24 thoughts on “Glass Lewis Flips on #4?”

  1. if true- Wholy cow!. Proving Glass-Lewis has the foresight and timing of the Federal Reserve. We gotta hope that both aren’t too late.

    Liked by 1 person

  2. I’m confident management will fight like cornered rats for their survival. They will only admit defeat when escorted out by the same Dallas SWAT team that greeted me 11/16.

    Liked by 2 people

  3. Forgive the stupid question, but what is the timeline for upcoming events in the battle against management? Will there be another vote on Prop 4 at the upcoming meeting, whenever that is? many thanks

    Liked by 1 person

  4. This is a big deal. Makes TPL’s false letter with the proxy where they claimed they were unable to meet current obligations look even worse. Now that the facts are out from the trial, Glass Lewis has changed their opinion. And calls out many risks of Proposal #4 that are now apparent.

    Much institutional voting follows the advice from Glass Lewis. There will be a lot of institutional shares moving to the no column.

    Can’t wait for the upcoming “annual meeting” reopening on May 18th.

    Liked by 2 people

  5. Or, with the 18th rapidly approaching, is this a new tactical ploy to show the judge that they, the board of directors, were just playing us since the last annual meeting fiasco and all of the $18 million spent on legal fees this past year was just for their fun and amusement?

    Liked by 3 people

  6. I don’t think I’ve ever anxiously awaited the filing of a DEF14A, but I can’t wait to see if they file another one and if so, can’t wait to read it!

    Liked by 2 people

  7. Wow, that is such a strong statement by Glass Lewis to explain the rationale for changing their recommendation to “Against” Prop 4. Kudos to them for doing this (but shame that they were asleep at the wheel in their misguided original recommendation!). The “ulterior motive” explanation is especially damning.

    I don’t know how much their recommendation will change the vote at this point, but what it might do is make it all the more sinister if TPL decides to appeal the verdict when it comes down from the Delaware court.

    Liked by 1 person

  8. Anyone have insights on :

    1.If TPL loses this lawsuit on prop 4-shareholder agreement
    2. Given HK&Sv were allowed to vote against the board recommendation on Dir. Dana. They were either not contested or it was not covered by the shareholder agreement.

    Given 1&2: are HK&Sv free from constraints under the shareholder agreement to vote against Barry and Norris in future elections?

    Liked by 1 person

  9. One of the largest American proxy advisory services company just made a public statement to the market and all current and future investors that corporate governance at TPL is shit and current management are liars who cannot be trusted.

    In this damning indictment they all but said they were deceived by a management team who are attempting to:

    1. Highjack the company and change its long-standing historical charter as a liquidation trust and land resource company and turn it into their own personal piggy bank and plaything.
    2. Entrench themselves as kings and emperors in a scheme to ensure a permanent rule and an endless stream of riches that will come at the expense of the shareholders, aka the owners of the company.

    Liked by 2 people

    • Despite unprincipled shit management and its crony kleptocrat BODs appalling abuse of fiduciary duty, corporate governance, and shareholder trust, I held my nose and added to my position today in an act of solidarity with HK/SV and in anticipation of a common sense ruling favoring owners over the freeloaders.

      Liked by 2 people

      • I added shares as well. We all owe Glass Lewis for their deeper look into what Article 4 really tried to do and having the gonads to come out and lay it on the line.

        Liked by 2 people

  10. I just received new voting forms yesterday. Can someone confirm that I DO NOT need to re-vote no on 4? Thanks

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  12. I am voting today but I am ignorant on how to vote. Can someone tell me how to vote to screw over this horrible management? I know prop 4, but what about individual directors and other props? 4k votes.

    Liked by 1 person

  13. If as the original poster says IS LEGITIMATE [and i don’t find any mention of it on the web] it sounds like a deal changer

    Liked by 1 person

    • Here is statement from the filing:

      “After the close of business on May 9, 2023, Texas Pacific Land Corporation (the “Company”) was informed that Glass, Lewis & Co. (“Glass Lewis”) updated its analysis and changed its voting recommendation for Proposal 4 with respect to the Company’s 2022 annual meeting of stockholders. Glass Lewis has changed its voting recommendation on Proposal 4 from “for” to “against”.”

      This has to significantly hurt TPL management’s case. It seems obvious their view changed based on the information from the trial that Glass Lewis further reviewed. I think it makes it easy for the judge to rule for HK/SV. A tainted vote based on false information, which also fooled Glass Lewis to support at the time.

      TPL management didn’t anticipate this, otherwise they wouldn’t have kept the polls open on Proposal 4. Now they face the very real prospect a considerable number of institutional votes may flip to no before the “meeting” on May 18th.

      Liked by 2 people

      • totally agree. It is a bit like mom finding the fudge brownies she just baked missing and catching her son with chocolate all over his face. He can say he didn’t eat them, but the chocolate cheeks says otherwise.

        Liked by 2 people

  15. Of course, the disclosure from TPL was simply to state that Glass Lewis changed their recommendation. They were more than happy to quote Glass Lewis when they were originally for Prop 4, but now no mention of the stinging rationale behind the change.

    Liked by 1 person

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