Trustees Reveal the “Gotcha!”

HK vilified for not taking part in a stacked committee that doesn’t allow deliberation (hint: there won’t be any) disclosure.

The act is getting really stale.

Contrary to the dissidents’ assertions, David Barry was validly elected in January 2017 by nearly two-thirds of the votes cast. It is now clear that the dissidents have been misleading shareholders about their apparent intentions all along. The dissidents’ motion is nothing other than an effort to seize control of not just one, but two of the three Trustee seats. In doing so, the dissidents have laid bare their apparent intention: to undertake a hostile takeover by seizing control of TPL without paying a control premium to all shareholders.

As opposed to seizing control with no economic stake?


4 thoughts on “Shocker

  1. HK is a long time shareholder. Hard to believe that they are not aware of the January 2017 election vote.


  2. Craig Hodges needs to become more vocal – his firm really needs to start putting pressure on the Trustees … between HK/EO and Hodges, you are talking 40% of the float

    Liked by 1 person

  3. I doubt this is nothing more than speculation and fear mongering on the part of the Trustees to “reveal” an ulterior motive by HK et al. However, I must admit to some concern of what would happen if/when these investors acquire a majority of the subshares and/or end up controlling 2 of the three Trustee votes. Is there any scenario where us small time investors would be forced to relinquish our subshares at a buyout far less than we would willingly agree to? This is a very real question for us “last man standing” long-term investors, and I would like to understand what rights we would have to resist a buyout.

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