"This company isn’t a cash cow for Todd to tick off few items with our cap raises then find a way to remove the minority holders."
Yes it is ...
It is less work and money for Todd to use FMS as its muppet to initiate and complete these types of works, a form of delegation. Very similar to when your boss hands out different tasks to different people so that your boss can focus on other things. Along the way CR's will be done (with the FMS SP dragged lower), FMS will do the work, and Todd will slowly increase its % of FMS (currently ~56%) using the cheapest methods possible to them. Todd are in this for the long game and are happy to proceed this way, considering the billions that will spent to achieve Todd's end game.
There is only one way now for FMS and it is the Todd way ... no other company will look at FMS due to Todd's %.