They paid $10 billion for this company before Mr. Lynch died.
The judge effectively reversed his multi-million windfall from the sale.
Very interesting...
Lynch was actually prosecuted in the US and extradited but won. Rare as hell that.
"He was celebrating being acquitted on his yacht when it sank."
“Sushovan Hussain, misrepresented the company’s finances”
ya don’t say?
from everything i’ve read about him, Mike Lynch was the Sam Bankman-Fried of software scams in the UK ...
I’m surprised Lynch wasn’t making those late night TV ads with his yacht before it went down, you know, the ones with a bevy of bikini-clad babes hanging on while Lynch touts, “You too can easily make gazillions like i did with software.” ...
The estate of tech entrepreneur Mike Lynch, who died last summer when his superyacht sank off the coast of Italy, may be wiped out after a U.K. court ruled it owed Hewlett Packard Enterprise HPE -0.93%decrease; red down pointing triangle hundreds of millions of dollars.
In a judgment Tuesday, the High Court in London said Lynch’s estate and his former business partner Sushovan Hussain owed HPE more than 700 million pounds, equivalent to about $945 million, related to the U.S. tech company’s ill-fated takeover of Autonomy, the British software company the pair ran.
A representative for Lynch’s estate said they would consider an appeal.
If the ruling is upheld, the amount owed would likely exceed the value of the Lynch family’s assets, which are estimated to be valued at about £473 million, according to Britain’s Sunday Times Rich List.
Tuesday’s judgment comes after the High Court found in 2022 that Autonomy’s “true financial position and performance had not been properly and accurately disclosed” when it was bought by Hewlett Packard for more than $11 billion in 2011. HP wrote down much of the value of Autonomy in 2012 and said it was duped into overpaying.
HPE, a successor company to HP, had been seeking damages of up to $4.55 billion in the case. Justice Robert Hildyard said Tuesday that he considered that claim “substantially exaggerated.”
(Per WSJ)
The real question is where is Mike Lynch living now?
(Folks aren’t really buying the boat story, are they?)