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...South cashed A♦ and K♠ and went over to dummy with A♠ to play K♦, throwing a spade from hand. When this held, this is trick 11. For his 12th trick, he led dummy’s fourth diamond....
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...If West ducks, declarer loses no diamond trick, and can follow with K♣ and a third club, ruffing the fourth one high in dummy. As it is, West almost certainly rises with K♦, and returns his last club....
...But a question remained: why did H2O — whose very name was a nod to the importance of liquidity — pour its investors’ money into illiquid assets linked to a racy financier with a criminal past?...
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...Finally, he draws the last trump and crosses to his carefully preserved K♥ to cash A♣, which fells East’s Q♣....
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...One method might be to lay down A♦ in case West holds a singleton K♦ but, here, this fails, as West’s ♦J74 becomes a third-round winner....
...West led K♥ and declarer’s plan was simple: cash A♦, ruff two low diamonds in dummy, draw trumps, and score up the slam. On the bidding, the distribution suited this plan....
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