I have no knowledge of the legal department and (more importantly) their advisers in Cathay Pacific in this case, but I have some general knowledge of legal departments of large corporations. (Legal disclaimer over).
The legal department and their advisers know that they have an iron rice bowl. That is, they cannot be sacked. Their clients, the company, consist mostly of managers who have slight knowledge of legal procedures. These clients, driven still by a perceived sword of Damoclese from London, cannot take the honourable way out. It would show a weakness and a lack of cojones to the Swire brothers.
Let us remember that a directors meeting or meetings with Sir John present was or were held before the 49's sacking. I do not know whether the minutes of this or these board meetings have been subpoened in this case but a good legal team in the case should have attempted their access. I suspect, with no prior knowledge, that they might prove contempt of a witness.
We know by watching our leaders in other industries being screwed by the lawyers of anyone from the government to their wives, that attaining the level of a director in a company does not necessarily give a senior manager more jurisprudence that a junior lawyer in their legal department. Directors are often very badly advised.
I believe that it is apparent that the legal advisers to CX (the CX legal department are no more than clerks in this case) need to justify their enormous fees. They screwed up once, so they need to blame the judge's decision as a reason to appeal. And they are on a win - win too, as when they fail at the appeal they will still get paid.
As T N Tiler pointed out above, when a judge indicates that the appeal is unlikely to be successful, he is speaking from a level of experience way beyond the barrister.
It has been said in the hallowed halls of the legal profession in Hong Kong that the higher the appeal the closer the Governor. (Sorry, Chief Executive...). This may or may not imply that Beijing may take a minor interest in this. If they do, I defy anyone to make a prediction, as one faction of the Beijing executive will root for labour, the other for their Swire friends.
The many other employers in Hong Kong watch with trepidation. If Swire lose, labour wins. With the post colonial attitudes held by the directors of so many Hong Kong and southern China companies, a legal decision in favour of labour would be their world's end.
You can see why the lunch tables of the Hong Kong Club are more full and tremulous than usual. This is Beyond Swire.