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.
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.
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?
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.
We agree. While the destination seems clear, the path is anything but. Thank you for your kind words.
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.
Hey JP, thanks for the kind words. Yes, the situation is a quite a mess, but we're glad our work was helpful!
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?
We have to say we are less than experts in this area for sure. We are watching as it plays out. We’ll have to see.
I own shares but no proxy at Fidelity. Do you know the relevant record date?
What record date are you referring to?
I was asking the date you had to own shares in order to vote. I bought shares in nov 2022 and feb 2023. I should have gotten a vote