Mar 20Liked by Six Bravo

Great rundown of TPL. I think that the company's case is week and that HK/SV will prevail in April. Unfortunately, while the shareholders, should prevail in the end, it won't likely be without some more pain. TPL is, post conversion, a Delaware company. By Delaware law, they have 13 months post the last shareholder meeting, to hold the next one. I believe that come November/December, they will cancel the annual meeting indefinitely (assuming they don't try to use the May 23 meeting as the measurement date), and shareholders will have to sue them in Delaware court in early '24 to compel them to hold the annual meeting. Then the legacy trustees can finally be voted out.

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Mar 24Liked by Six Bravo

This was so helpful. I had trouble finding info on what the heck was going on with this company, but this post was everything that I needed. Thank you for your hard work.

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Apr 14Liked by Six Bravo

Thanks for a concise yet comprehensive summary of the situation, I am a shareholder and have been following the governance drama play out, but would get lost in figuring out the different pieces. This write up provides absolute clarity on the mess. Please keep up the good work !!.

HK and SV were parties to the shareholder agreement of 2019, can the the oddities of the corporate governance that flow from this agreement, be challenged in the courts?

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May 3Liked by Six Bravo

I own shares but no proxy at Fidelity. Do you know the relevant record date?

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