{"id":1484561,"date":"2024-08-19T14:25:00","date_gmt":"2024-08-19T18:25:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1484561"},"modified":"2024-08-19T14:25:00","modified_gmt":"2024-08-19T18:25:00","slug":"british-tech-titan-mike-lynch-missing-after-superyacht-sinks-off-sicily","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/british-tech-titan-mike-lynch-missing-after-superyacht-sinks-off-sicily\/1484561\/","title":{"rendered":"British Tech Titan Mike Lynch Missing After Superyacht Sinks Off Sicily"},"content":{"rendered":"

British Tech Titan Mike Lynch Missing After Superyacht Sinks Off Sicily<\/span><\/p>\n

\n

About 2.5 months after\u00a0British tech entrepreneur Mike Lynch\u00a0was acquitted of fraud by a\u00a0San Francisco jury over\u00a0the disastrous 2011 sale of his company,\u00a0Autonomy, to Hewlett-Packard for $11 billion, the\u00a0billionaire\u2014once hailed as Britain’s answer to Bill Gates\u2014has gone missing after a superyacht he was on sank off the coast of\u00a0Sicily during a violent storm.\u00a0<\/p>\n

<\/a><\/p>\n

The Telegraph<\/a> reports\u00a0Lynch\u00a0is among those missing after the superyacht “Bayesian” sank around 0500 local time Monday off the coast of Porticello, a small fishing town located on Sicily’s western seaboard between Palermo and Cefalu.\u00a0<\/p>\n

The\u00a0Italian coastguard said the vessel\u00a0sank to a depth of 50 meters. They said 15 people were rescued, eight British, American, and Canadian nationals.\u00a0<\/p>\n

<\/a><\/p>\n

The Telegraph said, “Mr Lynch’s wife, Angela Bacares, is among those rescued.”\u00a0<\/p>\n

One body was recovered, the Italian coastguard said, adding,\u00a0“There are currently seven missing, one crew member and six passengers, of British, American and Canadian nationality.”<\/p>\n

Few days ago we encountered the exquisite Bayesian vessel,anchored near us. All night until sunrise we took plenty of picts of it. The 75-meter mast illuminated at night was spectacular. We speculated about the individuals on board,enjoying the time of their lives. What a tragedy pic.twitter.com\/OqYIwaV1vb<\/a><\/p>\n

\u2014 Khorakhane \ud83c\udf49 (@Khorakhane100) August 19, 2024<\/a><\/p>\n

This incident comes 2.5 months after Lynch was cleared of charges alleging he orchestrated fraud and conspiracy ahead of the 2011\u00a0Autonomy-Hewlett-Packard deal.<\/p>\n

“This is a momentous day in Autonomy’s history,” Lynch declared following the sale of Autonomy to HP in August 2011.<\/p>\n

By November 2012, HP’s management had written down the value of Autonomy by $8 billion, alleging “serious” accounting issues, disclosure failures, and “outright misrepresentations” before the purchase. After years of investigations and legal proceedings, a US federal grand jury indicted Lynch on criminal charges in November 2018. After the civil case concluded, the UK agreed to extradite him.<\/p>\n

On June 6, a federal court jury in San Francisco reached not-guilty verdicts following an 11-week criminal trial.\u00a0<\/p>\n

Lynch said he was “elated” to have been found not guilty: “The truth has finally prevailed.” He has denied any wrongdoing.\u00a0<\/p>\n

We’ve detailed HP’s\u00a0long list of failed acquisitions in a series of posts earlier this year:<\/p>\n

From Pioneer To Fallen Giant: How Hewlett Packard’s Long List Of Failed Acquisitions Cost Its Reputation, Part 1<\/a><\/em><\/p>\n

From Pioneer To Fallen Giant: How Hewlett Packard’s Long List Of Failed Acquisitions Cost Its Reputation, Part 2<\/a><\/em><\/p>\n

From Pioneer To Fallen Giant: How Hewlett Packard’s Long List Of Failed Acquisitions Cost Its Reputation, Part 3<\/a><\/em><\/p>\n

Bloomberg<\/a> noted in June that even after the acquittal, HP is still seeking $4 billion from Lynch.\u00a0<\/p>\n

<\/a><\/p>\n

And now Lynch is missing…\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 08\/19\/2024 – 10:25<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/british-tech-titan-mike-lynch-missing-after-superyacht-sinks-sicily<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

British Tech Titan Mike Lynch Missing After Superyacht Sinks Off Sicily About 2.5 months after\u00a0British tech entrepreneur Mike Lynch\u00a0was acquitted of fraud by a\u00a0San Francisco…<\/p>\n","protected":false},"author":0,"featured_media":1484562,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1484561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6ecx","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/08\/lynch_0-q8FznR.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1484561"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1484562"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1484561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1484561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1484561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}