In a surprising turn of events, Trevor Milton — the controversial founder of Nikola Corporation — is attempting to buy back the bankrupt electric truck company he once led. According to new court documents and a source familiar with the situation.
Nikola filed for Chapter 11 bankruptcy protection in February and aims to finalize the sale of its assets by mid-April. But Milton’s attempt to reenter the picture hasn’t gone unnoticed — or unchallenged. In fact, Nikola recently blocked him from inspecting its Arizona manufacturing site, showing clear resistance to his involvement. This was first reported by the Phoenix Business Journal and later confirmed through court filings.
Milton’s reemergence is the latest twist in Nikola’s rollercoaster saga. He founded the electric vehicle company in 2014 and brought it public in 2020 via one of the earliest high-profile SPAC mergers. But his fall from grace came swiftly. That same year, Milton stepped down following fraud allegations and was later convicted of securities fraud in 2022. He began serving a four-year prison sentence in 2023 — only to be pardoned last month by President Donald Trump.
Since Milton’s departure, Nikola has been plagued with technical setbacks — including battery fires, vehicle recalls, and mounting financial troubles — all of which led to its bankruptcy filing earlier this year.
Now, a Nevada-based company called ISSO LLC has entered the spotlight. According to legal filings, ISSO submitted a formal bid for Nikola’s assets on March 21. As part of the process, the company was granted limited access to Nikola’s factory in Coolidge, Arizona. However, the court records reveal that Nikola strictly prohibited video recording, photography, and barred a specific individual from entering the facility.
That unnamed person was described in court by Nikola’s legal counsel. And while the documents redacted the identity, the description matched Trevor Milton. Supporting this link, Milton’s father, Lance Milton, and his attorney, Troy Wallin, are listed on multiple ISSO LLC business filings.
A person close to the matter confirmed that Milton is indeed behind the ISSO bid, though the individual spoke anonymously.
Nikola’s legal team hasn’t been subtle about their objections. In a recent emergency hearing, their lawyer called Milton’s move “nothing more than a publicity stunt.” Judge Thomas Horan agreed with Nikola’s position, stating the company had sufficient reason to deny Milton entry. The judge ultimately rejected ISSO’s request to allow a full factory tour.
What remains unclear is whether any other potential buyers submitted bids before the April 3 deadline. The court has scheduled an auction to determine the top offer for Nikola’s assets on April 7 at 10:00 a.m. ET. As of publication, no updates had been filed in the bankruptcy docket.
While Milton’s bid might stir headlines, it’s yet to be seen whether he can truly stage a comeback with the company that once defined his rise And fall — in the EV world.
