London's High Court orders Lynch estate to pay £920m to Hewlett Packard Enterprise
Estate executors must settle the £920m judgment before distributing assets
Change
London's High Court has bound the estate of Mike Lynch to pay £920m to Hewlett Packard Enterprise as compensation, costs and interest for the 2011 Autonomy acquisition, a sum that exceeds the estate's estimated £500m value.
Why it matters
The judgment records liability for compensation, legal costs and accrued interest tied to findings that Lynch and others inflated Autonomy's value in the 2011 Hewlett-Packard takeover. HP recorded an $8.8bn write-down of Autonomy within a year of the deal, which is cited as part of the factual basis for the damages awarded against the estate.
Implications
- — Estate executors and trustees must immediately arrange payment to satisfy the £920m High Court judgment — failure risks bankruptcy of the estate.
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Source
View on The Guardian