Tim Sheehy’s Resignation Creates More Questions Than Answers
FOR IMMEDIATE RELEASE
Tuesday, July 2, 2024
CONTACT
rehm@mtdems.org
Helena, MT – Yesterday, amid reports of financial difficulties and a lawsuit from former employees, Tim Sheehy resigned as CEO of his company, Bridger Aerospace.
Reporting revealed the myriad of challenges facing Bridger, like “a significant drop” in stock prices, as well as the questions Sheehy has refused to answer.
Read more below:
NonStop Local: Tim Sheehy resigns from Bridger Aerospace, his own company, as C.E.O.
July 1, 2024
Bradley Warren
Daily Montanan: Montana U.S. Senate candidate Tim Sheehy resigns from Bridger Aerospace
July 1, 2024
Blair Miller
The company reported concerns about its finances at the end of the year and is facing a lawsuit from two former employees who claim Sheehy and Bridger’s former parent company breached a contract involving stock compensation.
A spokesperson for Bridger Aerospace said the company was “not in a position to comment” on whether Sheehy would retain the millions of shares he holds in the company, which went public in January 2023. Neither the company nor campaign clarified if Sheehy would continue as a pilot for Bridger Aerospace.
In his latest financial disclosure form filed with the Senate mid-June, Sheehy said he paid himself $2.4 million from Bridger Aerospace last year. He reported holding between $11 million and $55 million in Bridger Aerospace stock in a trust, a separate LLC and in stock he has not cashed out, according to the disclosure form.
At the end of last year, the company reported in its annual filing with the SEC in March, Bridger Aerospace was facing challenges in meeting its debt obligations. In the months since, Sheehy and Bridger Aerospace’s former parent company were sued in Gallatin County District Court for an alleged breach of contract involving former employees’ stock compensation.
After Bridger on Monday announced Sheehy’s resignation, Montana Democratic Party Executive Director Sheila Hogan claimed his resignation “raises serious questions about Sheehy’s role” in Bridger’s leadership following prior reporting about the company’s finances and with the company’s stock hitting new lows over the past couple of weeks.
Helena Independent Record: Tim Sheehy Vacates Leadership Roles At Bridger Aerospace
July 1, 2024
Victoria Eavis
As of late April, Sheehy had a 21.35% ownership stake in the company through his nearly 10.4 million shares which are currently valued at roughly $36.4 million in total.
Bridger Aerospace has struggled in recent months, saying it may not be able to meet its financial obligations. Its stock has declined nearly 50% this year.
In other financial filings, Bridger Aerospace had acknowledged that Sheehy would be required to resign from his leadership roles if elected, but did not give indication that he would step down before then.
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