I remember Joe Goossen talking about a conversation he had with Alexis, where Alexis said Olivares was his toughest fight, saying something like 'if he (Olivares) had gotten up, I would have been finished'. Also, Olivares was ahead on the card and was dominating portions of that fight outright. Although Escalera definitely had his moment and put Arguello through hell, he was never in control the way Olivares was. That said, Escalera fought a markedly better version of the Explosive Thin Man.
To be honest, Arguello got plain lucky against Olivares. Olivares was cruising his way to victory - not by jabbing and running - but by putting the hurt on one of the great punchers of the division. And when one considers the physical disadvantages Olivares had (5'10" to 5'5" and who knows what the reach difference was), his performance becomes more remarkable. Against Escalera, Arguello never lost control of the fight. He did absorb some bombs from Escalera but always maintained the flow of the fight.
Escalera has Arguello holding a few times in their match (here the second one). it was a see saw battle until Arguellos guts and power took it's toll. youtube search "Boxing"Epic" Wars I (Alexis Arguello v.s Alfredo Escalera)"
