The most puzzling observations concerning the LISM (distance < 100 pc) can be explained by a fast adiabatically cooled gas in the cavity of an old superbubble. The ultrasoft X-ray background and contributions to the C- and M-bands are due to the continuum emission of delayed recombination [1]. In contrast to collisional ionization equilibrium (CIE) models, but consistent with recent observations [2], our model predicts a lack of emission lines and a low emissivity in the EUV range. In the figure below we compare the emissivities resulting from CIE at T = 106 K and those from our model at T = 4.2 × 104 K. The basic feature of our model is a thermally self-consistent approach of the time-dependent evolution.