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EV Truck Maker Harbinger Accuses Canoo of Hiding Assets in Bankruptcy Sale
Harbinger, an electric trucking company, has filed a formal objection to the proposed sale of Canoo’s assets, claiming that its rival is attempting to conceal certain valuable assets from the sale process. In a surprising turn of events, Harbinger alleges that Canoo is hiding what it acquired from another bankrupt EV company, Arrival.
Harbinger made this accusation after gaining access to the virtual data room for potential bidders and conducting a thorough review of the available information. The company claims that its investigation revealed discrepancies in the assets listed for sale by Canoo. Specifically, Harbinger suggests that Canoo has failed to disclose the true nature and value of the assets it acquired from Arrival.
Furthermore, Harbinger accuses Canoo of listing assets that it does not actually own or control. While it did not specify which particular assets are in question, the company is adamant that the sale process has been unfairly skewed in favor of Canoo’s CEO, Anthony Aquila.
According to reports, Harbinger believes that the bankruptcy trustee accepted Aquila’s offer without properly marketing the sale of the assets or conducting a thorough appraisal. This, they claim, amounts to a breach of fiduciary duty by the trustee.
The accusation marks yet another twist in the complicated relationship between Harbinger and Canoo. The two companies have been embroiled in a contentious dispute since 2022, when Canoo sued Harbinger for allegedly absconding with trade secrets. The ongoing legal battle has taken on new significance following Canoo’s recent bankruptcy filing.
As part of the proposed sale, Aquila will gain an interest in any settlement that Harbinger may be required to pay to Canoo as a result of the trade secret dispute. Notably, one clause in the purchase agreement grants Aquila and the trustee considerable influence over the outcome of this potential settlement.
Harbinger is now urging the court to reject the proposed sale, citing concerns that such an arrangement could infringe upon Department of Justice guidelines for Chapter 7 trustees.
Source: https://techcrunch.com/2025/03/31/ev-truck-maker-harbinger-accuses-canoo-of-hiding-assets-in-bankruptcy-sale/
