The referee is scolding Mantel for the suspected trunk hold, but he is not it position to see the illegal hair hold.
Mantel continues to use the illegal hair hold to increase his leverage. The devious heel knows that the hair hold he is using is just outside of the referee's field of vision. Mantel is really getting the most out of this abdominal stretch, much to the dismay and agony of Steve Travis.
Mantel covers for the pin.
Let's end it here. You do not want to know how the match ends.