Mike Lynch, bankrupt estate: Hp gets 700 million after wreck and Autonomy lawsuit
London court confirms maxi compensation. The widow will receive nothing from the estate of the founder of Autonomy, who died aboard the Bayesian on 19 August 2024
2' min read
2' min read
The estate of Mike Lynch is officially bankrupt. A High Court ruling in London has ruled thatHewlett-Packard (Hp) is entitled to over £700 million in compensation from the estate of the late entrepreneur, the former founder of software giant Autonomy and one of the iconic figures in British tech, and his former chief financial officer, Sushovan Hussain, due to fraud related to the sale of the company to the Californian giant in 2011.
The decision comes almost a year after the tragedy off the coast of Sicily, when Lynch lost his life along with his 18-year-old daughter Hannah in the sinking of his superyacht, the Bayesian. Five other people lost their lives in the disaster, which occurred on 19 August 2024, including the chairman of Morgan Stanley International, Jonathan Bloomer, and his wife Judy. Lynch's widow, Angela Bacares, survived the disaster, but will receive nothing from her husband's estate, unless a possible appeal is upheld.
The lawsuit, which began years ago, focused on Hp's acquisition of Autonomy for £8 billion. Less than a year later, the value of the company was written down by 6.5 billion. HP accused Lynch and Hussain of artificially inflating the accounts to profit from the sale. In 2022, a judge ruled in HP's favour, but the amount of the damages has only now arrived, with theconviction at over 700 million: 646 for the difference between the price paid and the real value of the company, 52 for personal deception and 35 for damages to other companies in the group.
Lynch, often described as the 'British Bill Gates', has always maintained his innocence, claiming that HP was to blame for failing to integrate Autonomy. In the US, he had been acquitted of criminal charges and was considering an appeal against the British sentence before the tragedy.
Meanwhile, the investigation into the Bayesian tragedy continues in Italy. The wreck, recovered in June in a complex operation involving 70 experts and the use of underwater drones, is now in the custody of the Italian authorities. The mammoth structure was lifted with one of Europe's most powerful floating pontoons and placed on steel supports to prevent environmental damage.
