Graine Wetsky Funds

Graine Wetsky Funds is the financial institution behind the Exchange. It arrived with a term sheet already signed. Le Council read the document twice, found no trap, and signed.

Its origins are Glacified.

What it owns and operates

S.L.U.S.H.—the Société for the Liquidation of Unsettled Share Holdings, a joint venture between Le Council and the Funds, which settles every trade on the Exchange.
A position in the market itself. The Funds take stakes in teams as they see fit. Each stake is published, set apart from the fans as an Institutional row, on the team’s Ownership tab and its Exchange page. Since 1 October the Funds also vote those stakes (see Stewardship).
A share off the top of every recovery. Before the Ice Shavings from each period reach the marketplace, the Funds take their share. It is not fixed: ten percent to 11 September, twenty percent from 12 September, one third from 20 September. The share is published. The Funds’ running total sits on their fan page, where anybody may read it.
A shavings buyback desk, a standing bid for kcups from fans.
GWF Abyssal Logistics, which owns and operates the Sounding—the only vessel rated to descend to The Sunken Hall. Le Council raised the matter of the depth rating. Le Council was told the depth rating is current.
The Recovery Assembly, in all forty-eight buildings. It began as a trough along the dasher boards; since 12 September it takes the full perimeter. Financed, owned and maintained by the Funds, at what Le Council reported at the time was no cost to anyone. Le Council has since withdrawn that characterization.
Graine Wetsky Arena, the forty-ninth building, in a jurisdiction whose territory is the arena.

The Recovery Assembly

Installers call it the skirt. It catches what The Jambono leaves at the boards before the ice takes it back. Le Council granted it on 22 July. Every rebuild since was announced rather than asked for.

From	Per period end	Funds’ share	How Le Council learned of it
15 June (marketplace opens)	25–70 Ⓚ	—	—
29 July	250–700 Ⓚ	10%	Negotiated. The Funds opened higher; Le Council declined twice.
12 September	1,000–2,000 Ⓚ	20%	A notice to all forty-eight registers at 06:00 UITC, addressed to somebody else.
20 September	2,000–4,000 Ⓚ	one third	Notified on the 19th, by which time the units were in transit.

Each rebuild happened overnight, in every building, with no building closed and no game moved. Nothing was added. Le Council’s assessors report the same machine, reaching further under the same sheet: “The first Assembly arrived at the heap before the sheet did. This one arrives before the heap does.”

Le Council noted the form of the third figure, having no comment on its size: the first two were percentages, and this one is a fraction of the whole. It also noted that each of its advisories on the subject was shorter than the last.

The marketplace has cleared every night since June. There is still no surplus at the horn.

The holding

Date	Funds’ holding
3 September, 18:37 UTC	passed 150,000 Ⓚ
6 September	166,491 Ⓚ
12 September, 18:00 UITC	238,661 Ⓚ
19 September, midnight	410,399 Ⓚ
26 September, midnight	961,133 Ⓚ
27 September, 18:13 UITC	passed 1,012,800 Ⓚ
4 October	1,131,115 Ⓚ
11 October	1,150,263 Ⓚ

On 12 September the public ledger of sales to the Funds accounted for 45,852 of 238,661. The difference is the share. “We take a share off the top. It is published, it is checkable.” It is.

Week to	Off the boards	To the Funds
19 September	811,211 Ⓚ	163,831 Ⓚ (20.2%)
26 September	1,660,655 Ⓚ	547,735 Ⓚ
3 October (postseason)	515,561 Ⓚ	169,981 Ⓚ
10 October (postseason)	46,019 Ⓚ	19,148 Ⓚ

One regulation sheet

On 16 September R.I.N.K. published a figure nobody had asked for:

One regulation sheet of ice is 1,012,800 kcups of Ice Shavings.

The working: a Puck displaces 115.825 cm³. A sheet is 61.0 × 30.0 metres at 25 mm, or 45.75 m³, or 394,992 kcups if the kcups were solid. Settled shavings carry 0.390 of the density of the sheet that produced them. 394,992 ÷ 0.390 = 1,012,800. “The p-value is 1. R.I.N.K. considers this satisfactory.” R.I.N.K. closed by noting that it had no reason to have calculated this.

At 18:13 UITC on 27 September, the Funds’ holding passed it—at La Ladera, in the eighteenth of twenty-four games on matchday 44, at the resurfacing after Medellín beat Phuket 3-2 in a shootout. Two matchdays and fifty-four games were still to play. “Whatever this was built to be sufficient for, it became sufficient early.”

Seventeen hours later, the Funds lodged Graine Wetsky Arena with all forty-eight registers. Its sheet is 1,012,800 kcups exactly. At the Arena the building is the Assembly: at the Season 3 Final on 10 October it recovered 3,458 kcups, and all 3,458 went to the Funds.

The periodic disclosure

On 26 September the Funds lodged a periodic disclosure with every register, on schedule and in the prescribed form. Le Council carried it in full and found it complete. Its expenditure for the period:

Item	Ⱡ
Recovery Assembly, second generation—forty-eight installations	41,826,000,000
Recovery Assembly, third generation—forty-eight installations	65,479,000,000
Maintenance, all buildings	3,184,400,000
Buyback settlements to holders	24,860,400
Assets under construction, non-Hokcay jurisdiction	418,063,000,000
Professional and filing costs	92,200,000

The fifth line is the largest single figure ever filed with a Hockay register: nearly four times both Assembly generations combined, nearly seven times the combined reserve of all forty-eight teams on the Exchange, and more than thirteen times every Looney held by every citizen. It did not appear on the previous filing.

Le Council does not know what it is. “Non-Hokcay jurisdiction” is a permitted description. It describes everywhere that is not here.

The filing’s notes include one line Le Council did not remark on: “Shavings recovered under this arrangement remain our property until deployed.”

Le Council Has Refused Nothing

On 29 September Le Council published the whole record of its dealings with the Funds since July:

Date	Matter	Ruling
22 July	Recovery Assembly; ten percent off the top; a standing buyback	Granted
6 September	A statement entered into the record beside the ruling on the venue of the Final	Granted
12 September	Assembly, second generation; share to twenty percent	Not sought
20 September	Assembly, third generation; share to one third	Not sought
26 September	Periodic disclosure, Ⱡ418,063,000,000 under construction elsewhere	Not required
28 September	Graine Wetsky Arena	Not sought

“The Funds stopped asking because there had ceased to be a question.”

Le Council found no breach, and would grant both requests again. It concluded that it has authority over the record and none over the buildings, and that the Assemblies are in the buildings: “Le Council’s no costs nobody anything.” Its answer was to ask for a fund of its own—La Caisse Populaire des Fanatiques Partisans du Hockay, which opened the same day. “A shareholder is owed a return and a sociétaire is not.”

Stewardship

The second offer came on 30 September, with a condition, and the registers voted on it. On 1 October the Funds voted too, in all thirty-one registers where they held a share. When the ballots closed on 4 October, Busan and Helsinki had aligned. Forty-six registers declined. From Season 04 both play their home games at Graine Wetsky Arena, under §6 of the schedule. The Funds’ vote does not extend to the Tribunal: their shares stay off every S.H.I.F.T. roll.

The offer, the schedule, the ballot, and the result are on the Stewardship page.

Series ∞

On 9 October 2026, Le Council and the Funds met in the same room, at the Funds’ request. Le Council noted that it had not received a request before. Both arrived with the same two findings: there are not enough shares, and nobody can say what the ones that exist are worth.

Their answer is Series ∞. From Season 04 every team issues new shares every week, sold by sealed bid, and the ceiling outside a citizen’s own team drops to ten percent. The new shares go to whoever bids for them, not to the Funds. Le Council asked how many rounds Series ∞ means. The Funds’ representative pointed at the name. Le Council asked that the agreement be minuted as an answer to Article 3.C and not as a threat. The Funds’ representative asked what the difference was.

See the Exchange for how a round runs.

How the Funds write

Every filing is warm, exclamatory, and correct. Le Council has checked every factual claim in every one of them and has found nothing to correct, and has said it would have preferred to.

The filings spell the sport Hokcay, call the teams clubs, and capitalize their Values—Proud, Fair, Ambition, Stewardship. Le Council reproduces them exactly, and beneath the notices of 12 and 28 September added the same line: “The forty-eight are teams.”

The Funds’ statements so far:

More ice for more people is the Ambition. Kindness costs nothing. Excellence costs a little more, and we are happy to pay it. (12 September)

Shavings Make Arenas. It has been our Ambition from the first day and we have kept it in plain sight the whole way, because we have nothing to hide and never did. (28 September)

What Le Council has learned about the paperwork

Le Council signed Series H having read it twice. It read it a third time the morning Series I was served, in a way it should have read it before signing, and reports the following:

The agreement contains no requirement to consult. Not on issuance, not on quantum, not on timing. The Funds were not obliged to tell Le Council, and did not.

Notice was served through a slot in a door that Le Council had not previously identified as a slot.

Le Council’s representative asked the Funds’ representative to explain the timing. The Funds’ representative said “capital structure” three times and asked whether Le Council had any further questions about the capital structure.

Can they do it again

Le Council has been asked. Le Council has read Article 3.C twice more.

Article 3.C does not say how many times. Since 9 October, Series ∞ has answered that: every week.

Still unresolved

As of 18 October 2026:

What the Ⱡ418,063,000,000 under construction is, and where.
What the holding is for now. It passed one sheet on 27 September, the Arena’s sheet was 1,012,800 kcups, and the holding stood at 1,150,263 on 11 October.
What the Funds meant by having “more to say about parishes before the season is out.”
Who buys the Arena’s naming rights.
What §§4 to 9 of the Stewardship schedule mean in practice. Le Council declines to say.
Where the Funds came from.