Bloomberg and friedmans liquidating trust
“The real activity in the Permian is now in the areas where they have the most acreage.” In 1995, a low-profile fund named Horizon Kinetics LLC published research on the trust titled: “How to Buy 1 Million Acres of Fine Texas Grazing Land for .” The fund, whose CEO Murray Stahl declined to comment, has been in and out of the stock since the 1970s.
Some 3.5 million acres, an area the size of Connecticut, were given to bondholders, placed in a trust to be sold off over time, with the proceeds going to repay creditors.
The vehicle was listed in New York in 1927 with the mandate to buy back shares and pay dividends whenever land is sold, with the ultimate goal of liquidating itself.
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Texas Pacific Land Trust, a listed land bank created out of a railroad bankruptcy more than a century ago, has climbed more than 2,200 percent since 2010, outperforming the stocks of shale oil producers, service companies and prospectors alike. Its secret: vast tracts of mineral rights in the Permian Basin, the world’s hottest major oil region, earning revenues from the likes of Chevron Corp., which have to pay the trust when they produce from its land.
“This stock has been flying way underneath the radar for years,” said Eric Marshall, a Dallas-based fund manager at Hodges Capital Management Inc., an early investor and a top five shareholder, according to data compiled by Bloomberg.
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