Toby Neugebauer Challenges Board to Unscripted Fermi Town Hall

The proposed forum comes as a direct challenge to the current board's governance. Following a recent federal court loss, the board implemented a 70% supermajority requirement for shareholders to expand the board, a move Neugebauer characterizes as an attempt to lock in permanent control. He argues that investors deserve a transparent account of the company’s trajectory, specifically regarding the handling of Project Matador, a 7,500-acre power campus in Amarillo, Texas, which holds an estimated fair value of $8 billion to $12 billion.

Neugebauer is advocating for a dual-track strategy to unlock this value, pushing for an independent, banker-led process to compare a full-value transaction against the current tenant-led model. While the current board has resisted this path, Neugebauer insists that a live, transparent exchange is necessary to allow shareholders to evaluate the competing visions for the company’s future. Analysts and industry experts interested in participating as questioners have been invited to contact his team ahead of the proposed date.