19 thoughts on ““Overbroad” Privilege and “Rough Justice”

  1. Incidentally, I tried to revote my proxies on Fidelity ahead of the AGM, but the control numbers didn’t work. Fidelity indicated that new control numbers are forthcoming. The shenanigans continue…

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  2. Every time I hear this Buffett quote I think about TPL:

    “I try to invest in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

    Only reason I remain invested in a business run by idiots (and crooks) is it’s difficult to permanently impair or screw up 900,000 acres of land.

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  3. We all can feel the day of reckoning coming for all the cover-ups and improprieties. Let’s just hope they are serious enough to hold the clowns accountable and hasten their exit, but not so scandalous as to sink the stock.

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    • Nice work, TPL Management. You have managed to annoy the judge. Its not often you see such strong language on an order to compel. I appreciate your blundering efforts which are helping the stockholders who oppose being diluted by your transparent effort to hang onto control.

      Judge Laster is annoyed at the continued assertions of privilege applied in a capricious manner where convenient for TPL Management. Inside counsel at TPL knows this. The judge is sending a strong message that bully methods, obstruction techniques and delay tactics stop now. Produce the requested evidence in 24 hours. And let me lecture you on what you should already know.

      Judge Laster presided in the “second largest shareholder” suit from last year, where clear evidence of these behaviors was previously demonstrated.

      TPL Management lost that case, and just now received a legal smackdown to compel with nearly all of the requested production.

      Interesting nugget about the CEO’s deposition testimony, and the company trying unsuccessfully to “walk it back”.

      Can’t wait to see how Monday unfolds.

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      • Do you know if it is possible to watch the hearing via video or to dial in, or must we go to Del?


        • My understanding is the Delaware Chancery courts are nearly always “in person”. A review of their web site shows infrequently a big case at their Supreme Court will be on the web at the oral arguments phase, but the lower level courts are generally not allowing remote attendance.

          During Covid times Zoom was used with many courts, but those days ended some time ago.


  4. Thinking about the observation I made about the screenshot of the Proxy Solicitation shown in the prior posting being Labeled for the 2023 Annual Meeting with the date of the Adjourned 2022 Annual meeting and being basically suspicious of anything coming from TPL is this a way to get the TPL stockholders to revote so their votes can be disqualified and not counted? If so this reaches a new level for chicanery. Is this a valid reason to complain to the SEC and NYSE. I am an engineer so I am out of my depth.

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      • A little browsing on FINVIZ for TPL and I found this article. “This Fund Company You’ve Never Heard Of Is Blowing The Doors Off” Horizon Kinetics is the company co founded by Murray Stahl the largest stockholder in TPL and gives some insite into their other [very successful] holdiings.


        An excerpt from the article why they like TPL.

        “Doyle likes TPL because of the company’s potential. Ever-improving extraction technology will find more oil. Also, he expects the price of oil to rise over time. These two factors would make the business even more attractive.

        “If you were to go out and ask Goldman Sachs (GS) or Morgan Stanley (MS) to sell you a 100-year option on the price of oil, you’d pay a very high price for that and that’s what Texas Pacific Land Trust has built in there,” said Doyle. “So in addition to the ongoing operations, there’s still a tremendous amount of oil on their property.”


        • I suspect the recent share price decline is largely attributed to well-published malfeasance and corrupt corporate governance. Aside from all the existing baked in catalysts Doyle mentions, if a “rough justice” smackdown of management is coming, that would hobble them considerably, and could lead to their eventual ouster, undoubtedly resulting in a rerating of the share price upward.


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