I am not a lawyer but as I understand matters the Americans to extradite Dr Lynch have to claim that Dr Lynch has breached American law and simultaneously British law and of course show to British judges that there is a case to answer. Seemingly, they have succeeded in this exercise.
What amazes me is just how long all this has taken given that the CFO was sentenced in the US to five years jail in 2017 – presumably using the same evidence approximately as that which shall be applied to Dr Lynch.
And that is not all. For I well remember being told time and again in the run up to the takeover that Autonomy was fraudulently accounted. It is therefore reasonable to suppose that the market would have known this and that the price of Autonomy would have been adjusted down in the market with of course the consequence that Hewlett-Packard paid less than it might otherwise have paid. Apparently the fraudulent accounting could be supposed merely through reading Autonomy’s accounts. Put another way, those advising H-P would have applied due diligence and adjusted their valuations.
*****
Array Technologies (ARRY on Nasdaq) reported after hours on Wednesday and was initially sharply marked down only to recover. It is now back up to $22. This is a mistake and the target price remains $5.
*****
Ascot tomorrow features the Victoria Cup (2.40). What matters is how the course will prove to have been watered by mother nature and not whether the clerk of the course will apply a random watering policy (there is no need to water). Wise punters will therefore await the outcome of the 2.05 and adjust their stance.