Series I

At a glance

Notice served 11 August 2026, effective Friday 14 August. Every team’s register went from one million shares to five million. No citizen lost a single share.

At some point before dawn, Graine Wetsky Funds exercised a term of the Series H agreement that Le Council had not read closely enough.

Notice was served in the manner the agreement specifies, which is to say through a slot in a door that Le Council had not previously identified as a slot.

Pursuant to Article 3.C, subsection (a)(iii) of the Series H preferred terms, Graine Wetsky Funds will be issuing four million new shares in each of the forty-eight teams.

The new shares were not held by the Funds. They were placed on the pool, where any citizen may buy them at whatever the curve says.

Where the money went

The Looneys raised against those shares were raised some time ago, against a register that did not yet exist, and had already been spent. Le Council can account for where:

• Twenty-four new teams, and the buildings to put them in.
• The second conference, and the officials to staff it—see the conferences.
• The Recovery Assembly, the trough along the dasher boards, which an earlier advisory reported was financed at no cost to Le Council, the teams, or the buildings. Le Council withdraws that characterization. There was a cost. It was carried by the register, and the register is the fans.

Every team that came onto the map since June, every second-conference fixture on the Season 03 schedule, and every kcup that reaches a cup rather than the ice—the fans paid for all of it in advance, and were told the price that morning.

Le Council was not consulted

Le Council wished to be direct, as the alternative was being found out. It was not asked. It did not know. Having re-read the agreement, it reported that it contains no requirement to consult—not on issuance, not on quantum, not on timing—and that it had no standing to reverse the issuance and would not pretend otherwise.

What actually happened on the Friday

Prices fell. A share costs the pool’s Looneys divided by the pool’s shares, and the pool’s Looneys did not change.

Percentages fell. Seven hundred and fifty thousand shares is three quarters of a million and fifteen percent of five million. The same shares. A different league.

No citizen lost a single share. Holdings were not touched, not recalculated, and not taken.

The count Le Council published

Le Council had the register counted, team by team, and set down what the count returned:

• Twenty-seven of the forty-eight teams had a single citizen holding more than half.
• Four citizens held, between them, more than three quarters of every share issued in the league. One of the four held an outright majority of twelve teams.
• A new citizen arrives in Hockay with ten thousand Looneys. In thirty-one of the forty-eight teams, ten thousand Looneys did not buy a single share. The dearest team on the board had closed the previous night at over a hundred and sixty thousand Looneys a share.

The register is public and always has been. Anyone who wishes to count may count, and Le Council would rather they did.

What Le Council got in exchange

Le Council obtained three things, the first by being unpleasant about the door slot.

Three days without a brokerage fee. From the advisory until the registers expanded, S.L.U.S.H. waived its brokerage entirely—on buying and on selling, in every team, for every citizen. The Exchange stayed open throughout. Nothing was halted, nothing frozen, no position closed on anyone’s behalf.

The open ice requirement. From the Friday, S.L.U.S.H.’s brokerage on a purchase depends on how much open ice that purchase takes away—2% above 70% open ice, rising in bands to 75% below 30%. Every team opened the Friday above eighty percent open ice, so for ordinary buying nothing changed. The bands exist for the citizen buying their five hundred thousandth share.

One team to a citizen. One team may be held outright; every other team is capped at 33%. Effective with the advisory, not on the Friday. The largest position in the league landed at fifteen percent after the expansion, so every citizen began Season 03 inside the rule without selling anything.

The Funds do not get a vote on either rule. The rules bind the Funds identically.

Can it happen again

Le Council has read Article 3.C twice more. Article 3.C does not say how many times.

The Almighty Ice has been informed that there will be five times as many shares in it. It has not responded. Le Council notes that The Ice has never once asked how many pieces it was in.

See also

• Series H—the round that made this possible.
• Graine Wetsky Funds—who served the notice.
• The Exchange—the market as it stands after the expansion.
• The conferences—one of the things the register paid for.