We’re not on the beach in Mexico just yet. But good progress. Well done to all of those involved.

Texas Pacific Land Up over 10%, on Pace for Largest Percent Increase Since February 2022 — Data Talk

(Dow Jones) — Texas Pacific Land Corporation (TPL) is currently at $1612.00, up $146.70 or 10.01%

–Would be highest close since April 18, 2023, when it closed at $1616.35

–On pace for largest percent increase since Feb. 28, 2022, when it rose 11.52%

–Snaps a two day losing streak

–Down 31.24% year-to-date

–Down 40.63% from its all-time closing high of $2715.06 on Nov. 7, 2022

–Down 1.80% from 52 weeks ago (Aug. 4, 2022), when it closed at $1641.55

–Down 40.63% from its 52-week closing high of $2715.06 on Nov. 7, 2022

–Up 25.68% from its 52-week closing low of $1282.66 on June 23, 2023

–Traded as high as $1618.16; highest intraday level since April 18, 2023, when it hit $1634.34

–Up 10.43% at today’s intraday high; largest intraday percent increase since Feb. 28, 2022, when it rose as much as 12.58%

All data as of 1:50:40 PM ET

Source: Dow Jones Market Data, FactSet

(END) Dow Jones Newswires

Sorry for being half-in on all of the excitement over the past couple days. Planes, trains, and automobiles….

https://ir.stockpr.com/tpltrust/sec-filings-email/content/0001811074-23-000041/tpl-20230630.htm

Legal expenses were $10MM. Congratulations to commenter Paul who nailed it. Runner up was StrategicInvestor. Hopefully we are turning the page on that ugly chapter.

$609MM in cash on the balance sheet. Only $20MM of repurchases. My focus now moves from governance (I hope) to return of capital and ROE maximization.

Wheels up soon. Let us know your reactions to the quarter in the comments.

Poached from ATG Capital Management’s post on Twitter

https://news.bloomberglaw.com/us-law-week/delawares-judge-laster-is-making-his-mark-on-corporate-america

This is the vice chancellor that is presiding over the $TPL case against its largest stockholder.

Interesting read, and makes me more excited for his ruling (which will hopefully be a total smackdown of the 🤡s) https://t.co/SJAqFVmpRu

— ATG Capital Management (@ATG_Capital) August 2, 2023

https://310value.substack.com/p/big-win-for-the-good-guys-board-refreshment

Reaction and summary of yesterday’s happenings.

https://www.sec.gov/Archives/edgar/data/1056823/000105682323000043/formsc13da.htm

https://www.texaspacific.com/investors/news-events/press-releases/detail/147/texas-pacific-land-corporation-announces-board-refreshment

Limited time to process this right now but whoa…

Wrong answers only…

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.

~$20MM in legal fees and 9 months later; this is where we’re at.

Here is a bit of the plaintiff’s side. Adds context to the doc in the prior post. Obviously I’m biased but don’t want to only show one side all the time.

Filed yesterday. We’re only seeing one side of this because they cost me $60 each ($20 search fee and $40 doc fee).

Comments from the last post imply that we might hear something on Friday?

Oh to be an independent TPL board member… Cash checks, collect share grants, and turn your head on blatantly misguided legal expenses. What a way to spend your retirement!

Picture credit to @jtinvests on Twitter. https://twitter.com/atg_capital/status/1671156854230233097?s=46&t=oboeinihvjNn__bpHMCoXQ

The return of “unclean hands”.

“Because TPL engaged in such ‘reprehensible conduct in relation to the matter in controversy,’ it has ‘forfeit[ed] [its] right to have the court hear [its] claim.’”

Thank you to the board and management who effort tirelessly to drive value for shareholders.