Exhibit 99.2
TEXAS PACIFIC LAND TRUST
1700 Pacific Avenue
Suite 2770
Dallas, Texas 75201
______
| TRUSTEES: | | OFFICERS: |
| JOHN R. NORRIS III | Telephone (214) 969-5530 | TYLER GLOVER |
| DAVID E. BARRY | | ROBERT J. PACKER |
June 24, 2019
Murray Stahl
Horizon Kinetics LLC
470 Park Avenue South
New York, NY 10016
Dear Mr. Stahl:
We are writing to you in our capacity as the trustees of Texas Pacific Land Trust (the “Trust”).
As announced this morning, the Trust has formed a Conversion Exploration Committee (the “Committee”) to evaluate whether the Trust should be converted into a C-corporation or remain a business trust. The charter of the Committee is attached hereto asExhibit A.
As fiduciaries of the Trust, we take seriously any input and feedback from the Trust’s shareholders as we strive to pursue the best interests of the Trust and its shareholders. Given that Horizon Kinetics is the Trust’s largest shareholder, we hereby formally extend to you an invitation to designate a principal or employee of Horizon Kinetics (or any of the other members of your Schedule 13D group) to serve as the fifth member of the Committee. All members of the Committee must return the completed and executed form confidentiality agreement, attached hereto asExhibit B. All other non-Trustee members of the Committee have agreed to the form confidentiality agreement.
The Committee intends to hold its first meeting on June 27, 2019. Therefore, please let us know whether you accept our offer by no later than5:00 p.m. Central Time on June 26, 2019. Our invitation expires if it is not accepted by that time.
This letter is being sent on behalf of the Trust while expressly reserving, and without waiving, any and all rights and defenses that the Trust may have with respect to this matter or the ongoing litigation.
| | Very truly yours, |
| | |
| | By: | /s/JOHN R. NORRIS III |
| | | Name: | John R. Norris III |
| | | Title: | Co-Chairman |
| | |
| | By: | /s/DAVID E. BARRY |
| | | Name: | David E. Barry |
| | | Title: | Co-Chairman |
