Italy - Sailing yacht sank off Italian coast, 15 rescued, 7 missing, 19 August 2024

[Cedars]

I find it sadly ironic Michael Lynch was celebrating, with friends and family on the Bayesian, the 2024 ruling that cleared him of U.S. fraud charges (note: the CFO of Autonomy was jailed for 5 years.)

And now, 11 months later, Lynch (his estate) has been found financially liable for HP's overpayment in Autonomy's sale.

I presume on 8/19/2024, Lynch knew a judicial decision on the financial penalty phase of this case was looming large. And clearly it was still cause to celebrate.

I guess the issue is my projection. I'm not sure I'd have celebrated until the entire case was over, including the financials.

IMO

Source.

It appears he had been cleared of criminal charges in the US. But then (after his death) HP went to civil court in the UK and won that case.

Same thing as, eg, OJ getting not guilty in criminal court, but sued by the family for wrongful death...lower standard of doubt.

IMO his money would be squirelled away in Swiss/Bahamas/crypto etc unseizable accounts.

JMO

Edit: link HPE to pursue $4B claim against estate of Mike Lynch over Autonomy acquisition • The Register Forums

 

[ch_13]

It appears he had been cleared of criminal charges in the US. But the HP went to civil court in the UK and won that case.

Same thing as, eg, OJ getting not guilty in crominal court, but sued by the family for wrongful death...lower standard of doubt.

IMO his money would be squirelled away in Swiss/Bahamas/crypto etc unseizable accounts.

JMO

Edit: link HPE to pursue $4B claim against estate of Mike Lynch over Autonomy acquisition • The Register Forums

He was found not guilty, but the CFO went to jail.

From the reading I've done, he used the Sgt. Shultz defense: "I know nothing." But he basically was Autonomy. He was the founder and owned a huge chunk of the company. And all these accounting shenanigans were used to boost the company's stock and ultimately sell it to HP for a grossly inflated valuation. So the idea that he was unaware of what was going is not really credible. However, Lynch was very careful to not leave any sort of paper trail that led back to himself. As in so many of these cases, the blame went to the underlings and the CEO could claim he never authorized any wrongdoing. These white-collar crime cases are notoriously difficult to prosecute unless there's some kind of document or other tangible evidence that can definitively show the jury that the accused made a conscious decision to commit a crime.

 

[Kittypoo]

There should still be insurance money. An earlier article said that there was a $2 billion policy.



I have an enormous amount of sympathy for Angela Lynch and her daughter. They've been through a terrible ordeal. But at the same time, I don't think that they deserve to keep the proceeds of what was basically a scam.

And, let's face it, they aren't going to be destitute. Maybe they won't remain billionaires, but no matter what happens with the lawsuits in the end, they will still be able to retain a great deal of their wealth. In all likelihood, they will still be far richer than any of us could ever hope to be.

I read somewhere else in this thread that Angela Bacares has her own wealth anyway.

 

[RedHaus]

It appears he had been cleared of criminal charges in the US. But then (after his death) HP went to civil court in the UK and won that case.

Same thing as, eg, OJ getting not guilty in criminal court, but sued by the family for wrongful death...lower standard of doubt.

IMO his money would be squirelled away in Swiss/Bahamas/crypto etc unseizable accounts.

JMO

Edit: link HPE to pursue $4B claim against estate of Mike Lynch over Autonomy acquisition • The Register Forums

Ahhh. That makes more sense. Thank you for clarifying these are two separate cases.

 

[Dotta]

https://twitter.com/x/status/1947733373490753941

"On Tuesday,
Mr Justice Hildyard said HP suffered losses amounting to £697,876,753 through the purchasing of Autonomy,
some of which is set to be paid by Mr Lynch’s estate.

He also ruled
the estate of Mr Lynch
- once hailed as the UK’s answer to Bill Gates -
is liable to pay part of around $47.5 million in damages, around £35 million.

Some of the money is due to be paid by Sushovan Hussain,
Autonomy’s former chief financial officer,
who was also sued by HP.

He was convicted in April 2018 in the US
of wire fraud and other crimes related to Autonomy’s sale,
and was sentenced to five years in prison."

 

[Yellowbelly]

It appears he had been cleared of criminal charges in the US. But then (after his death) HP went to civil court in the UK and won that case.

Same thing as, eg, OJ getting not guilty in criminal court, but sued by the family for wrongful death...lower standard of doubt.

IMO his money would be squirelled away in Swiss/Bahamas/crypto etc unseizable accounts.

JMO

Edit: link HPE to pursue $4B claim against estate of Mike Lynch over Autonomy acquisition • The Register Forums

And some of his assets, like the boat as it happens, were in his wife's name, so untouchable by HP.

 

[Dotta]

https://twitter.com/x/status/1956877124184285631

"Ms Bacares recalled
how, in the early hours of August 19,
objects on the boat began to slide around.

But she did not think they were in a ‘serious situation’
and had not thought it necessary to alert the others on board
– until ‘something catastrophic happened’
and everything changed in a moment."

 

[Nieves]

https://twitter.com/x/status/1956877124184285631

"Ms Bacares recalled
how, in the early hours of August 19,
objects on the boat began to slide around.

But she did not think they were in a ‘serious situation’
and had not thought it necessary to alert the others on board
– until ‘something catastrophic happened’
and everything changed in a moment."

Yes. Life change in less than a second.

 

[Nieves]

Wow. I just heard this story on another site.

A case where the arrogance of a human construction failed to measure the consequences in the face of the forces of nature.

 

[Nieves]

Hmm. That's very strange indeed. I can't see how it can really be anything but a coincidence however, but very odd.

Who knows?

 

[Nieves]

I am reading about this case since the first moment. I think that the case of Bayesian yacht will provide data if someone need or want to use the Bayes theorem. What a name and what an end.

 

[Nieves]

The Bayesian: probability theory and uncertainty in yacht sinking

Mike Lynch's boat, The Bayesian, recalls Bayes' theorem and the importance of continuous updating of probabilities in data analysis and human decisions

en.ilsole24ore.com

 

[Dotta]

https://twitter.com/x/status/1972612330790736098