The list does NOT auto FREE itself.  Each time one increment of the
threshold is exceeded results in an infogram to the owner (maybe to
ERRORS-TO= ?)  Nothing magical about mid-nite.  Some listserv-maintainers
issue auto commands at near mid-nite to release certain  lists.  This does
not prevent the list from being re-held after the next threshold has been
reached especially if there is a LARGE backlog i.e., a backlog larger than
one threshold's worth.

One of the purposes of a threshold is to prevent loops and spams.  Unless
you can observe the backlog (which mere list-owners can not), you open
yourself up to these activities.
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