Cat and Mouse on NOBO List

Re:   Demand to Inspect Books and Records of Texas Pacific Land Trust

Another tone deaf move.

It’s common practice to share NOBO lists.

But noooooo….

While you failed to provide us with the legal authority we requested, your latest letter claimed that “there is no legal impediment in providing to Mr. Oliver a NOBO list.” Again, we respectfully request your legal analysis underlying the foregoing statement. Alternatively, we would be comfortable providing the NOBO list and related materials to you if, in addition to a customary confidentiality agreement, you provide the Trust and its shareholders with an indemnity against claims that the sharing of these materials with you was not legally permissible. If this is acceptable to you, we can work together with your counsel to prepare the documentation.

In closing, we note that you have excellent outside legal counsel, who should be fully able to provide the legal authority – if there is any – we have requested. Rather than do so, you have instead spent a full week preparing a press release regarding this issue, which you filed as “proxy solicitation materials” with the SEC. This suggests that you are more interested in manufacturing a controversy than working with us in good faith to identify a legally permissible manner to share the requested materials with you.

Please advise if you are willing to work constructively with us on this. We hope you can appreciate our primary goal of protecting the privacy and interests of all TPL shareholders.



One thought on “Cat and Mouse on NOBO List

  1. Do the trustees believe that TPL should not move to a normal corporate governance structure? If they don’t, it would be valuable to understand why. Having a board comprised of three individuals with lifetime tenure and no obligation to have shareholders meetings or seek shareholder approval for any matter, seems completely archaic. If they trustees aren’t committed to immediately exploring the potential to convert to a Delaware corp or similar structure they should explain why.

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