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
- Fermi fired its CEO Toby Neugebauer in April.
- Neugebauer sued Fermi in Texas Business Court on May 1 (the case is still pending).
- Neugebauer announced a shareholder meeting for a vote on his preferred leadership on the board of directors.
- Fermi sued Neugebauer in Lubbock on May 8 to stop Neugebauer’s shareholder meeting. A judge refused to grant an emergency order and Fermi dropped the lawsuit.
- Fermi and Neugebauer both made public statements saying a May 29 shareholder meeting will not happen. Instead, the tentative date is June 30.
Fermi’s initiative is so big it has its own name: Project Matador…