Summary Points
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Harbinger’s Objection: Electric trucking company Harbinger has filed an objection to the sale of Canoo’s assets to its CEO, alleging that Canoo hid assets and improperly listed those it did not own.
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Unfair Sale Process: Harbinger claims the sale process has unfairly favored Canoo’s CEO, Anthony Aquila, by not widely marketing the assets or conducting an appraisal before accepting his offer.
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Ongoing Legal Issues: The objection arises amidst an ongoing legal battle; Harbinger was founded by former Canoo employees and is still entangled in a trade secret lawsuit with Canoo.
- Settlement Clause Concerns: A clause in the sale agreement gives Aquila and the trustee power over any potential settlement from Harbinger to Canoo, which Harbinger argues could violate DOJ guidelines for Chapter 7 trustees.
Harbinger’s Allegations Against Canoo
Electric trucking company Harbinger recently filed an objection to the bankruptcy sale of Canoo’s assets. This objection complicates Canoo’s two-month-old bankruptcy case. Harbinger claims Canoo misrepresented its assets during the sale process. For instance, Canoo allegedly hid certain purchases, particularly those made from the bankrupt EV firm Arrival. Additionally, Harbinger contends that some listed assets may not belong to Canoo at all. They reached this conclusion after reviewing the virtual data room intended for potential bidders.
Moreover, Harbinger raises concerns about fairness in the bidding process. They accuse Canoo’s CEO, Anthony Aquila, of benefiting unduly from the sale agreement made in early March. Harbinger argues that the bankruptcy trustee accepted Aquila’s offer without conducting adequate marketing or appraisals of the assets. This situation raises questions about the integrity of the sale process. Such disparities could hinder fair competition in the electric vehicle industry.
The Broader Implications for the EV Industry
This dispute highlights tensions within the electric vehicle sector, particularly as new players like Harbinger emerge. Harbinger’s roots trace back to former Canoo employees, making their relationship complex. Previously, Canoo sued Harbinger for allegedly stealing trade secrets. That case remained active when Canoo filed for bankruptcy, adding another layer to an already tangled situation.
Furthermore, the sale agreement contains clauses allowing Aquila and the trustee to control any settlement related to the ongoing Harbinger case. Harbinger warns that such arrangements could conflict with Department of Justice guidelines for bankruptcy trustees. These developments could influence perceptions of transparency and fairness in the industry. Ultimately, the outcome of this skirmish may impact the broader adoption of electric trucking. Clarity and ethical practices will be crucial as the industry evolves, shaping the future of transportation and sustainability.
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