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For another data point, I have the same cover as joblack (indigo, water-safe) and the magnets are fine. With the case open I can hold it by the open end and shake it (over a soft surface, of course), and the Oasis does not fall out. I don't know about the water safety of it as I never tested that. It's not that important to me as I generally read the Oasis in my bedroom.
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