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  "docSlug": "da9f1a22e4af",
  "documentTitle": "Danimer Scientific (DNMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-22 00:00:00",
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  "pageNumber": 12,
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      "kind": "callout",
      "text": "“Armor Holdings Products LLC has agreed to pay the United States $30 million to resolve allegations that it violated the False Claims Act by knowingly manufacturing and selling defective Zylon bullet-proof vests, the Justice Department announced today. The United States alleged that Armor Holdings manufactured and sold Zylon bullet-proof vests despite possessing information showing that the Zylon materials degraded quickly over time and were not suitable for ballistic use. The Armor Holdings vests were purchased by the federal government, and by various state, local and tribal law enforcement agencies that were partially reimbursed by the United States under the Justice Department’s Bulletproof Vest Partnership program.”",
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      "text": "“Armor Holdings employed no scientists and relied on Honeywell for scientific expertise. Armor Holdings’ presidents, Croskrey and later Scott O’Brien (initially the president of an Armor Holdings affiliate), had business backgrounds. Armor Holdings’ chief vest designer, Bob Weber, was a former Los Angeles Police Department Officer, Croskrey had previously worked on the business side at Honeywell’s predecessor Allied Signal. He testified that Armor Holdings relied on Honeywell’s Z Shield expertise “because Honeywell was the manufacturer of the actual product [Z Shield] that actually stopped the bullets and they had more sophisticated laboratories, and they had teams of scientists with Ph.D’s, you know, expertise in these matters.”",
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      "kind": "callout",
      "text": "This raises concerns of the technology behind Danimer’s product and the Company’s firsthand research and diligence.",
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      "text": "CEO Stephen Croskrey’s last executive position prior to joining Danimer was as President of Armor Holdings Products Division. We are concerned by multiple legal cases brought against Armor during Croskrey’s tenure. The most notable, which Croskrey was directly involved in, was the Department of Justice (DOJ) lawsuit against Armor, along with other body armor manufactures and suppliers, for defective body armor. The most concerning accusation found in the case documents is that Armor “employed no scientists and relied on Honeywell for scientific expertise.” While never personally accused of wrongdoing, Armor paid a $30 million settlement. This raises concerns of the technology behind Danimer’s product and the Company’s firsthand research and diligence.",
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      "kind": "quote",
      "text": "Armor Holdings Products LLC has agreed to pay the United States $30 million to resolve allegations that it violated the False Claims Act by knowingly manufacturing and selling defective Zylon bullet-proof vests — U.S. DOJ. Armor Holdings employed no scientists and relied on Honeywell for scientific expertise — UNITED STATES OF AMERICA v. HONEYWELL INTERNATIONAL (case number: 1:2008cv00961) (Document 209; page 10).",
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      "text": "Source: UNITED STATES OF AMERICA v. HONEYWELL INTERNATIONAL (case number: 1:2008cv00961) (Document 209; page 10)",
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      "text": "Source: U.S. DOJ",
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      "kind": "title",
      "text": "CEO Croskrey’s Red Flags",
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      "arcName": "Overcoming the Monster",
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