9 thoughts on “Link to Gliksberg Lawsuit”

  1. An interesting read. Disappointed to see Don Cook made an attempt to resolve this suit with some corporate vagueness that answered nothing, Also disappointing to see more money spent on inside and outside legal counsel on this, but without resolving. Remember, this is our shareholder money they are spending.

    What is stunningly obvious is this seems on the surface an easy thing to resolve. You are either pregnant or you are not. Dana McGinnis either owned the shares he said he did during the proxy fight, or did not. It’s equally obvious TPL management cannot produce the proof, hence the delay, obfuscation and vagueness effort on display. The implications if he did not own them are huge. This is not a representation of a few shares that might have not been reported accurately. This is a misrepresentation of 177 thousand shares, essentially the entire position. It calls into question why he was even offered a board seat. And it clearly was done in support of Don Cook’s candidacy.

    What is not obvious is what did the original trustees knew about this, during the time they were questioning the Eric Oliver credentials? With the effort they put into trying to discredit Oliver, certainly they would have done the basic research to show McGinnis had a legitimate assertion. What they knew, and when they knew it is very important. This has the potential to put their continued board representation at risk, as it should given the seriousness of the lawsuit. No wonder they are not willing to answer the share ownership question.

    From a legal standpoint, this isn’t federal court like the batch of suits filed during the proxy fight. This is a Delaware Chancery Court, often used for business disputes over equity and fairness. There are no juries, and the court operates under business judgement rules. Its not as easy an environment to make cases drag out and take significantly longer like the federal courts. Also the “ask” is a simple one, show the proof of share ownership, or tell the truth it was misrepresented.

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  2. Good seeing your name, Ted. I saw the suit and thought about your commentary during the proxy fight a ways back.

    It’ll be interested to see how this settled. Initially, I was just thinking that Dana has got to go. But after reading this, makes me think Cook should also resign. Norris and Barry gotta go too. Question is do we have to wait two more years or can this help to expedite it. I still think those original two bozo’s should be sued on the grounds that the “dissident” group had. Pretty sure the shareholder agreement meant they wouldn’t pursue charges, but does that prevent others from doing so? I hope the Gondola ride is way more bumpy this year……

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  4. Following is additional information filed with the SEC by Mission Advisors (Dana McGinnis). It is blatantly obvious that his AUM does not support the purported TPL position.

    It stands to reason that the prior “Trustees” need to take responsibility for their representations of Dana McGinnis.

    MISSION ADVISORS, LP ( CRD# 114285 )
    Alternate Names:MCG CAPITAL, LLC,MISSION ADVISORS, LP

    REGISTRATION STATUS
    SEC / JURISDICTION REGISTRATION STATUS EFFECTIVE DATE
    Texas Approved 2/18/2020
    A. Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
    4
    B. (1) Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
    1
    (2) Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
    0
    (3) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser representatives?
    1
    (4) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser representatives for an
    investment adviser other than you?
    0
    (5) Approximately how many of the employees reported in 5.A. are licensed agents of an insurance company or agency?
    0
    (6) Approximately how many firms or other persons solicit advisory clients on your behalf?
    0 D. For purposes of this Item 5.D., the category “individuals” includes trusts, estates, and 401(k) plans and IRAs of individuals and their family members, but does not include
    businesses organized as sole proprietorships.
    The category “business development companies” consists of companies that have made an election pursuant to section 54 of the Investment Company Act of 1940. Unless you
    FORM ADV
    UNIFORM APPLICATION FOR INVESTMENT ADVISER REGISTRATION AND REPORT BY EXEMPT REPORTING ADVISERS
    Primary Business Name: MISSION ADVISORS, LP CRD Number: 114285
    Annual Amendment – All Sections Rev. 03/2020
    3/18/2021 7:13:21 PM
    WARNING: Complete this form truthfully. False statements or omissions may result in denial of your application, revocation of your registration, or criminal prosecution. You must
    keep this form updated by filing periodic amendments. See Form ADV General Instruction 4.
    A. Your full legal name (if you are a sole proprietor, your last, first, and middle names):
    MCG CAPITAL, LLC
    B. (1) Name under which you primarily conduct your advisory business, if different from Item 1.A.
    MISSION ADVISORS, LP
    (1) Address (do not use a P.O. Box):
    Number and Street 1:
    112 E. PECAN
    Number and Street 2:
    SUITE 1425
    City:
    SAN ANTONIO
    State:
    Texas
    Country:
    United States
    ZIP+4/Postal Code:
    78205
    (3) Telephone number at this location:
    210-323-2000
    (4) Facsimile number at this location, if any:
    210-323-2200
    The aggregate amount of regulatory assets under management reported in Item 5.D.(3) should equal the total amount of regulatory assets under management reported in Item
    5.F.(2)(c) below.
    If a client fits into more than one category, select one category that most accurately represents the client to avoid double counting clients and assets. If you advise a registered
    investment company, business development company, or pooled investment vehicle, report those assets in categories (d), (e), and (f) as applicable.
    Type of Client
    (a) Individuals (other than high net worth individuals) 11 $ 3,519,627
    (b) High net worth individuals 10 $ 13,930,634
    (f) Pooled investment vehicles (other than investment companies and business
    development companies) 2 $ 24,320,120
    (h) Charitable organizations 2 $ 7,352,398

    F. (1) Do you provide continuous and regular supervisory or management services to securities portfolios? yes
    (2) If yes, what is the amount of your regulatory assets under management and total number of accounts?
    U.S. Dollar Amount Total Number of Accounts
    Discretionary: (a) $ 49,122,779 (d) 35
    Non-Discretionary: (b) $ 0 (e) 0
    Total: (c) $ 49,122,779 (f) 35
    Part 1A Instruction 5.b. explains how to calculate your regulatory assets under management. You must follow these instructions carefully when completing this Item.
    (3) What is the approximate amount of your total regulatory assets under management (reported in Item 5.F.(2)(c) above) attributable to clients who are non-United States
    persons?
    $ 1,491,929

    A. PRIVATE FUND
    Information About the Private Fund
    1. (a) Name of the private fund:
    MCGINNIS MLP AND ENERGY FUND, LP
    (b) Private fund identification number:
    (include the “805-” prefix also)
    805-4460130185
    2. Under the laws of what state or country is the private fund organized:
    State:
    Texas
    Country:
    United States
    3. (a) Name(s) of General Partner, Manager, Trustee, or Directors (or persons serving in a similar capacity):
    Name of General Partner, Manager, Trustee, or Director
    MISSION FUND MANAGEMENT, L.P.
    10. What type of fund is the private fund?
    hedge fund liquidity fund private equity fund real estate fund securitized asset fund venture capital fund Other private fund:
    NOTE: For definitions of these fund types, please see Instruction 6 of the Instructions to Part 1A.
    11. Current gross asset value of the private fund:
    $ 9,352,489
    Ownership
    12. Minimum investment commitment required of an investor in the private fund:
    $ 1,000,000
    NOTE: Report the amount routinely required of investors who are not your related persons (even if different from the amount set forth in the organizational documents of the
    fund).
    13. Approximate number of the private fund’s beneficial owners:
    19
    14. What is the approximate percentage of the private fund beneficially owned by you and your related persons:
    33%

    20. Approximately what percentage of your clients has invested in the private fund?
    20%

    1. (a) Name of the private fund:
    MISSION PERMIAN MINERALS, LP
    (b) Private fund identification number:
    (include the “805-” prefix also)
    805-3212004393
    2. Under the laws of what state or country is the private fund organized:
    State:
    Texas
    Country:
    United States
    3. (a) Name(s) of General Partner, Manager, Trustee, or Directors (or persons serving in a similar capacity):
    Name of General Partner, Manager, Trustee, or Director
    SOUTERRAIN, LP
    10. What type of fund is the private fund?
    hedge fund liquidity fund private equity fund real estate fund securitized asset fund venture capital fund Other private fund: MINERAL RIGHTS
    NOTE: For definitions of these fund types, please see Instruction 6 of the Instructions to Part 1A.
    11. Current gross asset value of the private fund:
    $ 14,967,631
    Ownership
    12. Minimum investment commitment required of an investor in the private fund:
    $ 1,000,000
    NOTE: Report the amount routinely required of investors who are not your related persons (even if different from the amount set forth in the organizational documents of the
    fund).
    13. Approximate number of the private fund’s beneficial owners:
    18
    14. What is the approximate percentage of the private fund beneficially owned by you and your related persons:
    20% 20. Approximately what percentage of your clients has invested in the private fund?
    12%

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  5. Hey peeps,

    Does anyone want this as evidence? Ask the owner of this blog to email me your email and I’ll forward it.

    On May 10, 2019 9:39 AM, Dana McGinnis wrote:
    Dear Ezra,

    In response to your question as to why we/I do not show up on the public records as a TPL holder, it is because all shares are held in nominee name at various custodians. I have no other explanations as I have asked the same myself.

    I do get all proxy material so someone knows. Be assured that that has been asked by others and we are in full compliance with all securities rules and regulations.

    Any other questions?

    Thanks

    Dana McGinnis

    Mission Advisors

    This email was scanned by Bitdefender

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    • Interesting, why wouldn’t Cook just confirm this same info to Gabi? Seems simple enough to avoid lawsuits and legal fees. Unless…….

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  6. In response to the above letter, Mcginnis either lied to Ezra or to the SEC ($592 minimum price all year in 2019 X 177,000 shares = $104,584,000 versus $49,100,000 assets claimed to the SEC). Of the two, I bet he only lied to a shareholder and not the SEC. Either way, his career as a financial advisor just plopped down into the toilet….

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