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If we assumed the real further process of mutual occupying liberties (please remember that White can use simply liberty-occupying moves as ko-threats), and Black's group was below the Punishment Semeai Liberty Level, there would be no valid ko-threats in the nakade any more.
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White will not answer Black's last move locally, but capture the hanezeki's tail, winning the Punishment Semeai, as shown hereafter.
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