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Message: From the Objection of the Official Committee
There has always been a provision, I believe, in the Joint Venture agreement whereby if TPL fails to make its capital contribution to PDS, Patriot would gain a bigger percentage of the MMP revenues. It would appear that DL with the blessing of our Director(s) have put in place provisions which continue to protect DL from losing his 50%. I want to know why our BoD members agreed to this. This BK is Patriots opportunity to seize control of at least PDS. Don't you want to know why they keep covering his backside?
From the Objection:
The December 23 Disclosure Statement still does not adequately describe how the Committee would have all control over the MMP Portfolio and in fact appears to place substantial limitation on the Committee’s representative's powers.
While the December 23 Disclosure Statement does clarify that upon appointment of the Committee representative to the PDS Management Committee, the Committee representative has all of the powers and responsibilities that Dan Leckrone has, including regardingthe appointment of a third member, it also provides that “If
the PDS Management Committee demands that TPL fund PDS, then Mr. Leckrone’s seat on the PDS Management Committee shall immediately revert to him or his heir, successor or assign with the authority to approve any third member of such Committee as may be permitted by law and contract.”
December 23 Disclosure Statement, p.44:7-10.
The December 23 Disclosure Statement does not explain why the seat will automatically revert to Dan Leckrone in the event of a capital call.
As the Court noted at the December 18 hearing, it is not the capital call that triggers a potential takeover of TPL’s interest in the MMP Portfolio, it is the failure to respond to the capital call that may causesuch unfavorable consequences. What is the purpose of restoring Dan Leckrone to the PDS Management Committee “with authority to approve any third member...”
Can he somehow reverse the decision for a capital call? Can he remove or not
approve any third member that may have been appointed following the appointment of the Committee representative? What is the benefit to creditors?
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