HP Targets Widow of Late Tech Tycoon Mike Lynch to Recoup $1.7 Billion
Hewlett Packard is pursuing legal action against the estate of late tech tycoon Mike Lynch to recover over £900 million ($1.7 billion) in damages related to the fraudulent accounting scandal surrounding the 2011 acquisition of his company, Autonomy. Following a High Court ruling awarding HP these damages, the firm has requested the appointment of administrators to investigate Lynch’s assets and past transactions, specifically targeting his widow, Angela Bacares. HP alleges that Lynch may have moved assets to avoid paying the judgment, which significantly exceeds the estimated £330 million value of his estate. Bacares, who survived the freak storm that capsized Lynch’s superyacht off Sicily in August 2024, killing Lynch and their daughter, opposes HP’s choice of administrator. She proposes her family’s long-time lawyer, Jeremy Sandleson, arguing he can handle the matter more effectively, while HP claims he has a conflict of interest. The case highlights the ongoing financial fallout from the Autonomy deal, despite Lynch being cleared of criminal wrongdoing in a separate US trial in 2024.
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HP Targets Widow of Late Tech Tycoon Mike Lynch to Recoup $1.7 Billion
Hewlett Packard is pursuing legal action against the estate of late tech tycoon Mike Lynch to recover over £900 million ($1.7 billion) in damages related to the fraudulent accounting scandal surrounding the 2011 acquisition of his company, Autonomy. Following a High Court ruling awarding HP these damages, the firm has requested the appointment of administrators to investigate Lynch’s assets and past transactions, specifically targeting his widow, Angela Bacares. HP alleges that Lynch may have moved assets to avoid paying the judgment, which significantly exceeds the estimated £330 million value of his estate. Bacares, who survived the freak storm that capsized Lynch’s superyacht off Sicily in August 2024, killing Lynch and their daughter, opposes HP’s choice of administrator. She proposes her family’s long-time lawyer, Jeremy Sandleson, arguing he can handle the matter more effectively, while HP claims he has a conflict of interest. The case highlights the ongoing financial fallout from the Autonomy deal, despite Lynch being cleared of criminal wrongdoing in a separate US trial in 2024.
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