DALLAS, June 26, 2019 /PRNewswire/ -- SoftVest,
L.P., Horizon Kinetics LLC and ART-FGT Family Partners, the
Investor Group which collectively beneficially owns over 25% of the
outstanding shares of Texas Pacific Land Trust (NYSE: TPL) (the
"Trust" or "TPL"), announced today that it has filed court papers
seeking the prompt confirmation of Eric
Oliver's election as the third Trustee of TPL. The Investor
Group issued the following statement to TPL shareholders in
connection with its filing:
"Less than 24 hours before the special meeting of shareholders
scheduled for May 22, 2019,
David Barry and John Norris chose to bring litigation against
the Investor Group in a last-ditch effort to try to prevent the
election of Eric Oliver as Trustee.
Their effort failed and Mr. Oliver was elected Trustee by an
overwhelming 2-1 margin vote. However, one month later, TPL
management continues to refuse acknowledging the will of its
shareholders. Instead, Mr. Barry and Mr. Norris have decided to
continue wasting shareholders' money in a legal battle that they
launched in the first place.
"In order to bring the Court case to a prompt resolution, the
Investor Group has filed with the United
States District Court for the Northern District of
Texas a request for a declaratory
judgment that (1) the vote at the May 22,
2019 special meeting was valid and Mr. Oliver has been duly
elected a TPL Trustee, and (2) David
Barry has never been duly elected a TPL Trustee, among other
things. To prevent any further abrogation of TPL
shareholders' rights in connection with the May 2019 election, the Investor Group has also
requested that the Court issue a preliminary injunction prohibiting
Mr. Barry and Mr. Norris from taking any action on TPL's behalf
without Mr. Oliver's participation as a fully empowered
Trustee. The Investor Group has also requested that the Court
schedule the hearing on their motion for August 5, 2019, or as soon thereafter as the
Court is available. The Court filings are available here:
https://horizonkinetics.com/tpl/.
"On June 14, 2019, Mr. Barry and
Mr. Norris issued a press release stating they were "obliged to
remind shareholders that the proxy solicitation is suspended while
the litigation is pending." One week later, their counsel
requested, in a Court filing, a trial on the merits of the lawsuit
not commence until at least August
31, 2020. These recent statements – in addition to the
daunting discovery requests served last week by Incumbents' counsel
on the Investor Group, including Eric
Oliver's son and Allan
Tessler's two daughters – make clear TPL's true motivations
behind its lawsuit: (1) intimidate the Investor Group, (2)
impose on over 15,000 shareholders at least a year-long delay, and
(3) incur the costs of protracted litigation. All of these
nefarious tactics were taken in an effort to dodge the
shareholders' election of Mr. Oliver as Trustee. In the
meantime, the Incumbents continue to illegally manage TPL without
the necessary checks Mr. Oliver would bring as a duly elected
Trustee. All TPL shareholders should be aligned in asking TPL
management to fully cooperate in the prompt resolution of these
matters."
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content:http://www.prnewswire.com/news-releases/investor-group-files-court-papers-seeking-prompt-confirmation-of-eric-olivers-election-as-a-trustee-of-texas-pacific-land-300875021.html
SOURCE SoftVest, L.P., Horizon Kinetics LLC and ART-FGT Family
Partners