Nikola Trevor Milton’s founder, who is recently forgiven after being convicted of fraudulent titles, is trying to buy his former bankruptcy assets, according to new court deposits and a person familiar with the matter.
Nikola testified to protect Chapter 11 in February and said it hoped to sell its activities in the middle of the month. Milton’s offer met with a frozen reception – deposits show that the company prevented him from personally inspecting assets at Coolidge, Arizona Factory earlier this month, such as Phoenix Business Journal previously reported.
Milton’s interest in Nikola is the last twist in the long, strange story of the company. Milton founded the company in 2014, took it publicly in one of the first mergers of special purpose in 2020, resigned a few months later after his appearance, sentenced to 2022, sentenced to four years in prison in 2023 and just last month.
Meanwhile, Nikola has fought with battery fires, and remembers overall financial health before bankruptcy.
Lawyers for an Entity of Nevada known as Isso LLC said in a deposit Last week, that it had a bid for Nikola’s assets on March 21st. As part of the bidding process, Nikola agreed to let the ISSo inspect the plant. But the company refused to allow video or images to be downloaded and banned a specific representative from entering the factory.
The name of this representative has been issued in the deposits of the Bankruptcy Court. A lawyer representing Nikola described the person during an emergency hearing last week and his Description Fit Milton. Milton’s father, Lance Milton and one of Troy Wallin’s lawyers appears at the Paperwork Isso LLC has deposited in various states in recent years.
A person familiar with Milton’s intentions, who spoke about the condition of anonymity, confirmed to TechCrunch that he was seeking an offer. A Milton spokesman did not respond to a request for comments.
At last week’s hearing, Nikola’s lawyer said Milton’s interest was “nothing more than an advertising trick”. Judge Thomas Horan said the company “justifies why it is necessary” to prohibit Milton from entering the installation. He refused the ISSO proposal to allow Milton to browse the factory.
It is not clear whether some other parts submitted bids for Nikola assets before the April 3rd. On Friday, the court revealed that it was planning to auction to “determine the highest and best offer” on April 7 at 10:00 am. No updates were published in the Docket Docket at the time this story was published.
