I loosely agree with most of what you say here, except I think point 3 is way off.
Absolute discretion doesn't mean anything. It is a term within a contract. before ASX can use absolute discretion, they have to afford procedural fairness, honesty, reasonableness, good faith. All the elements of a contract.
It's clear that didn't happen, from the direct quotes taken from ASX and ASIC. I agree the legal points still need to be argued re these terms, but I think it basically wipes out the term absolute discretion.
ISX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held