Intended behavior of *COMPILE-FILE-WARNINGS-BEHAVIOUR*

[This message bounced yesterday for some reason] What is the intended behavior when this is bound to :IGNORE? I believe that if warnings occur, they should be quashed and COMPILE-FILE should still return T, although otherwise it would not. I'm finding a case where :IGNORE is not enough to make the compile-file succeed, but I'm grappling with trying to find a minimal test case. So I was wondering if I was interpreting this variable correctly. thank you