Nikola founder Trevor Milton accused of trying to derail bankruptcy case | TechCrunch

Nikola's Bankruptcy and Lucid Motors Acquisition

The sale of Nikola's assets to Lucid Motors faced a potential setback when Trevor Milton, Nikola's founder, through his entity ISSO LLC, raised concerns about the auction process. This occurred despite an initial smooth approval by the court. Milton, recently pardoned by President Trump, has been previously barred from touring Nikola's Arizona factory.

Milton's Potential Motives

Nikola's lawyers suspect Milton's actions are an attempt to harm the company and potentially influence a $168 million arbitration award he owes. They believe he aims to create a situation where Nikola would accept a low-ball settlement offer. Milton's representative did not immediately respond to requests for comment.

The Sale and Remaining Assets

Lucid Motors acquired Nikola's Arizona factory, Phoenix headquarters lease, manufacturing equipment, and will hire approximately 300 employees. Nikola retains inventory, including hydrogen-powered trucks and other equipment.

Key Points

• Milton's actions are seen as an attempt to derail the bankruptcy proceedings.
• The $168 million arbitration award is a central point of contention.
• Lucid Motors' acquisition includes key assets, but Nikola still holds other inventory.