The Board Urges

Nine days before the vote, the Board writes to remind shareholders how they think they should vote. Link to the letter is below. Can’t help but think that this letter is in response to the disclosure from CalSTRS today on how they voted.

Why, in the letter below, could the company not address, head on, questions around the suitability of certain board members and representations made on their behalf during the 2019 legal dispute? These questions could be answered objectively and easily. Instead, we get more of the same.

5 thoughts on “The Board Urges

  1. The Board says they “conducted an inquiry into the matter” of Dana McGinus owning the shares he claims. Which begs the question, Why haven’t they released the inquiry?

    I’m going to email all the Board members and tell them that if they don’t release the inquiry and stop wasting OUR dollars on unnecessary legal fees then I am voting against all of them.

    Liked by 1 person

  2. This letter made me lose my lunch. What self-serving a-holes these people are. There is a court filing on McGinnis ownership issues that if not resolved could result in criminal charges and they still want us to vote for him.


  3. Do Stahl and Oliver not approve of these, even though the urging comes from the board? Why are they excused from the criticism, or am I missing something?

    Liked by 1 person

    • I was introduced to the company through Stahl/Horizon Kinetics. They are such a major shareholder that I’d say incentives are properly aligned. I wish he would clarify more publicly what he thinks of the board, but maybe he can’t or thinks it’s not strategic?

      What are the blog’s/community’s thoughts on Horizon Kinetics/Stahl at this point?


  4. Luke, I think we are going to find out about Oliver, Stahl and others on the board after this meeting. My guess is O&S are more likely to want TPL to be financially successful (increasing share price/div) because their fortunes are tied to the company prospering, Cookie, Dana and the two buck chucks interests seem more tied to their compensation packages (whether $ or stock). Neither group loves me, but I think O&S interests are more aligned with my interests than say the Kookla, Fran and Ollie group.

    Still have not received a proxy from Schwab…….
    Chucky, come on man!

    Liked by 2 people

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