Perhaps @St1nky, if what ISX says is true that VISA had "advanced a variety of inconsistent reasons", ISX really didn't know what the real reason was since as ISX has said, none of VISA's feared risks eventuated, no illegal client transactions were processed through VISA, and ISX AML audits and no AML regulator has expressed concern about ISX.
Therefore, it would be a safe assumption that ISX didn't accept that VISA's stated reason in that specific letter was "the real reason".
ISX Price at posting:
$1.07 Sentiment: Buy Disclosure: Held