Gen. Cook Letter From Trust

tpltblogger5 Comments

EDGAR Link

Trustees double down on “lifetime”. See second paragraph. Modern governance doesn’t appear to be on the radar.

A Trustee’s lifetime appointment should be weighed with careful consideration and with the right motivations, with the goal of maximizing long term value.

5 thoughts on “Gen. Cook Letter From Trust”

  1. I obviously did not get the whole letter….the part with his experience as an oilman was missing. A great guy no doubt, nice picture, but reflects the arrogance of the two Trustees ( who screwed up with their first nominee, and STILL could not find an oilman in Texas). Voting WHITE proxy along with seven other holders. m kelly sewalls point FL

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  2. Its amazing how much we are in “spin” mode from TPL management. Then again, spend enough with the PR and proxy fight firms, and they do have to show they are worth all the shareholder money they are spending.

    At least they have dropped the 30 year old picture of the retired general, but there is nothing that says they won’t continue to use an outdated governance model. The boom in the Permian has changed everthing, and the trust governance needs to also change. Its really that simple.

    Unfortunately General Cook with no O & G experience will be a good soldier and follow the lead of the executives, instead of the other way around.

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    • This campaign seems like a fire drill. I for one will not even consider voting blue unless there is a concrete proposal to change the trustee for life structure and make the board accountable to the owners. I do suspect you will see proposed governance changes prior to the vote as it becomes obvious that white will probably win.
      Have to say that I am very disappointed with the trustees and management in this process and question their competence quite frankly. Completely defensive and tone deaf.

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  4. The detailed update is all down to the Stifel coming aboard as PR. Why can’t they sit on an expanded board? (Seriously. They own 16.6% already.) I appreciate all the new detail, but this should be the basic level of communication to shareholders in the first place. Trustees still clinging to the ‘job for life’ gambit; I suspect that will be the sticking point that defeats them.

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