Mysterious financier asks judge to stop Canoo asset sale

Summary

A mysterious investor out of London has asked a bankruptcy judge in Delaware to stop the sale of EV startup Canoo’s assets to its CEO, calling it a “flawed” process. Charles Garson, a UK-based investor with no obvious ties to the EV startup, offered $20 million for Canoo’s assets, according to a filing. A lawyer representing Garson filed a motion Friday to vacate the sale, claiming he presented a “far superior offer” to that of Canoo CEO Anthony Aquila, who bid just $4 million in cash for the assets. (Aquila’s bid also includes the extinguishment of around $11 million in loans Canoo owes to his own financial firm.) Garson allegedly was told by the bankruptcy trustee that his offer would be considered and he had until roughly the end of April to finalize the details, according to the filing. Two days after Garson claims he was told this, the trustee “moved forward with the Sale Hearing” and closed the sale of Canoo’s assets to Aquila. The sale ultimately closed on April 11. The bankruptcy trustee did not respond to a request for comment. Garson is not alone in protesting the sale. Harbinger Motors, an EV trucking startup that was created by a number of ex-Canoo employees, objected to the sale before it was finalized. The bankruptcy judge overruled that objection; Harbinger has filed an appeal. There is very little information available about Garson online. His LinkedIn profile states he is located in London and involved in real estate investments. His is listed as a director of a real estate investment company called Garland Holdings Limited in the U.K, according to the country’s business registry. The motion to vacate does not explain why Garson is interested in Canoo, or whether other investors are involved. Garson provided a declaration in support of the motion to vacate, which includes 23 exhibits. But all of those documents were filed under seal. A lawyer for Garson did not immediately respond to a request for comment. “[Garson] believed he had more than enough ...