This is a command for creating a Limit Box called Create Minimized Limit Box. This creates a limit box that fits very closely to the extent of the point cloud. Creating a UCS is suggested to square the point cloud to the x,y, and z axes before using the new tool to create a limit box that closely encapsulates the point cloud. This will fit tighter than the Create Limit Box command as that uses the extent of the Project rather than the visible point cloud.