:
This is the position in the main line of Joachim's Ko-Semeai, before Black connected the hanezeki's tail ( 233). White captured the ko with her move "late" for the first time.

This position was chosen mainly for historical reasons, and second, because it seemed to be the most straightforward one for our explanations.
The line of play was the one that we analysed in-depth first, not realising at that early moment that a "late" ko would no longer be feasible after Black inserted a move at before the completion of the hanezeki's tail ( 1010). Also, it was not before the work on this chapter reached its final stages, when we found out that not playing the kikashi of Michael Redmond in the bamboo joint ( / ) would limit White's options in the centre, turning the solid move at into a mistake ( 1068).

Due to White's earlier gote move for occupying Black's hanezeki-directed liberty, the Punishment Semeai Liberty Level is seven. Before White captured the ko, Black's group had eight liberties. Please note that the concurrence of larger Black eye in the centre, and ko-shape on the right, provides Black with an approach-move liberty at k.

Black has one ko-threat in the hanezeki, at .

White's centre group has five liberties (2 * w, 3 * c). Black's group in the upper right has seven liberties (3 * b, 3 * c, k), and is so in danger to suffer from the Punishment Semeai. This tight conjunction with the Punishment Semeai seems to simplify several issues of the forthcoming ko-fight for White, and to make the moment, when White's group has five (effective) liberties left, the optimal one to start the ko.
One of Black's liberties depends on ko. Under the pre-condition that White had a ko-threat of appropriate size available to make up for her loss in the hanezeki, she could even capture the hanezeki's tail with a move at , instead of starting the ko with . We will name this option the "fake" Punishment Semeai.