Electric Trucking Company Harbinger has filed an objection to the sale of cano’s assets to its ceo, potentially throwing a wrench into The two-month-old bankruptcy case,
Harbinger’s Objection, Filed Late Friday, Accuses Canoo of Hidding Certain Assets from the Sale Process, Including What The Startup Purchased From Another Bankrupt Ev Company, ArrivalIt also accuses cano of listing assets that harbinger believes the Startup did not actually own (Thought it did not specify which ones). Harbinger said it came to this determination after its assets and gained access to the virtual data room for potential bidders.
What’s more, Harbinger Says The Sale Process has so far in early MarchHarbinger claims the bankruptcy trustee accepted aquila’s offer without widely marketing the sales of the assets or obtaining an appraisal.
The objection is the latest twist in the Rocky Relationship Between Harbinger and Cano. Harbinger was created by a handful of Former Canoo Employees in 2021. Canoo sued harbinger in late 2022, alleging that thats Employees Absconded with Trade Secrets,
That trade secret case was still active when cano filed for bankruptcy in January. In fact, one of the things aquila is purchasing along with the assets is an interest in any Settlement Harbinger May Wind Up Paying to Cano.
One Particular Clause of the purchase agreement states that aquila and the Trustee have effective Approval over Any Settlement in the Harbinger case. Harbinger Argues This Cold Violate The Department of Justice’s Handbook for Chapter 7 Trustees.
The Trustee in the case, jeoffrey burtch, and a laws for cano did not immediatily respond to a request for comment. Lawyers representing aquila and harbinger declined to comment.