nominees, I lean in that direction. Wouldn’t it be great if there could be a forum where a true debate about the trust’s future direction could occur. Unfortunately that seems unlikely and both sides seem to be digging in for a contentious battle.
But assuming Oliver does get elected, what then? Would he get out voted 2-1 on most issues, reducing him to no more than a credible challenger of the status quo? Or, would HK have additional plans to exercise its clout?
My thinking is that 2-1 is much better than 3-0. You are right in that Oliver can’t just come in and turn the whole thing upside down. But he can come in and ask some good questions. Is the status quo ever healthy in the long run? Be the change or have the change happen to you. The old coupon clipping property seller ain’t coming back.
I have to agree with tpltblogger. I first discovered TPL looking at Horizon Kinetics investments in 2015. I have been buying ever since starting at $150. I think that Murray Stahl will be good for the trust and/or corp it may become. Things have changed. This is better than other hedge funds like Elliot. I have seen what they can do and it’s not pretty. Just my opinion.
The Texas Pacific Land Trust Investor 
My big question is can this proposed trustee by SoftVest work with the other two trustees. If not then we create a major problem for the board and for the shareholders with constant bickering. I ask for this question to be answered before we have to vote.
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More governance not less make it a c corp
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With 25.1% of the outstanding shares already voting for Oliver, TPL management will need to capture slightly more than 2 out of 3 of the remaining shares. That is going to be hard to accomplish without a compelling reason.
HK is a long run value investor, and not your typical “activist” trying for short run gain. That makes their push for a director change even more convincing in my opinion.
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Agrer
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I agree that the new candidate has the inside track with the 25% voting block and influential call to action, and with the limited information we have about the nominees, I lean in that direction. Wouldn’t it be great if there could be a forum where a true debate about the trust’s future direction could occur. Unfortunately that seems unlikely and both sides seem to be digging in for a contentious battle.
But assuming Oliver does get elected, what then? Would he get out voted 2-1 on most issues, reducing him to no more than a credible challenger of the status quo? Or, would HK have additional plans to exercise its clout?
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My thinking is that 2-1 is much better than 3-0. You are right in that Oliver can’t just come in and turn the whole thing upside down. But he can come in and ask some good questions. Is the status quo ever healthy in the long run? Be the change or have the change happen to you. The old coupon clipping property seller ain’t coming back.
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I have to agree with tpltblogger. I first discovered TPL looking at Horizon Kinetics investments in 2015. I have been buying ever since starting at $150. I think that Murray Stahl will be good for the trust and/or corp it may become. Things have changed. This is better than other hedge funds like Elliot. I have seen what they can do and it’s not pretty. Just my opinion.
LikeLiked by 1 person