Hewlett Packard To Pursue Mike Lynch's Estate For Up To $4 Billion (theguardian.com) 58
Hewlett Packard Enterprise has confirmed it will push ahead with a high court lawsuit against the estate of the deceased tech tycoon Mike Lynch in which it is seeking damages of up to $4 billion. From a report: The US company said in a statement it would follow the legal proceedings "through to their conclusion" despite Lynch's death last month when his yacht sank off the coast of Italy. HPE won a civil claim against Lynch in the English high court in 2022, after accusing him and his former finance director Sushovan Hussain of fraud over its $11 billion takeover of his software company Autonomy in 2011.
A ruling on damages is expected soon, although the judge presiding over the case, Mr Justice Hildyard, wrote in 2022 that he expected final damages to be "substantially less than is claimed." Lynch, 59, who was cleared in a separate criminal fraud trial over the Autonomy deal in the US in June, and his 18-year-old daughter Hannah, were among seven people who died after the Bayesian superyacht sank off the coast of Sicily last month.
A ruling on damages is expected soon, although the judge presiding over the case, Mr Justice Hildyard, wrote in 2022 that he expected final damages to be "substantially less than is claimed." Lynch, 59, who was cleared in a separate criminal fraud trial over the Autonomy deal in the US in June, and his 18-year-old daughter Hannah, were among seven people who died after the Bayesian superyacht sank off the coast of Sicily last month.
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They likely did not plan for a waterspout.
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Nobody witnessed a waterspout
"witnesses at the scene said the wind appeared to push the yacht's mast flat against the water" [theweek.com]
Also, the ship had the keel set shallower than necessary, and was in a strong storm, so something, like say "not battening down a critical hatch" [telegraph.co.uk], could have sunk the ship
Which still does not explain why everybody was in the owners room and not on deck
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There was no reason for everyone to be on deck in the middle of the night in what was supposed to be a mild storm.
You don't just wake everyone up and make them go stand in the rain for every storm on a yacht.
There's no conspiracy here. Everything was standard operating procedures for a normal storm and a normal storm was all that was expected by anyone.
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Re:Is it wrong... (Score:4, Insightful)
Also, the ship had the keel set shallower than necessary, and was in a strong storm, so something,
This is unfortunately rampant speculation that people have repeated endlessly without any evidence. From a captain who formerly worked on this boat said about the lowered keel "In this vessel's case, it was required to be lowered when using sails and/or when over 60 nautical miles offshore (regardless of whether sailing or using engines)." [youtu.be] The boat was anchored just offshore so the keel should not have been lowered especially since it was in shallower waters.
"not battening down a critical hatch" [telegraph.co.uk], could have sunk the ship
The article starts off with "theory" of how the boat could have been sunk meaning again rampant speculation. Again, the yacht was anchored offshore. Normally the doors are not secured during this time. Secured does not mean "open". It means they were not locked against water coming in but that does not mean the doors were wide open.
Which still does not explain why everybody was in the owners room and not on deck
Again, what is your source on this? One person that was not in the owner's room was his daughter as she was the last to be found.
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OK, five in Lynch's cabin, daughter found in her own cabin
Hannah Lynch's body was found on her own in yacht cabin after five others including her tech tycoon father Mike were discovered in separate compartment, dive chief reveals after Bayesian sinking victims made last desperate attempt to escape stricken vessel [dailymail.co.uk]
In the case of a sinking yacht, who would be responsible for counting passengers and getting the to safety?
To suggest that tucking them away into their cabins in such a circumstance is plainly wrong
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Let us review the facts shall we? The boat had 12 guests and 10 crew. 9 crew and 6 guests survived including the owner's wife. So the guests were not all in the same cabin as you claim.
In the case of a sinking yacht, who would be responsible for counting passengers and getting the to safety?
You mean besides the crew that saved half of the passengers? You do realize this was not a slow sinking that took hours, right? From what is gathered, the boat flipped to its side suddenly and started sinking. The crew got out and were able to get half the passengers to the life raft.
To suggest that tucking them away into their cabins in such a circumstance is plainly wrong.
You do know this happened before 5am in th
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There will be NO SPECULATION on /.!!!
We will defend HP AS A SACRED COW that can never be BESMIRCHED!!!!
ANYBODY who posits from the above items will be gaslighted into OBLIVION
Regarding the caps! You are being a little screechy, what is it about Boomers rejecting the concepts of free thinking?
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Regarding the caps! You are being a little screechy, what is it about Boomers rejecting the concepts of free thinking?
You seem very triggered when someone posts facts of the incident. Almost every one of your posts has been based on pure rampant speculation that turned out not to be true. The keel was not set in the wrong place. The doors were not open. All the guests were not in the same cabin. The guests were not tucked away in their quarters before 5am.
And all of this is before there is an official report of the accident outlining the unknown details; however, the facts as known undermine your narrative of the accident
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https://www.sailingscuttlebutt... [sailingscuttlebutt.com].
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Nobody witnessed a waterspout
Oh rly? [nytimes.com]
Another citation: "in the area" [wired.com]
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Yachts don't sink in what was supposed to be a mild storm. You don't get the guests up and out in the rain.
There's nothing strange about this situation other than the freak storm.
Go learn more instead of speculating.
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I suspect the Lynch Estate would disagree
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to wonder if the ship sinking with all family members lost was part of their court strategy?
Not ALL the family members -- his widow survived. She's the one who'll be screwed by the attempts to recover the $4bn.
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He founded a succesfull company from scratch then 20 years later some yanks decided they'd throw billions at him. In that situation I might have been tempted to big up the company too.
Yes he was dishonest, but HP had plenty of chances to do due diligence and they didn't bother. Now they're butthurt about it.
Re:Is it wrong... (Score:4, Insightful)
Yes he was dishonest, but HP had plenty of chances to do due diligence and they didn't bother. Now they're butthurt about it.
What he did was illegal, according to the UK court system. You left that part out when you put the anal in analysis.
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Being a UK citizen I can tell you that the UK legal system is far from the worlds best so I wouldn't use it as a benchmark.
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What he did was illegal, according to the UK court system.
The same court system that wrongfully convicted over 700 sub-postmasters and sub-postmistresses based on sketchy evidence and lies.
The same court system that takes "computer says no" [youtu.be] as gospel.
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Oh no! She only has a net worth of her own of over £100 million which isn't subject to the judgement against the estate. She may have to switch from wiping her ass with stock certificates to £50 notes like some sort of commoner! The tragedy!
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Think of all the things that go wrong. Demonstrably wrong. Starliner stuck at ISS. The Darwin awards. Somebody's f-ed up surgery.
People are just not good enough to a. get a hit on a very public figure perfect AND b. not have anyone say a word.
People are leaky of information, and if you know ANY of them, you should already know this from experience.
In the US (and I know, Lynch was not in the US), with a population of around 300 million, one in a million in a year coincidences happen around 3 times a day.
Some
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with a population of around 300 million, one in a million in a year coincidences happen around 3 times a day.
That's conservative. People have dozens of chances per day to have a 1-in-a-million come in.
Re:Reparations (Score:5, Informative)
Suing an estate is ABSOLUTELY a thing.
You're not entitled to an inheritance until after the estate is cleared of what it owes.
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So if my uncle (assume I'm next of kin) gets a bunch of loans blows it all in Vegas, runs up a huge credit card bill, and then dies. I'm suddenly liable? What kind of stupidity is that?
Re: Reparations (Score:2)
Re:Reparations (Score:4, Informative)
HPE won a civil claim against Lynch in the English high court in 2022 ... A ruling on damages is expected soon
It's right in the summary. They won the claim and got the judgement. All that's left is the determination of damages. Since the billionaire died, his estate is on the hook to pay those damages.
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After the charges being thrown out by the courts in America and cognisant of the principal of caveat emptor I would not be surprised if the damages awarded were £1.
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Suing an estate is like asking for reparations.
Not really. The problem with reparations is that the people who were harmed are dead, as are the people who harmed them, and now a group of people who may or may not be descendants of those who were harmed but have the same skin color are demanding money from people who may or may not be descendants of the people who did the harm, but have the same skin color unless they are Hispanic, Asian, or Native American.
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lolz no, the harmed are still alive, and those owning the estate now are partially enriched by wrongdoing if court of law so rules.
Nothing like reparations which are those who never lifted a finger to pick cotton or lay down rail trying to sponge off those that never owned a slave.
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There WAS a time and place. Today, that space is filled with excuses.
If you believe that, why are you posting anonymously? You don't believe enough in your argument to associate even a disposable identity with it.
And everyone should hate anything âoewokeâ these days, it hasnâ(TM)t helped a single goddamn group
A lot of nazis and would-be nazis are fighting against improvements suggested by people experiencing wokeness, which is only the acknowledgement that systems designed by and for racists for racist reasons have affected people in history and still affect people today. Has it helped any group? Debatable. But it's well-established that some people are trying very hard
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Re:Reparations (Score:4, Informative)
Btw, did they find his body? Who identified it?
Yes there's no one missing from that trip. All people who didn't get rescued were found inside the wreckage.
Suing an estate is like asking for reparations.
It is nothing of the sort. Debt isn't cleared on death. Assets are used to pay it off first and what's left can be passed on as inheritance.
Lynch not found innocent in the U.K. (Score:2, Informative)
1. *U.K.* High Court ruled in favor of HP on U.K. civil suit against Lynch. Damages ruling pending.
2. *U.K.* Financial Reporting Council fined Autonomy's auditor Deloitte and fined two Deloitte partners. One was struck off the CPA register.
3. U.S. criminal jury convicted former the former Autonomy CFO of fraud in 2018. Sentenced to 5 years, now out of prison.
Ironic that two of the lawyers who helped him beat the U.S. criminal charge were on the yacht. Also the Autonomy board member who headed the audit comm
Re:Lynch not found innocent in the U.K. (Score:5, Insightful)
Ironic that two of the lawyers who helped him beat the U.S. criminal charge were on the yacht. Also the Autonomy board member who headed the audit committee of the board of directors.
Ironic how, exactly?
These weren't random people - they had a significant association with Lynch, and had *just* successfully finished a major court case with him. Not to mention that the cruise was intended as a celebration of his court victory.
It would have been arguably more odd if the two *weren't* invited to participate in the cruise.
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Perhaps not Ironic but what of the chances of him dying AND his business partner dying the same day of a separate accident.
Strange coincidence!
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Coincidences aren't strange by definition, they are just coincidences. Coincidences are also a statistical certainty once you factor the number of things you would consider calling a "coincidence". Its why we see coincidences happen all the time even though we conceptually believe they should be highly unlikely. It's basic statistics.
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I think this falls under the ISO 2413: Asymmetric Linear Analysis of Irony System, more commonly known as Alanis.
Re: Lynch not found innocent in the U.K. (Score:4, Informative)
I hope they lose.
They have already won. This isn't being cynical or opportunistic. HP is owed whatever the judge decides (the damages haven't been decided yet, but the outcome has). HP is simply saying they will take the case to conclusion with the estate.
Analogy for you:
Imagine you sued someone $1m and won. And before that person could hand over the money they got hit by a car. Do you:
a) Say "oh well, I guess the guy's family can take my $1m instead"
b) Ask the court to garnish what you are owed from the estate prior to being passed off as inheritance?
If b) do we get to call you cynically opportunistic?
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I don't have a problem with the going after the estate for the money, unlike some people commenting on this story. "Lose" wasn't the best choice of words, put that down to it being early. I seriously hope that they don't get much money out of this, I don't think they deserve it.
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From what I've read it's very unlikely HP will get even remotely what they asked for, even though the case was found in their favour.
Re: HP has gone downhill ever since they went publ (Score:2)