Trevor Milton Contests Subpoena in Nikola Bankruptcy Proceedings
Former Nikola CEO Trevor Milton is challenging a subpoena issued by creditors in the ongoing bankruptcy case of the electric truck company.
The committee of unsecured creditors served Milton's lawyers with the subpoena on April 1st, seeking to clarify his financial status. Milton reportedly owes Nikola close to $100 million following a lost arbitration case related to his criminal conviction. Court filings reveal the committee's efforts to collect this debt.
Dispute Over Milton's Assets
Prior to bankruptcy, Nikola filed a lawsuit against Milton in Arizona, alleging he fraudulently transferred assets to avoid paying the arbitration award. Milton has been contesting the subpoena for two months, arguing the requested information is protected by a court order in the Arizona case. Details of his opposition and arguments from the company's lawyers are available in court documents. A hearing is scheduled for June 9th to address the subpoena dispute.
Nikola's Bankruptcy and Remaining Assets
Most of Nikola's assets have been sold. Lucid Motors acquired the Arizona factory and headquarters, while an auction company purchased the remaining hydrogen trucks. Learn more about the Lucid Motors acquisition. Details on the truck auction are also available.
The arbitration award is now a key asset in Nikola's bankruptcy estate, intended to settle an ongoing shareholder lawsuit related to misleading claims made by the company. The creditors assert Milton has not yet paid any of the awarded amount.
Milton's Pardon and Documentary
Milton received a presidential pardon from President Trump while appealing his prison sentence. Read more about the pardon. Shortly after, Nikola accused Milton of attempting to disrupt the bankruptcy proceedings. Details of these accusations are available. Milton has also commissioned a documentary, premiering June 10th, which he claims will tell his side of the story. Find more information on the documentary.
