Hostage Situation: Day 1

Meeting postponed.

It’s ironic that the General, who bills himself as a pro-governance candidate, is allowing himself to be party to all of this.

“We have heard very clearly from shareholders their desire for the Trust to provide greater transparency,” said Trustee David E. Barry. “In that light, we believe it is especially important for all shareholders to have the opportunity to fully review the Proxy Supplement.”

20 thoughts on “Hostage Situation: Day 1

  1. “The dissident’ group’s candidate, Eric Oliver, has not agreed to make a similar commitment”. No kidding, he committed to converting the trust to a c-corp., which would limit everyone’s term.

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  2. They will try every underhanded move in the book. But in the end white has the votes and soon we will see who’s been swimming naked.

    Liked by 2 people

  3. “Trust will convene the Special Meeting before immediately adjourning – without conducting any business” I believe it’s safe to assume the you need a blue ticket for VIP seating, but what’s the point?! Oh to check the box that TPL had a special meeting…

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  4. I grow more and more disgusted with management and their charade of responsibility and fairness. If they wont accomodate the largest shareholder’s request, its obvious they dont give a shit about my investment. Hell they collectively have No skin in the game. I really dont want to watch them destroy a great asset with their faux ‘leadership’ style. I am tired of their joke at our expense.

    Liked by 1 person

  5. i am a simple guy from the Midwest and believe in honesty. I am very disappointed in the trustees and management. A third grader (with knowledge of investments) can see that the changing of the meeting date was a sham and done out of fear.

    Unfortunately, I had two airline tickets booked, with my son, to attend the meeting. We cannot make the new meeting date and will have to eat the cost of tickets. I am blessed that I can take a hard swallow of the cost and still eat dinner. It is the deceit by trustees that hurts!!

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  6. It really does feel like a hostage situation now. Evidently they do not care how badly this makes them look. Not only does it reek of desperation, but it also shows the general has no power. With his “good governance” agenda, how could he possibly think this was a good plan. If he gets elected, we have a good example of how he will act. Just do as you are told General, and be a good soldier.

    What am I missing? What is the strategic value to moving the election? Perhaps they are going to have another media blitz. Its amazing how threatened they are by any change to the dictator for life model.

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  7. I would think that there are laws governing Trustees’ fiduciary duties, and they are NOT acting in the best interests of the trust by incurring all the costs involved in this. I feel bad for the shareholders who will have to eat the cost of non-refundable or high change fee airline tickets in addition to the various schemes being perpetrated on us. I think that a shareholder lawsuit would uncover the reason(s) for all this obfuscation. Just aaying..

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    • The hk letter needs its own thread. That’s a pretty bold response and further proof of the current trustees’ lack of proper governance.

      Liked by 2 people

  8. This is unbelievable that the current trustees would resort to behind the scenes maneuvering with the White team to push their agenda. Here’s the most shocking statement that speaks volumes about their self-serving motives: “Even if you should be truly unconcerned about all the unanswered questions about Mr. Oliver’s experience and track record, you surely realize that your best case scenario means that you’d end up with only one out of three trustees. Consequently, even if you’d prevail in the election contest, you could not achieve any of your ultimate goals without our cooperation until another vacancy opens up (and it may be another decade until that happens).”
    No, I seriously doubt it will be another decade until a vacancy opens up because either term limits will be put in place or shareholders will (and should) move forward with any other means available after this debacle to oust Barry and Norris. Your clock is ticking!

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  9. I guess that they don’t realize that they will be called to answer for their actions in a future lawsuit. That statement alone is a threat of obstruction of the proper management that Trustees are responsible for. Who is guiding them?

    Liked by 1 person

  10. Just found something VERY interesting from the 10Q. The Trust repurchased a grand total of ZERO shares during the month of April after their exceedingly low repurchase rate during the first quarter. If you look at the top of the 10Q, it states that “As of April 30, 2019, the Registrant had 7,756,156 Sub-share Certificates outstanding.” A little further down in the 10Q, in the balance sheet, it states “Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 7,756,156 and 7,762,414 Sub-share Certificates as of March 31, 2019 and December 31, 2018, respectively.” The ONLY reason they are not repurchasing shares is so that HK doesn’t get even a bigger percentage of the ownership. They are purposely hurting sub-share holders and definitely NOT acting in the best interests of the Trust, but only looking out for themselves. This is becoming exceedingly obvious, and both these Trustees need to be removed!

    Liked by 2 people

      • The more I think about this, the more concerning it becomes – no matter what the outcome of the vote, it looks like as long as these 2 current Trustees are around, they will stop or significantly reduce sub-share buybacks well into the future to prevent HK from owning a bigger and bigger portion of TPL. It appears as though they are willing to hurt ALL sub-share holders to preserve their positions as far into the future as possible.

        Feel free to make this topic a separate thread, because I believe it deserves a lot more attention!

        BTW, thanks for this site and creating a venue where we can all share our thoughts!

        Liked by 1 person

  11. Another thing crossed my mind. Without changing the record date for voting, postponing the meeting does nothing but give them more time to try and play more dirty tricks, The only thing that I see happening is some blue votes turning white.

    Liked by 1 person

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