Toby Neugebauer, the co-founder and largest shareholder of energy and data center development company Fermi, said on Friday he has suspended his proxy campaign to call a special meeting after a Texas Business Court judge recused himself shortly before a scheduled hearing, disrupting the timetable for a strategic review.
Neugebauer said more than 70% of votes cast so far backed a special meeting, but the judicial delay made it impossible to seat new directors in time to oversee what he called a “true dual-track process” for the company’s financial and leasing needs.
He said he would continue pressing the court to rule on Fermi’s 70% supermajority bylaw, which he has criticized as a board-entrenchment measure. The proxy campaign had won support from Glass Lewis and Egan-Jones, he said.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
