Last night’s term limit gambit could have been number one in a list of tactics available to the Blue card. Given the White card’s mathematical advantage (SV/HK group has 25% of total and some larger percent of the vote that actually shows up), look for Blue to get creative in the coming three weeks. Some possibilities:
- Candidate replacement; serves to push back the meeting and change the narrative
- Another excuse for to push back the meeting (a creative legal team can come up with something)
- A meeting venue or time change. Goal will be to make the meeting appear uncomfortable to attend
- A seemingly clear cut vote gets brought into the snake pit
- Long-shot legal action against the dissenting group (stall and smear tactic)
- Last minute attempt to disqualify the opposing candidate
Objectively, all of this equates to a higher cash burn.
The Texas Pacific Land Trust Investor 
I have thought the same thing and with three weeks to go, TPL management is not above some further election tricks like the ones you highlighted. A few more they might try: Agree to a plan for directors and owners to have a larger percentage of share ownership. Or agree to term limits for all directors. Or claim some unfair process to the SEC by HK as a way to cancel or significantly delay the election.
All these of course come with risks and also the optics of being seen as desperation by the shareholders. They are not easily fooled and are have strong interest in their company.
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