“Did you have a view that Alameda could borrow, so long as borrows weren’t in excess of assets?” Cohen asked Singh, clearly hoping for some variation of a “yes” answer. Singh, however, seemed to sense a trap. He answered obliquely: there were many “scenarios” where Singh didn’t think Alameda’s borrows were “appropriate,” he told Cohen. The lawyer let out an audible “sigh,” looked down and spent the next several moments leafing through the pile of papers on his podium. While we’re finally starting to see glimmers of Bankman-Fried’s defense strategy, his lawyers still face an uphill battle.