Hewlett-Packard Companyan American technology company better known as HP, has decided to continue its lawsuit in high court against the estate of the late tech mogul Mike Lynch. The company is looking for a compensation of up to £3 billion (approximately US$4 billion). The British businessman lost his life along with his 18-year-old daughter, Hannah, when their yacht, the Bayesian, sank off the coast of Sicily. They were celebrating Lynch’s acquittal in a case in California related to the sale of Autonomy, the company he founded in 2011.
Lynch, who had two daughters with his wife Angela Bacares, He was accused along with his former chief financial officer, Sushovan Hussain, of inflating the value of Autonomy before its sale to HP for $11 billion.. After his death, Widow Angela and her other daughter, of whom little is known, are expected to face the lawsuit.The Lynch family’s attorney has declined to comment.
HP reaffirms its position after the 2022 court ruling
In 2022, an English High Court judge ruled in favor of HP in a civil fraud lawsuit against Lynch and HussainA hearing on damages was held in February 2024, and HP has expressed its intention to continue the proceedings until their final resolution. The company has argued that it suffered a multi-million dollar loss. in 2012 due to “serious accounting inaccuracies” at Autonomywhich resulted in a depreciation of $8.8 billion.
HP informed the British and American authorities about irregularities committed before and during the acquisition of Autonomy. Despite the verdict in favor of HP, Judge Hildyard, who is in charge of the case, said that The final compensation could be considerably less than what the company requested..
This action could damage HP’s image.
Despite being acquitted of 15 charges in a San Francisco court in June 2024, HP is moving forward with its lawsuit. Oliver Embley, a lawyer at London law firm Wedlake Bell, commented that HP must consider the legal, moral and reputational implications of pursuing the lawsuit against Lynch’s estate. He noted that while the company has a fiduciary duty to its shareholders, Morally, the situation is complex, as it would involve suing Lynch’s widow, which could damage HP’s public image.
Angela Bacares, who was also on board the Bayesian, was rescued along with 14 other people. Lynch and Bacares’ combined fortune was valued at £500maccording to the Sunday Times. Charles Elson, director of the Weinberg Centre for Corporate Governance in Delaware, said HP would likely be protected from a shareholder lawsuit if it decided not to seek damages from Lynch’s estate, thanks to the “business judgment rule” that protects good-faith decisions by the board of directors.
First results of autopsies after the sinking of the Bayesian
The first autopsies of two of the seven victims deaths of the yacht Bayesian, which sank off the coast of Sicily last week, They have revealed that the cause of death was asphyxiation by drowningThe Forensic Medicine Institute of the Palermo Polyclinic Hospital examined the bodies of the Attorney Chris Morvillo and his wife Nedaboth of whom died in the incident. Morvillo was one of Lynch’s lawyers in the United States.
Shipwreck Sailboat Italy.webp
Courtesy of Swissinfo.ch
Autopsies indicate that There were no traumas in the victimsand The results indicate that the storm that hit the coast of Porticello was the cause of the sinking. Investigations continue, and Autopsies will be performed on the rest of the victims in the coming days.including Morgan Stanley Chairman Jonathan Bloomer, his wife Anne Elizabeth Judith, and Mike Lynch himself and his daughter Hannah.
Ongoing research
The Italian judiciary has opened an investigation to determine who is responsible for the tragic sinking. The actions of three crew members are being examined: Captain James Cutfield, Engineer Officer Tim Parker Eeaton, and Seaman Matthew Griffith.who could face charges if negligence is found in their handling of the yacht during the storm.
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Courtesy of Facebook
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
