Out-of-Stater Navigator: Sheehy Abruptly Resigns from CEO Position But Keeps His $37 Million Worth of Shares
This week, following Bridger Aerospace’s all-time stock lows, employee lawsuit, and $77 million in losses, Tim Sheehy resigned as CEO of his company, creating new questions about the conflicts of interest plaguing his candidacy.
MDP STATEMENT ON SHEEHY RESIGNING AS CEO OF HIS COMPANY
After Sheehy abruptly resigned as CEO, Sheila Hogan, executive director of the Montana Democratic Party, released the following statement:
“Last week, stock values for Bridger Aerospace were hitting all-time lows, and today Bridger announced Tim Sheehy’s resignation. While Sheehy has made Bridger’s success a central piece of his campaign, today’s news that he will resign – coupled with $77 million in losses and his former employees suing him – raises serious questions about Sheehy’s role. Now Sheehy’s refusal to divest and remove his financial ties to Bridger Aerospace deepens concerns as he campaigns for the position that would allow him to steer lucrative contracts to benefit his own portfolio.
THREE QUESTIONS SHEEHY MUST ANSWER ABOUT HIS RESIGNATION
Following his company’s reported financial difficulties and lawsuits from former employees, Sheehy must answer three key questions about his resignation.
1) Was Sheehy forced out of his company due to poor performance? Bridger Aerospace’s stock values were hitting all-time lows last week, just before Sheehy’s abrupt resignation.
2) Will Sheehy continue to campaign on his role at Bridger Aerospace? Sheehy has repeatedly used footage of Bridger Aerospace in his campaign materials – will he continue to do so now that he has resigned?
3) Will Sheehy be receiving a large payout as part of a severance package from Bridger Aerospace? Sheehy paid himself a $5 million salary amid Bridger’s financial troubles, raising questions about how the taxpayer-funded government contracts were being used right before Bridger reported $77 million in losses.
SHEEHY’S RESIGNATION CREATES MORE QUESTIONS THAN ANSWERS
Reporting on Sheehy’s resignation revealed the myriad of challenges facing Bridger, like “a significant drop” in stock prices, as well as the questions Sheehy has refused to answer.
REMINDER: MULTIMILLIONAIRE SHEEHY “SAVED BIG” ON LUXURY VACATION PROPERTY TAXES
Multimillionaire out-of-stater Sheehy used his business associate to lower his property taxes – saving himself tens of thousands of dollars as Montanafamilies saw their property taxes skyrocket.
Last year, Sheehy – with the help of one his company’s CFO – filed a “successful appeal of the valuation of his multimillion-dollar vacation property in Big Sky, saving tens of thousands of dollars.”
This appeal reduced his Big Sky vacation mansion’s value by $2 million – from $7.7 million down to $5.5 million. Sheehy rents his luxury vacation property for “an average of $1,400 a night.”
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