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Got the file, thanks.

Got the file, thanks.

This is very special case:
color.maximum is calculated from metadata for these files, this is just 0xfffc - black_level

And after LibRaw::unpack() real data maximum is within this range.

But on postprocessing stage, PhaseOne data are linearized using other metadata contained in file (complex process in phase_one_flat_field() call).

After that stage, real (linearized) data values may have values above color.maximum

-- Alex Tutubalin