Electric trucking company Harbinger challenges the CEO sale of CANOO’s assets and could throw a wrench in a two-month bankruptcy case.
Harbinger’s objection filed late Friday accusing Canoo of hiding certain assets from the sales process, including those purchased by the startup from the arrival, another bankruptcy EV company. Canoo also accuss Harbinger of listing assets that the startup thinks are not actually owned (but did not specify which one). Harbinger said he came to this decision after considering purchasing the property and gaining access to the virtual data room for potential bidders.
Additionally, Harbinger said the sales process has been “unfairly endorsed by Akira” so far. Canoo CEO Anthony Aquila reached an agreement to buy the assets in early March. Harbinger claims that the bankruptcy trustee accepted Aquila’s offer without broadly selling the sale of the assets or obtaining valuations.
The objection is the latest twist in the rocky relationship between Harbinger and Canoo. Harbinger was created in 2021 by a handful of former Canoo employees. Canoo sued Harbinger in late 2022, claiming that those employees had trade secrets.
When Canoo filed for bankruptcy in January, the trade secret case was still active. In fact, one thing Aquila buys is buying along with assets.
One particular clause in the purchase agreement states that Aquila and the trustee have effective approval for the settlement in Harbinger case. Harbinger argues that this could violate the Department of Justice Handbook of Chapter 7 Councillors.
The case’s trustees, Jeoffrey Burtch and Canoo’s attorneys, did not immediately respond to requests for comment. The lawyers representing Aquila and Harbinger declined to comment.