Smedry notes Jack's sack. And the absence of Panty. He takes stock of the odds.
Finally, he sighs. "We've already come to a bit of an understanding, Jack Horner. You're three heavily armed fellows, and I'm a old naked man with a sword."
He hefts his sword. "Let's finish this. Be sure to give Ketch and Frost their due credit when you get back to base. They deserve it."