  We find a new subalgebra of the star product in the matter sector. Its
elements are squeezed states whose matrices commute with (K_1)^2. This
subalgebra contains a large set of projectors. The states are represented by
their eigenvalues and we find a mapping between the eigenvalues representation
and other known representations. The sliver is naturally in this subalgebra.
Surprisingly, all the generalized butterfly states are also in this subalgebra,
enabling us to analyze their spectrum, and to show the orthogonality of
different butterfly states. This means that multi D-brane states can be built
of butterfly states.
