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TEXAS PACIFIC LAND CORPORATION v. HORIZON KINETICS LLC

C.A. No. 2022-1066-JTL.

306 A.3d 530 (2023)

TEXAS PACIFIC LAND CORPORATION, Plaintiff, v. HORIZON KINETICS LLC, Horizon Kinetics Asset Management LLC, SoftVest Advisors, LLC, and SoftVest, L.P., Defendants.

Court of Chancery of Delaware.

Date Decided: December 1, 2023.

Attorney(s) appearing for the Case

A. Thompson Bayliss , Adam K. Schulman , Peter C. Cirka , G. Mason Thomson , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Yolanda C. Garcia , Tayler G. Bragg , SIDLEY AUSTIN LLP, Dallas, Texas; Alex J. Kaplan , Charlotte K. Newell , Robert M. Garsson , Cassandra Liu , Deborah Sands, SIDLEY AUSTIN LLP, New York, New York; Elizabeth Y. Austin , SIDLEY AUSTIN LLP, Chicago, Illinois; Robin Wechkin , SIDLEY AUSTIN LLP, Issaquah, Washington; Counsel for Plaintiff Texas Pacific Land Corporation.

Rolin P. Bissell , James M. Yoch, Jr. , Alberto E. Chávez , Michael A. Carbonara, Jr. , YOUNG CONAWAY STARGATT & TAYLOR LLP, Wilmington, Delaware; Christopher E. Duffy , John Goodwin , VINSON & ELKINS LLP, New York, New York; Robert Ritchie , K. Virginia Burke DeBeer , VINSON & ELKINS LLP, Dallas, Texas; Counsel for Defendants Horizon Kinetics LLC, Horizon Kinetics Asset Management LLC, SoftVest Advisors, LLC, and SoftVest, L.P.

POST-TRIAL OPINION

A board of directors recommended that stockholders vote for a charter amendment to increase the corporation's authorized shares. The defendants voted against the amendment. The corporation asserts that a stockholders agreement bound the defendants to follow the board's recommendation. The defendants respond...

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