The following is a letter sent to the Board this morning by a long time reader.
Subject: Dismay over lawsuit regarding shares owned/controlled by Dana McGinnis and Mission
Texas Pacific Land Board of Directors,
As a shareholder with 2,000 shares, I am disappointed again to see shareholder money being spent on a lawsuit over what is a simple issue to resolve. This is very cut and dried. Dana McGinnis and Mission Advisors either owned the shares they said they did during the proxy fight of 2019, or didn’t. Its not a shades of gray issue. If they controlled or owned them, it is easy to show.
Since this hasn’t been resolved and its easy to show ownership if it happened without disclosing anything confidential, I am convinced the ownership isn’t there. The lawsuit documents communication from Don Cook and TPL counsel with what seems to be a strategy to delay and not resolve the matter with legal tap dancing.
We now have a real problem. This is a material misrepresentation. It calls into question why Dana McGinnis is even on the board, because his misrepresentation of what he owned gave him credibility, which he did not deserve if he did not own or manage the shares. It also raises many ethical questions about Don Cook as described in the lawsuit.
With the upcoming proxy vote material is a sentence saying Murray Stahl is going to vote against Dana McGinnis. No additional explanation is offered. This suggests strongly he has an ethical problem with this situation and is voting accordingly.
Which raises an even larger question to the board, why is this ok at all? Why hasn’t the board taken action? Why are we spending legal money (which belongs to the shareholders) on something where its wrong, unethical and indefensible?
I ask the Board of Directors to weigh in publicly with a statement or other press release communication showing how they think on this important issue. Ideally the board should state whether or not Dana McGinnis and Mission owned the shares, or not and take appropriate action.
The silence is deafening and the Board needs to speak up.