We’ll See You in Dallas!

tpltblogger5 Comments

Investor Group Further Comments On Efforts Of Trustees Of Texas Pacific Land Trust To Delay Shareholder Vote

Strong statements from the White card who intends to make the vote happen on 5/22.

In your vehemence to win a proxy contest, you seem to have forgotten that as trustees of a 19th century-created trust, you can be held personally accountable for operating outside the narrow confines of the authority and delegation of power granted to you under a six-page deed from 1888.  By your own choice, you are not directors of a modern corporation with broad charter powers and expansive director exculpatory provisions.

Bottom line:

  • We believe there are no legitimate reasons for you to attempt to delay the shareholder vote on a new trustee — only excuses. 
  • Since March 4, 2019, when you nominated Preston Young, you have had an abundance of TIME to communicate your message to shareholders.
  • You have had an abundance of MONEY — the bank of shareholder capital expended for the most part in an impermissible manner in our view — to protect your lifetime trustee appointments. 
  • You have WITHHELD the NOBO list and directed your solicitors to bombard shareholders with evening solicitation phone calls. That was not enough.
  • You continue to SPEND lavishly on social media—Google, Twitter and Facebook ads—, on lawyers, ad agents, solicitors and private investigators, to spread your vicious character attacks on us, long-term shareholders who wish to propose more open governance. Your own senior executives have privately expressed their embarrassment at your tactics.
  • We believe most shareholders are simply tired of your messages and are ready to have their votes counted. 
  • We will see you at 10 am on May 22, 2019 in Dallas, Texas, and we intend that the holders present in person or by proxy at the special meeting will have a final say on this matter.

5 thoughts on “We’ll See You in Dallas!”

  2. If no business is to be discussed at the special meeting, I see no purpose in traveling to Dallas. First time I’m hearing the oint, “your own executives have privately expressed their embarrassment over your tactics.” I assume this refers to Glover and Packed (probably trying to save their own skins). Anybody know any more about that communication?

    Liked by 2 people

  3. This makes it much more likely the vote will be taken. Their “reasons” to delay the vote get weaker daily!

    From the announcement is this jewel below. The optics really make the trustees look look pathetic as they stoop to ever lower levels to delay and confuse the vote.
    I am hoping the election of Eric Oliver is the start in removing the two currect trustees.

    “Your initial May 8 announcement declared that the Trustees had been advised by the SEC that a supplement was “required.” Yet, as of Friday evening it seems the decision to adjourn the meeting was ultimately yours and your counsel’s “out of an abundance of caution.” What made you change your story in less than 48 hours?

    Your reputation and character as a fiduciary Trustee with the responsibility to protect shareholders’ interests — whether their voting rights or their property– is ultimately built upon the series of actions taken. Scapegoating a regulatory body—the SEC—for your decision to delay the vote, rather than publicly acknowledge it was ultimately your call, is one such—and grave–decision.”

    Liked by 2 people

  4. Its pretty obvious that the trustee’s authorization of shareholders $ to pay this self serving campaign should have to be reimbursed personally by the Trustees.

    Liked by 3 people

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