Neugebauer, the company’s largest shareholder, is pushing for a strategic shift and new management, arguing that the board’s decision to terminate him was a calculated move to mask internal governance failures. He contends that while the board blames him for stalled tenant negotiations and stock price volatility, they have ignored the impact of a 56-million-share block sold by Pencross Energy and 11 million shares offloaded by Griffin Perry.

Central to the dispute is the board’s reliance on what Neugebauer describes as a 'post-hoc' investigation that failed to interview him or his former management team, despite those executives departing the company and walking away from millions in unvested compensation. Neugebauer is urging shareholders to ignore the board's white revocation cards and instead sign the green agent designation card to force a special meeting. He maintains that the path to recovering Fermi's value lies in a dual-track strategy of tenant acquisition and a potential strategic transaction, managed by an impartial board that replaces the current leadership.