## Canoo Asset Sale Faces Roadblock as Mysterious Investor Steps In
The already turbulent path of EV startup Canoo has taken another unexpected turn. A London-based financier, shrouded in mystery, is attempting to halt the sale of Canoo’s assets to its own CEO, Anthony Aquila, arguing that a far better offer was overlooked.
Charles Garson, the UK-based investor, has filed a motion in a Delaware bankruptcy court seeking to vacate the asset sale. According to the filing, Garson offered a substantial $20 million for Canoo’s assets, significantly exceeding Aquila’s $4 million cash bid. Aquila’s offer did include the extinguishment of approximately $11 million in loans owed to his financial firm, but Garson contends his cash offer is still superior.
The motion alleges that Garson was initially informed by the bankruptcy trustee that his offer would be considered and that he had until the end of April to finalize details. However, just two days later, the trustee proceeded with the sale hearing and finalized the deal with Aquila on April 11th. The bankruptcy trustee has not yet responded to requests for comment regarding these allegations.
Garson’s intervention adds another layer of complexity to Canoo’s already troubled situation. Previously, Harbinger Motors, an EV trucking startup founded by former Canoo employees, also objected to the asset sale. While that objection was overruled, Harbinger has filed an appeal, suggesting ongoing concerns about the fairness and transparency of the process.
Adding to the intrigue, very little is known about Charles Garson. His LinkedIn profile lists him as being involved in real estate investments in London. He is also listed as a director of Garland Holdings Limited, a U.K. real estate investment company. The court filing doesn’t elaborate on Garson’s specific interest in Canoo or whether he is acting alone or representing other investors. All supporting documents attached to the motion to vacate have been filed under seal, further obscuring the details of his involvement.
According to the filing, “[Garson] believed he had more than enough time to submit his superior bid based on communications with the Trustee and his counsel. In reliance on such communications, [he] did not object to the sale or formally submit a competing bid, all while continuing to finalize his offer and requesting clarifications from the Trustee.”
The motion goes on to state that despite Garson’s “clearly superior offer being practically thrown at him, the Trustee determined to seek Court approval of a transaction” with Aquila. Aquila’s lawyer has yet to respond to requests for comment.
Earlier this month, a lawyer representing the bankrupt startup revealed that eight parties had signed NDAs and evaluated Canoo’s assets prior to the sale. Only a few came close to making a bid, including one group that the trustee flagged for potential national security concerns due to its “foreign ownership,” although the details of that ownership were not specified. It remains unclear if Garson’s bid is related to the previously mentioned foreign ownership concern.
The intervention of this mysterious financier throws the future of Canoo’s assets back into question, leaving the fate of the struggling EV startup hanging in the balance. The court’s decision on Garson’s motion to vacate will be crucial in determining the next chapter for Canoo.