At the end of August 2003, representatives of Alabama, Florida, and Georgia ceased negotiating over a water apportionment formula for an interstate compact governing the Apalachicola-Chattahoochee-Flint ("ACF') River Basin ("the Basin" or "the River Basin"). The negotiations began in 1998 after the states stepped back from ongoing litigation. They ended with the probability of future litigation, which might involve the doctrine of equitable apportionment in federal courts and could invoke the original jurisdiction of the United States Supreme Court. The negotiations were the meat of a litigation sandwich. A panel discussed the reasons for the negotiations' failure at the meeting of the Section on Natural Resources of the Association of American Law Schools ("AALS") on January 5, 2004. This Article presents a profile of the Basin, reprints the transcript of the AALS panel, and concludes with a commentary by the panel's moderator.