Billy Bones is livid after Long John Silver reveals Capt. Flint's and Eleanor Guthrie's deal: the Urca de Lima treasure and her and her people's safe passage, for British surrender and control of Nassau. Billy doubts they can run Nassau without the loot.

Gov. Rogers also rips the deal after Eleanor's handmaiden is rowed to the Revenge and tells him. He orders a beach landing, but her assurance of Eleanor's loyalty — and two warning shots Eleanor ordered fired, change his mind. The handmaiden believes the ship is headed for Port Royal.

Silver and Madi fight about the deal. Madi says her people's freedom is worth the treasure. Soon, she says,  Billy must pay the ultimate price for ruining the fragile slave-pirate alliance. 

Flint tells Eleanor for the first time about the death of her longtime administrator, Mr. Scott — and his secretly helping the Maroon colony, which included his daughter Madi, survive.

Eleanor bitterly says men — Scott, Charles Vane, Long John Silver and Flint — had really controlled Nassau, not her. Flint says her husband, Gov. Rogers, is no different.

Eleanor's handmaiden emerges from below deck, shocked to be sailing into Havana, New World foothold of the enemy Spanish. Rogers appeals to the Spanish governor to unite in fighting the pirates, their common foe.  

Billy, convinced he's converted Silver, awaits Flint outside a fort tunnel to ambush him — but realizes Silver has duped him. Before Israel Hand slits his throat, Silver orders Billy to be taken to the Underhill Estate, to the liberated slaves.

Escaped Capt. Jack Rackham rows up to a beach to find Flint, who tells him of the deal. Rackham wsays Rogers won't honor it. At the fort, Max and a British soldier spy a fleet of Spanish Man o' Wars on the horizon.