The CEO of Cano can buy EV startup assets, judge

Selling the sale of the bankrupt Canoo Canoo has been approved to its CEO by the judge who supervises the case. After evaluating a number of limited objections to the sale, Judge Brendan Shannon said in a listening session on Wednesday that he believed the operation was fair and that no other person provided only the CEO of Canoo Anthony Aquila.

Shannon resolution The road paves the way for Aquila to buy most of the EV startups for about $ 4 million in cash. Aquila plans to provide services to customers such as NASA and the Ministry of Defense, which bought some Canoo cars before the company is subject, according to lawyers who represent the CEO.

Canoo is the latest failure of a wave of EVs to provide bankruptcy, a list that includes Fisker, Lordstown Motors and Nikola.

Canoo is also one of these companies that obtained the CEO for the purchase of assets. The founder of the Lordsown Motors and former CEO, Steve Burns, bought Most of the assets of his company in bankruptcyNow, the newly founded Nicolas founder and former CEO, Tiffor Milton He tries to do the same with starting start.

Akuela was not the only one interested in Canoo’s origin.

Mark Filger, a Canoo lawyer, said during the hearing that up to eight parties other than Aquila signed NDAS and evaluated what was for sale. He said that a handful of those who approached only a presentation, including one group, said bankruptcy can raise concerns with the foreign investment committee in the United States because of “foreign ownership” (unlimited).

The most prominent of the parties that were almost on the assets are Harbinger, an electric truck company that recently objected to the sale and claimed Canoo He was hiding assets from potential buyers. Aklala lawyers said in a to reply Harbinger’s objection was “without merit and free from any realistic support.”

The founding Harbinger team and many of its first Kanoo employees were divided to create the new start start in 2021. Canoo accused these founders of hiding trade secrets on his way to a lawsuit filed in late 2022, which is still ongoing.

The result of this lawsuit became the focus of selling Canoo assets. The trustee believes that the victory of the Cano in the case can bring a large group of money as well as a possible judicial matter against Herbinger using any of these commercial secrets.

John Morris, a lawyer for Harbinger, stressed in the hearing that despite two years in court, no one outside Aquila knows even what is assumed that commercial secrets have been mixed. Canoo has never specified, even under SEAL, what he believed was stole Harbinger.

Harbinger’s objection to selling in part with that, claiming that the guardian or the evaluation company cannot correctly estimate the estate – which means that potential offers providers were not fully aware.

Morris also raised the issue of a specific condition in the sales agreement that gives Akkoula the final approval of any possible settlement in the lawsuit with Al -Kafir.

Morris argued that the guardian had abandoned his credit duty to the estate by giving Akwala the most likely to say any settlement. Shannon did not agree in the end.

Shannon indicated the testimony of the guardian that negotiations with Aquila lasted weeks and included a number of offers and opponents as evidence of the sale properly. He said that Akuela’s relationship with the company was properly unveiled.

He said: “The guardian managed a process that resulted in an important offer,” and the sale was “extending in good faith.”

Other objections to the sale often came from companies that either have distinct balances with Canoo or still stick to equipment. Filger told the court on Wednesday that most of these, if not all of them, are in the process of dissolving it.

This story was updated to include the final order for the judge and a response from Whs Energy Solutions, which is controlled by Aquila.