Latest news with #AngelaBacares
Telegraph
2 days ago
- Business
- Telegraph
How Mike Lynch shielded his family fortune from £700m fraud ruling
After winning his freedom last year, Mike Lynch was relaxed about the prospect that he might become personally penniless. The British software tycoon had faced the prospect of decades in prison before he defeated criminal fraud charges in a San Francisco trial, and described winning the case as being granted a 'second life'. The prospect of signing his wealth away to Hewlett-Packard (HP), the tech giant that was pursuing him for billions in the English courts, paled in comparison to ending his life behind bars. But Lynch was breezy about the prospect for another reason: a large portion of the Lynch family fortune was held in his wife Angela Bacares's name, shielding it from any legal repercussions. 'My wife has been very good at investing in the things that I've told her to from a point of view of technology. We've done very well,' Lynch said in an interview after he was acquitted. 'It's not a perilous situation.' Just a few weeks later, Lynch and his daughter Hannah died when the entrepreneur's superyacht, Bayesian, capsized off the coast of Sicily, a tragedy that Bacares herself survived. But the decision for Bacares to hold much of the wealth in her name now looks like a wise move. On Tuesday, a judge ruled that HP was owed almost £740m from Lynch and his business partner Sushovan Hussain over the fraudulent sale of their software giant Autonomy 14 years ago. With Mr Hussain having settled privately, Lynch's estate is on the hook for the majority of the damages. Valued by lawyers at $450m (£333m) during his US trial, the fortune in Lynch's estate would be wiped out by the judgment. An appeal by Lynch's legal team is likely. But even if the estate is bankrupted, Bacares is sitting on a fortune worth hundreds of millions owing to the way the pair divided the proceeds of Lynch's endeavours. American-born Bacares, 58, worked on Wall Street and the City of London before her and Lynch were engaged in 2001 and married the following year. She has not made any public comments since her husband's death, beyond a brief message from the Lynch family stating they are 'devastated'. But her name has featured regularly in stock market filings, company records and court documents. While Lynch made around £500m from selling Autonomy, Bacares, who was occasionally an employee at the company, sold £15.6m of shares. By the time Lynch's next venture, cybersecurity company Darktrace, made it to the public markets, Ms Bacares was the dominant shareholder. She owned 12.8pc of the company at the time of its London flotation, compared to a 4.9pc stake owned by Lynch. Bacares and Lynch had both sold the majority of their stakes by the time Darktrace was bought by private equity firm Thoma Bravo for $5.3bn last year – netting hundreds of millions of pounds. She is also one of the biggest shareholders in Luminance, a legal AI company backed by Lynch's venture capital firm, that has raised more than $115m. Company filings also show her listed as a director at Bunhill Partners, a now defunct algorithmic trading. The couple's personal assets were also held in her name, including Loudham Hall, the Suffolk estate where they lived, and Bayesian itself. The superyacht, raised only last month, was owned by Revtom Limited, of which Bacares was the only shareholder. This may now present its own legal complications. Families of those who perished on Bayesian, including cook Recaldo Thomas and Lynch's lawyer, Chris Morvillo, are seeking compensation from the insurance company that covered the vessel. Hewlett-Packard, now known as HPE, could also theoretically pursue Bacares if there is a shortfall from the fraud case, although the optics of going after his widow would be questionable. Even if Lynch's estate is wiped out, his family are likely to be well looked after.
Daily Mail
5 days ago
- Daily Mail
Mike Lynch's widow facing damages battle as legal action from Bayesian disaster victims could wipe out her husband's estate
The widow of tech tycoon Mike Lynch could be dragged into multimillion-pound legal row as families of victims demand answers over the superyacht tragedy that killed seven, including her husband and daughter. Angela Bacares, who survived the horrific sinking of the £25 million yacht Bayesian, is now at the centre of a spiralling legal storm, with families of the five other victims preparing a multimillion-pound compensation battle that could engulf what's left of Lynch's fortune. Bacares, who is the sole shareholder of the corporate entity that owned the vessel, could find herself at the heart of the blame game, alongside the boat's management firm and insurance giant QBE. Among the seven killed were Lynch, his teenage daughter, Hannah, the vessel's cook Recaldo Thomas, Lynch's high-profile American lawyer Chris Morvillo, his wife Neda, and British banking couple Jonathan and Judy Bloomer. A further fifteen people, including Bacares, survived, rescued by the crew of a nearby yacht in a late-night operation off the Italian coast. While Bacares is understood to have her own personal wealth shielded from the estate, she may not be entirely free from the financial fallout. Bacares is listed as the sole shareholder of Revtom, the company that owned the doomed Bayesian, and that opens the door to potential legal claims from families of the victims. James Healy-Pratt, a prominent US aviation and maritime lawyer, is representing the family of 59-year-old cook Recaldo 'Rick' Thomas, the first victim recovered by divers. He has said: 'The Thomas family are satisfied that they can establish liability for Rick's death against those entities based on the current evidence.' He confirmed that Bayesian was insured for more than $150 million by British Marine, a subsidiary of QBE, and warned that the family would soon offer the insurer a chance to resolve the case behind closed doors or face high-profile legal proceedings in the US. 'The Thomas family will shortly be offering QBE the opportunity to mediate confidentially their significant claim in the US, or face very public US legal proceedings,' he added. Meanwhile, the family of Chris and Neda Morvillo have also signalled their mounting frustration with the yacht's managers and insurers. Chris's brother, New York lawyer Greg Morvillo, has been outspoken about his determination to fight for justice on behalf of his late brother's daughters. He said: 'We had hoped that by now Camper & Nicholsons, who managed the vessel, and the insurance companies that manage the liability for the vessel, would have proactively contacted us to offer not only their condolences but also assurances that there would be no need for us to litigate the losses suffered by our nieces. 'Sadly, no such outreach has happened and our patience is running out. We do not wish to engage in a litigation, and we had thought that Camper & Nicholsons and the insurance companies would feel the same way, but it is beginning to feel inevitable. 'Through all of this, we continue to express our deepest condolences to all those who lost loved ones or who have been impacted by what we think was an avoidable tragedy.' QBE confirmed it had insured Bayesian but refused to comment further. It is understood the firm has already instructed a major US law firm to handle potential litigation. A legal insider close to the case said: 'What is an unspeakable tragedy for all is turning into a compensation fight.' Last month, Italian authorities raised the sunken yacht from the seabed as part of an ongoing criminal investigation that may not conclude until 2027. A separate British maritime inquiry is also under way and will feed into upcoming inquests. Teenager Hannah was the last to be found, hidden behind a mattress below deck. She had won a place to do English Literature at Oxford and was due to start her studies when she returned from the trip In a separate long-running civil case, Lynch - the Autonomy founder once hailed as Britain's answer to Steve Jobs - was found in 2022 to have defrauded US tech firm Hewlett Packard Enterprise (HPE) in its $11.7 billion (£8.6 billion) takeover of his software firm in 2011. HPE accused Lynch and his finance chief of cooking the books to make Autonomy appear far more valuable than it was, launching a decade-long legal saga that only deepened after his extradition to the US and eventual death in 2024. Though Mr Justice Hildyard ruled in favour of HPE, the final damages have yet to be determined. The company is seeking a staggering $4 billion - far more than the $516 million Lynch is believed to have personally received. A final judgment is now expected within days, with speculation mounting that the figure could exceed the value of Lynch's estate.
Yahoo
22-06-2025
- Business
- Yahoo
Mike Lynch's superyacht Bayesian lifted from the sea for tragic sinking probe
Tech tycoon Mike Lynch's superyacht has been lifted from the sea and taken to a town for investigations into the sinking that killed seven people. Billionaire Mr Lynch, 59, was one of the victims alongside his daughter Hannah, 18, when the Bayesian sank off Sicily last August 19. Morgan Stanley International bank chairman Jonathan Bloomer, 70, and his wife, Judy Bloomer, 71, also died, with inquests due to be held for the British nationals. READ MORE: Foreign Office issue stream of travel alerts following US strikes on Iran READ MORE: Which food and drinks are banned on TUI, easyJet, Ryanair and Jet2 flights? Fifteen people including Mr Lynch's wife, Angela Bacares, were rescued. British and Italian authorities are due to carry out a full probe into the yacht's sinking. The vessel was held above the water by one of Europe's most powerful floating sea cranes, which set off from the fishing village Porticello at around 1.10pm local time today (June 22). It was held in front of the crane as it moved. The vessel arrived in Termini Imerese, a town around 12 milies away at just after 3pm on Sunday. It will then be moved into a specially manufactured steel cradle, which has a tarpaulin underneath for pollution prevention. Salvage workers on site, not accompanying the vessel to port, are conducting a 'full sweep' of the seabed near Porticello for any potential debris, a project insider said. Italian prosecutors previously said raising and examining the yacht for evidence would provide key information for its investigation into the sinking. It will also aid the Marine Accident Investigation Branch (MAIB) report on what happened. Simon Graves, an MAIB investigator, previously told the PA news agency: "When the wreck is brought ashore, we'll be completing a full examination of the wreck and we'll be finding out all of the elements that might have contributed to the safety of the vessel." Further details such as 'escape routes' will be included in its final report on the sinking, according to Mr Graves, who added: "Once we get access to the vessel we'll be able to tell a fuller picture of activities on board and the sequence of events." The vessel was originally expected to be raised last month but salvage efforts were delayed after a diver died during underwater work on May 9, prompting greater use of remote-controlled equipment. About 70 specialist personnel had been mobilised to Porticello from across Europe to work on the recovery operation. Join the Manchester Evening News WhatsApp group HERE Mr Lynch and his daughter were said to have lived in the vicinity of London and the Bloomers lived in Sevenoaks, Kent.
Yahoo
15-05-2025
- Yahoo
As Luxury Yacht Sank, Passengers and Crew Fought Frantically to Escape, Using Air Pockets and Furniture: Investigators
Six passengers and one crew member were killed when the Bayesian yacht sank in August 2024 amid severe weather off the coast of Sicily, but 15 people survived A new report from U.K. investigators details some of the chaotic moments escaping the doomed vessel Those on board had to move quickly to get out — and there were multiple close callsThe sudden sinking of the Bayesian luxury yacht last August involved frantic escape attempts for the 12 passengers and 10 crew on board, U.K. investigators wrote in a new report. The interim findings of the Marine Accident Investigation Branch, released on Wednesday, May 14, detail some of the chaotic moments on the vessel as it went into the water early on Aug. 19 amid severe weather off the coast of Sicily. Six passengers and one crew member were killed and 15 people survived; both U.K. and Italian investigations remain ongoing, with British authorities indicating the weather was to blame. According to the new report from the investigative board, crew members had been keeping overnight watch as a storm rolled in. Shortly before 4 a.m. local time, a deckhand allegedly even filmed it for a social media post before going to wake the skipper and close the forward hatches and cockpit windows. But just as the skipper got ready to move the Bayesian into the winds, gusts 'suddenly increased' to more than 80 mph, the report states. 'The awning over the flying bridge ripped from port to starboard' and the yacht began to 'violently' turn over at a 90-degree angle to the right — all in less than 15 seconds. 'People, furniture, and loose items fell across the deck,' the report states. 'The generators shut down immediately and battery-supplied emergency lighting came on.' Three crew members and two guests, including the owner, 'were all injured, either by falling or from things falling on them,' and the deckhand who had first alerted the skipper to the weather was 'thrown into the sea' from the flying bridge. Two guests below deck, who had earlier awoken, managed to use their 'furniture drawers as an improvised ladder to exit … escaping along the internal walls of the central alleyway and climbing out into the saloon area.' Elsewhere, two crew members 'climbed up the walls of the forward staircase, exiting from the crew mess area into the wheelhouse.' Once the Bayesian's starboard railing touched the sea, water rushed inside and down the stairs, the report states. The yacht's chief engineer managed to get out from a wheelhouse door while assisting another deckhand, who likewise then helped lift out two other crew members onto the deck. The Bayesian's owner — previously identified in news reports as Angela Bacares, wife of U.K. tech mogul Mike Lynch, who was with her and their daughter, Hannah — was 'pushed through … cascading water' and onto the flying bridge by the chief officer. Together with the chief steward, the chief officer 'managed to evacuate' another guest and the guest's baby as well. (Passenger Charlotte Golunski has spoken out about how she worked to save her 1-year-old during the tragedy.) From there, guests and crew began to gather in larger groups as they fled the sinking ship, according to investigators. But there were close calls: Two crew members had helped bring two guests onto the flying bridge, along with a third guest and the chief officer and skipper — but then three of the crew in that group became stuck 'in an air pocket' by a wheelhouse door that had closed. Only with the help of one of the guests on the outside were most of them able to 'open the door and escape,' the report states — however, the chief officer 'had been swept to the back of the saloon and into another air pocket' and had to dive down in order to get the sliding doors on the yacht open in order to swim free. Outside, as the winds died down, the surviving crew and passengers reunited. A deckhand who had earlier been saved by a guest made a tourniquet for the guest's arm gash, the report states. That guest was a member of a couple who were on board with their baby who relied on a cushion for floatation. Some of the passengers and crew treaded water; others held to cushions from the yacht. A guest used their phone light to sweep the water for other signs of life. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. Then the chief officer released a life raft from the vessel and the survivors boarded it while the skipper began to shout and sound an alarm to a nearby ship. Within about 20 minutes of boarding the raft, the survivors managed to flag down the other yacht with a flare and the survivors made it to the second ship 10 minutes after that. It had been less than an hour since the storm whipped up. Read the original article on People
The Independent
15-05-2025
- The Independent
Family of chef who died on Mike Lynch's superyacht have ‘concerns' after report
The family of a chef killed in the sinking of Mike Lynch's superyacht in Italy say they have 'serious concerns about a series of failures' before his death. It comes after Marine Accident Investigation Branch (MAIB) investigators said in an interim report that the 56-metre (184ft) Bayesian was knocked over by 'extreme wind' off the coast of Sicily on August 19 last year. The yacht had a vulnerability to winds but the owner and crew would not have known, the report said. After the report was published, the family of Canadian-Antiguan national Recaldo Thomas, 59, a cook who died on the vessel, said they believe his death was 'preventable'. Lawyer James Healy-Pratt said on their behalf: 'They have serious concerns about a series of failures evidently involved in the causes of this tragedy – failures in the design, safety certification and seaworthiness of the Bayesian, as well as the management by some of the crew to deal with a forecast mesocyclone storm. 'The family note that the Bayesian was an outlier in design, with a single mast structure, longer than the wingspan of a jumbo jet, that acted like an aerofoil in the storm conditions.' Mr Healy-Pratt said the family note that Mr Lynch's wife, Angela Bacares, who owned the vessel, 'was up on deck when a number of questionable decisions were being carried out by some of the crew'. He went on: 'They know that further evidence and analysis is required in areas including downflooding and seamanship, and they await the final MAIB safety report and its inevitable list of safety recommendations. 'The Thomas family are firmly resolute in their journey for truth, very public justice, and preventing future tragedies.' The interim report into the disaster shows wind speeds of 63.4 knots (73.0mph) on the beam were sufficient to tip the vessel over. It stated that 'vulnerabilities' were 'unknown to either the owner or the crew of Bayesian' as they were not included in the stability information book carried on board. The vessel was in a 'motoring condition' with its sails lowered and the centreboard — which is used to help stabilise it — was in a 'raised' position, the report said. Simon Graves, an MAIB investigator, told the PA news agency: 'You have the wind pushing the vessel over and then you have the stability of the vessel trying to push the vessel back upright again. 'And what our studies found was that they show that the Bayesian may have been vulnerable to high winds and that these winds were likely to have been evident at the time of the accident.' At 4.06am local time, wind speeds exceeded 70 knots (80.6mph), 'violently' knocking the vessel over to a 90-degree angle in under 15 seconds, investigators said, and 'people, furniture and loose items fell across the deck'. The report went on: 'There was no indication of flooding inside Bayesian until water came in over the starboard rails and, within seconds, entered the internal spaces down the stairwells.' The MAIB is investigating as the Bayesian was registered in the UK. No date has been set for when the final report will be published. Inquest proceedings in the UK are looking at the deaths of billionaire entrepreneur Mr Lynch, 59, and his daughter Hannah, 18, as well as Morgan Stanley International bank chairman Jonathan Bloomer, 70, and his wife, Judy Bloomer, 71, who were all British nationals. The others who died in the sinking were US lawyer Chris Morvillo and his wife Neda Morvillo. Fifteen people, including Ms Bacares, were rescued. The MAIB report stated that during the previous day, the Bayesian was sailed to the site where it later sank in order to 'shelter' from forecast thunderstorms. At 3am the following morning the wind speed was 'no more than eight knots (9mph)' but a deck hand thought 'thunderclouds and lightning seemed to be getting closer'. Some 55 minutes later the deck hand posted a video of the advancing storm on social media, then went on to the deck to close windows to protect the interior from rain. They noted that the wind had reached 30 knots (34.5mph) and thought the vessel was dragging its anchor. At 4am they woke the superyacht's skipper. Several crew members were working in response to the conditions when the vessel was knocked over six minutes later. Five people were injured 'either by falling or from things falling on them' while the deck hand was 'thrown into the sea', the report said. Two guests used furniture drawers 'as an improvised ladder' to escape their cabin. The skipper instructed guests and crew on an area of the deck to 'swim clear of the mast and boom as the vessel was sinking'. Survivors later made their way on to a life raft released from the Bayesian. They went on to be rescued on a small boat dispatched by yacht Sir Robert Baden Powell, which was at anchor nearby. The MAIB said its report was based on 'a limited amount of verified evidence' as a criminal investigation by Italian authorities has restricted its access to the wreck and other pieces of evidence. A project to move the Bayesian into an upright position and lift it to the surface paused on May 9 when a diver died during underwater work. Recovery work was due to resume on Thursday, Marcus Cave of British firm TMC Marine, which is overseeing salvage efforts, said. Further details such as 'escape routes' will be included in the final report, according to Mr Graves, who added: 'Once we get access to the vessel we'll be able to tell a fuller picture of activities on board and the sequence of events.' Mr Lynch and his daughter were said to have lived in the vicinity of London, while the Bloomers lived in Sevenoaks, Kent. The tycoon founded software giant Autonomy in 1996 and was cleared in June last year of carrying out a massive fraud over the sale of the company to Hewlett-Packard in 2011. The boat trip was a celebration of his acquittal in the case in the US.
