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Hugoton Royalty Trust Message Board

shredsail 2 posts  |  Last Activity: Mar 18, 2014 4:18 PM Member since: Jun 6, 2012
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  • Reply to

    Ban of America

    by greenpaper99 Mar 13, 2014 11:59 AM
    shredsail shredsail Mar 18, 2014 4:18 PM Flag

    I'd add that BOA's liability exposure is way out of line with the Trustee's administraton fees. $59K/year is fine if all you do is pass through checks to happy unit holders, but it is not enough to police the operator. Consider BOA, the trustee, has taken the trust's operator, XTO, into arbitration to defend the unitholders from the operator's demand that the unitholders help pay the settlement costs steming from XTO's alleged illegal profit taking (apparently with no or negative profits to the trust) that has been going on since the Trust was formed in the late 1990s. The Trustee has a fiduciary responsibility to be the watch dog on how the operator manages the trust. If BOA has been asleep at the wheel while XTO looted well proceeds, then they could also be open to unitholder's lawsuits charging breach of fiduciary duty. From what I can read, BOA can and is taking unitholders' distributions to defend itself, but BOA would be on the hook if they are found neglegent. The Goebel suit makes such a claim naming both XTO and BOA and asks for $59 million on behalf of the unitholders. That's 1000 times BOA's fee. It's just not worth BOA's exposure to operator misbehavior. Lawsuits can happen in any trust and are hard to see coming, no wonder BOA is getting out of the business.

  • Reply to

    Tax calculator question

    by motownjoe2 Feb 7, 2014 11:43 AM
    shredsail shredsail Feb 11, 2014 3:50 PM Flag

    Your broker's 1099 statement probably shows the distributions you have RECEIVED between Jan and Dec (inclusively) of each year. The royalty site shows when they are declared by the Trust..

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