Electric truck companies predict objection Sell Canoo assets to CEO, potentially throwing wrench into Two-month-old bankruptcy case.
Harbinger’s objection filed Friday afternoon accusing CANOO of hiding certain assets in the sales process, including what The startup was purchased from another bankrupt electric car company. It also accuses CANOO of listing assets Harbinger believes the startup does not actually own (although not specifying which ones). Harbinger said this was a decision after considering buying assets and gaining access to potential bidders’ virtual data room.
More importantly, Harbinger said the sales process so far “unfairly favors Mr. Aquila”, referring to Canoo’s CEO Anthony Aquila, who reached an agreement to buy assets In early March. Harbinger claims that the bankruptcy trustee accepted Aquila’s offer without extensive sale of assets for sale or appraisal.
Dissent is the latest turning point that predicts the rock relationship between Kan’o. The omen is a few Former CANOO employee 2021. Canoo sues Harbinger in the second half of 2022, accusing these employees Absconded to a trade secret.
The trade secret case was still active when Canoo filed for bankruptcy in January. In fact, one thing Aquila bought with the assets is interest on any settlement, heralding that Hunbinger might end up paying Canoo.
A specific clause of the procurement agreement states that Aquila and the trustees have valid approval of any settlement in the Harbinger case. Harbinger believes this may be a violation of Chapter 7 Trustee’s Department of Justice Manual.
The trustees of the case, Jeoffrey Burtch and CANOO lawyers, did not immediately respond to requests for comment. Attorneys representing Aquila and Harbinger declined to comment.
