{"id":90681,"date":"2026-07-03T14:16:50","date_gmt":"2026-07-03T18:16:50","guid":{"rendered":"https:\/\/tvdelmarva.com\/wp\/fermi-co-founder-halts-proxy-push-after-texas-judge-steps-aside\/"},"modified":"2026-07-03T14:16:50","modified_gmt":"2026-07-03T18:16:50","slug":"fermi-co-founder-halts-proxy-push-after-texas-judge-steps-aside","status":"publish","type":"post","link":"https:\/\/tvdelmarva.com\/wp\/fermi-co-founder-halts-proxy-push-after-texas-judge-steps-aside\/","title":{"rendered":"Fermi Co-Founder Halts Proxy Push After Texas Judge Steps Aside"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n

Toby Neugebauer, the co-founder and largest shareholder of energy and data center development company Fermi, announced Friday that he is putting his proxy campaign on hold. The move came after a Texas Business Court judge stepped away from the case just before a scheduled hearing, throwing off the timeline for a planned strategic review.<\/p>

Neugebauer said that more than 70% of the votes counted so far had supported his effort to call a special meeting. However, the unexpected judicial delay made it impossible to seat new board directors in time to oversee what he described as a “true dual-track process” aimed at addressing the company’s financial and leasing needs.<\/p>

Despite suspending the campaign, Neugebauer said he intends to keep pressing the court to issue a ruling on Fermi’s 70% supermajority bylaw \u2014 a provision he has publicly criticized as a tool used to entrench the existing board.<\/p>

The proxy effort had gained notable backing from advisory firms Glass Lewis and Egan-Jones, Neugebauer noted.<\/p>

He also expressed continued confidence in Fermi’s ability to lock down its tenant group. The company supplies power to data centers during a period of surging demand driven by the artificial intelligence industry. Neugebauer said he believed a deal could be reached, provided that negotiations involve the same parties his team had been working with prior to his departure from the company.<\/p>","protected":false},"excerpt":{"rendered":"

Toby Neugebauer, co-founder and top shareholder of energy and data center firm Fermi, has put his proxy campaign on hold after a Texas Business Court judge stepped down from the case just before a key hearing. Neugebauer said more than 70% of votes cast had supported his call for a special meeting, but the judicial disruption made it impossible to get new board members seated in time. He says he will keep pushing the court to address what he views as a board-protection measure buried in the company’s bylaws.<\/p>\n","protected":false},"author":4,"featured_media":90680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[834],"tags":[],"class_list":["post-90681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/tvdelmarva.com\/wp\/wp-content\/uploads\/2026\/07\/news-1783102609921.png?fit=1920%2C1080&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/pbtNqq-nAB","jetpack-related-posts":[{"id":68450,"url":"https:\/\/tvdelmarva.com\/wp\/lululemon-founder-signals-willingness-to-end-corporate-dispute\/","url_meta":{"origin":90681,"position":0},"title":"Lululemon Founder Signals Willingness to End Corporate Dispute","author":"Admin","date":"May 18, 2026","format":false,"excerpt":"The founder of athletic wear company Lululemon says he's prepared to settle ongoing disagreements with the company's board. 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