I know the IFO are badged as an independent arbitrator but they are human and humans are easily swayed (consciously or subconsciously).
Cortese (or whoever represented the club at the IFO meeting) would have known that they were under no obligation to disclose what they (rightly or wrongly) saw an internal club matter.
I therefore venture that the IFO, at least in part, came to their conclusion because they were hacked off that SFC played a straight bat.
To me, the most logical verdict from the IFO would gave been an open verdict but I suspect they were playing a tit-for-tat game with the club.
Yes, the IFO may well turn out to have made the correct verdict but it wasn't a verdict reached purely on logic IMHO.