container 12 exposed the series of folds 24 of the inner paper sheet 16 engages and embraces the beverage container 12 the channels formed by both series of folds 24 and 26 ventilate the air by allowing it to pass between the outer paper sheet 14 and the inner paper sheet 16 and between the inner paper sheet 16 and the beverage container 12 the consumer 39 s hand grips the receptacle 10 around the outer circumference of the outer paper sheet 14 thus the heat from the consumer 39 s hand is dissipated by both the outer paper sheet 14 and the ventilation provided by the series of folds 22 and 24 of the inner paper sheet 16 the beverage container 12 is insulated by the inner paper sheet 16 and the outer paper sheet 14 the insulation helps maintain the cooler temperature of the beverage when the beverage container 12 is removed the receptacle 10 can be collapsed by the consumer pressing on opposite sides of the outer paper sheet 14 this pressure causes the paper sheets 14 and 16 to fold together the inner paper sheet 16 is configured such that it interlocks with itself through the folds 24 the parachute bottom 18 also collapses when pressure is applied an alternative embodiment disclosing a variation in the connection of the parachute bottom 18 is shown in fig7 the inner paper sheet 16 is cut away along a rectangular section 26 of the outer paper sheet 14 the parachute bottom is connected to the outer paper sheet 14 along the section 26 other variations of the.