Ann: FY19 Annual Report (with App 4E), page-42

'Motive' and 'opportunity' are the two words every detective considers in the event of foul play. Logically, the competitors of PNC have both.
At this early stage, I doubt whether any experienced detective would be clearing CCP or CLH for what has happened to PNC. James Frost of AFR was fed pertinent information by someone and he used it cunningly to sow the seeds of doubt. He also weaved into his articles stories of who was benefitting by short selling. I'd be applying the blow torch to Frost to see what was going on behind the scenes - I think he will go to water!

I do think the white knight will be a private equity entity, and not a competitor.
This accounting valuation fiasco doesn't look good for the accounting fraternity - they are building on their reputation that one plus one can equal two or whatever you want it to be.