Yes, Hasso Plattner directed a classic insulting gesture at Larry Ellison's yacht-racing team. But he didn't actually flash his backside at the Oracle chairman personally.
To counter stories of the alleged incident in The Wall Street Journal and elsewhere, Plattner bared all on the legendary "pants dropping" affair to Sailing World.
Plattner says he did not moon Ellison or his Sayonara crew during the 1996 Kenwood Cup off Hawaii. As Plattner's wounded yacht Morning Glory tumbled on rough seas with a broken mast and bloodied crew member, it was Ellison's tender (a boat that supports the racing yachts) that circled Plattner's vessel and did not help. (The Sayonara was past Plattner's yacht at this time.) So, Plattner says, "I lowered my pants." A video of the event is rumored to exist.