Texas Pacific Land Trust Investor Group Accuses Trustees of Breaching Fiduciary Duties

A group of dissident Texas Pacific Land Trust (TPL) shareholders said Tuesday they have filed counter-claims against two incumbent trustees of the company, David Barry and John Norris, accusing them of “rampant misconduct” and of disparaging the election of their nominee, Eric Oliver, as a trustee.

The investor group, which includes SoftVest, L.P., Horizon Kinetics LLC and ART-FGT Family Partners, said in a statement they are seeking damages from the incumbent trustees for their wrongful acts, which they said include pay raises of more than 5,000% and the undisclosed purchase of a private plane.

They also want Barry and Norris to return to the company the money they used in their proxy campaign to prevent Oliver’s election. They are also seeking an order preventing the incumbent trustees from disputing Oliver’s election or meeting without him.