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Mute_Otaku

At the end that was his old flag/crest he destroyed when his name was Momonga but he changed it to Ainz Ooal Gown. witch if u remember from ep 1 he changed in her bio that she would be deeply in love with Momonga. not Ainz Ooal Gown

Anonymous

Lots of confusing shit in this one, but I think you got most it. Other comment explains the flag (which I seem to remember needing to look up myself) The big one you missed was that Demiurge specifically was the one who didn't trust Sebas. Ainz trusted him the whole time, but put on that show to ease Demiurge's "anxiousness". Still fucked up, and Sebas chose his loyalty. But it was straight Demiurge's fault. Thats why he said it was safest to kill her later on, which caused you some confusion. . Ainz probably wouldve just chatted with and reprimanded him a little.

Squiddy

I didn't even notice this until now so I rewatched the scene, and if you look in the back there's another flag with a different logo. Guessing it's probably Ainz/Momonga's personal flag for himself. So she probably hates the guild for abandoning the NPCs and worships him alone? Which is why she gets mad that he uses that name, because Ainz Ooal Gown was the guild's name before he inherited it. Idk might be a reach but that's what I got from it