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
Thanks for the timely reporting. Who is Craig Hodges?
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Of Hodges Capital Management (https://hodgescapital.com/)
They used to own over 5% of the company. Lower ownership now, but still significant
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Nice Update!
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Thank you for keeping us absentee shareholders informed. I (we) salute you!
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Where will the vote be announced?
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How many people in room?
Are most lawyers?
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Thanks for the updated. Let’s run the TPL management out of town! They must go!
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Live blogging the TPL cage fight. Could this get any more surreal? Appreciate the front line reporting.
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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!
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You’re out of your mind if you think the cats running TPL aren’t full of shit and negligent.
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As if the trustees’ actions haven’t caused a split! Give me a break!
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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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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.
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Scant info here, but this is the court proceeding info:
https://dockets.justia.com/docket/texas/txndce/3:2019cv01224/317454
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Thank you!
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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
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Thank you for posting all of this information. The trustees clearly don’t want to tell us anything about the business.
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I thought I heard 3.7M shares were voted in favour in a total of 5.5M shares.
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Out of the 7,756,156 shares outstanding on the record date, a total of 3,660,812 shares voted for the election of Eric Oliver (including shares voted through Broadridge). We have been advised by Broadridge that a total of 1,994,267 shares were voted in favor of the election of General Donald Cook.
Source: https://rt.prnewswire.com/rt.gif?NewsItemId=NY60903&Transmission_Id=201905221512PR_NEWS_USPR_____NY60903&DateId=20190522
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shocked it was that close.
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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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https://ibb.co/HGy0B0P
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