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S/Y Athos: The Rebirth of a Classic at Huisfit

By George Bains

Royal Huisman has announced the completion of the exceptional refit of classic schooner ATHOS, with extensive conversion works carried out on both the exterior and interior. This major project is the latest from Huisfit, Royal Huisman’s dedicated refit, rebuild and renewal division, which has extended Dutch yard’s signature quality into a new remit.

Originally delivered in 2010 by Holland Jachtbouw, with design by Hoek Design Naval Architects,   ATHOS was already a modern classic by the time she came into the possession of her current owner.

Following a year of charter activity, the owner made the decision to capitalise on Huisfit’s expertise to enhance the amenities and experience onboard Athos – seeing the yacht return to the location where she was originally built in 2010, now Huisfit’s deep water refit facility in Amsterdam.

 Structurally, the stern overhang would be extended and, on deck, cockpit layouts were redesigned with a new forward navigation deckhouse added.

The project included the addition of new booms, new sails, and carbon rigging to improve sail management and performance, while all onboard systems were updated with a considerable amount of the interior replaced or reconfigured and updated.

Huisfit worked alongside Hoek Design, with the Dutch design firm involved in all naval architecture work to accommodate these changes. Peter Mikic Interiors was responsible for the layout and styling of the main deckhouse and for the overall guest interior decoration.

The major conversion project regularly employed up to fifty skilled people for over a year, demonstrating the catalytic impact of superyacht projects on specialised industries.

“The new Athos looks amazing,” shares Jeremy Wynne, project manager and owner’s representative. “The multiple modifications have been beautifully done. The attention to detail and finish is excellent.

“The additions and modifications have not only improved the functionality of the yacht, they have also enhanced the appearance. The quality of Huisfit’s work is exceptional.”

The impressive project completed on 62m Athos is a testament to Huisfit’s investment both in advanced infrastructure and a skilled workforce. Currently, the Huisfit team is working on several other superyacht projects, including a rebuild of M/Y Atlantide , while other yachts have reserved slots in Amsterdam for the refit seasons ahead.

"The additions and modifications have not only improved the functionality of the yacht, they have also enhanced the appearance." Jeremy Wynne, project manager and owner’s representative

"The additions and modifications have not only improved the functionality of the yacht, they have also enhanced the appearance."

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Who Owns Which Superyacht? (A Complete Guide)

Have you ever wondered who owns the most luxurious, extravagant, and expensive superyachts? Or how much these lavish vessels are worth? In this complete guide, we’ll explore who owns these magnificent vessels, what amenities they hold, and the cost of these incredible yachts.

Get ready to explore the world of superyachts and the people who own them!

Short Answer

For example, Larry Ellison, the co-founder of Oracle, owns the Rising Sun, which is the 11th largest superyacht in the world.

Overview of Superyachts

The term superyacht refers to a large, expensive recreational boat that is typically owned by the worlds wealthy elite.

Superyachts can range in price from $30 million to an astonishingly high $400 million.

The most expensive superyacht in the world is owned by the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani.

In conclusion, owning a superyacht is an exclusive status symbol for the world’s wealthy elite.

Who are the Owners of Superyachts?

From Hollywood celebrities to tech billionaires, superyacht owners come from all walks of life.

Many are everyday people who have worked hard and saved up to purchase their dream vessel.

These luxurious vessels come with hefty price tags that can range from $30 million to over $400 million.

Many of these yachts are designed to the owner’s exact specifications, ensuring that each one is totally unique and reflects the owner’s individual tastes and personality.

The Most Expensive Superyacht in the World

When it comes to superyachts, Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, certainly knows how to make a statement.

In addition, the Al Mirqab features a helipad, swimming pool, and even an outdoor Jacuzzi.

Russian billionaire Roman Abramovich, Microsoft co-founder Paul Allen, and Amazon founder Jeff Bezos all own luxurious vessels.

Other notable owners of superyachts include Saudi Prince Alwaleed bin Talal, who owns the $200 million Kingdom 5KR, and Oracle founder Larry Ellison, who owns the $200 million Rising Sun.

With their impressive size, luxurious amenities, and hefty price tags, these vessels have become a symbol of wealth and prestige.

Notable Superyacht Owners

At the top of the list is the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, who holds the distinction of owning the most expensive superyacht in the world.

The amenities that come with these vessels vary greatly from owner to owner, but they almost always include luxurious swimming pools, helicopter pads, on-board cinemas, and spas.

Whether you’re trying to impress your peers or just looking to enjoy a luxurious outing, owning a superyacht is the ultimate way to show off your wealth.

What Amenities are Included on Superyachts?

The cost of a superyacht can range from $30 million to over $400 million, but the price tag doesnt quite capture the sheer extravagance and amenities of these vessels.

The interior of a superyacht can be custom-designed to the owners specifications.

Some vessels even come with a full-service gym, complete with exercise equipment and trained professionals.

Many yachts come with outdoor entertainment areas, complete with full kitchens, dining rooms, and lounge areas.

No matter what amenities a superyacht has, it is sure to be an experience like no other.

How Much Do Superyachts Cost?

When it comes to superyachts, the sky is the limit when it comes to cost.

The cost of a superyacht is driven by a variety of factors, including size, amenities, and customization.

The bigger the yacht, the more luxurious features and amenities it will have.

From swimming pools and helicopter pads to on-board cinemas and spas, the sky is the limit when it comes to customizing a superyacht.

Many luxury vessels have custom-designed interiors that are tailored to the owners tastes.

While some may be able to get away with spending a few million dollars, others may end up spending hundreds of millions of dollars on their dream yacht.

Keeping Superyachts Out of the Public Eye

Understandably, these individuals are concerned with privacy and discretion, and therefore tend to take measures to ensure their yachts are not visible to outsiders.

In addition to physical security, some superyacht owners also use technology to keep their vessels out of the public eye.

Finally, some superyacht owners also choose to limit the number of people who have access to their vessels.

These individuals may be required to sign non-disclosure agreements to ensure they do not disclose any information about the yacht or its owner.

Final Thoughts

Superyachts are a symbol of luxury and status, and the list of yacht owners reads like a who’s who of billionaires.

Whether you’re looking to purchase one or just curious to learn more about the owners and their amenities, this guide will provide you with all the information you need to stay up to date with the superyacht scene.

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ATHOS a Holland Jachtbouw Superyacht

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If you have any questions about the ATHOS information page below please contact us .

Sailing yacht ATHOS is a 62 meter (203ft) double-masted schooner, built by Holland Yachtbouw and launched in 2010. ATHOS superyacht is custom made, designed by Hoek Design Naval Architects. Sailing yacht ATHOS is available for charter in the Mediterranean in the summer and the Caribbean during the winter, she offers deluxe accommodation for up to 12 guests in 5 en-suite cabins.

NOTABLE FEATURES: Classic design ~ Ample deck space ~ Sumptuous interior finishes ~ Water toys ~ Wi-fi Crewed charter yacht ATHOS boasts a contemporary elegant interior décor, featuring a fabulous combination of woods such as maple, mahogany, anigre, cherry and pear, complimented by supple leathers, stylish fabrics and a traditional flair. The upper salon is spacious and offers a formal dining table and opposing seating area with U shaped sofa and coffee table. The formal dining table converts into 2 games tables, ideal of a casual game of cards. Forward to port, the upper salon boasts a complete wet bar, perfect for entertaining.

ATHOS’s lower salon is ideal for relaxing boasting a comfortable sofa, occasional chairs, custom pouf with extending foot rests and intimate fire place. The galley is to port of the lower salon and can be incorporated as an open plan, or closed for added privacy, it is fitted with the finest of Miele equipment, ensuring the best in delectable culinary delights.

ATHOS Specifications

Exterior deck space is ample aboard the luxury sailing schooner ATHOS. Aft of the upper salon, guests are offered a large shaded main cockpit area, with plenty of seating, a casual alfresco dining table, perfect for the kids and a formal alfresco dining table. Charter yacht ATHOS has a generous beam of 10.8m (35.7ft) and flush decks, providing easy access fore and aft. Forward are plenty of areas to relax and sunbathe. Aft of the main cockpit, a further deck house has the owners study, followed by a private owners cockpit, with wrap around seating and an adjustable alfresco dining table.

The Holland Yachtbouw ATHOS yacht has a maximum draught of 7.80 meters (25.59ft) and is powered by twin Volvo 651hp D16C-A MH EVC engines, capable of cruising at 10 knots. The super yacht ATHOS has an impressive sail area of 1762m2 (5784ft2) Doyle sails. Her rigging is by Smart Rigging with Rondal spars. All deck hardware was provided by Lewmar and her navigation instruments by Brooke & Gatehouse.

Yacht Accommodation

The 62m (203ft) luxury yacht ATHOS accommodates up to 12 guests, in 5 deluxe cabins below decks. The master stateroom is aft with a full beam layout, king size bed, sofa, vanity/desk and en-suite with bath, shower/steam room and his and his sinks. The master stateroom also includes and upper lounge/study and private cockpit, complete with wrap around seating and alfresco dining. Two guest cabins offer double beds, settee, pull out desk and Pullman berth each. A further 2 cabins offer side by side single beds, with the ability to convert into double beds. Each cabin features en-suite facilities, full entertainment systems and a unique tasteful décor. Superyacht ATHOS also features a crew galley, five crew cabins, and a separate engineer´s area for the captain, including an integrated control room.

Amenities and Extras

Tenders & Toys: Tenders ~1 x Custom Naiad 6.2m with Yanmar 6BY2-260 on ZT-380 outdrive ~1 x Custom Rib-X 5.3m with Yamaha F100 outboard Toys ~Topaz Uno Plus ~2 x Seabobs ~1 x Tow Foil board ~2 x Stand Up Paddleboards ~2 x Kayaks ~1 x Knee Board ~1 x Wakeboards ~2 x Moutain E-Bikes ~1 x SUB Wing ~1 x set of water skis and equipment ~Various assorted inflatable toys and towables ~Various fishing equipment

ATHOS Disclaimer:

The luxury yacht ATHOS displayed on this page is merely informational and she is not necessarily available for yacht charter or for sale, nor is she represented or marketed in anyway by CharterWorld. This web page and the superyacht information contained herein is not contractual. All yacht specifications and informations are displayed in good faith but CharterWorld does not warrant or assume any legal liability or responsibility for the current accuracy, completeness, validity, or usefulness of any superyacht information and/or images displayed. All boat information is subject to change without prior notice and may not be current.

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10 of the most impressive superyachts owned by billionaires

From a sailing yacht owned by a russian billionaire industrialist to the luxury launch of the patek philippe ceo, here are the best billionaire-owned boats on the water….

Words: Jonathan Wells

There’s something about billionaires and big boats . Whether they’re superyachts or megayachts, men with money love to splash out on these sizeable sea-going giants. And that all began in 1954 — with the big dreams of Greek shipping magnate Aristotle Onassis.

Onassis, keen to keep his luxury lifestyle afloat when at sea, bought Canadian anti-submarine frigate HMCS Stormont after World War II. He spent millions turning it into an opulent super yacht, named it after his daughter — and the Christina O kicked off a trend among tycoons. To this day, the world’s richest men remain locked in an arms race to build the biggest, fastest, most impressive superyacht of all. Here are 10 of our favourites…

Eclipse, owned by Roman Abramovich

Built by: Blohm+Voss of Hamburg, with interiors and exteriors designed by Terence Disdale. Launched in 2009, it cost $500 million (the equivalent of £623 million today).

Owned by: Russian businessman Roman Abramovich, the owner of private investment company Millhouse LLC and owner of Chelsea Football Club. His current net worth is $17.4 billion.

Key features: 162.5 metres in length / 9 decks / Top speed of 22 knots / Two swimming pools / Disco hall / Mini submarine / 2 helicopter pads / 24 guest cabins

Sailing Yacht A, owned by Andrey Melnichenko

Built by: Nobiskrug, a shipyard on the Eider River in Germany. The original idea came from Jacques Garcia, with interiors designed by Philippe Starck and a reported price tag of over $400 million.

Owned by: Russian billionaire industrialist Andrey Melnichenko, the main beneficiary of both the fertiliser producing EuroChem Group and the coal energy company SUEK. Though his current net worth is $18.7 billion, Sailing Yacht A was seized in Trieste on 12 March 2022 due to the EU’s sanctions on Russian businessmen.

Key features: 119 metres in length / 8 decks / Top speed of 21 knots / Freestanding carbon-fibre rotating masts / Underwater observation pod / 14 guests

Symphony, owned by Bernard Arnault

Built by: Feadship, the fabled shipyard headquartered in Haarlem in The Netherlands. With an exterior designed by Tim Heywood, it reportedly cost around $150 million to construct.

Owned by: French billionaire businessman and art collector Bernard Arnault. Chairman and chief executive of LVMH, the world’s largest luxury goods company, his current net worth is $145.8 billion.

Key features: 101.5 metres in length / 6 decks / Top speed of 22 knots / 6-metre glass-bottom swimming pool / Outdoor cinema / Sundeck Jacuzzi / 8 guest cabins

Faith, owned by Michael Latifi

Built by: Similarly to Symphony above, also Feadship. With exteriors designed by Beaulieu-based RWD, and interiors by Chahan Design, it cost a reported $200 million to construct in 2017.

Owned by: Until recently, Canadian billionaire and part-owner of the Aston Martin Formula 1 Team , Lawrence Stroll. Recently sold to Michael Latifi, father of F1 star Nicholas , a fellow Canadian businessman with a net worth of just under $2 billion.

Key features: 97 metres in length / 9 guest cabins / Glass-bottom swimming pool — with bar / Bell 429 helicopter

Amevi, owned by Lakshmi Mittal

Built by: The Oceanco shipyard, also in The Netherlands. With exterior design by Nuvolari & Lenard and interior design by Alberto Pinto, it launched in 2007 (and cost around $125 million to construct).

Owned by: Indian steel magnate Lakshmi Mittal, chairman and CEO of Arcelor Mittal, the world’s largest steelmaking company. He owns 20% of Queen Park Rangers, and has a net worth of $18 billion.

Key features: 80 metres in length / 6 decks / Top speed of 18.5 knots / On-deck Jacuzzi / Helipad / Swimming Pool / Tender Garage / 8 guest cabins

Odessa II, owned by Len Blavatnik

Built by: Nobiskrug, the same German shipyard that built Sailing Yacht A . Both interior and exterior were created by Focus Yacht Design, and the yacht was launched in 2013 with a cost of $80 million.

Owned by: British businessman Sir Leonard Blavatnik. Founder of Access Industries — a multinational industrial group with current holdings in Warner Music Group, Spotify and the Grand-Hôtel du Cap-Ferrat — he is worth $39.9 billion.

Key features: 74 metres in length / 6 guest cabins / Top speed of 18 knots / Intimate beach club / Baby grand piano / Private master cabhin terrace / Outdoor cinema

Nautilus, owned by Thierry Stern

Built by: Italian shipyard Perini Navi in 2014. With interiors by Rémi Tessier and exterior design by Philippe Briand, Nautilus was estimated to cost around $90 million to construct.

Owned by: Patek Philippe CEO Thierry Stern. Alongside his Gulstream G650 private jet, Nautilus — named for the famous sports watch — is his most costly mode of transport. His current net worth is $3 billion.

Key features: 73 metres in length / 7 guest cabins / Top speed of 16.5 knots / Dedicated wellness deck / 3.5 metre resistance pool / Underfloor heating / Jet Skis

Silver Angel, owned by Richard Caring

Built by: Luxury Italian boatbuilder Benetti. Launched in 2009, the yacht’s interior has been designed by Argent Design and her exterior styling is by Stefano Natucci.

Owned by: Richard Caring, British businessman and multi-millionaire (his wealth peaked at £1.05 billion, so he still makes the cut). Chairman of Caprice Holdings, he owns The Ivy restaurants.

Key features: 64.5 metres in length / Cruising speed of 15 knots / 7 guest cabins / Lalique decor / 5 decks / Oval Jacuzzi pool / Sun deck bar / Aft deck dining table

Lady Beatrice, owned by Frederick Barclay

Built by: Feadship and Royal Van Lent in 1993. Exteriors were created by De Voogt Naval Architects, with interiors by Bannenberg Designs. She cost the equivalent of £63 million to build.

Owned by: Sir David Barclay and his late brother Sir Frederick. The ‘Barclay Brothers’ had joint business pursuits including The Spectator , The Telegraph and delivery company Yodel. Current net worth: £7 billion.

Key features: 60 metres in length / 18 knots maximum speed / Monaco home port / Named for the brothers’ mother, Beatrice Cecelia Taylor / 8 guest cabins

Space, owned by Laurence Graff

Built by: Space was the first in Feadship’s F45 Vantage series , styled by Sinot Exclusive Yacht Design and launched in 2007. She cost a reported $25 million to construct.

Owned by: Laurence Graff, English jeweller and billionaire businessman. As the founder of Graff Diamonds, he has a global business presence and a current net worth of $6.26 billion.

Key features: 45 metres in length / Top speed of 16 knots / Al fresco dining area / Sun deck Jacuzzi / Breakfast bar / Swimming platform / Steam room

Want more yachts? Here’s the handcradfted, homegrown history of Princess…

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Who Owns KAOS Yacht?

Nancy Walton Laurie owns Kaos Yacht. It is a luxury vessel built by Oceanco and has gained popularity for its state-of-the-art design and elegant features. In today's article, I will give you the details of the Kaos yacht and its owner.

About Nancy Walton Laurie – The Owner of KAOS Yacht

Nancy Walton Laurie is one of the richest people in the United States. The American billionaire and philanthropist was born on May 15, 1951. Bud Walton is the father of Nancy Walton. Bud co-founded Walmart with his brother “Sam Walton.” Nancy grew up in Versailles, Missouri, and attended the University of Memphis for higher studies. She met “Bill Laurie” at the university and married him.

Her Connection to Walmart and Her Family’s Wealth

Nancy inherited a substantial stake in Walmart after her father died in 1995. Ann Walton Kroenke is Nancy’s sister and shares this inheritance equally. Anyways, this inheritance has made Nancy one of the richest women in the world.

The success of Walmart is directly proportional to the family’s fortune. Nancy and Bill Laurie have also invented different companies and ventures, including philanthropic organizations and real estate.

The couple have made significant donations to schools, colleges, and universities in the U.S, cementing their legacy beyond the success of Walmart.

The KAOS Yacht Specs and Features

Design and Unique Features

Igor Lobanov designed the exterior of the KAOS yacht. It features ultra-modern aesthetics and sleek lines, making the yacht stand out on the water. The yacht has a turquoise hull and a nod to the Emir of Qatar, the original owner.

Sam Sorgiovanni designed the interior of the KAOS yacht. Sorgiovanni is famous for his quality designs, attention to detail, and premium materials. The yacht can accommodate 31 guests in 15 cabins. It also has an owner’s suite, four VIP suites, and ten guest suites. The interior design emphasizes comfort, luxury, and elegance, making it one of the top yachts with stunning interior designs .

Amenities of the KAOS Yacht

• The yacht has a beautiful pool on the main deck.
• It has a helicopter deck with fueling facilities.
• KAOS has an expensive guest area for water activities and sunbathing.
• It has a gym, spa, hammam, and steam room.
• An elevator for comfortable and convenient access to all decks
• KAOS has a “Majelis” area that reflects the vessel’s Arabic heritage and is used for special meetings, gatherings, and corporate events .

It has an onboard hospital for emergencies.

KAOS Yacht Performance

The KAOS reaches a top speed of 18.5 knots, thanks to the powerful twin MTU engines. It can cruise comfortably and reliably at 15 knots. The yacht has a range of 5,300 nautical miles, making it a suitable vessel for long voyages. Thus, the KAOS’s excellent performance makes it a sophisticated explorer yacht .

History and Ownership

When and how Nancy Walton bought the yacht? The KAOS yacht, originally called Jubilee, was built by Oceanco and delivered to the Emir of Qatar in 2017. The government listed the yacht for sale following the death of the Emir. Nancy Walton eventually bought the yacht in 2019 for an estimated $300 million.

Nancy undertook a major renovation in 2020 after acquiring the KAOS yacht. Lurssen, a famous company in Germany, carried out the refit. The renovation included updates to the interior and exterior to improve the yacht’s luxury and functionality.

Sam Sorgiovanni initially crafted the interior design. However, the interior was refreshed according to Lauri’s instructions and preferences. The refit also included technical upgrades to improve the yacht’s performance and safety.

Events or Occasions

So, where has the KAOS yacht been featured? It has been featured in different events. The yacht made headlines when climate activists in Ibiza vandalized the yacht in 2023. The activists targeted the yacht to protest against the ecological impact of luxury lifestyles.

Despite the accident and unfortunate incident, KAOS continues to serve as the symbol of luxury. It is often featured in yachting magazines and events. Moreover, the KAOS yacht has been sighted in various high-profile locations worldwide, including the most popular yacht destinations, such as Miami, Ibiza, Dubai , and Monaco.

Final Words About the KAOS Yacht and Its Owner

The KAOS yacht, owned by Nancy Laurie, exemplifies elegance, luxury, and modernity. It has excellent specs, beautiful interior and exterior design, and a rich history. The yacht remains a standout worldwide for its luxury and public appearances.

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The 5 tragic minutes that sank a superyacht

PORTICELLO, Italy — Survivors of a storm that sank a superyacht off Sicily recounted their ordeal to one of the doctors who rushed to their aid, with some saying it took mere minutes for the 180-foot ship to go down. 

Dr. Fabio Genco, head of the Palermo Emergency Medical Services, told NBC News on the phone Thursday that he arrived in the seaside village of Porticello before dawn Monday, about an hour after the $40 million Bayesian sank in the violent and sudden storm.   

Of the 22 people onboard, 15 survived despite storm conditions and darkness, climbing onto a lifeboat before being rescued by a nearby sailboat. The crew members have made no public statements so far, though some have been interviewed by investigators.

“They told me that it was all dark, that the yacht hoisted itself up and then went down,” Genco said, recounting what the survivors told him. “All the objects were falling on them. That’s why I immediately made sure, by asking them questions, if they had any internal injuries,” he said. 

It appears they had just minutes to abandon the sinking ship, Genco said. 

“They told me that suddenly they found themselves catapulted into the water without even understanding how they had got there,” he said, “And that the whole thing seems to have lasted from 3 to 5 minutes.”

Giovanni Costantino, CEO of The Italian Sea Group, which owns Perini Navi, the Bayesian's shipbuilder, told Sky News that there were no flaws with the design or construction of the yacht. He said their structure and keel made boats like that “unsinkable bodies.”

In an interview with the Italian newspaper Corriere della Sera, he disavowed responsibility, blaming instead the actions of the crew. “Mistakes were made,” he said. 

Genco said one of his colleagues who arrived at the scene before him initially thought that only three people survived, but the coast guard reported there were other survivors and more emergency services were called in. 

When Genco arrived, he found scenes of panic and despair. 

“Unfortunately, we are used to such panic scenes because we are used to the shipwrecks that happen on Lampedusa ,” Genco said, referring to the island southwest of Sicily, where the wreckage of boats carrying migrants on the sea journey from North Africa to Italy are often found . 

Six of the passengers were declared missing Monday, and by Thursday, the bodies of five had been recovered from the wreck , some 160 feet underwater.

Among those who survived is Angela Bacares, wife of the British tech mogul Mike Lynch , whose body was recovered Thursday. 

Another survivor has been identified as Charlotte Emsley, 35. She told the Italian news agency ANSA that she had momentarily lost hold of her year-old daughter, Sofia, in the water but managed to retrieve her and hold her over the waves until a lifeboat inflated and they were pulled into safety.

Dr. Domenico Cipolla at the Di Cristina Children’s Hospital in Palermo is also part of a team of medical professionals treating the shipwreck survivors. He told the BBC on Wednesday that Emsley and her daughter, as well as the father of the child, who Cipolla said also survived, are continuing to receive psychological help. 

“Psychological support was constant and is constant even today, because basically it is the wounds of the soul that are the most in need of healing in these cases,” Cipolla said.

Genco also told NBC News that he was especially concerned about the child. “She did not understand anything. She was soaking wet and cold,” he said. 

Karsten Borner, the Dutch captain of the Sir Robert Baden Powell, a yacht that was anchored near the Bayesian, said by phone Wednesday that he saw a thunderstorm come in at around 4 a.m. local time (10 p.m. ET) Monday, followed by what looked like a waterspout, a type of tornado that forms over water. 

The International Centre for Waterspout Research noted on X that there was a “waterspout outbreak” off Italy on Monday, the day the Bayesian sank. 

“I turned on the engine and made maneuvers so that we wouldn’t collide with the Bayesian, which was anchored about 100 meters from us,” Borner said. “Then all of a sudden it disappeared. Then the wind calmed down, we looked around and saw a red flare.”

Borner said he got into his boat’s tender and saw a life raft with 15 people on it. Members of the crew were administering first aid. 

“I don’t know why it sank so quickly, but it may have something to do with the mast which was incredibly long,” he said. Questions have been raised about whether the mast was to blame for the accident as tall masts, even with the sails down, have more surface area exposed to the wind, which can contribute to tipping a vessel in a storm.

The CCTV footage that emerged Tuesday showed the yacht’s 250-foot mast, believed to be one of the tallest aluminum sailing masts in the world, lashed by the storm as it appears to tilt to one side before disappearing.

Claudia Rizzo is an Italy based journalist.

Claudio Lavanga is Rome-based foreign correspondent for NBC News.

Yuliya Talmazan is a reporter for NBC News Digital, based in London.

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Investigation Into Yacht That Sank Off Sicily Broadens

Prosecutors are looking into the actions of two other crew members in connection with the sinking of the luxury yacht Bayesian, which caused the deaths of seven people.

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By Elisabetta Povoledo

Reporting from Rome.

Prosecutors in Sicily have broadened their investigation into the sinking of the luxury yacht, the Bayesian, and are now looking into the actions of two more crew members, their lawyer said Thursday.

The captain of the yacht, James Cutfield, is also facing a manslaughter inquiry to determine whether his actions negligently caused the shipwreck, one of his lawyers said Tuesday.

Seven people — six passengers and one crew member — died in the Aug. 19 accident amid a pre-dawn storm off the coast of Sicily. Among the victims was the British tech entrepreneur Mike Lynch, whose family owned the Bayesian, as well as his 18-year-old daughter Hannah.

On Wednesday, prosecutors placed under investigation Tim Parker Eaton, who was in charge of the Bayesian’s engine room, and Matthew Griffiths, the crew member who was on lookout duty that night. They are both represented by Marco Scopesi, a lawyer based in Genoa, who confirmed that the two men were under investigation.

In Italy, placing someone under formal investigation does not necessarily mean criminal charges will follow.

The cruise was to celebrate Mr. Lynch’s acquittal in June on charges that he had led one of the biggest frauds in the technology industry by vastly inflating the value of a company he had founded when he had sold it to Hewlett-Packard for $11 billion in 2011. This summer, he had scheduled several cruises to thank the lawyers who had helped him win the case.

Prosecutors in the Sicilian town of Termini Imerese are looking into what caused the 183-foot sailboat — described by the company that owns the ship maker as “unsinkable” — to suddenly capsize and sink to a depth of 165 feet. There had been 22 people on board the Bayesian when it sank, 10 crew members and 12 guests. After the shipwreck, the 15 people who escaped had been transferred to a hotel in the nearby town of Santa Flavia, where journalists were kept at bay.

Last weekend, the six passengers who had survived the shipwreck left the hotel. This week, the nine crew members, including those under investigation, left the hotel and Italy, according to two people familiar with the situation not authorized to speak about it publicly. The crew members had not been prohibited from leaving Italy.

Prosecutors interrogated Captain Cutfield on Tuesday, but he asserted his right to remain silent. Giovanni Rizzuti, one of his lawyers, told Italian media that his client was very “distressed.” Mr. Rizzuti also said that as he had only taken the case on Monday, he needed time to come up with a “thorough, complete and correct” line of defense, and go through the elements of the case, he said. Captain Cutfield left Sicily on Thursday, according to a person familiar with the case.

In Italy, placing someone under investigation means that they can have a lawyer present when non-repeatable examinations, like autopsies, are carried out.

Mr. Scopesi said that like the captain of the Bayesian, his clients were under investigation on charges of manslaughter and causing a shipwreck, “in a very general way, the prosecution hasn’t focused on anything specifically,” he said.

“We’re still at the beginning” of the investigation, he said.

Emma Bubola contributed reporting.

Elisabetta Povoledo is a reporter based in Rome, covering Italy, the Vatican and the culture of the region. She has been a journalist for 35 years. More about Elisabetta Povoledo

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Everything We Know About the Final Moments of the Passengers Who Died in the Sicily Yacht Tragedy

Five of the seven victims had been "searching for air pockets" as the luxury yacht sank on Aug. 19, authorities said

PERINI NAVI PRESS OFFICE/HANDOUT/EPA-EFE/Shutterstock

The luxury yacht Bayesian that sank off the coast of Sicily on Monday, Aug. 19, resulted in the deaths of six passengers and one crew member.

Less than a week later, on Saturday, Aug. 24, Ambrogio Cartosio, the Chief Prosecutor of Termini Imerese, announced that Italian authorities were launching a manslaughter investigation into the sinking , and he identified all of the victims.

The seven victims who died in the tragic sinking were yacht chef Recaldo Thomas; British tech entrepreneur Mike Lynch and his daughter, Hannah Lynch; Christopher Morvillo and his wife, Neda ; and Morgan Stanley International chairman Jonathan Bloomer and his wife, Judy .

As authorities attempt to answer questions about what exactly led to the sinking of the 183-foot British-flagged vessel — which went down during a "violent storm,” the Italian Coast Guard previously told PEOPLE in a statement — here is what we currently know about the victims’ final moments.

FAMILY HANDOUT/EPA-EFE/Shutterstock

During the Aug. 24 press conference, Girolamo Bentivoglio Fiandra, head of the Palermo Fire Brigade, revealed that as the Bayesian began going down early Monday morning, “It was quite clear that people were trying to hide in the cabins.”

“In the left-hand side, we found the first 5 bodies in the left-hand side cabins, and the final body on the right-hand side,” Fiandra said. “We found them on the highest part of the ship, which was closer to the surface. The vessel had three cabins on each side.”

The five victims, who "took refuge” on the luxury yacht’s left side, had been "searching for air pockets" in a final attempt at survival," he added.

HANDOUT/Vigili del Fuoco/AFP via Getty

As for why the victims were in the cabins in the first place, Giovanni Costantino — who leads The Italian Sea Group, the company that now owns Perini Navi, which built the Bayesian back in 2008 — told CNN it was due to a “very long sum of errors."

"Everything that has been done reveals a very long sum of errors,” he said in his interview, translated from Italian. “The people should not have been in the cabins, the boat should not have been at anchor. And then why didn't the crew know about the incoming disturbance?”

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Prior to the storm and subsequent sinking, some of the luxury yacht’s passengers were in celebration mode. They had been commemorating the recent acquittal of one of the victims, Lynch, 59, a source close to the survivors previously told PEOPLE.

Two months ago, Lynch was acquitted on all counts of a series of fraud and conspiracy charges he faced in the U.S. after a years-long legal battle dating back to 2018.

Patrick McMullan/Patrick McMullan via Getty 

He celebrated the acquittal on the Bayesian with his daughter and his wife, Angela Bacare, who was rescued along with 14 others on board.

Also celebrating were Morvillo, 59, who represented Lynch in the case, and Bloomer, 70, who was a close friend of the tech entrepreneur.

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

It was a sunny August morning when software entrepreneur Mike Lynch, 59, gathered 10 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 HP 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 Lynch’s wife, who reportedly owns nearly all his fortune. The same day of the drowning, U.K. news outlets reported that Lynch’s codefendant 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, whom 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 U.K.’s High Court found that the company, which by then had changed its name to Hewlett Packard Enterprise (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 U.K. 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 short-sellers’ 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 Aug. 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 to 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 and his wife; Stephen Chamberlain and his wife; the attorney Chris Morvillo—who drowned on the 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 Aug. 14—five days before the storm—and comprised 12 guests and 10 crew members. 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 Cefalù, 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 Aug. 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 also 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 1-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 U.K.’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 toward 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 U.K.’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 that 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 non-executive director 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, 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 U.K. 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, Aug. 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.

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5th body recovered from Mike Lynch's family yacht off Sicily as questions mount over luxury vessel's sinking

By Anna Matranga

Updated on: August 22, 2024 / 10:48 AM EDT / CBS News

Rome — Divers recovered the body of a fifth victim of the Bayesian superyacht wreck Thursday morning, Sicily Civil Protection Chief Salvo Cocina confirmed to CBS News, and the Reuters news agency cited Italian Interior Ministry official Massimo Mariani as saying it was the body of Mike Lynch, the British tech magnate whose wife owned the vessel.

Italian Coast Guard spokesperson Vincenzo Zagarola told CBS News that teams were still working to recover the body of the sixth and final person left missing when the boat went down. The six bodies had remained stuck inside the 184-foot luxury yacht for days after it sank early Monday morning off the coast of Palermo, Sicily in a severe thunderstorm.

Four bodies were retrieved Wednesday from the Bayesian, which was resting on the seafloor at a 90 degree angle at a depth of over 160 feet. The vessel's position and items that moved around inside the ill-fated yacht made recovery efforts slow and hazardous.

Italian authorities have not officially identified the remains recovered from the Bayesian, which belonged to Lynch's wife Angela Bacares. She was among the 15 people who managed to escape from the boat as it sank quickly on Monday morning, but Lynch and his 18-year-old daughter Hannah were among those left missing.

Another victim, the Bayesian superyacht's chef, was found dead soon after the boat capsized. 

Along with Lynch and his daughter, the technology mogul's American lawyer Chris Morvillo and his wife Neda, and British banker Jonathan Bloomer and his wife, were believed to have been trapped in the yacht when it sank.

Questions as to how the state-of-the-art boat could have gone down so quickly have mounted steadily since the accident. 

Italian media were reporting Thursday that, after questioning survivors and witnesses, Italian prosecutors had opened an official investigation into a possible "culpable shipwreck." No individuals had been named as potential suspects.

On Thursday, Giovanni Costantino, head of the Italian Sea Group, which owns the company Perini Navi, which built the Bayesian in 2008, blamed human error.

"A Perini ship resisted Hurricane Katrina, a Category 5 [hurricane]. Does it seem to you that it can't resist a tornado from here?" he remarked to the newspaper Corriere della Sera. "It is good practice when the ship is at anchor to have a guard on the bridge, and if there was one he could not have failed to see the storm coming. Instead, it took on water with the guests still in the cabin. ... They ended up in a trap, those poor people ended up like mice."

One possible factor could have been that the ship's keel — a fin-like structure that sticks out from the bottom of the boat, designed to provide stability and counterweight to the huge mast — was not fully deployed. The yacht had a retractable keel that could be raised for entry into shallow harbors. But a raised keel at sea would have made the ship much more vulnerable to instability in the strong winds that struck early Monday morning.

When asked whether divers had seen the ship's keel in a raised position, a spokesman for the Italian Coast Guard told CBS News that only the prosecutor investigating the incident could confirm such information but that the Coast Guard "was not denying" it. 

The ship's captain, 51-year-old New Zealand national James Cutfileld, was questioned for two hours by prosecutors on Thursday, according to Italian media.

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Watch: 47m Admiral superyacht Ethos runs aground in Greece

The 46.6-metre Admiral motor yacht Ethos has run aground in Kefalonia, Greece. She was travelling to the smaller, neighbouring island of Ithaki when the incident occurred.

Footage indicates the yacht may have deliberately run aground to prevent from capsizing in open sea. The video shows her rapidly taking on water and listing on her starboard side. The cause of the incident is unconfirmed but local reports attribute it to water ingress through an open hatch.

View this post on Instagram A post shared by TopYacht ™ 🔝🔝 (@topyacht)

Five guests and five crew were also on board but have now been safely evacuated. A salvage attempt is already underway, with authorities attempting to extract water from the vessel to prevent it capsizing.

According to BOATPro , Ethos had been anchored on the northernmost section of the island prior to the incident.

Delivered in 2014 by Admiral, a brand of The Italian Sea Group , Ethos has an exterior designed by Luca Dini . Her interiors were recently refitted by Njord Bergman Design House at Perama Shipyard in Greece.

Refit works included a new "feature wall" for the main saloon, new interior architecture in the owner's cabin and a series of finishes and decor by local Greek artisans.

The extent of damage is unknown. BOAT International will update the story as it develops.

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CEO got big bucks as his hospital chain imploded. Here's who suffered.

Donna Gittens felt drained as she struggled to form words. Dinner plans with her husband and friends would have to wait. She worried she was in the middle of a stroke.

Gittens was rushed to Carney Hospital, minutes from her home in Boston's Dorchester neighborhood. Last summer's emergency spanned two facilities as physicians unraveled a medical mystery. The underlying issue was a brain infection, but she credits her neighborhood hospital's doctors and nurses with saving her life.

She now worries others in her area won't have access to the same emergency care.

Carney is one of two Massachusetts hospitals targeted for closure Aug. 31 following recent chaotic developments at Steward Health Care. The embattled for-profit hospital chain filed for bankruptcy on May 6 and has been mired in crises involving patients and creditors across several states.

The chain is led by a former heart surgeon who collected more than $100 million in compensation and bought a $40 million yacht while employees at Steward hospitals complained about a lack of basic supplies, according to a Senate committee. More than 2,200 employees now expect to be laid off in Massachusetts and Ohio, according to notices filed with state regulators.

The company's CEO, who lawmakers say has declined multiple requests to answer questions voluntarily, is expected to appear under subpoena in mid-September before a Senate committee to address "financial mismanagement" at Steward.

The case has raised broader issues for lawmakers and analysts about the role of private equity investments in health care. Many people from communities impacted by hospital closures are asking why there aren't built-in protections when a corporation takes over an institution providing essential life-or-death services.

The problem extends beyond Massachusetts. State health regulators in Arizona this month suspended operations at a Steward-owned psychiatric hospital after the air conditioning at the Phoenix facility cut off amid triple-digit temperatures. In West Monroe, Louisiana, hospital workers described searching the premises for basic medical supplies during procedures. One patient died at the hospital awaiting transfer to another hospital, resulting in an "immediate jeopardy" citation from regulators, according to testimony at a Louisiana House Health and Welfare Committee meeting in April.

After the chain declared bankruptcy, the Massachusetts governor enacted an emergency plan to manage the disposition of its seven remaining hospitals there. The company sought and received approval from the bankruptcy court to shutter Carney and a second facility, Nashoba Valley Medical Center in Ayer, by the end of August.

Gittens, who survived a health scare, worries her local neighborhood with a diverse, mixed-income population, will be left without essential medical care. During medical emergencies like hers last summer, timely care can be the difference between life and death.

"Carney is integral not only to my family – but the broader community," said Gittens.

Despite pleas from neighborhood leaders, the state has no plans to keep Carney or Nashoba Valley open. However, Massachusetts Gov. Maura Healey said at an Aug. 16 news conference the state plans to use eminent domain to take control of another Steward hospital, St. Elizabeth's Medical Center in Brighton. The state has struck deals with other operators to run the other four Steward hospitals.

Healey blamed Steward's financial collapse on its CEO, Dr. Ralph de la Torre, and the hospital chain's executives.

"This is not something that Massachusetts created," Healey said. "It was created by the greed and the exploitation of an individual, Ralph de la Torre, and members of his team. De la Torre's actions brought us to nearly the brink of collapse" at Steward's hospitals.

A spokesperson representing de la Torre did not respond to questions from USA TODAY about allegations of problems at an array of Steward Health Care facilities.

In a statement, the company said it would seek to minimize disruptions to patients.

"This is a challenging and very unfortunate situation, and the effect it will have on our patients, our employees, and the communities we serve is regrettable," the statement provided by Steward representative Deborah Chiaravalloti said. "SHC (Steward Health Care) is doing all we can to ensure a smooth transition for those affected, while continuing to provide quality care to the patients we serve."

Lawmakers cite 'outrageous corporate greed'

Steward Health Care was formed in 2010 when Cerberus Capital Management, a private equity firm, acquired a financially struggling nonprofit hospital chain from the Archdiocese of Boston. De la Torre, a Harvard Medical faculty member who previously led cardiac surgery at Beth Israel Deaconess Medical Center in Boston, became CEO of the new entity, named Steward Health Care.

The Dallas-based company aggressively expanded to a chain of more than 30 hospitals employing more than 30,000 people. The expansion was fueled by a splashy deal engineered by de la Torre to sell the land underneath Steward's hospitals to a corporate landlord, Medical Properties Trust. The sale-leaseback deal left the hospitals with hefty rent payments. Bankruptcy filings show the company is now reeling with $9 billion in debt, including more than $6 billion in lease payments to its landlord.

After the bankruptcy filing in May, Steward announced plans to close hospitals and lay off thousands of workers, leaving community members who depend on the hospitals worried about where they will get care.

The chain's financial flameout captured the attention of the Senate Health, Education, Labor and Pensions Committee, which authorized an investigation into the company's financial dealings. The Senate probe is expected to include questions about Steward Health's deal with private equity investors, its lavish spending, the lease deal and the hospital closures. The committee also issued a subpoena that compels de la Torre to answer questions about his company's struggles.

At a July 25 hearing, Sen. Bernie Sanders, I-Vermont, who chairs the committee overseeing the investigation, said de la Torre refused multiple invitations to testify before lawmakers, which prompted the bipartisan vote to order him to testify on Sept. 12.

While Steward closed its hospitals, Sanders said, de la Torre was collecting a "$100 million payday that he used to purchase a $40 million yacht." Sanders said the executive also bought a $15 million, custom-made fishing boat and had access to two private jets.

De la Torre "epitomizes the type of outrageous corporate greed that is permeating throughout our for-profit health care system," Sanders said at the hearing. "Today we are saying enough is enough. It is time for Dr. de la Torre to get off of his yacht and to explain to Congress the financial chicanery which made him extremely wealthy, while the hospitals he managed went bankrupt."

When asked which sources Sanders relied on for his July testimony about de la Torre's compensation and boats, his staff provided links to articles in The American Prospect , The Boston Globe and Becker's Hospital Review .

Beyond Capitol Hill, Steward is being scrutinized by other entities. The Justice Department launched a criminal investigation into allegations of fraud and corruption at the company, CBS and other outlets reported . The Justice Department and the U.S. Attorney in Boston declined to comment on whether the health care chain was under investigation.

Steward also has been investigated in the Mediterranean nation of Malta, where the company reached a $4 billion euro deal to manage three hospitals. In May, a Maltese magistrate recommended criminal charges against de la Torre. That probe involved the former prime minister of Malta, Joseph Muscat, who was charged with money laundering, corruption and bribery . He has pleaded not guilty and faces up to 18 years in prison, according to local media.

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Private equity in health care scrutinized

The bankruptcy, hospital closings and disruptions to patient care at Steward are not the only issues the Senate committee will probe. Sanders plans to seek answers into private equity's growing stake in the health care sector.

Sanders said at a July hearing private equity firms own 460 hospitals in the United States – or about 1 in 5 for-profit hospitals.

"How many of these hospitals are being loaded up with debt in order to make a handful of executives and private equity firms even wealthier?" Sanders pondered aloud. "How many of these hospitals are in danger of being shut down? How many patients are at risk?"

Experts say the Steward bankruptcy raises concerns about private equity's involvement in the health care industry. Under the Steward model, the company's debt became overwhelming as it acquired more hospitals and doctors' practices.

The financial problems following Steward's acquisition spree were inevitable, said Dr. Vikas Saini, president of the Lown Institute, a Massachusetts-based health think tank.

Saini blames the chaos on the lack of regulatory oversight for health care mergers and acquisitions.

"It illustrates how moth-eaten our oversight and regulatory apparatus is for the health care sector," Saini said. He added that hospital takeovers have "much more social impact, much more meaning to communities than whether or not an iPhone plant gets built."

Hospital ownership changes require more guardrails, transparency and public scrutiny, Saini said. "We've got to be sure that you're not just selling us a bill of goods."

Louisiana patients in 'immediate jeopardy'

In Louisiana, state health regulators scrutinized Steward-owned Glenwood Regional Medical Center, which was hit with three "immediate jeopardy" warnings in 120 days from December 2023 through early 2024. These citations described lapses that put patients' safety in jeopardy and could result in the termination of Medicare and Medicaid payments.

Debra Russell, a Glenwood nurse practitioner, worked at the hospital for more than three decades before she quit last November.

During an April hearing before a Louisiana legislative committee, she described the dire circumstances for patients at the hospital. She recalled having to switch tactics in the middle of a procedure because the hospital didn't have a $5 tube called a guide wire. In another case, a young man came to the emergency room after a heart attack but staffers could not reach an on-call cardiologist because the specialist hadn't been paid. When staff tried to order medication from the pharmacy for the patient, the drug wasn't stocked because the hospital's supplier hadn't been paid.

Evidence of the financial crunch also was visible outside the emergency room. Russell described coffee pots being repossessed and said document shredding companies had quit.

Steward's days of operating that hospital appear to be nearing an end. Steward has announced another hospital operator, American Healthcare Systems, has bid to purchase Glenwood. The bankruptcy court must approve the deal.

Steward declined to answer questions about the sale or operations at Glenwood. In a news release issued last May, the hospital said it addressed issues raised by state and federal regulators following the immediate jeopardy warnings.

During the Senate hearing this spring, Russell, the former Louisiana staffer, recalled her final days at the Steward-owned hospital as particularly gutting to witness.

"It's the saddest thing I've ever been around," Russell said.

Florida doctor sells to Steward; vendors don't get paid

Dr. Charles Fischman thought he had sufficiently vetted Steward Health Care after executives approached him about purchasing his Vero Beach, Florida, medical practice in early 2017. The internal medicine doctor was nearing retirement age and considering his next steps. He wanted to make sure his 10,000 patients, two fellow doctors, a nurse practitioner and administrative staff were in good hands.

When Fischman met with Steward executives, he said each leader was more charming than the next. He felt comfortable with the idea of a physician-led company acquiring his practice. Steward representatives talked to his employees over breakfast and eased their worries.

"We felt good about it," Fischman said.

But weeks after Steward took over on June 1, 2018, problems surfaced, he said. Longtime vendors, such as lab suppliers, complained they had not been paid. The local water and power companies were within 24 hours of shutting off services due to unpaid bills.

Under the terms of the acquisition, Fischman signed a two-year contract to remain as a physician and a lab director. Things didn't improve in the following weeks and months, Fischman said.

Fischman's wife, Carol, who also worked at the office, fielded complaints from vendors – people the Fischmans knew personally after 30 years in the community. They wanted to get reimbursed for their services so they could pay their mortgages and cover other basic living expenses, he said.

At a Vero Beach dinner meeting with some Steward executives months after the hospital chain bought the medical practice, Carol asked why the vendors' payments were delinquent. She didn't get answers.

"All we heard were stories about fishing boats and hospitals in Malta," he said, recalling his conversations with Steward executives.

His wife eventually quit in frustration. Fischman said executives pressured him to refer patients only to other Steward-employed physicians. He eventually left the practice in April 2020 and relocated to Tampa, where he still sees patients a few days a week.

Chiaravalloti, of Steward, did not answer questions about the Vero Beach medical offices.

Hospitals grapple with bankruptcy, closings

State health officials and medical community leaders from Massachusetts to Louisiana are now trying to assess how Steward Health Care's bankruptcy will affect day-to-day operations, as new information about the company's business dealings and practices continues to emerge.

On Aug. 19, the Massachusetts governor's office sent a letter to Steward describing Carney Hospital as an "essential service" for Dorchester residents, while acknowledging the state lacks the "power to mandate" the hospital remain open.

Some community leaders are urging the governor to keep the hospital open nonetheless.

Bill Walczak, a former president of Carney, said the Dorchester hospital has been plagued by "terrible decisions" going back decades, long before Steward took ownership.

But he said Carney is worth saving to ensure access for up to 250,000 people who live in its service territory. He described it as a health equity issue for residents. Offering such a remedy is within the state's purview, he said.

"Massachusetts is a very wealthy state, and it has a lot of power," Walczak said. "If the legislature and governor and secretary of Health and Human Services wanted to put together a package today to preserve the essential services of the Carney Hospital, they could do it."

Walczak noted the Healey administration vowed to use eminent domain to seize Steward's St. Elizabeth's Hospital in Brighton and transfer the facility to Boston Medical Center. The governor said Boston Medical Center's willingness to take over St. Elizabeth's was necessary to get the deal done. The hospital's landlord, however, vowed to fight the seizure. The company that owns the property rejected Gov. Healey's opening bid of $4.5 million to buy the location.

Representatives of Healey and the state's Department of Public Health did not immediately answer questions about next steps in the hospital seizure.

Dorchester leaders want the governor to orchestrate a similar deal to keep Carney open.

"This is not over," Walczak said. "Perhaps the governor will understand there are a lot of lives that would be put in jeopardy by not having an emergency room and beds, at a minimum, in this section of the city."

Ken Alltucker is on X at @kalltucker, contact him by email at [email protected] .