FRANKFORT, Ky. — Friday, Kentucky Governor Andy Beshear released documents related to Kentucky’s investment in Braidy Industries.
“In releasing these documents, we are showing Kentuckians that we are committed to transparency and open government,” Gov. Beshear stated in a news release.
Braidy industries CEO and Chairman Craig Bouchard release this statement about the documents being made public: “Braidy Industries believes in transparency as well as in the privacy of its shareholders. The state asked for the release of these documents and we were happy to support this request. The Commonwealth Seed Fund is a valued shareholder. Braidy strongly supports the governor, the bi-partisan leadership of the state of Kentucky, and all of its agencies.”
WHAS11 Focus Investigation team was able to identify at least seven investors connected to Braidy Industries. The records we checked didn't show that the investors listed below made any donations to former Kentucky Gov. Matt Bevin.
Investor and number of shares they own:
-- Craig Bouchard (4.5 million shares) *Largest stakeholder*
-- John Preston (200,000 shares)
-- Michael Porter (100,000 shares)
-- Christopher Schuh (100,000 shares)
-- Charles Westin, Ltd./Carl Westin, Ltd. (500,000 shares)
FOCUS' research found that Charles Price (400,000 shares) made donations totaling $12,000 to Bevins. Breakdown of the donations: In 2017, $1,000 donated on four separate occasions and from two different addresses. In 2019, $2,000 donations on four separate occasions.
According to the Attorney General's Office, Commonwealth Seed Capital, LLC, (3 million shares), was contracted by the state to manage the $15 million investment account. Kentucky is the largest stakeholder and Craig Bouchard is the second.
The documents which includes the names of those who invested in Braidy Industries also include:
A letter of intent regarding Kentucky’s $15 million investment
Here are some other things to know about the documents:
The letter of intent includes the formalization of the initial mutual understanding between the Commonwealth and Braidy Industries regarding the Commonwealth’s $15 million investment. The stock purchase agreement details the initial investors in Braidy Industries following the letter of intent.
Kentuckians can learn about the structure of governance of Braidy Industries by reading the voting agreement. The investors’ rights agreement contains the rights of the initial investors to inspect the company, cause stock to be issued and purchase future sales of stock.
The documents include minimal redactions of personal addresses in accordance with state open records laws and the circuit court’s order. The previous administration refused to release the documents requested by The Courier-Journal despite an attorney general’s open records decision and multiple court rulings* holding that they are public records, Beshear's office said.
In December 2018, Gov. Beshear released the 2017 proposed pension reform analysis. The analysis commissioned and withheld for years by the former administration shows those proposed reforms costing the state retirement systems more and negatively affecting the retirements of educators and public employees, compared to the existing, bipartisan reforms made in 2013, according to Beshear's administration.
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