Key Summary: On October 11, 2022, Shipyard Capital, Cedar Creek Partners, and Walter C. Keenan (11.4%) requested The Bank of New York Mellon Trust Company to file suit against PCEC, threatening to remove the trustee if it refused. On December 12, 2022, they (12.8%) accused the trustee of not representing unitholders and not suing PCEC for improper assessments. On December 22, 2022, alongside Evergreen Capital Management (22.5%), they reiterated these concerns. On May 8 and May 24, 2023, they urged shareholders to vote for proposals to remove the trustee and amend the Trust Agreement. At the July 12, 2023, special meeting, the first proposal was approved, but the second was not.Market Cap: $21 million | Pacific Coast Oil Trust acquires and holds net profits and royalty interests in various oil and natural gas properties located in California.
On October 11, 2022, Shipyard Capital, Cedar Creek Partners and Walter C. Keenan ("concerned shareholders" together 11.4%) sent a letter to the company's trustee, The Bank of New York Mellon Trust Company, requesting that it file suit against PCEC, the trust's operator. They stated that if the trustee refuses, they intend to call a special meeting to remove the trustee.
On December 12, 2022, the concerned shareholders (12.8%) stated their belief that the trustee is not properly representing unitholders. The trustee has refused to file suit against PCEC for what we believe are illegal and improper assessments against the trust, preventing the trust from making distributions and potentially forcing dissolution and liquidation, which we believe would harm unitholders.
On December 22, 2022, the concerned shareholders together with Evergreen Capital Management (22.5%) filed 13D reiterating their concerns. Source
On January 12, 2023, the concerned Group filed a fifth amended Schedule 13D updating Evergreen’s Unit holding to reflect recent client attrition (bringing the 13D Group’s aggregate ownership to 21.3%).
On May 8, 2023, the concerned Group filed proxy materials urging shareholders to vote FOR its two proposals.
To remove the Bank of New York Mellon Trust Company, N.A. as trustee of the Trust.
To adopt an amendment to Section 8.02 of the Trust Agreement requiring the Trust to bear all costs associated with calling any meeting of Unitholders that is called by Unitholders owning of record not less than 10% of the then outstanding Units should any of the proposals submitted at such meeting receive a majority vote in favor.
On May 24, 2023, the concerned Group filed proxy materials urging shareholders to vote FOR its two proposals. Source
At the special meeting held on July 12, 2023, shareholders approved the first proposal but the second proposal was not approved.
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