A suggestion for an option added to the rotate plugin prompted me to implement it as it seemed trivial. The suggestion can be found at: http://forum.compiz-fusion.org/showthread.php?t=3849 I have added the patch to this post as well as the above mentioned forum thread.
Created attachment 11400 [details] [review] Patch for adding option to restrict movement in y direction
Mass closure: This bug has been untouched for more than six years, and is not obviously still valid. Please reopen this bug or file a new report if you continue to experience issues with current releases.
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