I actually looked at this a while back.
This is how i approached the problem:
You have a background view (the image) and a layer on top (the icons).
- Calculate the split line.
- Split the view and layer into tow along the split line
- Add the content of the folder under the image.
- Add you folder icon on top of everything.
- Animate the bottom part down while changing opacity of the layer icon.( so you can see the content underneath)
- While animating you should probably mask the triangle under the icon to it gives that bubble effect.
- To close, just reverse the animation.
I didn't manage to make it work 100% but i can tell you it works (at least some parts of it).
And before you ask, no, i cannot give you the code because i didn't keep it.