Came across a couple new ones yesterday:
The Texas Pacific Land Trust was created in 1888 as a liquidating trust. The trustees of this trust have but one job: liquidate it in order to pay off the bondholders who created the trust. These bondholders (and their heirs and the persons they have long since sold their rights to) are the real owners of those 7,683 square miles of what was once desert scrubland (until the Permian Basin burst on the scene as the biggest oil and gas-producing region in the country.)
We must not lose sight of this fact, no matter the slings, arrows, brickbats, and mud that is being thrown in the current proxy fight: the trust was designed to liquidate its assets in order to pay off the bondholders who organized the trust. The bondholders created the Trust and converted their bonds to “shares of proprietary interest” in the Trust, making their rights more liquid via these shares. TPL is now the second-oldest “stock” on the NYSE.
I might be displaying my ignorance here but does anyone have a document/reference that proves the above to be a FACT? The Declaration of Trust isn’t super clear on this subject.