  We study the relationship between the transchromatic localizations of Morava
$E$-theory, $L_{K(n-1)}E_n$, and formal groups. In particular, we show that the
coefficient ring $\pi_0L_{K(n-1)}E_n$ has a modular interpretation,
representing deformations of formal groups with certain extra structure, and
derive similar descriptions of the cooperations algebra and $E_{n-1}$-homology
of this spectrum. As an application, we show that $L_{K(1)}E_2$ has exotic
$\mathcal{E}_\infty$ structures not obtained by $K(1)$-localizing the
$\mathcal{E}_\infty$ ring $E_2$.
