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  "documentTitle": "Danimer Scientific (DNMR)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-04-22 00:00:00",
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      "kind": "callout",
      "text": "Based on the recent presentation, Danimer does not project achieving this level until 2022",
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      "kind": "callout",
      "text": "We find it concerning that Danimer's reason for hiring a new CEO differs between its public press release and its court filings. While the August 2014 press release states “significant expansion” and “anticipation of long-term plans”, later court documents show the business was “experiencing financial difficulty” and in need of a “turnaround plan”. Based on Croskrey’s witness transcript, he was hired in 2016 to “conduct a turnaround because the company was near bankruptcy.”",
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      "kind": "callout",
      "text": "We find it concerning that Danimer's reason for hiring a new CEO differs between its public press release and its court filings.",
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      "text": "Just months before going public, Danimer settled a messy lawsuit with former CEO Paul Pereira over a contract dispute regarding a claw back of Pereira's deferred compensation. In 2013, Pereira was hired to turn around Meredian Holdings (now known as Danimer Scientific) which was facing bankruptcy. The Company alleged Pereira fabricated his resume and entered into a fraudulent side agreement with another director.",
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      "text": "I did that for six years, and then I retired. I was retired for about 11 years when I was called by Danimer to come conduct a turnaround because the company was near bankruptcy. — Croskrey Witness Transcript, August 13, 2019 Proceedings",
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      "text": "Source: MEREDIAN HOLDINGS v. PAUL PEREIRA (case number: 1:16-cv-00124-WLS) (Document 84)",
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      "text": "Comparison of public statement vs court filings regarding the company's financial state.",
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      "kind": "title",
      "text": "Meredian Holdings v. Paul Pereira",
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