Texas Pacific Land Corporation (TPL)

[couldbebetter]

Someone posted a Youtube video of the shareholder meeting
link is on the Yahoo TPL message board. Was very interesting
more for the "tone" of the attendees. One individual, in fact
I think it was Craig Hodges, commented that he was a shareholder
for more than 20 years and he never got a return call from the
two incumbent trustees. After that statement the room burst
into applause.

I used to believe that TPL trustees were large shareholders
who used the trustee position to insure that TPL was doing
what was in the best interest of all shareholders. That era
is over. What used to be a pittance for the trustees salary
has ballooned to princely amounts. Management pay has skyrocketed.
Worst of all, large chunks of surface lands, and even certain
royalty rights acreage has been sold off which struck me as both
troubling and odd. (Those royalty rights should never be traded
or sold...they are perpetual, non-participating, meaning no money
need ever be put up by the holder to collect the royalty.) If
anyone believes that TPL trustees got the better of seasoned
Chevron executives, well, that is just insane.

Watching the video of that meeting leads me to believe that the
majority of shareholders want the two incumbent trustees gone.
Whatever legal means there is to dislodge them should be pursued.
Very sad that the trustees brought this on themselves.