EV Truck Innovator Harbinger Alleges Canoo Concealed Assets in Bankruptcy Sale Drama
In a significant development within the electric vehicle industry, Harbinger, an electric trucking company, has raised an objection against the sale of Canoo’s assets to its CEO, Anthony Aquila. This objection could complicate the ongoing bankruptcy proceedings that have been underway for the last two months.
Harbinger’s Objections to Canoo’s Asset Sale
Filed late on Friday, Harbinger’s objection alleges that Canoo has not been transparent during the asset sale process. Key points of contention include:
- Concealment of Assets: Harbinger claims that Canoo is hiding certain assets from the sale process, including those acquired from the bankrupt EV company, Arrival.
- Ownership Disputes: The objection states that Canoo has listed assets that Harbinger believes the company does not actually own, although specific assets were not identified.
- Unfair Sale Process: Harbinger argues that the sale process has disproportionately favored Aquila, as his purchase agreement was accepted without adequate marketing or a proper appraisal.
Background on the Dispute
This objection marks another chapter in the contentious relationship between Harbinger and Canoo. Founded in 2021 by former Canoo employees, Harbinger has been embroiled in legal battles with its predecessor. Notably, Canoo filed a lawsuit against Harbinger in late 2022, alleging theft of trade secrets.
As Canoo filed for bankruptcy in January, the ongoing trade secret case remains unresolved. Notably, Aquila’s asset purchase includes an interest in any potential settlement Harbinger may owe to Canoo.
Potential Legal Implications
A significant clause in the purchase agreement allows Aquila and the bankruptcy trustee, Jeoffrey Burtch, to have effective approval over any settlement related to the ongoing case. Harbinger contends that this arrangement may infringe upon the Department of Justice’s guidelines for Chapter 7 trustees.
As of now, the trustee and Canoo’s legal representatives have not responded to requests for comment, and both Aquila and Harbinger’s attorneys have declined to provide statements regarding the matter.
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