As Shady Sheehy’s Business Struggled He Raked in the Cash
FOR IMMEDIATE RELEASE
Monday, August 5, 2024
CONTACT
rehm@mtdems.org
Helena, MT – With Shady Sheehy in the spotlight this week, here’s what to know about his flawed candidacy and weaknesses – starting with the truth about his business record:
After Sheehy’s company plunged millions of dollars into debt, Sheehy abruptly resigned as CEO and refused to divest from his company. But that didn’t stop him from collecting a multimillion-dollar paycheck first.
Sheehy’s company is “deeply in debt, hemorrhaging cash and at risk of failing to meet its financial obligations.” The company reported losses of more than $77 million.
Sheehy is getting sued by two former employees who claim Sheehy forced them “to sell off stock that was part of their compensation package before the company sold a subsidiary for hundreds of millions of dollars.”
Sheehy has said repeatedly on the campaign trail that “as a small business owner, you know, you don't balance the budget in your business, you don't get paid.” However, Sheehy continued to pay himself a multimillion dollar salary while his company tumbled into massive debt.
Amid mounting business troubles, Sheehy abruptly resigned as CEO of Bridger Aerospace. But, he refused to sell off his Bridger shares worth over $32 million, creating massive conflicts of interest. If elected, he could steer taxpayer dollars right into his wallet.
As NBC Montana reported, “the strongest thing [Sheehy] could do is to divest.” Selling off his shares in Bridger is the only way to prevent Sheehy from using his office for financial gain if elected.
Since Sheehy will not divest his financial stake in the company, which receives 96% of its funding from government contracts, he would be taking votes with clear knowledge of if they would financially benefit his portfolio.
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