5/22 Meeting Notes

Trustees not present

Oliver opened

Sidley Austin lawyer interrupted. Her position is that the meeting isn’t lawful

Motion was made to not adjourn. DF King (proxy agent) seconded

Live ballots being voted now

Many folks/ lawyers/ arguing about validity of meeting whilst votes being collected

Official vote count not disclosed yet

Craig Hodges just came out strong for change

Lots of folks yelling over each other

Oliver reads statement that I couldn’t hear well

Vote to be announced this afternoon

Meeting adjourned

Q&A next

Oliver speaking about the value of our asset

Oliver states that he has no conflict of interest with TPL and maintains it will stay that way

Oliver wants more clarity on water. Where did the $35mm in capex go? Many options to take on water but can’t fully comment until he sees the detail

Oliver wonders why the Trust has stopped repurchasing shares

Q: How will you work w other Trustees? Oliver says he will insist on corporate governance. Says skin in the game is needed

Oliver: let’s ride this wave and buy units back. Let’s not screw it up

Oliver: path to a corporation is the quickest and easiest way to modernize governance. C Corp will buy back shares if that it is the best use of capital. Will not issue shares

51 minutes in. Still going. Personal opinion here: Oliver doing a great job in inspiring confidence. We’ll be in good hands if he becomes trustee.

Sidley lawyer says they don’t believe there is a quorum

Group asks why Oliver hasn’t filled out questionnaire. Oliver recounts timeline about PY getting the nod before a questionnaire was provided to Oliver. It’s pretty clear the Questionnaire was a gotcha.

Q&A adjourned

22 thoughts on “5/22 Meeting Notes

  1. I’m sorry but the reason I am against Oliver is his corporate governance. I have been around too many corporations. The people that run them only tell you the few things they want you to know. They never tell you the bad or illegal thing that happen or that they do. And I don’t believe they have near as much legal responsibility as with a Trust!

    You can tell that this point is going to cause a split with the Trustees if he is elected! Which is not good for the Trust or the shareholders!

    Liked by 1 person

    • Ron,

      I respect your opinion, however there are the problems we have seen with the trustee for life approach. The lack of transparency has been simply amazing, and we have only learned what we have about our company due to the trustee fight.

      Agree corporations can play games, but that can be protected. Make it part of the charter to never issue new shares. No share grants to officers and trustees. These things can be done.

      We need more visability because there are a lot of fundamental changes seen in TPL in the last couole of years. The water business, the trustees voting themselves a big 52x the current trustee fee raise, the drop in shares repurchased, the large pay increases for the two executives are all examples on why better oversight is needed.

      Said another way, few companies in 2019 are governed by a six page trust agreement from 1888. Its not that world anymore, and the dollars and oil boom in the Permian has changed everthing.

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  2. Couldn’t disagree with you more Ronald. Oliver doesn’t have to be a perfect candidate, but I think he’s pretty good.

    The key is that a C-Corp conversion will create the accountability and governance that we need. We’ll have a board with regular elections, answerable to shareholders. You’ll also have 25% of the shares represented at the board level, which creates a lot of alignment.

    It will be great to see what the vote count is, whether it is considered legal or not.

    Liked by 1 person

  3. This is all I found

    Party Name Case Number Case Title Court Date Filed Date Closed
    Barry, David E (pla) 3:2019cv01224 Texas Pacific Land Trust et al v. Oliver Texas Northern District Court 05/21/2019
    Garcia, Yolanda Cornejo (aty) 3:2019cv01224 Texas Pacific Land Trust et al v. Oliver Texas Northern District Court 05/21/2019
    Limbrick, Tiffanie (aty) 3:2019cv01224 Texas Pacific Land Trust et al v. Oliver Texas Northern District Court 05/21/2019
    Norris, John R (pla) 3:2019cv01224 Texas Pacific Land Trust et al v. Oliver Texas Northern District Court 05/21/2019
    Oliver, Eric L (dft) 3:2019cv01224 Texas Pacific Land Trust et al v. Oliver Texas Northern District Court 05/21/2019
    Ostolaza, Yvette (aty) 3:2019cv01224 Texas Pacific Land Trust et al v. Oliver Texas Northern District Court 05/21/2019
    Texas Pacific Land Trust (pla) 3:2019cv01224 Texas Pacific Land Trust et al v. Oliver Texas Northern District Court 05/21/2019

    Liked by 1 person

  4. Sorry — it does work! I clicked the link and didn’t read the whole thing. Once at the page, I was expecting it to load up right away, but you need to click the additional link first

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