Texas Lawbook / Dallas Business Journal

Texas Pacific Land Trust proxy litigation heats up with countersuit

But in the Oliver group’s countersuit, they claimed the postponement of the meeting was only done when it became apparent that Oliver would win the election. They made public announcements that they would hold a meeting anyway, claiming they reserved the right to move forward with voting.

The dissident group held a shareholder meeting anyway on May 22 in Dallas on a different floor of the building Sidley’s Dallas offices are located, where Oliver got elected.

The Oliver group argues in their countersuit that the law does not permit TPL nor its trustees to “adjourn, postpone, or otherwise delay a shareholder vote once the vote has been scheduled; only shareholders have that power.”

They also called TPL’s lawsuit, which was filed a day before the May 22 meeting, questionable, pointing out that the allegations TPL made in its lawsuit are hardly new.

2 thoughts on “Texas Lawbook / Dallas Business Journal

  1. A fair review of the original suit and the secondary countersuit. The coverage seems to favor the legal merits of Oliver and HK/Softvest position, and certainly suggests there are problems with the last minute legal suit and delay/cancel of the meeting. This is going to be very interesting to watch play out.

    Can anyone point me towards the 71 page countersuit? Have not been able to find it anywhere, including on the SEC page for TPL that has the original complaint.
    Would appreciate being able to see this!

    Thanks TPLblogger, your site is great for following the continuing drama!

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