Glenbrook Capital Management Issues Letter to San Juan Royalty Trust Officer Requesting Explanation and Transparency Around Expenses, Capital Expenditures and the Trust's Financial Position
Glenbrook Capital Management, holder of 724,480 units of San Juan Basin Royalty Trust (NYSE: TRC), publicly demanded that trustee Argent Trust Company explain the Trust's expenses, capital expenditures and financial position, requesting a written response within ten business days. The letter flags distress signals: distributions are suspended, the Trust has drawn on its $2.0 million credit facility that matures May 21, 2027, and an accumulated excess production cost balance must be worked down before payouts can resume.
Key figures
- Response deadline
- ten business days
- Credit facility size
- $2.0 million
- Glenbrook units held
- 724480
- Credit facility maturity
- May 21, 2027
- Quoted newswire annual cost
- $7,200
- G and a expense decrease yoy
- $976,000
- Pnc recovery from hilcorp 2023
- $1,037,093
- Joint interest audit adjustment total
- $3.47 million
- Joint interest audit adjustment net negative
- $2.60 million
AI analysis
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