The widow of Bayesian superyacht Mike Lynch is facing bankruptcy after a fraud case
The estate of a British yachtsman who was killed when his luxury superyacht sank off the coast of Sicily has been ordered to pay more than $1.2 billion since a 2015 trial, a decision that could plunge his widow into dire straits.
American technology giant Hewlett-Packard (HP) has been awarded a 10-figure award after successfully winning its lawsuit seeking to recover money awarded in 2011 for the acquisition of Mike Lynch’s company, Autonomy, accused of pre-sale fraud, the High Court in London on Tuesday.
Lynch, 59, was killed along with his teenage daughter, Hannah, and five others when his yacht, the Bayesian, sank on Aug. 19, 2024.
The late CEO – who was once called Britain’s Bill Gates – left his widow, Angela Bacares, his estate, estimated at $669 million, and a financial and legal head after his death.
Bacares, 58, survived the sinking of the superyacht, along with 14 others on board.
A ruling from the Supreme Court could send Bacares into bankruptcy to pay for HP’s losses.
Lynch was the subject of a lawsuit brought by HP, accusing Autonomy’s leader and former chief financial officer, Sushovan Hussain, of orchestrating an elaborate fraud scheme to inflate the company’s value before it was bought for $11.1 billion in 2011.
In a 2015 lawsuit, HP said it was owed $944 million for the difference between the price it paid and the price it would have paid for Autonomy if it had known its “true financial condition.”
The judge previously ruled that HP would have paid 23 pounds a share, or $30.79, rather than the actual 25.50 pounds ($34.15), if they had known Autonomy’s “true financial position.”
The Supreme Court denied Lynch’s estate permission to appeal the decision on Tuesday, but it could still apply directly to the Court of Appeal.
Lynch was cleared of all criminal charges in the US in June 2024, but was still facing charges brought against him by HP.
He maintained his innocence until his death.
HP welcomed the Supreme Court’s ruling, saying the decision awarded it a total of $1.24 billion in damages and interest and “brings us closer to resolving the dispute.”
Bacares, who has assets in his name, is also being sued by a rogue lawyer for the company that built the doomed superyacht, seeking nearly R250 million in “damage to reputation.”
Tommaso Bertuccelli, a lawyer for the Italian Sea Group, has filed a lawsuit in an Italian court alleging that Bacares and the boat’s crew are responsible for the Bayesian sinking, according to Fortune.
The sailing vessel was carrying 22 people when it capsized and sank in the middle of a strong storm after a typhoon-like water storm hit the area.
At the time of the sinking, the boat belonged to Revtom, a company that listed Bacares as its legal owner.
By Post cables
