The Stockholders’ Agreement, which establishes certain features of governance for the New Corporation, provides that the agreement will terminate if the corporate reorganization has not been completed by December 31, 2020 (the “Outside Date”). As the Trust currently plans to complete the corporate reorganization during January 2021, the Trust and the Stockholders have entered into the First Amendment to Settlement Agreement, dated December 14, 2020 (the “Amendment”), to change the Outside Date to January 31, 2021.
Another step towards conversion.
The Texas Pacific Land Trust Investor 
This is so much BS. Smells like the conversion once completed will put another incompetent leadership team in place not aligned with shareholders. After holding two years of dead money I sold my 19 shares of TPL in November and redeployed. Best wishes to shareholders that remain.
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Tough exit point.
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I think this TPL will outperform no matter what happens. The business model requires no capital to maintain and is too good to be messed up by incompetent leadership. To quote Warren Buffett, “You should invest in a business that even a fool can run, because someday a fool will.”
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That*
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Good luck to you as well, we all have to make our own investment decisions. These conversions are always complicated as much goes on not visible to the common shareholder. This has been a long road, pressured by a weak oil market. At this point with the largest outside shareholder investing client and personal money in the company every day and having a seat or two on the board, why would you bail now?
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I moved to ARKG and out of oil completely. Doing better now.
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What is the likelihood of a post-conversion split? The company at this price seems like S&P material–wondering if the split may take place to help with liquidity.
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They’d be foolish not to.
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