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Hugoton Royalty Trust Message Board

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  • shredsail shredsail Aug 9, 2012 12:19 PM Flag

    Trustee objects to XOM/XTO's charge of 80% of settlement: Arbitration

    Truly a positive development with regards to all three of the lawsuits, and the rightful distribution of profits from well production. Also seems to indicate B of A's intention to fulfill its obligation to act in the unit holders’ best interest, and to concur with our view that the trust didn’t actually benefit from the unjust enrichment. The $200,000 reserved to hire the outside law firm, Knight and Thomson, might end up being very well spent!

    BTW, probably, and hopefully a coincidence, but a letter dated 18 July from Helms and Underwood on my behalf demanded the Trustee initiate necessary actions to keep XTO from allocating settlement obligations to the Trust. The two law firms (which should have similar client interests to protect against XTO) talked during the last week of July.

    Also still an issue is the possibility of back distributions I suspect may be due to unit holders.

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