33 thoughts on “N677J

    • Not only that, but it needs someone to fly it, that’s more money. The King Air has 10 seats, 2 turboprop engines, and they don’t have the need for either in any way. This is criminal ad hasn’t been disclosed to the shareholders by the trustees. See them in court.

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  1. I was surprised to hear about this yesterday, and even took some time to review the 2018 annual report, where I could not find any mention.

    Its not an especially expensive plane, my web search found a similar one of that vintage for $675k. The obvious problem is it needs a crew, fuel, insurance, and other operating and maintenance costs.

    One has to wonder if personal trips were taken by trustees and officers on this plane. Its ok if they reimburse for all costs back to TPL. But if personal trips did take place that were not reimbursed, it will explain a lot on why the trustees don’t want Oliver at TPL headquarters asking questions.

    Wonder what surprise disclosures will come out tomorrow?

    Liked by 3 people

  2. I couldnt get this to load for me. Would anybody mind posting a screen or text clipping of details? I was blown away when I heard about this ealier.

    I am so on board for a change. Too much corruption for a ‘sleepy land trust asset’

    Liked by 2 people

  3. Did they fly this to NYC to try to meet with Horizon Kinetics, before meeting their lawyers and attempting to delay the meeting? Are they stupid? Not only for buying the plane, but I presume the two stooges fly together, whether on this plane or any other, a practice no real board would ever allow. Idiots.

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  4. I would also like to know if there is a relationship between either of the trustees and MIDLAND AVIATION EXCHANGE LLC who only owned the aircraft for a little more than a month before selling it to the trust if you look at the registration history at the bottom.. Doesn’t this smell fishy to anyone else?

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    • pepere42,

      I don’t think its anything unusual. My web searching seems to show Midland Aviation Exchange is a airplane broker. They seem to have bought it from Chivoair, did some minor maintenance, changed the oil, got the FAA certifications renewed, and then resold to TPL. Just like a used car lot, except for airplanes.

      Liked by 1 person

      • I understand the concept having been in aviation my entire 55+ year career, but TPL had to be looking for an aircraft and the trustees have too many conflicts in the Midland area. Why not shop at Dallas – Love Field where your offices are at? Midland is such a small market for aircraft sales. Who went to Midland to effect the search and purchase? Who signed the purchase agreement? Did Midland Aviation only buy it because TPL had ordered it? Too many questions for me.

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  5. Hopefully the plane was to fly over relevant acres to maximize business. But of course we can’t know for sure because the management at TPL doesn’t believe in keeping its shareholders informed about anything.

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  6. The nerve of a $7,000,000,000 company that conducts major business hundreds and hundreds of miles from their HQ to have an airplane?!?! UNTHINKABLE!! The solution is definitely to convert to a corporation that will require a bigger fancier plane to hold the bigger bloated management structure, that’ll show em!!!!

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  7. The top brass of a multi billion dollar company in 2019 should make the journey west on horseback, the way the trust was set up!!!!! The audacity of these guys!!!! We need modern governance which includes 19th century transportation!

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  8. I doubt that they have the need to make numerous trips to the assets, even if they do at all. They mostly review paperwork related to leases, contracts, and correspondence. The sunk costs in insurance, maintenance, FAA required inspections, tie-down or hangar space, crew costs are all in play even if the aircraft never leaves the ground. They can either fly commercial or wet lease an aircraft on an hourly basis IF anything is important enough to get them into the field, which I doubt. Think NetJets for one.

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    • exactly which is why it should definitely be converted into a corporation, because the BOD of a multi billion dollar company will definitely opt for shareholder friendly horseback travel, that is, if you will allow them to purchase hay without your blessing

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        • Yes because I wonder if all these same people here demanding corporation status will be up in arms when an 8 person board of directors is giving themselves % bonuses on a multi billion dollar company and they upgrade to a fancier huge plane to fly back and forth from Delaware and are throwing $100,000 Christmas parties and buy a new mega office etc etc. you know, doing all the things that ALL CORPORATIONS do? if the pitchforks are out when the company is doing this well I would hate to see the anger if the company was actually doing bad things…. y’all are gonna miss the days when management could fit around a 4 person table… goodbye profits, hello corporate lifestyle! I think perspective and reality have been trampled by internet mob rule and conspiracy theories. Just my 2 cents

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        • I share your fears but I really don’t think it happens on Oliver’s or Murray’s watch. Stahl has made a career of investing beyond the large cap management boondoggle corps. I don’t think that changes now.

          Liked by 1 person

    • it’s an old inexpensive plane. The reason the optics on this are so poor is that all of TPL’s business is within 90 miles of midland. Plus it’s like a jailbreak. Maurice Meyer dies. Buy planes, give big raises and bonuses. Make exotic land deals. Go from a liquidation trust to a growth company.

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    • I agree with pepere42, there are many “as needed” ways to have air transportation without the sunk costs of owning a used plane outright. You are spot on about the many costs that happen, even if the plane never leaves the ground.

      My analysis on the Flightaware site shows two round trips from Dallas to Midland in May for the TPL plane. The cost of owning even a used plane for a month has to be a lot more than other more cost effective methods. Netjets for one would be both a nicer and newer plane and less. And you wouldn’t tie up 675K in an underutilized asset. Oh, thats right, they are not really shareholders, so it doesn’t matter.

      Since they are not using the plane very much, if feels like a vanity thing to be able to say, “of course, we have our own company plane.”

      Off topic, have not been able to find the HK and Softvest counter-suit in the SEC site. Does anyone have a link they coukd share?

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  9. The cost and size and reason for the plane aren’t the issue, it’s that they haven’t disclosed it along with several other conflicts/transactions.

    You need not worry about a spending spree when they convert to a c-corp. Check out FRMO, which Murray is the CEO of…he doesn’t even draw a salary, he gets compensated as a top shareholder, as it should be.

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  10. I was informed by TPWR that Tyler Glover flies to Midland every week. I also have the flight log for the last 3 months for the plane that verifies he does, but he did have a big day on March 20 where he:

    left at 10:12 am from Dallas-Midland spent 1 hr 14 mins @ midland
    left at 12:54 pm from Midland-Houston, spent 3 hrs 35 mins @ houston
    left at 6:08 pm from Houston-Midland, spent 30 mins @ midland
    left at 8:28 pm from Midland-Dallas…..whew, that’s a lot of running around…

    I sure hope his stop in Houston was to talk to Chevron about auditing errors in the TPL royalty payments!

    I imagine that there is probably a nice salary that goes along with being the CEO of TPWR AND CEO of TPL. Can you really do an effective job as CEO if you are spread that thin??

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    • I bet this was to visit Preston Young… maybe they helped him with his questionnaire on that date. Or maybe Barry was making sure that Preston was managing his properties well, and then went to check on the drilling he was doing on TPL Land. The lawsuit indicates that Barry was on a gondola in Vail when he answered the phone call and apologized for TPL not buying back shares. But at least he was able to buy some back in December.

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  11. According to Flightaware, a flight was taken from Dallas to Forth Worth this morning. And guess what, it was on the shareholders dime.

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