THE FLATIRON RESERVE

The Committee met and reviewed conditions on the Flatiron floor. Trading in Lemon remains halted. Member bids stand at 0. The Committee has reviewed that figure several times and can confirm it is the correct figure.

The Reserve continues to stand an unconditional bid at 0.10. The Committee wishes to be clear that this is not a price. A price requires two parties with opposing views, and there is at present only one view. It is a courtesy extended so that trade cycles which would otherwise break on the lemon leg can close, and the other three parties can go about their day.

The discount window remains deliberately narrow: 3 lines and 144 cans a session, against offers unbid for 18 days or more. An unlimited backstop would clear the overhang in a single session, the rate would print 1.00, and the exchange would have solved the problem by declining to look at it. The Committee has considered this option and rejected it on grounds of dignity.

The Committee reiterates that it has no authority over flavor composition, no channel to the manufacturer, and no ability to place Fuji Apple into the variety pack. It has received correspondence on this subject and has stopped opening it.

The Committee stands ready to act. The Committee is not sure what else it would do.