Nikola Corp.'s founder lost his fight to use President Donald Trump’s pardon of his criminal charges to save his nearly $70 million in claims against the bankrupt electric vehicle maker.
Overruling several objections, including founder and former CEO Trevor Milton’s, Judge Thomas Horan of the US Bankruptcy Court for the District of Delaware said he would approve Nikola’s plan to liquidate its remaining assets at a Friday hearing.
The ruling is a key victory for what was once a darling of the electric vehicle industry that collapsed after weak sales and a fraud scandal tied to Milton.
In rejecting Milton’s ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.