honestly. This is getting too tiring. I can’t believe how anti-shareholder friendly management and most of the trustees are. Do they realize what a joke they make themselves to be?
Nice to see the court agreed with HK and Softvest to allow the trial to move to April 17th from the TPL first requested February 3rd date. This now will allow time to find additional supporting information. From the rebuttal, “Defendants anticipate that the development of the full factual record surrounding the relevant issues will require document and deposition discovery into the parties’ negotiations of the Stockholders’ Agreement, the meaning of the voting restrictions, and TPL’s purported need for additional authorized shares.”
It feels like TPL management is doing everything they can to avoid the inevitable of letting go of this dilution issue, in spite of what seems like a weak lawsuit.
Its going to be an interesting couple of months on the legal front, followed by the yearly elections. Can’t wait to vote out the anti-shareholder directors.
Ted, I always enjoy reading your analysis of the current situation. What do you make of the list of financial companies and individuals that TPL wants to subpoena (from the “You’ve Been Served” post here)? What kind of case are they trying to build against HK and Softvest, other than they think they are in violation of the shareholder agreement? Could they be trying to make a case that the authorization to issue additional shares is somehow justified for the company?
As much as I want to dismantle the bad actors on this BOD, I do worry about some big fraud being exposed that could zap the share price severely. It so often seems they doth protest too much!
Its an odd list. Mackenzie Partners is the proxy solicitation firm hired by TPL. Santa Monica Partners had a shareholder proposal on the last ballot. ATG is the group that had the successful suit against TPL over the second largest shareholder issue. Its curious why UBS and Credit Suisse would get a subpoena request since they are huge dealmaking, investment managing and financing banks.
Stranger still is the law firms, including HK/Softvest’s firm Vinson and Elkins, who is representing them in this matter.
The list of some individuals, other EP companies, and a few specific names at wealth advisors makes me think its a fishing expedition. It doesn’t seem to be a focused attack, but a hope to find anything they can use to make smoke and cast doubt at the trial.
High on my list of fishing targets would be an attempt at trying to show some collusion among people and groups opposing the share dilution proposal. But thats conjecture on my part. However, its not illegal for people of similar interests to both talk about and actively oppose a proposal that isn’t in their interest.
Whatever the motivation, its just another sign that management is extremely out of step with the shareholders, and is doing absolutely everything they can to stay entrenched. It’s unfortunate shareholders continue to have to pay for these desperate “fourth and long” measures.
this podcast/video is an interview with an average guy that researches corruption in corporate management and BODs. So much overlap with TPLs mngt and BOD actions, I should not have listened to it before bedtime. Around the 26min he goes into share expansion and I swear he mouths TPL………
Barry Norris i know you visit this site, this is why we vote no
Later in in the video (31 mins) he talks about executives that are hired and then depart quickly. That make me think about Sameer Parasnis and the big kiss (millions of dollars) that he got on the way out.
I fear that the Sidley playbook will be used at the next election. So, I believe they will not hold the meeting in November. They must hold it 13 months after the previous as per Delaware law. However, the court is often reluctant to get involved until it goes a few months passed the 13. So, it may be the case that we don’t have the next election until Feb or Mar 2024.
The Texas Pacific Land Trust Investor 
honestly. This is getting too tiring. I can’t believe how anti-shareholder friendly management and most of the trustees are. Do they realize what a joke they make themselves to be?
LikeLiked by 1 person
Most of them are clearly in it for the paycheck only.
LikeLike
Just dreaming of the days when management basically did nothing…haha dare to dream. dare to dream.
LikeLiked by 1 person
Nice to see the court agreed with HK and Softvest to allow the trial to move to April 17th from the TPL first requested February 3rd date. This now will allow time to find additional supporting information. From the rebuttal, “Defendants anticipate that the development of the full factual record surrounding the relevant issues will require document and deposition discovery into the parties’ negotiations of the Stockholders’ Agreement, the meaning of the voting restrictions, and TPL’s purported need for additional authorized shares.”
It feels like TPL management is doing everything they can to avoid the inevitable of letting go of this dilution issue, in spite of what seems like a weak lawsuit.
Its going to be an interesting couple of months on the legal front, followed by the yearly elections. Can’t wait to vote out the anti-shareholder directors.
LikeLiked by 1 person
Ted, I always enjoy reading your analysis of the current situation. What do you make of the list of financial companies and individuals that TPL wants to subpoena (from the “You’ve Been Served” post here)? What kind of case are they trying to build against HK and Softvest, other than they think they are in violation of the shareholder agreement? Could they be trying to make a case that the authorization to issue additional shares is somehow justified for the company?
As much as I want to dismantle the bad actors on this BOD, I do worry about some big fraud being exposed that could zap the share price severely. It so often seems they doth protest too much!
LikeLiked by 1 person
Jp,
Its an odd list. Mackenzie Partners is the proxy solicitation firm hired by TPL. Santa Monica Partners had a shareholder proposal on the last ballot. ATG is the group that had the successful suit against TPL over the second largest shareholder issue. Its curious why UBS and Credit Suisse would get a subpoena request since they are huge dealmaking, investment managing and financing banks.
Stranger still is the law firms, including HK/Softvest’s firm Vinson and Elkins, who is representing them in this matter.
The list of some individuals, other EP companies, and a few specific names at wealth advisors makes me think its a fishing expedition. It doesn’t seem to be a focused attack, but a hope to find anything they can use to make smoke and cast doubt at the trial.
High on my list of fishing targets would be an attempt at trying to show some collusion among people and groups opposing the share dilution proposal. But thats conjecture on my part. However, its not illegal for people of similar interests to both talk about and actively oppose a proposal that isn’t in their interest.
Whatever the motivation, its just another sign that management is extremely out of step with the shareholders, and is doing absolutely everything they can to stay entrenched. It’s unfortunate shareholders continue to have to pay for these desperate “fourth and long” measures.
LikeLiked by 1 person
this podcast/video is an interview with an average guy that researches corruption in corporate management and BODs. So much overlap with TPLs mngt and BOD actions, I should not have listened to it before bedtime. Around the 26min he goes into share expansion and I swear he mouths TPL………
Barry Norris i know you visit this site, this is why we vote no
LikeLiked by 1 person
Later in in the video (31 mins) he talks about executives that are hired and then depart quickly. That make me think about Sameer Parasnis and the big kiss (millions of dollars) that he got on the way out.
LikeLike
anyone notice what Chevron did today for STOCKHOLDERS and the market reponsse.
LikeLiked by 1 person
I fear that the Sidley playbook will be used at the next election. So, I believe they will not hold the meeting in November. They must hold it 13 months after the previous as per Delaware law. However, the court is often reluctant to get involved until it goes a few months passed the 13. So, it may be the case that we don’t have the next election until Feb or Mar 2024.
LikeLiked by 1 person
I’ve been thinking
of this scenario as well. The only comfort I take is that it will kill the entire board w ISS, Glass Lewis come election time.
LikeLike
What do you mean by that?
LikeLike
Another missed or postponed election establishes a clear pattern of terrible governance.
LikeLike
As if we need further evidence.
LikeLiked by 1 person