Deliberate in Secret

https://www.prnewswire.com/news-releases/investor-group-responds-to-texas-pacific-lands-formation-of-conversion-exploration-committee-300874810.html

A far more important issue, though, is that the rules of the Charter you constructed require, among other philosophically interesting conditions, that the Committee members deliberate this topic in secret. Nor may they release any information, even after the conclusion of the Committee’s work, without your approval. Yet, that is contrary to the well and universally accepted principles of responsible and ethical corporate governance.

Sounds like the HK rep was being invited to a mob hit.

Blue Ribbon Panel to Explore C-Corp Conversion

Texas Pacific Land Trust Forms Conversion Exploration Committee to Consider C-Corp Conversion

Mayor Larry Vaughn of Amity Island forms committee to explore nuisance fish.  

Venezuelian President Maduro calls for fair and honest elections.

In all seriousness, while this appears to be a step in the right direction, this is a troll attempt.

McGinnis is on record as being Blue card friendly.  Cook is being put into the position to vote himself out of a potetional job (though he already lost the election).  This lineup is so obviously preposterous (4 out of 5 house votes), that one has to conclude the goal of this press release was to antagonize the “dissidents” and holders that actually have capital at stake.  You know, more than 300 shares.

If they really cared about C-corp they would put it to a shareholder vote immediately.

The Conversion Exploration Committee will evaluate, from a corporate, corporate governance, tax, accounting and business perspective, whether the Trust should be converted into a C-corp or, in the alternative, whether the Trust should remain a business trust (with potential amendments to the declaration of trust). The Conversion Exploration Committee will begin its work this week. While the process is expected to take several months, the Conversion Exploration Committee will make a recommendation to the Trust as soon as practicable.

The members of the Conversion Exploration Committee are:

  • John R. Norris III, incumbent Trustee
  • David E. Barry, incumbent Trustee
  • Four-Star General Donald Cook, USAF (Ret.)
  • Dana McGinnis, Founder and Chief Investment Officer of Mission Advisors, one of the Trust’s largest shareholders

The Trust also invites Horizon Kinetics to designate a person of its choosing as the fifth member of the Conversion Exploration Committee.