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Sunk superyacht likely to cost insurers at least US$150 million, experts say

LONDON - Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least US$150 million (S$195 million), according to the first estimates by industry experts.

The British-flagged 56-metre-long yacht, which the experts estimated cost around US$40 million, capsized and went down on Aug 19 within minutes of being hit by a pre-dawn storm while anchored off northern Sicily.

The superyacht's hull was insured against physical damage by yacht insurance provider OMAC and a consortium of insurers including Travelers Companies Inc, Navium Marine and Convex, Reuters reported last week.

Its protection and indemnity (P&I) insurance, which typically covers third-party liability claims including for environmental damage, injury and death, was provided by British Marine.

The hull was likely insured for around US$40 million, while the P&I cover would be larger, insurance sources said.

"Our understanding is that the cost of the boat was between US$40 and US$50 million, so the limit of the hull & machinery policy was probably around those values," said Mr Marcos Alvarez, managing director, global financial institution ratings at Morningstar DBRS.

The P&I policy would likely be "several multiples" of the hull policy, or US$200-300 million, Mr Alvarez added, noting it would also likely cover liability payments even if the captain or crew are found to be negligent.

Prosecutors in the town of Termini Imerese, near Palermo, are investigating the captain and two other crew members. An investigation does not imply guilt or mean formal charges will follow. Prosecutors have said the probe would take time and require salvaging the wreck.

Mr Oscar Seikaly, CEO of broker NSI Insurance Group, that provides yacht insurance, estimated the hull value at US$40-70 million, but said P&I cover might not total more than US$100 million.

P&I insurance would also cover recovery of the Bayesian, said Mr Francesco Dubbioso, country manager for Italy for insurer Alta Signa Europe, who estimated the superyacht's value at US$30 million to US$40 million.

Reuters is the first to report the potential insurance costs. OMAC, Travelers and Navium Marine did not immediately respond to Reuters' for comment. Convex declined to comment.

The Bayesian disaster, which has puzzled experts who said the boat would have been built to withstand a severe storm, adds to recent woes for yacht insurers, who have faced a raft of hurricane losses in the past few years.

Premium rates have risen by four to five times in the past couple of years in parts of the US and the Caribbean, and yacht insurers have cut the amount of cover they provide because of the risks, Seikaly said.

As a result, insurers have increased rates and re-evaluated their guidelines and risk appetite, according to industry experts.

As well as hurricanes, insured losses have mostly stemmed from severe storms, floods, and other weather events in North America, the Caribbean, and Europe, according to a report by broker Marsh.

Mr Seikaly said four clients had last week been ready to buy boats but changed their minds because of the high cost of insurance.

Climate change was also likely to add to yacht insurers' worries, Mr Seikaly added, as it throws up more unexpected events.

"Whoever thought a storm in the Mediterranean in the month of August is going to sink a ship?" REUTERS

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What caused the fatal sinking of the superyacht Bayesian?

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

One of the world’s largest sailing superyachts sank in high winds off Sicily on Monday, causing the death of UK tech entrepreneur Mike Lynch and six other passengers and crew whose bodies were recovered from the wreck or from the sea.

The trip on the Lynch family’s yacht had been intended to celebrate his recent acquittal by a US jury, with 12 passengers on board, including his wife and 18-year-old daughter, and 10 crew members.

The Italian coastguard said the 56-metre, 540-tonne, British-flagged yacht Bayesian sank within minutes after it was hit by ferocious winds of 60 knots (over 110km/h) near Palermo.

The rapid sinking of such a large, modern and well-equipped yacht due to bad weather, rather than as a result of a collision, has raised concerns over marine safety as extreme weather events occur with more frequency and intensity.

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Why did the superyacht sink?

The yacht may well have been caught in a waterspout — a form of tornado — because the extreme wind speeds were recorded only in a localised area around the harbour of Porticello, where the boat was anchored about 300 metres offshore when it was struck.

Karsten Börner, the skipper of a nearby boat, told the FT that Bayesian appeared to capsize. He said he regarded the boat as unstable and his comments suggest that it could have been the combination of high winds and Bayesian’s 72-metre mast — the world’s tallest aluminium mast, according to manufacturers Perini Navi — that triggered the disaster.

Even with no sails up, a boat with a tall mast has a lot of “windage”, or surface area exposed to the wind, which can tip the vessel over in a storm. The boat may have heeled over so far that it took on water through open windows, hatches or companionways.

According to Perini Navi, Bayesian had a keel that can be lifted to reduce the draught of the boat — otherwise nearly 10 metres — for easier entrance to shallow harbours. If the keel were for some reason in the raised position rather than fully extended, that could compromise the boat’s stability in a strong wind.

Skippers of sailing yachts with exceptionally high masts typically aim to move out of harm’s way if strong winds are forecast.

Yacht designers and sailors are nevertheless puzzled by the sinking of the boat. AIS (Automatic Identification System) tracking data shows it took 16 minutes from the time Bayesian appeared to started dragging its anchor until it sank. But it is not yet known whether vulnerable hatches were open or when water started entering the boat. Italian prosecutors are investigating possible charges of manslaughter and “negligent shipwreck”.

Giovanni Costantino, chief executive of Italian Sea Group, which owns Perini Navi, told the Financial Times that Bayesian was “absolutely safe” and said the crew should have had time to secure the boat and evacuate passengers from their cabins.

Should we blame climate change?

Climate change is likely to have been at least a contributing factor in the Mediterranean’s unsettled and sometimes violent weather this summer. The Mediterranean is a favoured cruising ground for superyachts during the northern hemisphere summer — in winter, the wealthy prefer the Caribbean or the Indian Ocean — because the weather is typically warm and sunny, and storms are rare. 

Meteorological experts have long predicted that climate change and the heating-up of oceans will help trigger more extreme weather events, including floods, droughts and more severe hurricanes.

Last week, the Mediterranean reached a median temperature of 28.9C — its highest surface temperature on record — and similar records are being broken in other seas. June was the 15th consecutive month that global sea temperatures hit a record high and forecasters predict the warmer waters may fuel an intense Atlantic hurricane season.

Will disasters at sea occur more often?

While design improvements and safety regulations have made even the smallest boats safer, the potential dangers posed by bad weather are increasing in line with the rising number of pleasure vessels at sea.

Last week, a sudden and exceptionally strong thunderstorm with wind squalls blowing at up to 53 knots (about 100km/h) swept over the Balearic Islands of Ibiza and Formentera, driving several sailing and motor yachts to crash on to the shore. Among those damaged and grounded but later recovered was a luxury, 30-metre vessel made by the Monaco-based Wally Yachts .

The cause was a thunderstorm known as a “Dana”, a Spanish acronym for depresión aislada en niveles altos or isolated high-altitude depression. The bad weather also caused serious flooding in Mallorca and Menorca to the north.

How can boat makers and skippers help avoid more deaths?

The weather in the Mediterranean is often notoriously unpredictable and prone to sudden, unforecast gales — unlike the north Atlantic, where weather shifts are usually signalled days in advance by changing air pressure and cloud formations visible to the naked eye.

Safety at sea depends largely on two factors: the seaworthiness of the boat and the skill and experience of the captain and crew.

Modern boats — Bayesian was built in 2008 and refurbished four years ago — are normally built to high safety standards and equipped with electronic navigation and communications systems, as well as standard emergency gear such as life vests.

Common accidents include people falling overboard, fires on board and accidental groundings or collisions — not sinking in bad weather.

Visual and data team: Alan Smith, Aditi Bhandhari, Ian Bott and Jana Tauschinski

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Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say

Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least $150 million, according to the first estimates by industry experts.

The British-flagged 56-meter-long (184-foot-long) yacht, which the experts estimated cost around $40 million, capsized and went down on Aug. 19 within minutes of being hit by a pre-dawn storm while anchored off northern Sicily.

The superyacht’s hull was insured against physical damage by yacht insurance provider OMAC and a consortium of insurers including Travelers Cos. Inc., Navium Marine, and Convex, Reuters reported last week.

Yacht Insurer OMAC Is Hull Carrier for Yacht Sunk Off Sicily, Sources Say

Its protection and indemnity (P&I) insurance, which typically covers third-party liability claims including for environmental damage, injury and death, was provided by British Marine.

The hull was likely insured for around $40 million, while the P&I cover would be larger, insurance sources said.

“Our understanding is that the cost of the boat was between $40 and $50 million, so the limit of the hull & machinery policy was probably around those values,” said Marcos Alvarez, managing director, global financial institution ratings at Morningstar DBRS.

The P&I policy would likely be “several multiples” of the hull policy, or $200-300 million, Alvarez added, noting it would also likely cover liability payments even if the captain or crew are found to be negligent.

Prosecutors in the town of Termini Imerese, near Palermo, are investigating the captain and two other crew members. An investigation does not imply guilt or mean formal charges will follow. Prosecutors have said the probe would take time and require salvaging the wreck.

Oscar Seikaly, CEO of broker NSI Insurance Group, that provides yacht insurance, estimated the hull value at $40-70 million, but said P&I cover might not total more than $100 million.

P&I insurance would also cover recovery of the Bayesian, said Francesco Dubbioso, country manager for Italy for insurer Alta Signa Europe, who estimated the superyacht’s value at $30 million to $40 million.

Reuters is the first to report the potential insurance costs. OMAC, Travelers and Navium Marine did not immediately respond to Reuters’ for comment. Convex declined to comment.

The Bayesian disaster, which has puzzled experts who said the boat would have been built to withstand a severe storm, adds to recent woes for yacht insurers, who have faced a raft of hurricane losses in the past few years.

Premium rates have risen by four to five times in the past couple of years in parts of the U.S. and the Caribbean, and yacht insurers have cut the amount of cover they provide because of the risks, Seikaly said.

As a result, insurers have increased rates and re-evaluated their guidelines and risk appetite, according to industry experts.

As well as hurricanes, insured losses have mostly stemmed from severe storms, floods, and other weather events in North America, the Caribbean, and Europe, according to a report by broker Marsh.

Seikaly said four clients had last week been ready to buy boats but changed their minds because of the high cost of insurance.

Climate change was also likely to add to yacht insurers’ worries, Seikaly added, as it throws up more unexpected events.

“Whoever thought a storm in the Mediterranean in the month of August is going to sink a ship?”

(Additional reporting by Sinead Cruise; editing by Michelle Price and Sandra Maler)

Photograph: Italian Firefighters scuba divers bring ashore in a blue bag the body of one of the victims of the UK flag vessel Bayesian, on Wednesday, Aug. 21, 2024. (AP Photo/Salvatore Cavalli)

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Mike Lynch won a dramatic 12-year legal battle over his tech company. Weeks later, he and his top lawyer are dead.

• Mike Lynch won an unexpected jury acquittal after a dramatic 12-year legal saga.
• HP accused him of cooking the books of his company Autonomy to make it seem worth billions more.
• He finally won — and then he, his lawyer, and his codefendant all died within days.

In 2011, Mike Lynch was the toast of the tech world.

Hailed as Britain's Bill Gates, Lynch sold Autonomy, his groundbreaking data-management company, to Hewlett-Packard for $11 billion.

Shareholders and business commentators were puzzled about what HP, a hardware company, would do with Autonomy, a software company — and why the latter was worth $11 billion. HP's executives said at the time that Autonomy had the potential to transform HP and usher the Silicon Valley titan into a new generation.

None of that happened. A year after the acquisition, HP wrote down $8.8 billion of the purchase value and accused Lynch of lying about Autonomy's finances.

The claim led to a vicious decadelong series of legal disputes.

Another Autonomy executive, Sushovan Hussain, was convicted of fraud in 2018 and sentenced to five years in prison. Federal prosecutors brought criminal charges against Lynch and Stephen Chamberlain, the company's former vice president of finance.

Lynch's court battles concluded with a three-month criminal trial in San Francisco. After just two days of deliberation, jurors found Lynch and Chamberlain not guilty on all counts.

"The truth has finally prevailed," his lawyer Chris Morvillo said.

Within months, Lynch, Chamberlain, and Morvillo were all dead.

A takeover doomed from the start

Lynch, who studied neural networks for his Ph.D. at Cambridge University, spun off Autonomy from a previous company, Cambridge Neurodynamics, in 1996.

Using sophisticated algorithms, Autonomy allowed users to organize and search through large amounts of unstructured data. It was a bright spot in Britain's tech industry and was listed on the country's stock-market index.

Autonomy's clients included Oracle, Adobe, Cisco, AT&T, and HP itself. But HP's purchase of Autonomy was controversial.

The hardware company's CEO, Léo Apotheker , who had been in the position for less than a year, tried to shift the company's direction. HP had struggled to sell printers and servers as part of its traditional hardware business. Apotheker wanted to spin off HP's personal-computing division and make a big bet on moving the company into software, which had higher margins.

Analysts hated the idea. Shareholders sued. HP's value dropped by more than half. The company's board fired Apotheker within weeks of the decision to buy Autonomy, before the deal even closed.

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His successor, Meg Whitman, fired Lynch and wrote down the value of Autonomy by $8.8 billion, which indicated HP paid nearly four times what it should have. The New York Times columnist James B. Stewart floated the case that it was the worst acquisition in corporate history — even worse than AOL's ill-fated purchase of Time Warner.

In a stunning move, HP accused Lynch of fraud the following year. The company alleged he and Hussain, a former CFO, inflated Autonomy's sales figures. The FBI and the UK's Serious Fraud Office both opened investigations.

Lynch fervently denied accusations of wrongdoing. He pointed out that Autonomy was audited by Deloitte, which hadn't found issues. Lynch said HP stifled Autonomy with mismanagement and bureaucracy that pushed out employees and stymied sales.

The culture at HP, he said, was poisonous.

"It was like boarding a plane, realizing the engine is on fire, and then going up to the cockpit only to find that the pilots are having a fight," he told The Telegraph at the time .

According to The New York Times, lawyers representing shareholders in the lawsuit against HP obtained a copy of the company's own KPMG-prepared due-diligence report. The report said that Autonomy wasn't transparent enough with its finances, but Apotheker moved forward with the takeover anyway, deciding that Autonomy's potential was worth it.

A legal morass

The UK's Serious Fraud Office announced in January 2015 that it closed its investigation into Autonomy, finding insufficient evidence for legal action, though it referred some issues to the US Justice Department.

In the subsequent months, HP and Lynch sued each other in the UK. As those cases wound their way through the British court system, US prosecutors continued investigating HP's purchase of Autonomy. In 2016, they brought fraud charges against Hussain, who was found guilty in a 2018 jury trial. British regulators formally barred him from the financial industry earlier this year after he completed a five-year sentence in the US.

HP unloaded Autonomy altogether, selling parts of it in 2016 and 2017.

In November 2018, Justice Department prosecutors went directly after Lynch and Chamberlain.

Their indictment accused Lynch and Chamberlain of falsifying financial documents, lying to auditors and regulators, and suppressing the voices of people who criticized Autonomy's financial practices.

Lynch was no longer looking at civil fights over money. He was facing the prospect of up to 20 years in prison.

For years, Lynch fought extradition to the US. Powerful in British political circles — he had advised David Cameron when Cameron was prime minister and served on the boards of the BBC and the British Museum — he and his lawyers argued that his legal issues should play out in the UK, not the US. American criminal laws were unfairly stacked against him, his lawyers said.

HP's lawsuit against Lynch — still churning in the background — finally went to trial in 2019. Apotheker testified he would have abandoned the Autonomy acquisition if he had a better understanding of its finances. Lynch argued that the whole morass was orchestrated by Whitman, Apotheker's successor, who harbored political ambitions (she ran for governor in California and is currently the US ambassador to Kenya) and wanted to shift the blame for Autonomy's failures to someone else.

Robert Hildyard, the judge who oversaw the case, ruled mostly in HP's favor. In a 2022 decision that ran over 1,700 pages, he wrote that HP overpaid for Autonomy because of deceit from Lynch and Hussain. Hildyard hadn't yet decided how much they would owe in damages, but he wrote it would be "substantially less" than the $5 billion HP asked for.

When he wasn't fighting legal battles, Lynch continued to be an entrepreneur. He founded a venture-capital firm, Invoke Capital, and invested in and helped run the cybersecurity firm Darktrace, which,  Politico reported, has deep ties  to Britain's intelligence agencies.

Financial disclosures Lynch filed last year as part of his criminal case indicated he was worth about $450 million.

The criminal trial

The UK finally extradited Lynch to the US in May 2023 , where he prepared for his trial — alongside Chamberlain as a codefendant — while under house arrest in San Francisco.

Lynch had a top-shelf legal team, but after the British court loss and Hussain's conviction, the chances of an acquittal seemed bleak.

Lynch testified at the end of his three-month trial, which began in March, telling jurors he wasn't involved in day-to-day financial oversight of the company. Misunderstandings, he said, could be chalked up to the differences between British and American accounting practices.

"A lot of what we've been looking at is like peering through the door of a kitchen and seeing the sausage-making machine, and that's how it really works," he told jurors, according to The Times of London . "If you take the microscope into even the most spotless kitchen, you'd find bacteria. If it wasn't there, that'd be something very abnormal. I don't think Autonomy was any different."

Jurors believed him. In June, they declared Lynch not guilty of the 15 charges against him, clearing Chamberlain as well.

Morvillo, one of Lynch's lawyers in the trial — as well as in the preceding decade of legal disputes — praised the jury, saying it had rejected "the government's profound overreach in this case."

"This verdict closes the book on a relentless 13-year effort to pin HP's well-documented ineptitude on Dr. Lynch," Morvillo said in a joint statement with his attorney colleague Brian Heberlig. "Thankfully, the truth has finally prevailed."

In an interview with The Times of London after the trial , Lynch reflected on how, with a great burden lifted off him at the age of 59, he could remake his life.

He mourned the deaths of his brother and mother, who both died ahead of the criminal trial. He mused about using his fortune to start a British version of the Innocence Project, which prevents wrongful convictions in the US.

"Now you have a second life," he told The Times. "The question is, what do you want to do with it?"

But first, a celebration. Lynch; his wife, Angela Bacares; one of his two daughters; Morvillo and his wife, Neda; and several others went on a superyacht, the Bayesian , which was anchored outside Sicily and owned by Bacares.

Chamberlain moved back to the UK. While running near his home, a driver hit him with a car . He died in a hospital on Saturday.

On Monday, a sudden storm struck the Bayesian. The yacht capsized.

Of its 22 passengers, 15, including Bacares, were rescued.

But rescuers have pulled five bodies from the wreckage, including Morvillo's and Lynch's . A sixth remains trapped inside the boat. Lynch's daughter Hannah remains missing.

Correction: August 22, 2024 — An earlier version of this story misnamed Lynch's lawyer. His name was Chris Morvillo, not Charles Morvillo.

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Editorial: Which political party is really ‘anti-kid’? Just look at recent child tax credit history

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There’s a reason voters are hearing more about the child tax credit during this presidential campaign, with both Republican and Democratic candidates voicing support for its expansion .

Giving families with children a break on their taxes is a popular and effective policy that reduces poverty and helps parents afford basic necessities such as groceries and child care. The child tax credit is currently capped at $2,000 a year per child and set to expire in 2025.

Vice President Kamala Harris wants to restore it to its pandemic-era level of up to $3,600 per child and add an additional $6,000 credit for families with newborns. Former President Trump has offered only vague comments of support for the child tax credit, though his vice presidential running mate, Ohio Sen. JD Vance, said he wants to increase it to $5,000.

Opinion: Why is the ‘pro-family’ GOP blocking legislation that would help lift many kids out of poverty?

A bill expanding the Child Tax Credit has bipartisan support. Senate Republicans stopped it because it might make ‘Biden look good.’

Aug. 4, 2024

But we’re not putting much stock in pledges from Republicans to fight for working families. Vance, who has disingenuously tried to label Democrats “anti-family and anti-kid,” didn’t even show up to vote for a modest expansion of the child tax credit that his fellow Senate Republicans defeated Aug. 1. And Trump, whose tax policies while in office largely favored the wealthy, is a serial liar who will say almost anything to regain power.

That’s too bad. Because whoever controls the White House next year should follow through with a permanent expansion of a policy that’s proven to ease financial stress for families and lift children out of poverty.

The child tax credit was first enacted in 1997 under President Clinton and has been expanded multiple times by both Democratic and Republican presidents. But the most dramatic improvement came under President Biden with his signing of the 2021 American Rescue Plan. The law, which received no Republican votes, increased the child tax credit, made it fully refundable, paid it out in monthly deposits of up to $300 per child into families’ bank accounts and extended the full benefits to low-income children who had previously received less because their families earned too little.

These improvements brought immediate, life-changing benefits . Child poverty and food insecurity plummeted. Families reported feeling less stressed about money and their checking account balances rose , according to researchers. The monthly deposits provided a predictable source of income for nearly 40 million families, and left it to parents to decide how best to use the money. Researchers at Columbia University’s Center on Poverty and Social Policy found they spent it mostly on essentials such as food, child care and housing.

But Congress allowed it to expire after six months, and Republicans have since blocked efforts to expand or restore it. So much for being pro-family.

It’s encouraging that Harris has made reviving and expanding Biden’s pandemic-era child tax credit one of her first major economic policy proposals, pitching it as important financial relief for working- and middle-class families. Her running mate, Minnesota Gov. Tim Walz, has delivered similar benefits for families in his state through a generous, $1,750-per-child tax credit that took effect last year.

Vance’s interest in expanding the child tax credit seems motivated by an entirely different philosophy, including his fringe views on women’s role in society, his pro-natalist fascination with increasing the nation’s birth rate and his outlandish suggestion to give parents with young children extra votes and reduce the electoral power of childless people. Along with increasing the child tax credit, Vance wants to extend the benefits to the wealthiest families. It’s another reflection of a Republican Party that is always looking out for the rich.

Opinion: Nuclear families aren’t the ‘traditional’ ones. The Bible is full of blended and chosen families

The term ‘traditional families’ is linked to a skewed perspective promoted by the religious right. Real biblical families are connected in ways other than genetics and blood.

March 29, 2024

For example, it’s true that Trump increased the child tax credit from $1,000 to $2,000 as part of his 2017 tax cuts that slashed tax rates for the wealthy and corporations. But it was structured in a way that delivered most of the benefits to high-income families.

A married couple earning $400,000 with two kids got a new $4,000 tax break while a single parent of two making minimum wage saw their tax break increase by only $75. That’s because it extended the full tax credit to higher-income families but did not make it fully refundable, leaving poor families who don’t owe much income tax with only a token improvement, according to an analysis by the Center on Budget and Policy Priorities think tank.

Families deserve more support when rising prices for housing, food and other essentials are causing a lot of financial insecurity. Strengthening the child tax credit is a powerful and proven solution.

It’s a good sign that both the Republican and Democratic candidates are talking about doing more to help families with children. The well-being of children is in all of society’s best interest and shouldn’t be a partisan issue. But we think campaign pledges are more convincing coming from candidates with the track record to back them up. And when politicians claim they are pro-family, don’t just listen to what they say, look at what they do.

More to Read

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Aug. 25, 2024

Child care is a ‘textbook example of a broken market.’ Where do Harris, Trump go from here?

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Beyond ‘childless cat ladies,’ JD Vance has long been on a quest to encourage more births

Aug. 17, 2024

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Bayesian yacht sinking latest: Captain ‘insists he did everything he could’ to save passengers

Captain james cutfield, ship engineer tim parker eaton and sailor matthew griffith all under investigation for manslaughter, article bookmarked.

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The captain of the Bayesian has insisted that he did everything possible to save those on board the superyacht , according to local reports.

Sources close to James Cutfield, 51, told the Italian newspaper Corriere Della Sera that the 51-year-old New Zealander is currently living through the darkest days of his life as he is under investigation for possible manslaughter and culpable shipwreck charges.

They reportedly said Mr Cutfield repeatedly insists that he did not abandon any of the 22 passengers and crew and that he did everything could could to save them.

However, there reached a point when he could do little as the vessel had taken on too much water, they added.

Since Wednesday, Tim Parker Eaton, the engineer who was in charge of securing the yacht’s engine room, and sailor Matthew Griffith, who was on watch duty on the night of the disaster, are also under investigation for the same possible charges , their lawyer said on Friday.

British technology tycoon Mike Lynch and his 18-year-old daughter Hannah were among the seven people who were killed after his superyacht capsized and went down on 19 August within minutes of being hit by a pre-dawn storm off the coast of Sicily .

In Focus | How the world of yachts got supersized

The sinking of the 56-metre yacht  Bayesian  and the tragic deaths of British tech tycoon Mike Lynch and his guests and boat staff have given the public a glimpse into the rarefied world of superyachts, writes  Boat Internationa l’s  Lucy Dunn .

There are currently 12,626 superyachts on the water around the world with 1,166 superyachts in build or on order. If you have been to a Greek island this year, or maybe the Amalfi coast, you may have glimpsed them coming in and out of harbours and wondered who owns a yacht like that. Or who can afford to charter a yacht like that – which have an average price of around £180,000 a week.

While you may think of glossy influencers and A-listers, the superyachting fraternity is where millionaires are sorted from the billionaires from the centi-billionaires; the 0.001 per centers. Rarely will you find a celebrity with the financial clout to afford a yacht owned by Lynch, these are generally under-the-radar industry titans who don’t have household names.

So, what exactly makes a superyacht super? According to Boat International, where I work, it can be applied to any boat, motor or sailing yacht which is over 24 metres in length. Size, in the superyacht world, is everything – and yachts are getting bigger all the time.

Giant masts, moon pools and explorer pods: How the world of yachts got supersized

The sinking of Mike Lynch’s ‘unsinkable’ sailing vessel was not only a heartbreaking tragedy, but also gave us a rare glimpse into the superyachting fraternity. Here, Boat International’s Lucy Dunn looks at a group that is both secretive and innovative, and asks how such a high-spec sailing yacht could have sunk at all...

Watch: Captain details Bayesian sinking 'within two minutes' after rescuing survivors

Ex-court appointed guard says mike lynch ‘became more like a family’.

A court-appointed armed guard, tasked with ensuring Mike Lynch did not abscond while facing fraud charges, has paid tribute to the tech mogul, saying the security team “became less of a detail and more like a family”.

Rolo Igno also described “the memory of a beautiful soul” in Mr Lynch’s daughter Hannah.

Mr Igno said he had the “privilege” of spending “almost every waking moment” with Mr Lynch while he was in custody in San Francisco, describing the detail as unlike any other he had ever worked and one that was “life changing”.

“As an executive protection agent, the number one rule is simple, don’t ever get close to the principal,” he said.

“They aren’t your friends, they’re a client and the relationship is strictly professional. But with Mike, that didn’t fly with him and for me that rule quickly dissolved.”

Bayesian captain ‘exercised right to silence’ in manslaughter probe questioning, lawyer says

The captain of the Bayesian yacht chose not to respond to prosecutors’ questions as he was spoken to for a third time on Tuesday, his lawyer has said.

James Cutfield, a 51-year-old New Zealand national, is under investigation for possible manslaughter and culpable shipwreck charges.

“The captain exercised his right to remain silent for two fundamental reasons,” lawyer Giovanni Rizzuti told reporters. “First, he’s very worn out. Second, we were appointed only on Monday and for a thorough and correct defence case we need to acquire a set of data that at the moment we don’t have.”

Being placed under investigation does not imply guilt or mean that charges will necessarily follow. Chief prosecutor Ambrogio Cartosio has said his team would consider each possible element of responsibility including those of the captain, the crew, individuals in charge of supervision and the yacht’s manufacturer.

The Times  reported one of Mr Cutfield’s lawyers as saying that the captain is “understandably very shaken up” after the ordeal last Monday.

Watch: Moment Bayesian yacht engulfed by storm

Mike lynch’s wife did not want to leave scene of bayesian wreck without her family, says captain of boat near sinking.

Mike Lynch’s wife did not want to leave the scene of the Bayesian wreck without her family, the captain of a boat near the sinking has said.

Karsten Borner, the captain of the Sir Robert Baden Powell, which helped to rescue the 15 survivors of the disaster in Sicily, told People that Angela Bacares “didn’t want to leave because her husband and her daughter were still down”.

British technology tycoon Mr Lynch and one of the daughters he has with Ms Bacares, 18-year-old Hannah, were among the seven people who were killed after his superyacht capsized and went down on 19 August within minutes of being hit by a pre-dawn storm.

Four crew members who are not under investigation have left Palermo

Four other crew members, who have not been placed under investigation, have left Palermo.

Two of them headed for Dubai and the other two travelled to Istanbul.

Watch: Mike Lynch’s friend mourns ‘unbelievably tragic’ death after fraud trial acquittal

Crew member under investigation over bayesian sinking leaves palermo, says source.

A crew member who has been placed under investigation for manslaughter and shipwreck in connection with the sinking of the Bayesian has now left Palermo, according to a source.

Sailor Matthew Griffith was on watch duty on the night the superyacht sank in Sicily, the source said.

He flew out of Palermo late on Wednesday, with the source saying he was heading for the French city of Nice.

Those under investigation have no obligation to stay in Italy but have to nominate lawyers so that the authorities have a way of remaining in contact with them.

The boat's 51-year-old captain James Cutfield, a New Zealander, and ship engineer Tim Parker Eaton have both been put under investigation for the same crimes.

Members of yachting community signal support for captain and crew of Bayesian as some under investigation

Members of the yachting community have signalled their support for the captain and crew of the Bayesian as some have been placed under investigation.

One wrote on social media: “Now we need those keyboard warriors and judgemental ‘know it alls’ to actually wait and listen to the unbiased actual professionals ...

“I still stand in support of all Bayesian crew and if things turn sour, I propose all my friends in yachting to stand together and sign a strong petition to support the remaining survived crew to Bayesian.”

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Why the Kamala Harris of Four Years Ago Could Haunt Her in 2024

She ran to the left as progressive ideas dominated the last competitive Democratic primary. Now, in a tough general election, Republicans are digging up her old stances.

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By Reid J. Epstein

Reporting from Washington

When she ran for president the first time, Kamala Harris darted to the left as she fought for attention from the Democratic Party’s liberal wing.

After she dropped out , social and racial justice protests swept across the country in the summer of 2020, and Ms. Harris joined other Democrats in supporting progressive ideas during what appeared to be a national realignment on criminal justice.

One presidential cycle later, with Vice President Harris less than a week into another race for the White House, video clips of her old statements and interviews are being weaponized as Republicans aim to define her as a left-wing radical who is out of step with swing voters.

Former President Donald J. Trump is calling out her past positions and statements at his rallies, and on Monday his campaign began reserving time for television advertisements that are likely to resurface videos of Ms. Harris.

“The archive is deep,” said Brad Todd, a Republican strategist and ad maker who is working with David McCormick, the G.O.P. Senate candidate in Pennsylvania, among other campaigns. “We will run out of time before we run out of video clips of Kamala Harris saying wacky California liberal things. I’m just not sure that the rest of this campaign includes much besides that.”

The first television ads to attack Ms. Harris for her past statements came not from Mr. Trump’s campaign but from Mr. McCormick, who is challenging Senator Bob Casey.

The 60-second ad , which Mr. McCormick’s campaign began airing Monday, resurfaces a laundry list of statements Ms. Harris made in 2019 and 2020.

She said then that she opposed fracking; would “think about” abolishing the Immigration and Customs Enforcement agency; called the idea of adding more police officers “wrongheaded thinking”; entertained the idea of allowing felons to vote; said she supported a “ mandatory buyback program” for some guns; and called for the elimination of private health insurance.

Fracking is a particularly tough issue for Ms. Harris. Banning it was a plank in her energy platform in the 2020 primary race. But fracking remains a key element of the economy in Pennsylvania, perhaps the most important battleground state this year.

“She pledged to ban fracking — no fracking, oh, that’s going to do well in Pennsylvania, isn’t it?” Mr. Trump said at a rally on Saturday in Minnesota . “Remember, Pennsylvania, I said it. She wants no fracking. She’s on tape. The beautiful thing about modern technology is when you say something, you’re screwed if it’s bad.”

The Harris campaign announced on Friday that the vice president no longer wanted to ban fracking, a significant shift from where she stood four years ago but one that is consistent with the policies of President Biden’s administration.

The Harris campaign will rebut most of Republicans’ attacks by arguing that they are exaggerating or lying about her record, said a campaign official briefed on the plans who was not authorized to discuss them publicly. Her campaign plans to lean into her record as a local prosecutor and state attorney general to burnish her image as a candidate with deep ties to law enforcement.

In addition to changing her position on fracking, campaign officials said she now backed the Biden administration’s budget requests for increased funding for border enforcement; no longer supported a single-payer health insurance program; and echoed Mr. Biden’s call for banning assault weapons but not a requirement to sell them to the federal government.

“Kamala Harris spent 20 years as a tough-as-nails prosecutor who sent violent criminals to prison,” said Brian Fallon, a Harris campaign spokesman. “Her years spent in law enforcement and her record in the Biden-Harris administration defy Trump’s attempts to define her through lies.”

On Monday, as Mr. Biden prepared a speech in Texas calling for term limits and ethics guidelines for Supreme Court justices , the Trump campaign resurfaced statements Ms. Harris made in 2019 saying she was “open to this conversation” about expanding the Supreme Court. Ms. Harris, in a statement released by her campaign, endorsed Mr. Biden’s proposal, which does not call for adding additional justices to the court.

Officials with Ms. Harris’s campaign also said they hoped to utilize the liberal cultural fervor around her candidacy to make the election a referendum on the future versus a past Democrats argue Mr. Trump represents.

Mr. Trump and his running mate, Senator JD Vance of Ohio, have themselves been on multiple sides of many issues, not least of which is Mr. Vance’s past stance as a prominent critic of Mr. Trump .

There is ample video of Mr. Trump making remarks unhelpful to his 2024 campaign. In 2016, he said women who sought abortions should face punishment , and as president he tried to bar immigrants from several predominantly Muslim countries and enacted a policy of separating immigrant children from their families at the southern border. He also was caught on tape bragging about groping women.

Matt Bennett, a co-founder of Third Way, a moderate Democratic think tank, said he was not worried that Ms. Harris had once espoused left-wing ideas. She has evolved, he said, into a Biden-style Democrat with more centrist views.

“There’s a tremendous difference in changing one’s policy ideas and changing one’s principles,” Mr. Bennett said. “She has not changed her principles. She still thinks climate change is an existential threat — she just doesn’t think the Green New Deal is the way to address it.”

Since she joined Mr. Biden’s ticket in 2020, Ms. Harris has seldom put forward policies that differ much from his. She is no longer pushing for a single-payer health care system, and on Friday her campaign said she would maintain Mr. Biden’s pledge not to raise income taxes on people making less than $400,000 per year.

But one issue on which Ms. Harris has already put some daylight between herself and Mr. Biden is abortion rights. Since the Supreme Court’s 2022 decision overturning Roe v. Wade, the president has said he would sign legislation restoring a federal right to abortion if such a bill came to his desk.

In her early speeches as a presidential candidate, Ms. Harris has offered to go a bit further.

“When Congress passes a law to restore reproductive freedoms, as president of the United States, I will sign it into law,” she told an audience in Wisconsin last week , using a broader term that suggested such legislation could extend beyond abortion rights to things like protecting in vitro fertilization or contraception.

During her 2020 presidential campaign, Ms. Harris had an even bolder plan on abortion rights. Her proposal would have required states and local jurisdictions that tried to restrict abortion rights to obtain federal approval before a new law could take effect — similar to the way that the Voting Rights Act of 1965 limited changes to voting laws in some states with a history of racial discrimination.

“On this issue, I’m kind of done,” she said of abortion rights during a 2019 interview on MSNBC . “When elected, I’m going to put in place and require that states that have a history of passing legislation that is designed to prevent or limit a woman’s access to reproductive health care, that those laws have to come before my Department of Justice for a review and approval. And until we determine that they are constitutional, they will not take effect.”

By 2023, Ms. Harris’s position on abortion rights had evolved to echoing Mr. Biden’s call to enact legislation codifying a federal right to abortion.

“We need to restore the protections of Roe v. Wade,” Ms. Harris said during a 2023 interview on CBS . “We’re not trying to do anything that did not exist before June of last year.”

That remains her position, said Lauren Hitt, a campaign spokeswoman.

Ms. Harris’s first presidential campaign was undone in part by staff turmoil that resulted in public finger-pointing and scathing resignation letters even before she dropped out of the race. Former aides interviewed for this article, who spoke on the condition of anonymity to protect their current employers, said Ms. Harris’s campaign had been undermined by a combination of unsteady leadership from its senior staff members and too much influence on the candidate from her family members.

But during that race, Ms. Harris also often appeared as if she were not sure what she believed. In a CNN town-hall event the day after what was widely viewed as a successful campaign rollout in Oakland, Calif., she appeared tentative while discussing health care policy, eventually saying she would eliminate private health insurance and institute a single-payer health care program.

She would go on to propose an array of policies popular with progressives. She sought to increase pay for public-school teachers by an average of $13,500 through a bump in the estate tax.

She also called for an assault weapons ban and said she would sign an executive order mandating background checks for customers of any dealer who sold more than five guns in a year. And she sought to close the gender pay gap by requiring large companies to certify that men and women were paid equally.

But for all her liberal policy proposals in the 2020 campaign, Ms. Harris was frequently viewed through her biography. She leaned into her record as a former prosecutor and California attorney general, but many voters were well aware of her status as a Black and South Asian woman who had marched with her immigrant mother in civil rights demonstrations in California.

“I don’t know that the policy stuff is what people were talking about — it was all biography,” said Sue Dvorsky, a former Iowa Democratic Party chairwoman who backed Ms. Harris in the 2020 campaign. “She’s always been complex policy-wise, but I think people look at her and expect a thing. She’s going to talk about law and order and being a prosecutor.”

Michael Gold contributed reporting from St. Cloud, Minn., and Shane Goldmacher from New York.

Reid J. Epstein covers campaigns and elections from Washington. Before joining The Times in 2019, he worked at The Wall Street Journal, Politico, Newsday and The Milwaukee Journal Sentinel. More about Reid J. Epstein

Sinking of a super yacht adds to questions billionaire Mike Lynch wanted to put behind him

I t was a sunny August morning when software entrepreneur Mike Lynch, 59, gathered ten of his closest friends along with his wife and daughter on the dock of Porto di Milazzo, on the Northern coast of Sicily. They had come to celebrate his freedom. Only months before, several of the guests played crucial roles in persuading a San Francisco jury to acquit Lynch of federal charges related to the sale of his software firm Autonomy to Hewlett-Packard for $11 billion. 

Five days after the yacht left port, Lynch, his daughter, four guests, and a hired chef were dead in the Mediterranean Sea after a storm flooded the ship. The drowned included the chairman of Morgan Stanley International, a star witness at Lynch’s trial, as well as one of Lynch’s lead defense attorneys. Among the survivors were a former Autonomy exec who went on to become a partner at Lynch’s venture capital firm, a second member of his defense team, and his wife, who reportedly owns nearly all his fortune. The same day of the drowning, U.K. news outlets reported that Lynch’s co-defendant in the fraud trial, Stephen Chamberlain, who had also been acquitted, had been fatally run over by a car as he was out jogging—a shocking coincidence.

Less than a week after the tragedy, there are far more questions than answers. Did the yacht named Bayesian—an homage to a statistical theorem for predicting future outcomes—simply fall victim to a terrible storm? How did most of the crew and a few passengers escape, and why couldn’t they reach Lynch and the six others who did not make it out? Italian officials are looking into manslaughter charges, but it’s not yet clear who they may have in their crosshairs. Giovanni Costantino, who runs The Italian Sea Group that owns Perini Navi, the Italian maker of the yacht, had harsh words for the crew, who he blames. "This is the mistake that cries out for vengeance," he told Reuters .

There are also huge questions swirling around the business ventures of the man dubbed the “British Bill Gates.” While the Bayesian excursion was to serve as a celebration of Lynch’s acquittal on all charges in the U.S.—where he had spent months under house arrest—the reality is that his legal troubles were far from over. In a January 2022 civil trial, the UK’s High Court found that HPE had “substantially succeeded” in proving that Autonomy leaders had fraudulently made it look like the company was earning more revenue than it was. In 2019 Autonomy’s CFO was convicted of 16 counts and sentenced to five years in prison. At this time, the UK case is in a holding pattern as the judge determines what damages are owed to HPE. (The company’s spokesperson Adam Bauer says HPE is, “saddened by this tragic event, and our thoughts are with the families and friends of all those who lost their lives.”)

But Lynch’s passing also looms over Invoke Capital, the venture firm he founded in 2011 and whose managing partner—Charlotte Golunski—survived the yacht disaster and saved her 1-year old baby. One of Invoke’s most prominent bets was a 2013 seed stage investment in Darktrace, a cybersecurity firm on whose board Lynch sat until 2018. Darktrace has developed a reputation as a sleek AI cybersecurity startup with ties to spy agencies like MI5 and the U.S. National Security Agency. It also became the target of short-sellers who in 2023 expressed doubt over Darktrace’s financial filings—the same sort of allegations that plagued Lynch’s Autonomy. 

Darktrace insists that the shortseller’s allegations were baseless, and they say an EY audit it commissioned showed this to be the case. In April Darktrace received a $5.3 billion acquisition offer from the giant private equity firm, Thoma Bravo. The deal, which Fortune reported will likely go forward despite Lynch’s death, stood to help rehabilitate Lynch’s business reputation. As of August 14, he and his wife collectively owned 3.21% of the company, which would be worth some $170 million upon the deal’s completion. Invoke Capital has not responded to multiple requests for comment and Darktrace declined comment.

Following his U.S. acquittal, Lynch was pleased enough with the state of things that he had begun celebrating weeks before the yacht party. In the days following the not-guilty verdict, Lynch, his wife, Stephen Chamberlain and his wife, the attorney Chris Morvillo—who drowned on Bayesian—and 20 other lawyers gathered at a restaurant at a hotel near the San Francisco courthouse.

Brian Heberlig, an attorney at Steptoe who gave the closing argument in Lynch’s trial, recalls that Morvillo gave a moving toast, telling those assembled that the trial was more than just a job, but one of their life’s works. “He really was a brilliant man,” Heberlig told Fortune , fighting back tears as he remembered Lynch. “And he ran his legal defense the same way I imagine he ran Autonomy. He let the experts do their jobs, while still having a strong grasp on the material. As he used to say, ‘Let the brain surgeons do the surgery.’”

That night was the last time Heberlig ever saw Lynch or Morvillo.

A 'virtually unsinkable' boat

The sailing party departed August 14—five days before the storm—and was comprised of 12 guests and 10 crew. The Bayesian was one of the biggest yachts of its kind. Its first stop was a cluster of small islands off the coast of Sicily. Then it jetted across the sea to the Sicilian town of Cefalu, before putting down anchor for the final time on the coast of Palermo, a favorite getaway for the rich and famous, and a former haunt for the mafia.

Lynch’s wife, Angela Bacares, who reportedly held the couple’s entire $1.1 billion fortune, was jolted awake on August 18 as the boat began to tilt. Glass from a shattered window exploded across the deck, according to reports, cutting her feet as she ran to investigate.

Black and white security  footage  appears to show the outline of what is believed to be the 184-foot sailing yacht, which used call sign 2ICB8, slowly disappearing behind a thicker and thicker veil of rain. Nearby villagers and fishermen say they saw a sea tornado, called a waterspout. Soon after, the yacht lay on the ocean floor.

Theories are swirling about why the yacht sank. One holds that a bay door was left open in the storm, causing the ship to flood and sink in minutes. Another holds that the Bayesian’s 246-foot tall aluminum mast—one of the tallest in the world— broke in the wind and took the boat down with it.

Most news reports say the yacht sank almost instantly, but the CEO of the company that bought the boat’s maker after it went bankrupt in 2021 disputes that. In a Financial Times report, he called the boat “virtually unsinkable,” and says that it dragged its anchor for 16 minutes before it sank. 

During those fateful moments, a far older nearby yacht, the Sir Robert Baden Powell, built in 1957, was drifting on a similar course as the Bayesian and not only survived, but came to help. Some onboard saw a red flare shooting across the rainy sky—an emergency signal from those who had fled the doomed yacht, drawing the attention to a life raft filled with 15 of the 22 passengers.

Passenger Golunski, 35, who helped run Autonomy the first year it was at HP, described holding her one-year old daughter Sophia, as she screamed for help. One of Lynch’s most trusted employees, Golunski was a founding partner at Invoke Capital, the London-based firm that backed Darktrace. Lynch’s wife Bacares was also in the life raft along with Clifford Chance lawyer Ayla Ronald, 36, who reportedly texted to her father: “there are deaths.”

The lifeboat survivors were soon plucked from the sea while the Bayesian came to its current resting place 50 meters below the surface. Over the course of the next 72 hours, a team of scuba divers from the Guardia Costiera and specially trained cave divers from the Vigili del Fuoco, the local fire department, used boats and a helicopter to triangulate the yacht’s position. The divers, working in bursts of 8 to 12 minutes, searched the Bayesian’s six guest suites, master suite, multiple living areas, and dining room.

The body of the yacht’s chef, Recaldo Thomas, was the first to be found, floating on the water’s surface. On Wednesday, two days after the wreck, four more bodies were discovered, and on Thursday a fifth. Among them were Lynch and Chris Morvillo of the prestigious law firm Clifford Chance, who had made the controversial decision to have Lynch testify, and questioned him on the stand right before he was acquitted. The others discovered were Morvillo’s wife, Neda, as well as the Morgan Stanley banker and key witness, Jonathan Bloomer, who had been a former executive director at Autonomy, and his wife Judy. The body of Lynch's 18-year-old daughter, Hannah, was pulled from the sea on Friday.

The U.K. Maritime and Coastguard Agency tells Fortune it is in contact with the Italian authorities but would not provide further information. The UK’s Foreign Office told Fortune it is providing “consular support to a number of British nationals and their families…and are in contact with the local authorities.”

More questions than answers

Even as loved ones and the survivors begin to come to terms with the human toll of the tragedy, the business world has begun assessing Lynch’s complicated past, and his many business dealings. 

Lynch was born of modest means to a nurse and firefighter in a suburb of London. From an early age he showed a proclivity towards technology and a fiery determination. He studied Natural Sciences at Cambridge, then returned for a PhD in artificial neural networks, the building blocks of artificial intelligence. When he was still studying for his PhD, he started his first venture, Cambridge Neurodynamics, monetizing computerized fingerprint recognition, eventually evolving into Autonomy. 

Founded in 1996 with David Tabizel and Richard Gaunt, Autonomy used an early version of artificial intelligence to quickly scan what’s known as “unstructured data,” especially including language. Autonomy quickly became a darling of the UK’s fledgling tech scene, and it was seen as a crowning achievement when, in 2011, the company struck an $11 billion deal to be purchased by HP, now HPE. The deal, however, was quickly engulfed in scandal when a year later the new owner alleged accounting fraud and wrote down its investment by $8.8 billion.

Despite the baggage around Autonomy, Lynch continued to ride high in the tech world through his venture firm, Invoke Capital, which he founded in 2012. One of its most profitable investments was Darktrace, which he backed in 2013 and joined as a board member. By 2016 he told TechCrunch 60 employees from Autonomy were working at Invoke, that he’d raised a billion dollars to invest in startups, and that Darktrace was worth $500 million.

While fighting the legal battle over Autonomy and building Invoke, Lynch enjoyed the trappings of a mogul. The same year he announced his billion-dollar startup fund, he was sailing the Bayesian, worth an estimated $25 million. He reportedly also owned a $6 million, 69-acre Georgian manor.

By early 2020 Darktrace shared deep connections with Autonomy, including half of Darktrace’s board and six of its eight top executives. The following year Darktrace went public, soaring 40% above its pre-market value. But the victory lap was brief. In September 2022, an acquisition talk between private equity firm Thoma Bravo and Darktrace fell through , sending share prices tumbling. In early 2023, the short-selling firm Quintessential Capital Management published a 70-page report accusing Darktrace of similar misconduct that had sunk Autonomy.

“We are deeply skeptical about the validity of Darktrace’s financial statements,” the report read. Darktrace’s shares plunged as much as 17% after the report was published, though the company said at the time that the management team and board had “rigorous controls in place.” Darktrace hired EY to perform an audit, which stabilized its share price after the accounting firm found the company's earlier financial results did not need to be restated. Darktrace never publicly released the report, however, with a spokesperson saying at the time that it contained “commercially sensitive information.”

More recently, Darktrace’s CEO Poppy Gustafsson wrote in the firm’s Q4 trading report of “shareholders voting overwhelmingly in favour” of the acquisition, and added the company is “awaiting the conclusion of the remaining regulatory processes.”

Until very recently, Darktrace had sought to distance itself from Lynch and his VC firm. In December, shareholders passed a resolution that rejected Invoke executive Patrick Jacob's reappointment to its board. This April, Invoke lost the right to that same board seat when it was discovered its shares had fallen below the required 10% threshold. Nonetheless, in a memorial to Lynch, Darktrace CEO Poppy Gustafsson wrote : “Without Mike, there would be no Darktrace. We owe him so much.”

While the Italian authorities continue to investigate the crash site, one thing is certain: the swirl of legal and business battles that surrounded Lynch during his lifetime are likely to continue after his death. A local Italian news site reports that the public prosecutor's office in a nearby town, Termini Imerese, is looking into allegations of manslaughter surrounding the sunken boat. And two months before Lynch died, former UK secretary of state David Davis reportedly said he was working with Lynch to scrap U.S./U.K extradition agreements that allowed Lynch’s trial to happen in the first place. 

On Wednesday, August 21, Davis told GB News he would continue that fight in memory of Lynch. “We need to get a grip of this,” said Davis. “Mike, when he’d won his case, almost the first thing he did was ring me up and say, ‘we’re going to have to defeat this treaty, we’re going to have to overcome this treaty and get it changed for the better.'"

“I am looking forward to returning to the U.K. and getting back to what I love most: my family and innovating in my field,” Lynch said after the verdict.

Lynch’s desire to extend the legal fight even after his not-guilty verdict reflects the scrappiness he displayed throughout his life. This helped him ascend to the highest rungs of business and moguldom—but the success also came with a tenuous quality as questions about his business dealings dogged him for years. The not-guilty verdict and the pending Darktrace sale meant Lynch was in position to finally cast off that shadow. But now his ultimate legacy is poised to be tied forever to a mysterious and tragic hour on the Mediterranean Sea.

This story was originally featured on Fortune.com