The Price is Right (Wrong)

tpltblogger23 Comments

With earnings coming up in a couple weeks, let’s have some fun.

In the comment section, guess to the nearest dollar, without going over, the total legal expense reported for 2Q23.

Certainly not “$1 dollar, Bob”!

The winner of the game will get continued poor representation by the board and frustration in their investment.

23 thoughts on “The Price is Right (Wrong)”

  2. Here is my guess – I hope those to SOB’s rot in hell. Maybe I should sell some shares for anger management therapy? I just said what most are thinking!!!

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  9. I’ll go with 17 million but they should personally be sued for reckless spending. I’m surprised a law firm that needs some advertisement hasn’t picked this up yet.

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  10. Whatever they will have spent, I just hope it’s a hell of a lot less than the cool $16,628,000.00—it’s so much more impactful when you add in all the zeroes—they managed to include in total operating expenses of a mere $41 MM in Q1….that was our $16,628,000.00 they managed to offload from potential earnings, Net income for Q 1 2023 came in at $86,568 MM vs $97,900 reported in Q1 2022…so TPL managed to trail last year’s first quarter net income by more than $11 MM, all of which could have been offset had they kept their legal expenses (which, in fairness, is titled Legal and Administrative expenses) to approximately the $1,719 they incurred in last year’s first quarter.
    So, I’m guessing that the 2023 Q2 Legal and Administrative line will top $12,000,000.00….of which $10,500,000.00 will be purely attorney’s fees……so put me down for $10,500,000.00 devoured by a pissing contest involving attorneys representing TPL.

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  11. $9,867,543.02 …. regardless, it’s all a waste. It is amazing that this entity that was governed so wisely for over 120 years, got a change in management, delusions of grandeur and compensation to match.

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  12. $8,900,000

    I think most of the costs of discovery, depositions, investigating, and brief prep happened in Q1. Q2 legal should be the final legal prep before trial, and the trial itself. Since the dueling briefs are based only on information brought up at trial or points made at trial, that should limit Q2 compared to Q1.

    However, if HK/SV prevails, and if Judge Laster is annoyed enough to provide relief to them by having their legal costs reimbursed, that could lead to a fat legal cost line item in Q3. Hoping that happens, since it would further discredit most of the current board of directors to have supported such a lawsuit. And hopefully make them all unelectable in the next election(s).

    I expect a written decision on the case soon. The Delaware Court of Chancery often releases decisions on Friday’s, although that doesn’t happen with every business case.

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  14. Meanwhile the stock is bottoming out. Of course, it could bottom for longer than most, including me, expect. It could make another leg down but, to do that, it would require an even more omnious scenario than what most here have already accepted. Finally, if this management finally understands their fiduciary duty and goes back to growing the business as it has been so successfully managed for over a century, we might find ourselves pleasantly surprised.
    Meanwhile, I’ll hold my nose and keep my head down.

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  16. $13,372,000 to make it a nice round $30M total for this pathetic endeavor. Still, likely significantly less than would have been lost on ill-suited M&A deals.

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  18. According to the Delaware Court of Chancery Docket Chancellor Lasater had a trial all week last week [Not TPL], and only one item an unrelated to TPL Oral Arguments scheduled for Tuesday this week.

    As to the 2Q Legal Costs I would guess 25 million

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  19. Hard times create strong men.
    Strong men create good times.
    ‘Good Times’ was videotaped in front of a studio audience.
    Ty Glover is a weak man.
    David Barry is worse.

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  20. Probably $35m.

    Also, do we know where proposal 4 lands? Is it still possible that it will pass? Are we just awaiting the judge’s answer?

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    • others here can correct me, but we are still waiting. I think if the judge rules that HK and SV have to vote ‘for’ prop 4 (under the shareholders agreement) then it will pass. I guess HK and SV could appeal/challenge that.

      The Dark Lords could also appeal a ruling favorable to shareholders and HK SV.

      In most horror movies you have to kill the monster at least twice. So while i believe most of us are hopeful, it is not over (looks over shoulder).

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  22. $18.1 million… Still a fraction of what those losers have cost us in their mismanagement. I wish they were liable personally.

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