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back to article Hey, HP shareholders! Mike Lynch is set to buy a 180-foot superyacht with his Autonomy loot

Mike Lynch, the man whose sale of software biz Autonomy to HP resulted in an $8.8bn writedown at the US titan and ongoing probes by the Serious Fraud Office, the US Justice Department and the SEC, is set to splash out some of his gains on an enormous yacht. Sources tell The Register that Lynch is engaged in purchasing a …

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  1. thomas k.

    wiser to wait?

    Possibly better to wait on spending that dosh until the investigations/lawsuits are resolved in his favor?

    If he loses, I don't think "I can't give back the money 'cause I've spent it all" would sit very well on the courts.

    2 2 Reply
    1. Jay 2
      Reply Icon

      Re: wiser to wait?

      I think he'd be waiting a very long time in that case. HP are still trying to get their act together in finding some allegations that may stick and then there's the small matter of what exactly Deloitte were up to.

      HP are trying to find anyone to blame but themselves.

      10 1 Reply
    2. Anonymous Coward
      Reply Icon
      Anonymous Coward

      Re: wiser to wait?

      I'd be surprised if any ship builder would accept the order knowing there is a good chance he'd be declared bankrupt before they'd finished building it for them.

      3 1 Reply
  2. Destroy All Monsters Silver badge
    Devil

    That will be one very happy armateur, then!

    1) Leo splurges cash that might have been better spent on serious investments yielding ROI and government chest-beating windfalls in the form of jobs and taxes

    2) Shareholders complacent

    3) ???

    4) A HUGE YACHT FOR CONSPICUOUS CONSUMPTION APPEARS!

    Well, these are the bubble times!

    Keynesians will rejoice as they are incapable of distinguishing between consumption and investment but so be it.

    0 3 Reply
    1. TheOtherHobbes
      Reply Icon

      Re: That will be one very happy armateur, then!

      Keynesians say "Don't look at us. This is a perfect example of the kind of stupid shit that happens every day in free markets."

      5 0 Reply
  3. Anonymous Coward
    Anonymous Coward

    Lovely

    Personally, this made me laugh because there's really no better way to say "f*ck you" to HP's management who has been trying to smear him to cover up their own failings.

    If I had the cash and would be in that position I would do it too, rub it in proper.

    4 2 Reply
  4. Peter Simpson 1
    Pirate

    SS CONSPICUOUS CONSUMPTION, ahoy!

    I'm not impressed unless it has a helicopter on it.

    And none of those little ones, mind you.

    0 0 Reply
  5. Chris G

    Caveat emptor

    One would think anyone who is about to lat out significant dosh for a business would look into it thoroughly, including a pre sale audit. So either the books were massaged very well or the auditors weren't up to much.

    I would like to be the first to welcome Mr Lynch and his yacht to the sunny shores of Ibiza where I can do a guided tour, recommend restaurants and 'honest' estate agents.

    3 0 Reply
    1. Anonymous Coward
      Reply Icon
      Anonymous Coward

      Re: Caveat emptor

      Probably too early to say who, if anyone is to blame for the current valuation of Autonomy compared to its sale price, but if as HP says, it was badly misinformed, then you have to ask about the quality of the Due Diligence performed. And then you have to look at "Dolittle" to see if they did their job properly.

      Of course this could all be bluster from HP to cover up a badly managed takeover, diverting their shareholders from any cockups made elsewhere.

      This would certainly not be the first time that a buyout has been vastly overvalued.

      However, you think HP and Autonomy directors should know better - not to wash their dirty washing in public.

      0 0 Reply
  6. Anonymous Coward
    Anonymous Coward

    < 65 Metres?

    He's going to get major size anxiety pulling up next to any of the Russian oligarch vessels in the Med.

    1 0 Reply

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