ASIC v ISX Hearing, page-1544

Interesting morning.

As usual, Borski set out to hammer Seafort into some sort of submission and admission that Seafort was a tool of Karantzis - that Karantzis had a "plan" to continue to communicate with VISA just so that ISX did not have to announce to the market. This, I felt, fell apart with Seafort's continued advice that Karnatzis's proposed announcement to the market put that theory to rest. Karnatzis' announcement to the market included the plan for ISX would continue to negotiate with VISA to convince VISA to reinstate ISX. Seafort, according to his testimony, asked Karantzis why he was announcing and advised him that he should continue negotiating before making the announcement.

Borski tried several different iterations including with Karantzis's "hail Mary" email to get Seafort to admit that it was all a plan just to not announce and that "hail Mary" meant that it was one last ditch effort. Seafort stated that he didn't put any value on the words (and in fact had not really given the words consideration) and the judge said that he thought it was all a stretch since he interpreted it as a "prayer" that what ISX was doing was going to work.

All in all Seafort was incredibly professional and credible - Borski looked desperate, pigheaded, and incredibly annoying. I am impressed with the perseverance and stamina of Seafort. I would have, one hour in, started to throw things at Borski.