: The episode begins to tear their "thick as thieves" partnership apart. Billy Bones successfully exploits Silver's vulnerabilities—specifically his feelings for Madi—while Flint makes an executive decision to strike a deal with Eleanor Guthrie, largely against Silver's wishes.

" XXXII " (Season 4, Episode 4) of Black Sails is a pivotal installment that marks the beginning of the end for the central alliance between Captain Flint and Long John Silver. Critics generally praise the episode for its complex character dynamics and high-stakes deal-making.

: Eleanor Guthrie proposes a massive exchange: she will surrender the British fort and troops in Nassau in exchange for the buried Urca de Lima treasure and safe passage for herself and her people.