$270,000 Drug. One Competitor. Billion-Dollar Market.

Phase 3 trial targets recurrent pericarditis with an oral therapy that could disrupt the only approved treatment. And their heart failure program launches in 2026.

Tech tycoon, defense attorney, and Morgan Stanley banker among those missing in freak yacht sinking

KELVIN CHAN
August 20, 2024

LONDON (AP) -- 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.

Mike Lynch

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.

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.

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.

Christopher Morvillo

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 Sept. 11, 2002 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.

Jonathan Bloomer

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 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."

Stephen Chamberlain

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.

___

AP writer Eric Tucker in Washington, D.C. contributed to this report.

Continue Reading...

Popular

United Microelectronics Backs US Semiconductor Push With Polar Foundry Collaboration

UMC signed an MOU with Polar Semiconductor to collaborate on U.S.-based 8-inch wafer production, supporting industries like data centers.

Bulgaria's government withdraws controversial budget after major protests

SOFIA, Bulgaria (AP) — Bulgaria's government said Tuesday it is withdrawing a controversial budget proposal after protests against it drew tens of thousands of people and saw clashes between police and protesters.

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

What to know about missing Malaysian Airlines Flight MH370 as search resumes

KUALA LUMPUR, Malaysia (AP) — More than a decade ago, Malaysia Airlines Flight MH370 vanished without a trace, sparking one of aviation’s most baffling mysteries.

Trump 'Very Seriously' Considering Australian Retirement Savings System For US Working People: 'It's A Good Plan'

President Donald Trump has revealed that his administration is actively exploring the possibility of implementing a retirement savings system similar to Australia's in the United States.

Utility Over Hype: ETF Launch Alert - Ad

This ETF isn't about speculation, it's about infrastructure. Seconds-level settlement, low fees, and institutional custody.

Cathie Wood Dumps $11.6 Million Worth Of Tesla Stock: Here Is What Ark Purchased Instead

On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Tesla Inc. (NASDAQ:TSLA), Coinbase Global Inc.

Trump attacks ABC News correspondent Mary Bruce in angry response to three sharp questions

NEW YORK (AP) — President Donald Trump denounced ABC News' Mary Bruce as a “terrible reporter” Tuesday and threatened the network's license to broadcast after she asked him three sharp questions at the White House.

The Smart Money Copper Trade - Ad

Quebec discovery. Strong grades. Roads and hydro in place. Funding secured for a busy drill calendar. Each assay can build scale and tighten the window for early entries as EVs and data centers pull harder on copper. Do not wait.

Nokia Secures Multi-Year Pact To Power Telecom Italia's 5G Expansion

Nokia (NYSE: NOK) secures 3-year deal with Telecom Italia (OTC: TIIAY) to expand 5G coverage in Italy using latest equipment.

Why Is Symbotic (SYM) Stock Trending Overnight?

Symbotic shares are moving higher overnight following after-hours trading gains and recent analyst and insider activity.

They've Done It 20+ Times-Now They've Found a New Memecoin to Watch - Ad

Our analysts have built one of the most reliable track records in the memecoin space by recognizing early momentum signals many traders overlook. Their newest pick shows several of the same early indicators found in past standout performers. Get the details before this story spreads.

Scaramucci Says This One US Mistake Helped China Become a Manufacturing Superpower

Anthony Scaramucci recently highlighted what he considers a significant error by the US that enabled China to ascend as a manufacturing superpower.

Developing: Former Military Coder's AI Tech "Breaks Out" Into U.S. Stock Market - Ad

An AI created by a former top-secret Air Force nuclear missile coder has now learned to forecast the direction of the U.S. stock market. Early users could have already tripled their money, based on the average winning trades this AI has spotted so far.

Trump-Pardoned Ponzi Schemer Faces 37-Year Sentence For $44 Million COVID Scam

A previously convicted Ponzi schemer who had received a pardon from President Trump is heading back to prison due to involvement in a new fraudulent scheme.

JPMorgan Forecasts Bitcoin Bottom, Anticipates $28.3 Trillion Challenge To Gold By 2026

Analysts at JPMorgan have pinpointed the lowest point of the ongoing Bitcoin (CRYPTO: BTC) price fall and also projected a substantial chall

Same AI Tech That Predicts Grid Blackouts and Heart Failure... Now Gives You the Chance to Outperform 99% of Money Managers - Ad

Breakthrough AI created by former Air Force nuclear missile coder can now forecast U.S. stock prices... and could help you make 252% gains over the next year-while also dramatically decreasing your risks.

Weiss Gold Veteran Makes Shocking New Call - Ad

Weiss expert Sean Brodrick went out on a limb last year and declared a historic event would send the yellow metal to $3,150. People laughed at him at the time, but he was off by just two days. Now, Sean has a shocking new prediction for gold ... and reveals a little-known way to get ahead of this bull market.

OpenAI's Partners Rake Up $96 Billion Debt as AI Industry's Borrowing Trend Escalates

Companies supplying data centers, chips, and processing power to OpenAI have racked up a staggering $96 billion in debt to fund their operations.

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

AI, electrification, battery storage, and data centers are pushing copper and silver demand sharply higher, even as supply stays tight. This region in Nevada offers rare multi-metal potential, and a new company has secured land in a district the surging district. It's one of the cleanest timing setups in the sector right now.

Silver Soars To Record Highs: It's Up 95% In 2025, The Best Year Since 1979

Silver prices surge over 5% as investors rush to secure metal amid tight supplies and global shortage concerns, driving up stocks and mining equities.

How Digital Asset Treasury Firms Are Quietly Rewriting The Rules

DATs are in the spotlight as firms like Strategy (NASDAQ:MSTR) race to accumulate tokens at industrial scale – despi

The Repeatable Strategy Behind 20+ Early Memecoin Wins (Revealed) - Ad

Few analysts have been able to consistently spot strong memecoin setups, but our team has developed a repeatable framework that has helped them identify high-momentum plays early. Now they've uncovered a new project showing similar characteristics, and they want you to see the full breakdown yourself.

$270,000 Drug. One Competitor. Billion-Dollar Market. - Ad

Phase 3 trial targets recurrent pericarditis with an oral therapy that could disrupt the only approved treatment. And their heart failure program launches in 2026.

Iran confirms seizure of oil tanker in the Strait of Hormuz

TEHRAN, Iran (AP) — Iran on Saturday confirmed as it traveled through the narrow Strait of Hormuz over violations including carrying an illegal consignment, state media reported.

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

AppLovin's Merchant Boom Hints At Q4 Upside, Analyst Says

AppLovin Corp (NASDAQ: APP) sees strong adoption of its Axon ad tech, setting up for potential Q4 upside surprise.

Stock Market Today: S&P 500, Nasdaq Futures Rise After Breaking 5-Day Winning Streak—MongoDB, CrowdStrike, American Eagle In Focus

U.S. stock futures rose on Tuesday after declining on Monday. Futures of major benchmark indices were higher. On Monday, the month of December kicked off with benchmark indices declining after a five-day winning streak.

Utility Over Hype: ETF Launch Alert - Ad

This ETF isn't about speculation, it's about infrastructure. Seconds-level settlement, low fees, and institutional custody.

Barrick's Breakup Rumors, North America Versus The World

Barrick Mining (NYSE: B) may split into two companies, one focused on North America and another on Africa and Asia.

Shaquille O'Neal Says His Naive Pitch Nearly Wrecked His Wealth: 'If I Get Your Million Now, In A Couple Years, It Will Be A Couple Million'

Shaquille O'Neal has made a remarkable transition from his illustrious sports career to becoming a successful business entrepreneur, with a portfolio estimated to be worth around $500 million.

The Smart Money Copper Trade - Ad

Quebec discovery. Strong grades. Roads and hydro in place. Funding secured for a busy drill calendar. Each assay can build scale and tighten the window for early entries as EVs and data centers pull harder on copper. Do not wait.

US Debt Of $38 Trillion Now A 'National Security Crisis,' Warns Top Economist, Another Blames Political Polarization: 'Neither Party Is…'

Richard Haass, the president of the Council on Foreign Relations, and other economists have sounded the alarm about the U.S. national debt, stating that it poses a significant threat to the country's security and global standing.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright systemtrading.ca
Privacy Policy | Terms of Service