A bunch of Canadian news outlets are in a tizzy, suing OpenAI for allegedly using their content without permission. The Read more
India-based audio platform Pocket FM has a vast content library. However, CEO Rohan Nayak believes there is room for expansion Read more
ChatGPT Search, OpenAI's AI-powered web search experience, has officially launched for all ChatGPT users, introducing several new features to enhance Read more
Humanz, a cutting-edge marketing platform for content creators and brands, has officially made its debut in the U.S. market, as Read more
The judge overseeing Canoo’s bankruptcy case has rejected a mysterious financier’s attempt to disrupt the sale of the EV startup’s assets.
In a recent hearing, Judge Brendan Linehan Shannon ruled that the financier, Charles Garson from the U.K., did not have the standing to challenge the sale to Canoo’s CEO. Despite Garson’s claim that he was willing to offer up to $20 million for Canoo’s assets, he failed to meet the deadline to formally submit his bid. Additionally, Garson did not clarify the source of the funds, raising concerns from the bankruptcy trustee about potential blockage by the Committee on Foreign Investment in the United States.
The only remaining obstacle to the asset sale is from Harbinger Motors, a commercial electric trucking startup founded by former Canoo employees. Although Harbinger objected to the sale before its finalization in April, the judge dismissed their objection, leading the company to appeal the decision.
A David vs. Goliath Battle
Jason Angelo, Garson’s lawyer, portrayed his client’s actions as a David vs. Goliath scenario during the hearing. Angelo argued that Garson believed he had until the end of April to formalize his bid based on conversations with the bankruptcy trustee. He reiterated Garson’s claim that the sale to Canoo’s CEO was unfair.
Despite Angelo’s arguments, Mark Felger, representing the bankruptcy trustee, maintained that the negotiations were fair and transparent. He emphasized that there was no miscommunication or deception, as the process was clearly outlined through emails.
In a swift ruling, Judge Shannon sided against Garson, stating that the financier lacked the necessary standing to challenge the sale due to not submitting a formal bid before the deadline.
While Garson expressed disappointment in the outcome, he respected the court’s decision and congratulated Tony Aquila, Canoo’s CEO, on the successful acquisition.
Overall, the attempt to halt Canoo’s asset sale by the mystery investor faced a decisive setback in court.
