White Card Calls, Again, For NOBO List

SoftVest, L.P., Horizon Kinetics LLC, and ART-FGT Family Partners Issue Open Letter to Trustees of Texas Pacific Land Trust

As established here over the weekend, sharing this list appears to be common practice.

Strong call for C Corp conversion below.

Ultimately, and more importantly, your counsel’s letter makes clear in a very concrete and vivid manner the point we have been making all along: TPL must immediately convert into a Delawarecorporation, as permitted under its declaration of trust.  If TPL were a Delaware corporation we would not be having this surreal exchange regarding the NOBO list, as Delaware law makes clear that corporations not only have the right to provide a NOBO list to investors, but they have a legal obligation to their shareholders to do so. 

One thought on “White Card Calls, Again, For NOBO List

  1. TPL is being obstructionists on a common practice of sharing such lists and are not thinking strategically. Short run they may think this gives them a tactical advantage but long run, most owners and shareholder advisory voting services will take a very negative view.

    Then again, I am not surprised. TPL management seems to be making mis-steps everywhere with this director proxy fight.

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