  The collective behavior of the SL(2,R) covariant brane states of non-critical
c=1 string theory found in a previous work, is studied in the Fermi liquid
approximation. It is found that such states mimick the coset WZW model, whereas
only by further restrictions one recovers the double-scaling limit which was
purported to be equivalent to closed string models. Another limit is proposed,
inspired by the tachyon condensation ideas, where the spectrum is the same of
two-dimensional string theory. We close by noting some strange connections
between vacuum states of the theory in their different interpretations.
