Nicholas founder Trevor Milton, who recently pardon According to the new court filing and people familiar with the matter, they tried to buy the assets of their former company after being convicted of securities fraud.
Nichola filed for Chapter 11 bankruptcy protection in February and said he hoped to pass Mid-month. Milton’s bid met a cold reception – the company was unable to personally inspect Coolidge, Arizona’s assets as Phoenix Business Magazine, documents show Previous reports.
Milton’s interest in Nicholas is the latest twist in the company’s long and weird story. Milton, who founded the company in 2014, was publicly publicized in one of the first high-profile special purpose mergers in 2020, had fraud charges surfaced a few months later and were convicted in 2022. President Trump pardons.
Meanwhile, Nikola struggled with battery fires, recalls and overall financial situation before filing for bankruptcy.
Nevada lawyer ISSO LLC is in Register Last week, it submitted a bid for Nikola assets on March 21. As part of the bidding process, Nikola agreed to let ISSO inspect the factory. But the company refused to allow videos or pictures to be taken and prohibited specific ISSO representatives from entering the factory.
The name of the representative has been removed in the bankruptcy court application. The lawyer representing Nicholas described the person at an emergency hearing last week, his Description is suitable for Milton. Milton’s father, Lance Milton, and one of his attorneys, Troy Wallin, appeared on paperwork ISSO LLC, and have been brought to states over the past few years.
A man familiar with Milton’s intentions, speaking on anonymous condition, confirmed to TechCrunch that he was pursuing a bid. A Milton spokesman did not respond to a request for comment.
At last week’s hearing, Nicholas’ lawyer said Milton’s interest was “less than publicity stunts.” Judge Thomas Horan said the company “deemed why it was necessary” to ban Milton from accessing the facility. He denied Isso’s motion allowed Milton to visit the factory.
It is unclear whether other parties submitted bids for Nikola’s assets by the April 3 deadline. On Friday, the court revealed that it was planned to conduct an auction of “determining the highest and best offer” at 10:00 a.m. ET on April 7. The update to the bankruptcy case has not been published at the time of this story.
