Nikola’s founder, Trevor Milton, who was recently pardoned after being convicted of valuable fraud, is trying to buy his previous bankruptcy’s assets, according to new court records and a person acquainted with the matter.
Nikola presented for Chapter 11 defense of bankruptcy in February and said she hopes to sell her business by mid -month. Milton’s bid was received with a frozen reception – the registrations show that the company stopped her from inspecting her assets in her Coolidge factory, Arizona, earlier this month, as the Phoenix Business newspaper reported earlier.
Milton’s interest in Nikola is the last turn in the company’s long and strange story. Milton founded the company in 2014, took it public in one of the first unions of high -profile targeting in 2020, withdrew a few months later after the trick charges appeared in 2022. He was sentenced to four years in prison in 2023, and only last month was pardoned by President Trump.
Meanwhile, Nikola fought with battery fires, remembers her general financial health before she was bankrupt.
Lawyers for an entity of Nevada known as Isso Llc said in an appearance last week that she presented an offer for Nikola’s assets on March 21. As part of the bid process, Nikola agreed to allow ISSO to inspect the factory. But the company refused to allow videos or pictures to be taken and stopped a specific ISSO representative from entering the factory.
The name of this representative has been edited in the bankruptcy court submission. A lawyer representing Nikola described the person during an urgent hearing hearing last week, and his description fits Milton. Milton’s father, Lance Milton and one of his lawyers, Troy Wallin, are presented in documents that Isso LLC has submitted with different countries in recent years.
A person known for Milton’s intentions, who spoke about the state of anonymity, confirmed to Techcrunch that he is following an offer. A spokesman for Milton did not respond to a comment request.
At last week’s hearing, Nikola’s lawyer said Milton’s interest was “nothing more than a publicity stunt”. Judge Thomas Horan said the company “justified why this is necessary” to stop Milton to enter the facility. He denied Isso’s motion to allow Milton to visit the factory.
It is unclear if any other party submitted offers for Nicola’s assets before the April 3 deadline. On Friday, the court revealed that he planned to conduct an auction to “determine the highest and best offer” on April 7 at 10:00 AM et. No update was posted on the threshold of bankruptcy at the time this story was published.
