Investor Group Demands Texas Pacific Land Trustees David Barry And John Norris Recognize Eric Oliver As Third Trustee
Strongly worded letter here. There is a material probability that this could all go very south for the Trustees. That said, Trustee actions have defied logic for months now. My guess is that these guys are far away from resolution.
has been elected as TPL’s third Trustee, and you are required to recognize him as such. Given your utter disregard of your basic contractual and fiduciary obligations as trustees under the TPL declaration of trust, and the excesses you have engaged in as it relates to your power and authority under such document, we intend to hold you personally liable for your actions.
With each further action you take from this point on to prevent from undertaking his responsibilities as Trustee, you are creating incremental personal liability for yourselves. All the wasteful expenses you are incurring—purportedly on behalf of the Trust—will be reimbursed by you to TPL’s beneficiaries.