This is an interesting motion by Team Trustees, in response to the amended counterclaim by Team Oliver. The amended counterclaim was a modification of the original counterclaim, with the addition of information challenging the legitimacy of the election of Trustee Barry.
Specifically, Team Trustee has a 34 page motion, and this four page summary on the TPL Blog, and an appendix. The main theme is “Counter-Plaintiffs’ “amended” counterclaims were improperly filed and should be dismissed in their entirety on that basis alone.”
Team Trustees are saying the whole Trustee Barry not elected properly motion should be dismissed, because the motion was not correctly filed. An attempt at having form triumph over content.
I have no idea on the technical details of what makes such a filing correct vs incorrect as to form, but it seems a weak strategy to claim a legal technicality. Courts generally look at the intent of the parties and facts as being more important.
This also suggests Team Trustees is feeling exposed with the facts on the Trustee Barry election, and are doing whatever they can to get this dismissed. If this strategy does not work, I’d next expect them to attack the merits of the claim by Team Oliver.
Soon Judge Boyle will need to start issuing rulings on these motions, so the DJ//PI case can hold to the agreed on timeline.
It does seem odd that they previously agreed to discovery and now they are saying hey no way we shouldn’t even have been doing this to begin with…. I wonder if they were paying for the suit with their own money if they would have tried to pull this or since they have a limitless piggy bank they will try anything and everything….
Team Trustees is still asking for a broader discovery process, as part of their strategy of saying they need this to defend on the DJ/PI motion.
This is a more narrow Team Trustee motion to try and knock out the amended counterclaim by Team Oliver which questioned the legality of the Barry election. They are hoping the court agrees with them on their view of the technicalities of what they allege is an improperly filed claim by Team Oliver.
All these motions and counterclaims are jockeying for better position on each side’s version of the facts. From this will come several rulings on motions by Judge Boyle, and eventually I believe it will become clear to both sides how its going to turn out, without needing to go to trial. Only 10% of Federal cases get tried before a judge, the real legal battles are being fought now.
The big one will be the battle on 12(c) and the DI/PI related motions. That will set the landscape if there is enough to have a trial on the original securities violations lawsuit brought by Team Trustees.
If there is, we can expect a lot more discovery and about a year plus of similar dancing with motions, counter-motions, and new claims. If there isn’t enough for a case, then the collapse in Team Trustees fight will be dramatic and a negotiated settlement (surrender) should soon happen.
I’ll be looking forward to reading the judges rulings on all of this and hoping for an expedited solution in order to decrease legal fees and increase share purchases. It seems there are very minimal buyers and sellers at this point. I hope to buy some more in the next week or two prior to the earnings being released. Cannot thank you enough Ted, the authors previous comment about you being a national treasure said it best.
Ted you truly have been invaluable sifting through all the legal jargon and I thank you! I have been investigating more of the water and subsidaries of TPL, at this point in time I just want others know what I have found. On June 13, 2019 Chevron has an assignment/bill of sale with TPLT holdings..one of the leases seemed suspicious to me and I followed this lease which was transferred from TPLT to DE III Midland as an ORRI, then the ORRI to DE III Midland to Eagle Point Royalty, to Texas Pacific Royalty Acquisitions all within a 2 day period. There is also another lease that does a similar travel but ends up back into Texas Pacific Land Trust. Hmm… there is a clause in the Chevron agreement that no director, executive, etc will take monetary gain from this agreement, but those are null and void in another clause within the ORRI agreement with DE III Midland. Maybe a trustee or CEO could legally take a fee after all those transfers or just a lot of good opportunities to skim some off the top. If TPL is so chummy with John Sellars and Cody Compbell and all their entities (DE III Midland and Eagle Point Royalty to name a few) maybe they are hitching a plane ride in fort worth to midland, since that would be convenient because Texas Pacific Water Resources has an office in the same building as DE3 (John and Cody’s operating co. which also have many SWD wells). TPWR did finally get their permit approved on June 12, 2019 for a stationary treatment facility for fluid recycling, that will cost an approx. 3-4 million. Just food for thought, and I would love to hear other interpretations.
one thing teamtrustees are is consistently ‘inconsistent’
It’s like everyday, “oh gee what now?”
I’m anxious on the numbers to see how much this has cost. I know I’m not expecting as much. After everything we have learned with their frivolous spending on toys.
Nothing happening until this clown act gets settled and hopefully favorably.
The Texas Pacific Land Trust Investor 
All of my years of investing I have never seen a management fight the shareholders like TPL management. Very sad.
LikeLiked by 2 people
This is an interesting motion by Team Trustees, in response to the amended counterclaim by Team Oliver. The amended counterclaim was a modification of the original counterclaim, with the addition of information challenging the legitimacy of the election of Trustee Barry.
Specifically, Team Trustee has a 34 page motion, and this four page summary on the TPL Blog, and an appendix. The main theme is “Counter-Plaintiffs’ “amended” counterclaims were improperly filed and should be dismissed in their entirety on that basis alone.”
Team Trustees are saying the whole Trustee Barry not elected properly motion should be dismissed, because the motion was not correctly filed. An attempt at having form triumph over content.
I have no idea on the technical details of what makes such a filing correct vs incorrect as to form, but it seems a weak strategy to claim a legal technicality. Courts generally look at the intent of the parties and facts as being more important.
This also suggests Team Trustees is feeling exposed with the facts on the Trustee Barry election, and are doing whatever they can to get this dismissed. If this strategy does not work, I’d next expect them to attack the merits of the claim by Team Oliver.
Soon Judge Boyle will need to start issuing rulings on these motions, so the DJ//PI case can hold to the agreed on timeline.
LikeLiked by 1 person
This is a hail Mary by team Trustees
LikeLiked by 2 people
It does seem odd that they previously agreed to discovery and now they are saying hey no way we shouldn’t even have been doing this to begin with…. I wonder if they were paying for the suit with their own money if they would have tried to pull this or since they have a limitless piggy bank they will try anything and everything….
LikeLiked by 1 person
JackFutures,
Team Trustees is still asking for a broader discovery process, as part of their strategy of saying they need this to defend on the DJ/PI motion.
This is a more narrow Team Trustee motion to try and knock out the amended counterclaim by Team Oliver which questioned the legality of the Barry election. They are hoping the court agrees with them on their view of the technicalities of what they allege is an improperly filed claim by Team Oliver.
All these motions and counterclaims are jockeying for better position on each side’s version of the facts. From this will come several rulings on motions by Judge Boyle, and eventually I believe it will become clear to both sides how its going to turn out, without needing to go to trial. Only 10% of Federal cases get tried before a judge, the real legal battles are being fought now.
The big one will be the battle on 12(c) and the DI/PI related motions. That will set the landscape if there is enough to have a trial on the original securities violations lawsuit brought by Team Trustees.
If there is, we can expect a lot more discovery and about a year plus of similar dancing with motions, counter-motions, and new claims. If there isn’t enough for a case, then the collapse in Team Trustees fight will be dramatic and a negotiated settlement (surrender) should soon happen.
LikeLiked by 2 people
I’ll be looking forward to reading the judges rulings on all of this and hoping for an expedited solution in order to decrease legal fees and increase share purchases. It seems there are very minimal buyers and sellers at this point. I hope to buy some more in the next week or two prior to the earnings being released. Cannot thank you enough Ted, the authors previous comment about you being a national treasure said it best.
LikeLiked by 1 person
Ted you truly have been invaluable sifting through all the legal jargon and I thank you! I have been investigating more of the water and subsidaries of TPL, at this point in time I just want others know what I have found. On June 13, 2019 Chevron has an assignment/bill of sale with TPLT holdings..one of the leases seemed suspicious to me and I followed this lease which was transferred from TPLT to DE III Midland as an ORRI, then the ORRI to DE III Midland to Eagle Point Royalty, to Texas Pacific Royalty Acquisitions all within a 2 day period. There is also another lease that does a similar travel but ends up back into Texas Pacific Land Trust. Hmm… there is a clause in the Chevron agreement that no director, executive, etc will take monetary gain from this agreement, but those are null and void in another clause within the ORRI agreement with DE III Midland. Maybe a trustee or CEO could legally take a fee after all those transfers or just a lot of good opportunities to skim some off the top. If TPL is so chummy with John Sellars and Cody Compbell and all their entities (DE III Midland and Eagle Point Royalty to name a few) maybe they are hitching a plane ride in fort worth to midland, since that would be convenient because Texas Pacific Water Resources has an office in the same building as DE3 (John and Cody’s operating co. which also have many SWD wells). TPWR did finally get their permit approved on June 12, 2019 for a stationary treatment facility for fluid recycling, that will cost an approx. 3-4 million. Just food for thought, and I would love to hear other interpretations.
LikeLiked by 1 person
one thing teamtrustees are is consistently ‘inconsistent’
It’s like everyday, “oh gee what now?”
I’m anxious on the numbers to see how much this has cost. I know I’m not expecting as much. After everything we have learned with their frivolous spending on toys.
Nothing happening until this clown act gets settled and hopefully favorably.
LikeLiked by 1 person
Anybody read the brief/memorandum or see the exhibits?
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Just added it to the post
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Thanks! I’ll let y’all know if I see anything else in there that we haven’t seen before.
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