EASTERBROOK, Circuit Judge.
The district court ordered PaineWebber, Inc., to arbitrate certain disputes with its customers. PaineWebber asked for a stay pending appeal. We denied the request for a stay and ordered PaineWebber to show cause why sanctions should not be imposed under Fed.R.App.P. 38. The order invited PaineWebber to discuss Graphic Communications Union v. Chicago Tribune Co.,
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