Texas Pacific Land Trust Board Fight Ends Up in Court, With Charges of Secret Deals

Texas Pacific Land Trust postponed a special shareholders meeting and sued the activist investor vying for a trustee job, the latest twist in an increasingly acrimonious proxy battle.The meeting, previously scheduled for June 6, has been called off until further notice to give investors "the opportunity to cast a fully informed vote,'' Trustee David E. Barry said Tuesday in a statement.The company also filed a lawsuit in federal court in Dallas against Eric Oliver, the dissident nominee, accusing him of violating securities laws related to the proxy contest and secretly working with other parties including Santa Monica Partners and Universal Guaranty Life Insurance Co.Oliver, who runs hedge fund SoftVest LP, said the claims in the lawsuit are without merit, and Santa Monica Partners and Universal Guaranty didn't need to register as part of the dissident group.  Continue reading...