May 21 (Reuters) - Texas Pacific Land Trust said on Tuesday it had filed a lawsuit against a nominee of its investor, Horizon Kinetic, which has been seeking to install its own trustee and begin selling off the firm's portfolio.
TPL, one of the biggest private landowners in Texas, has alleged that Horizon's nominee, Eric Oliver, "made material misstatements and failed to disclose material information relevant to shareholders."
It also alleged that he has acted in concert with an undisclosed group including Santa Monica Partners, Universal Guaranty Life Insurance Company and potentially other third parties.
"We have repeatedly raised serious questions about Mr. Oliver's background and potential conflicts of interest, to which he has refused to provide an adequate reply," TPL Trustee David Barry said in a statement.
New York-based money manager Horizon Kinetics, which owns about 23% stake in TPL, is working as a group with hedge fund SoftVest LP to back Oliver as a trustee, competing with the trust nominee retired U.S. Air Force General Donald Cook. Oliver is president of SoftVest.
Texas Pacific on Tuesday said that the special meeting had also been postponed till further notice. (Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber)