30 thoughts on “Waste of $$ / Waste of Time / Worst Board Ever”

  1. Was there more in the comment beyond the observation that the lawyers have been enriched to the tune of approx $20 MM? Sure strikes me as a total waste of corporate funds….to be nowhere.

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      • The judge asked in the oral arguments what would have happened if the defendants (Horizon Kinetic and SoftVest, who combined own just under 1.6m shares) had not against Proposal 4. The answer is, the same result. Which makes the whole lawsuit a complete waste of money, since even if they win the result will be the same.

        At least that’s my reading of it — others may have more context.

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        • Not quite. The judge asked what would happen if Horizon and SofVest shares were removed ENTIRELY. So, taken out of the numerator and denominator….like those 1.6 million shares never existed or carried zero voting rights. He wasn’t just asking what happens if they had not voted against.

          I don’t know if a judge would try to enforce something like that though as a solution here…or if that’s even an option. The shares are outstanding and have voting power – seems hard to strip them of that power after the fact. The question is whether HK/SV had authority to vote as they did, or if they are bound to the stockholder agreement.

          If HK/SV are bound to the agreement and must vote ‘For’, Item 4 passes.

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  2. If this is all a moot point and the measure would have failed regardless of Horizon’s votes, then this seems like grounds for corporate board and management breaching fiduciary responsibility. Any discussion of going after them for this?

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  3. I just want to talk to someone in charge of this company Because a scammer employee hit me

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  5. The lawsuit was not a waste to me. It formally exposed that the company materially misstated the justification for Prop 4. We may be seeing a turning point for shareholders that are not blog readers regarding this boards ethics (cross fingers). Personally, I would like to thank Barry and Norris for publicly exposing what pieces of shit they are. Good job guys.

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  6. And, as Warren Buffett would say:
    1) “You don’t know who’s swimming naked until the tide goes out.” I think the tide has receded quite a bit which leads me to add….
    2) “Buy when there’s blood in the street.” The ‘patient’ is still alive but the blood in the street is quite visible.
    P.S. I added today…..

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  7. I had no problems viewing the file on my iPhone.

    I have been a TPL shareholder for years, and I am very disappointed with the current situation. This blog has been very helpful to keep up with TPL news that is not available anywhere else.

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  8. Most corporations downplay the importance of their stock price as a measure of a CEO’s success (since it would incent short-term thinking), but I’m wondering if TPL’s management should be incentivized by the stock price as part of their compensation… or penalized when the price drops. How can they live with themselves knowing that price and market cap have been cut in half since the highs last November? Geez, I wonder why that is. Disgraceful. We may not still be in the 2700s, but we sure wouldn’t be scraping 52-week lows if not for all their horrible judgement.

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  9. Aren’t these clowns/MF’s up for election at this year’s meeting? That is assuming they set a date.

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    • Based on another comment I tried to access the file on my iPad and was able to read it.

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  10. The two co chairs and Murray Stahl are up for election to one year terms at the 2023 Annual meeting based on the declassification of the TBL BOD..

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  11. I wish stockholders would be even more insistent about the damage the management and their hip pocket directors have wrought on TPL

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  12. I am going to second Bob C. here. There are large investment companies with a significant amount of $$$ invested with these numbskulls. Why aren’t they making more of a stink about the board’s actions?

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      • I think our hope is that the proxy advisory services note they were lied to about Proposition 4 and subsequently don’t just blanket support board recommendations. And maybe are a bit skeptical of board members who are up for election that were part of the deception.

        while I am waiting for this, I might ask the monkey that flew out of my butt to bring me an ice cold IPA and turkey sandwich on rye. After it washed its hands of course, safety first.

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  13. There needs to be landslide elections ahead and none for candidates of the current management team. We need stalwards who understand the long standing successful business model of TPL that a short while ago had created a 14 billion dollar valuation, not amatuer acquision hunting and self serving management.

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  14. Nice to say, hard to do! The reality is that the TPL Management and Elected Board of Directors are still running the company. The Co-Chairmen and Murray Stahl are the only members of the BOD up for election at the 2023 Annual meeting. Its all spelled out in the SEC filing detailing the change from a Classified Board to a Declassified Board of Directors. The other directors terms end in 2024 and 2025.

    Click to access 0001104659-23-062421.pdf

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  15. Let’s play out our desired scenario of the co-chairs (Barry and Norris) being voted out at the 2023 annual meeting, and Stahl being voted in. Will he decide to stay on the board, or will the Stockholder Agreement be terminated and he has a choice to make? Would there be “co-chair” vacancies, and if so, how and when would they be filled? What would that mean for puppet Glover’s security of staying on as CEO?

    Top of mind for all of us is making sure the trial ends in our favor (killing Prop 4), but then so many questions are right around the corner to keep the momentum of the shareholders moving in a positive direction for TPL.

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  16. When the time comes, hopefully this group can bring collective wisdom to bear to remember and annotate which board members are shareholder friendly and which ones should be voted out. A running list posted here to spread the word would be helpful.

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  17. I just found this as a comment on “Texas Pacific Land: Sneaking Back Into The Bargain Bin” on Seeking Alpha.

    Paul Franke Yesterday, 4:49 PM Analyst Premium Comments (4.41K)
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    @HPBunker The compromise out of court may be that the authorization will only be used for a large stock split.

    Do you suppose somebody is trying to play make a deal? Isn’t that how the last TPL vs investors law suit ended?

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  18. My apologies, I knew we had hit 20 Billion cap but mistyped 14. Hard to explain but without reader glasses my old eyes do not work as well.

    The rumors of a deal with a split are not very comforting. Anyone know the origins or possible truth about this, or is it just wasted time?

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  19. Now I see how the current TPL management and board can redeem themselves (fat chance)
    Tesla Inc. directors, including Chief Executive Officer Elon Musk, agreed to return more than $735 million in stock awards and cash to settle an investor lawsuit accusing board members of improperly giving themselves massive compensation packages.

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