Upon Further Reflection

It’s safe to say our nation’s foremost proxy advisors missed the TPL target by a country mile.

Glass Lewis Joins ISS in Recommending that Texas Pacific Land Trust Shareholders Vote FOR General Don Cook

In its May 10, 2019 report, Glass Lewis concludes that: 1

“upon a full and objective review of the arguments put forward by the Dissidents and the Trust, we ultimately see a stronger case for shareholders to support the election of General Cook. While he may lack expertise in the various business activities presently occurring on TPL’s land, in our view, General Cook has much broader and more impressive experience as a board member, including service on large public and private company boards, as well as a proven track record of advocating for and practicing good corporate governance, which we believe makes him the better choice for TPL shareholders at this time.”

In its analysis, Glass Lewis further noted that

“the upcoming shareholder vote should not be construed as a referendum on whether the Trust should immediately pursue a C-Corp conversion, in our opinion. Rather, we believe this proxy contest, like most others, comes down to which nominee is better suited to serve on the board and more likely to represent and advocate for the best long-term interests and rights of all shareholders.”

The silence is deafening.

4 thoughts on “Upon Further Reflection

  1. Bot and paid for. Why in this day in age would any one consider what they say as worthy

    S&P and Moody’s are now giving
    investment grade status to billions of $ of bonds are obviously JUNK.

    Just like their opinion.

    Liked by 2 people

    • Holder,

      Now, now, these are solid BBB rated companies with high leverage rates. What could possibly go wrong? Fully agree with you…there has never been a dumber time in credit with all the covenant-lite bonds of marginally viable companies tossing out paper they are calling investment grade bonds.

      At least ISS and Glass Lewis got paid for their recommendation, and don’t have to fact check the “good governance agenda” of Cook against what happened just a few hours before the election was scheduked. Or the Kremlin inspired Blue Ribbon panel where 80% of the committee votes are locked in. Or the legal circus that contines.

      Liked by 1 person

  2. I agree that Cook’s only apparent merits were what could be assumed about the morality of his guideposts. Maybe offering us some confidence that the trustees wouldn’t steer too far off course with the General on board. Having joined the two buck Chucks in their facade of blue ribbon panel, I think it fair to question how straight his guidepost really is.

    Liked by 1 person

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