HP Targets Widow of Mike Lynch in $1.7 Billion Asset Recovery Bid
Hewlett Packard (HP) is pursuing legal action to recover over £900 million ($1.7 billion) in damages from the estate of late tech tycoon Mike Lynch, known as 'Britain’s Bill Gates.' Following a High Court ruling awarding HP damages for accounting fraud related to the 2011 Autonomy acquisition, HP seeks to appoint administrators to investigate Lynch’s assets and past transactions. The company specifically targets Lynch’s widow, Angela Bacares, suspecting efforts to shield assets from creditors. Lynch died in August 2024 when his superyacht capsized off Sicily, leaving an estate valued at approximately £330 million, significantly less than the awarded damages. A dispute has arisen over the appointment of administrators, with HP proposing Interpath Advisory while Bacares advocates for Jeremy Sandleson, citing potential conflicts of interest. Although Lynch was cleared in a separate US criminal trial, the civil judgment threatens to bankrupt his estate. Bacares holds significant assets, including a stake in Darktrace. The case continues as both parties argue their positions regarding the administration and appeal of the fraud claims.
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HP Targets Widow of Mike Lynch in $1.7 Billion Asset Recovery Bid
Hewlett Packard (HP) is pursuing legal action to recover over £900 million ($1.7 billion) in damages from the estate of late tech tycoon Mike Lynch, known as 'Britain’s Bill Gates.' Following a High Court ruling awarding HP damages for accounting fraud related to the 2011 Autonomy acquisition, HP seeks to appoint administrators to investigate Lynch’s assets and past transactions. The company specifically targets Lynch’s widow, Angela Bacares, suspecting efforts to shield assets from creditors. Lynch died in August 2024 when his superyacht capsized off Sicily, leaving an estate valued at approximately £330 million, significantly less than the awarded damages. A dispute has arisen over the appointment of administrators, with HP proposing Interpath Advisory while Bacares advocates for Jeremy Sandleson, citing potential conflicts of interest. Although Lynch was cleared in a separate US criminal trial, the civil judgment threatens to bankrupt his estate. Bacares holds significant assets, including a stake in Darktrace. The case continues as both parties argue their positions regarding the administration and appeal of the fraud claims.
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