Harbinger, an electric trucking company, has raised an objection to the proposed sale of Canoo’s assets to its CEO, potentially complicating the ongoing bankruptcy case that commenced two months ago. The objection, submitted by Harbinger on Friday, alleges that Canoo has failed to disclose certain assets in the sale process. This includes assets Canoo acquired from another bankrupt electric vehicle company, Arrival. Furthermore, Harbinger contends that Canoo has listed assets it does not actually own, although specific items were not identified. These conclusions were drawn by Harbinger after considering purchasing the assets and reviewing information from a virtual data room available to potential bidders.
Additionally, Harbinger argues that the sale process has been biased in favor of Canoo’s CEO, Anthony Aquila, who secured an agreement to purchase the assets in early March. Harbinger claims that the bankruptcy trustee accepted Aquila’s offer without adequately marketing the assets or obtaining an independent appraisal.
This objection marks a new development in the turbulent relationship between Harbinger and Canoo. Harbinger was established in 2021 by several former Canoo employees. In late 2022, Canoo initiated legal action against Harbinger, accusing these employees of misappropriating trade secrets.
This lawsuit concerning trade secrets remains active following Canoo’s bankruptcy filing in January. Notably, one of the items Aquila is acquiring along with the assets is an interest in any potential settlement that Harbinger might be required to pay to Canoo.
A clause in the purchase agreement grants Aquila and the trustee approval authority over any settlement in the Harbinger case, which Harbinger argues may infringe upon the Department of Justice’s guidelines for Chapter 7 trustees.
As of now, Jeoffrey Burtch, the trustee handling the case, and a lawyer representing Canoo have not provided comments. Attorneys for both Aquila and Harbinger have also declined to comment.
