Bayesian superyacht owner Mike Lynch’s widow faces bankruptcy after fraud lawsuit
A British tycoon’s estate has been ordered to pay over $1.2 billion following a lawsuit related to a fraudulent scheme involving the acquisition of his software firm, Autonomy, by American tech giant Hewlett-Packard (HP) in 2011. The ruling from London’s High Court could potentially lead to the tycoon’s widow facing bankruptcy as she inherits his estate after his tragic death in a yacht sinking off the coast of Sicily in 2024.
The late CEO, dubbed Britain’s Bill Gates, was killed in the yacht sinking along with his daughter and five others. His widow, Angela Bacares, survived the incident along with 14 others on board the superyacht.
The lawsuit brought by HP accused the tycoon and his former chief financial officer of orchestrating a fraud scheme to inflate the value of Autonomy before its acquisition. HP claimed it was owed nearly $1 billion in losses due to the misrepresented financial position of the company.
The High Court’s ruling denied the estate permission to appeal, potentially leading to bankruptcy for the widow as she faces the substantial payout to HP. Additionally, she has been sued by a lawyer representing the company that built the yacht, seeking damages for reputational harm related to the sinking incident.
The luxury sailing ship, which was owned by a company listing Bacares as its legal owner, capsized during a storm, resulting in multiple fatalities. The legal battles surrounding the tycoon’s estate and the sinking of the yacht continue to unfold in court.
With Post wires
