mike lynch yacht sinking – Artifex.News https://artifex.news Stay Connected. Stay Informed. Wed, 21 Aug 2024 03:56:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://artifex.news/wp-content/uploads/2023/08/cropped-Artifex-Round-32x32.png mike lynch yacht sinking – Artifex.News https://artifex.news 32 32 Tech tycoon Mike Lynch among those missing in freak yacht sinking https://artifex.news/article68549090-ece/ Wed, 21 Aug 2024 03:56:50 +0000 https://artifex.news/article68549090-ece/ Read More “Tech tycoon Mike Lynch among those missing in freak yacht sinking” »

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A superyacht that sank Monday off the Sicilian coast during a storm left six passengers missing, including British tech kingpin Mike Lynch and some of his inner circle, who were gathered to celebrate his victory in a long-running legal trial.

Lynch was acquitted in June in a U.S. fraud case and was apparently aboard the Bayesian with some of the people who stood by him throughout the ordeal. Another member of Lynch’s legal team who wasn’t aboard, Reid Weingarten, said the outing was intended in part as a celebration of the acquittal.

Here’s a look at the people who remain missing following the disaster, and also details of the death of an associate of Lynch in recent days who was not on the yacht.

Software entrepreneur Mike Lynch, along with his daughter, Hannah, are among those that police divers are searching for after the yacht was struck by a waterspout off of Porticello, near Palermo.

A spokesperson for Lynch said there were no updates Tuesday.

Lynch had been trying to move past a Silicon Valley debacle that had tarnished his legacy as an icon of British ingenuity.

A Cambridge-educated mathematician, Lynch made his mark with Autonomy, which made a search engine that could pore through emails and other internal business documents to help companies find vital information more quickly. Autonomy’s steady growth in its first decade resulted in Lynch being dubbed Britain’s Bill Gates and earning him one of the U.K’s highest honors, the Office of the Most Excellent Order of the British Empire in 2006.

Lynch, 59, sold Autonomy to Hewlett-Packard for $11 billion in 2011. But the deal quickly turned sour after he was accused of cooking the books to make the sale.

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The fraud allegations resulting in Lynch being fired by HP’s then-CEO Meg Whitman and a decade-long legal battle. It culminated with him being extradited from the U.K. to face criminal charges of masterminding a multibillion-dollar fraud.

Lynch steadfastly denied any wrongdoing, asserting that he was being made a scapegoat for HP’s own bungling — a position he maintained while testifying before a jury during a 2 1/2 month trial in San Francisco earlier this year. U.S. Justice Department prosecutors called more than 30 witnesses in an attempt to prove their allegations against Lynch.

Lynch was vindicated at trial in June after being cleared of all charges. Lynch pledged to return to the U.K. and explore new ways to innovate.

Although he avoided a possible prison sentence, Lynch still faced a potentially huge bill stemming from a civil cased in London that HP mostly won in 2022. Damages haven’t been determined in that case, but HP is seeking $4 billion. Lynch made more than $800 million from the Autonomy sale.

Lynch later went on to set up technology investment firm Invoke Capital.

One of Lynch’s U.S. lawyers, Christopher Morvillo of the firm Clifford Chance, and his wife Neda were also on the yacht and are among those unaccounted for.

Morvillo is regarded as an elite defense attorney specializing in fraud and corruption cases. He was previously a federal prosecutor in New York who worked on the criminal investigation of the September 11, 2001 terrorist attacks. His father, Robert Morvillo, was also a lawyer who represented high-profile clients, including Martha Stewart.

In a LinkedIn post soon after Lynch’s acquittal, Morvillo paid tribute to the team of lawyers who worked on the case and also his wife and two daughters.

“None of this would have been possible without your love and support. I am so glad to be home,” he wrote. The post ended with the words: “And they all lived happily ever after….”

In a legal podcast released last week, Morvillo recounted his involvement with Lynch’s case, starting from when his firm was hired in November 2012.

He flew to London to meet Lynch on Thanksgiving weekend that year and assumed he would be gone for a week, Morvillo told the For the Defense podcast. Instead, Morvillo said he “spent a significant portion of the rest of my life bouncing back and forth between London and New York.”

The case has “covered one third of my career,” he said. “It has been a constant presence in my life for the last 12 years.”

Clifford Chance said it was “in shock and deeply saddened by this tragic incident” and that its thoughts are with Morvillo and his wife. “Our utmost priority is providing support to the family,” the firm said.

The chairman of Morgan Stanley’s London-based investment banking subsidiary, Jonathan Bloomer, and his wife, Judy, were also among the yacht’s missing.

Bloomer is non-executive chairman of both Morgan Stanley International, which covers markets outside the U.S., and the Hiscox Group, an insurer that does business on the Lloyd’s of London insurance marketplace.

Lynch appointed Bloomer to Autonomy’s board of directors in 2010, where he served as chairman of the audit committee at the time of the HP deal. Bloomer testified for the defense at Lynch’s trial.

Both Morgan Stanley and Hiscox said they were “deeply shocked and saddened” by the tragedy.

“Our thoughts are with all those affected, in particular the Bloomer family, as we all wait for further news from this terrible situation,” the bank said.

Aki Hussain, the group chief executive of Hiscox, said “our thoughts are with all those affected, in particular our chair, Jonathan Bloomer, and his wife Judy, who are among the missing, and with their family as they await further news from this terrible situation.”

In a strange coincidence, another former Autonomy executive who was acquitted alongside Lynch of the fraud charges died days before the sinking of the Bayesian.

Stephen Chamberlain “was fatally struck by a car on Saturday while out running,” his lawyer Gary Lincenberg said in a statement.

Chamberlain, formerly a vice-president of finance at the company, was accused of artificially inflating Autonomy’s revenues and making false and misleading statements to auditors, analysts and regulators.

He stood trial with Lynch, and was also found not guilty.

“He was a courageous man with unparalleled integrity. We deeply miss him,” Lincenberg said. “Steve fought successfully to clear his good name at trial earlier this year, and his good name now lives on through his wonderful family.”

Chamberlain “was a much-loved husband, father, son, brother and friend,” his family said in statement released through Cambridgeshire Police. “He was an amazing individual whose only goal in life was to help others in any way possible.”

Police said the driver, a 49-year-old woman, remained at the scene in the village of Stretham, England, and was assisting with the investigation.



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British tech magnate Mike Lynch among those missing after luxury superyacht sinks off Sicily https://artifex.news/article68544342-ece/ Mon, 19 Aug 2024 18:16:04 +0000 https://artifex.news/article68544342-ece/ Read More “British tech magnate Mike Lynch among those missing after luxury superyacht sinks off Sicily” »

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British tech magnate Mike Lynch and five other people were missing after their luxury superyacht sank during a freak storm off Sicily early on Monday, Italy’s civil protection and authorities said. Lynch’s wife and 14 other people survived.

Lynch, who was acquitted in June in a big U.S. fraud trial, was among six people who remain unaccounted for after their chartered sailboat sank off Porticello, when a tornado over the water known as a waterspout struck the area overnight, said Salvo Cocina of Sicily’s civil protection agency.

One body had been recovered, and police divers were trying to reach the hull of the ship, which was resting at a depth of 50 meters (163 feet) off Porticello, near Palermo, where it had been anchored, rescue authorities said.

It had a crew of 10 people and 12 passengers, the Italian coast guard said. A sudden fierce storm had battered the area overnight, and struck the place precisely where the 56-meter (184-foot) British-flagged Bayesian had been moored.

“They were in the wrong place at the wrong time,” said Cocina, noting that another superyacht nearby wasn’t as badly damaged and helped rescue some of the 15 survivors, who included Lynch’s wife Angela Bacares.

Divers operate in the sea to search for the missing, including British entrepreneur Mike Lynch, after a luxury yacht sank off Sicily.
| Photo Credit:
Reuters

The Bayesian was notable for its single 75-meter (246-feet) mast — one of the world’s tallest made of aluminum and which was lit up at night, just hours before it sank. Online charter sites listed it for rent for up to 195,000 euros (about $215,000) a week.

One of the survivors, identified as Charlotte Emsley, said she momentarily lost hold of her 1-year-old daughter Sofia in the water, but then managed to hold her up over the waves until a lifeboat inflated and they were both pulled to safety, Italian news agency ANSA reported, quoting the mother. The father, James Emsley, also survived, said Cocina.

Eight of the 15 people rescued and taken ashore at Porticello were hospitalized while the others were taken to a hotel. One body believed to be the cook was found near the wreck, but six others were unaccounted for and believed inside the hull, said Luca Cari, a spokesperson for the Italian fire rescue service.

Rescue crews located the vessel and deep-water police divers were trying to access the hull, Cari said. The operations, which were visible from shore, involved helicopters and rescue boats from the coast guard, fire rescue and civil protection service.

Fisherman Francesco Cefalu’ said he had seen a flare from shore at around 4:30 a.m. and immediately set out to the site but by the time he got there, the Bayesian had already sunk, with only cushions, wood and other items from the superyacht floating in the water.

“But for the rest, we didn’t find anyone,” he said from the port hours later. He said that he immediately alerted the coast guard and stayed on site for three hours, but didn’t find any survivors. “I think they are inside, all the missing people.”

He said he had been up early to check the weather to see if he could go fishing, and surmised that a sudden waterspout had struck the yacht.

“It could be that the mast broke, or the anchor at the prow pulled it, I don’t know,” he said.

Emergency services at the scene of the search for a missing boat, in Porticello Santa Flavia, Italy.

Emergency services at the scene of the search for a missing boat, in Porticello Santa Flavia, Italy.
| Photo Credit:
AP

Cocina said the crew and passengers hailed from a variety of countries: In addition to Britain and the United States, passengers and crew were from Antigua, France, Germany, Ireland, Myanmar, the Netherlands, New Zealand and Spain, he said.

British authorities said they were “providing consular support to a number of British nationals and their families.″ Dutch foreign ministry spokesperson Casper Soetekouw said the lone Dutch citizen on board, a man, had been rescued and was not in a life-threatening condition.

Lynch, once hailed as Britain’s king of technology, was cleared in June of fraud and conspiracy charges related to Hewlett Packard’s $11 billion takeover of his company, Autonomy Corp.

The not-guilty verdicts followed an 11-week criminal trial in San Francisco that delved into the history of HP’s 2011 acquisition of Autonomy, a business software firm founded by Lynch.

The fraud accusations represented a dramatic turn in the fortunes of an entrepreneur once described as the Bill Gates of Britain — a title he seemed to live up to when he netted an $800 million from the Autonomy sale.

The acquittal vindicated Lynch, who had vehemently denied wrong doing and portrayed HP as a technological train wreck.

“I’m looking forward to returning the UK and getting back to what I love most: my family and innovating in my field,” Lynch said in a statement released after the verdict.

The yacht, built in 2008 by the Italian firm Perini Navi, can accommodate 12 passengers in four double cabins, a triple and the master suite, plus crew accommodations, according to Charter World and Yacht Charters.

The vessel, which previously was named Salute when it flew under a Dutch flag, featured a sleek, minimalist interior of light wood with Japanese accents designed by the French designer Remi Tessier, according to descriptions and photos on the charter sites.



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