Toby Neugebauer Sets the Record Straight: Protecting Fermi Shareholders From Rogue Contractors Is a Fiduciary Duty, Not a 'Liability'
He says audits uncovered systemic contractor overbilling and saved the company millions as he and affiliates seek a special shareholders' meeting.
- On Tuesday, Fermi Inc. co-founder Toby Neugebauer refuted recent board allegations regarding his leadership, rejecting claims that he "damaged relationships" with commercial counterparties.
- Neugebauer maintains that "strained relationships" resulted directly from his initiative to stop systemic overbilling by contractors, which he began auditing on December 31, 2025.
- Alongside CFO Miles Everson, Neugebauer launched "Fermi 2.0" to enforce strict financial discipline; seven key executives departed Fermi since his termination, contrasting zero resignations during his tenure.
- Neugebauer and a group of "Participants" intend to file a definitive proxy statement with the SEC, soliciting agent designations for a special shareholder meeting anticipated for June 30, 2026.
- Urging the board to focus on maximizing shareholder value, Neugebauer remains bullish on Project Matador, stating his only interest is the asset's continuity and operational stability.
35 Articles
35 Articles
Waterloo Cedar Falls Courier
Toby Neugebauer Sets the Record Straight: Protecting Fermi Shareholders from Rogue Contractors is a Fiduciary Duty, Not a 'Liability'
DALLAS, May 19, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest shareholder of Fermi Inc. ("Fermi" or the "Company"), today refuted recent allegations made by the Company's board regarding his leadership. The board's recent claims that Mr. Neugebauer "damaged relationships"…
Toby Neugebauer Sets the Record Straight: Protecting Fermi Shareholders from Rogue Contractors is a Fiduc
DALLAS, May 19, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest shareholder of Fermi Inc. ("Fermi" or the "Company"), today refuted recent allegations made by the Company's board
Fermi fight – going all-out for control of massive project on Texas Tech property
Fermi Inc., building possibly the world’s largest data center on Texas Tech property, is the subject of a corporate proxy fight. Federal records showed the project already means millions of dollars yearly for the Texas Tech University System, but if successful, it could bring much more. Both sides in the proxy fight agreed this week a May 29 shareholder vote will be put off. But they don’t agree on much of anything else. Recent developments Fer…
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