LL&E Royalty Trust (fka LRTR)

[LLnEorBust]

One other important bit of info that isn't apparent from the state case, but was in a recently-released transcript from the bankruptcy case: we know Conoco Phillips (maybe you've heard of them) is making a cash payment to the Trust as part of the settlement. As managing general partner of the LL&E Partnership, it (allegedly) breached its obligations to the unitholders by not acting in good faith to purse these claims, and was therefore a third party defendent in the suit. They literally never made a response on the merits of any claim against them in the entire 9 year history of the case--just some motion practice on why they can't be sued.

I hadn't really considered the Conoco angle. I'm a skeptical pessimistic ass by nature, but... there's a slight chance this thing is a lot bigger than I'd estimated.