Paper, Puppets, and Pols October 14, 2009March 16, 2017 BZ WARRANTS Boise Paper seems to be doing pretty well, announcing preliminary third quarter results yesterday that Lazard Capital Markets termed “strong.” (“Overall, the results confirm our belief that Boise is able to generate significant cash flow in the current environment and is well positioned to outperform in a recovery.”) With the warrants now up 45-fold from last October’s mention, I’ve sold more than half. These warrants could still double or triple – or they could expire worthless. (You will recall that they give you the right to buy the underlying stock, BZ, at $7.50 any time until June 18, 2011. With the stock currently around $6, the right to buy it at $7.50 right now is worthless. But imagine if the shares hit $10 again before June 18, 2011.* In that glorious if somewhat unlikely event, the right to pay just $7.50 for them would be worth $2.50. And if the stock hit $14.50, the ceiling at which the company can force you to take your gains – stranger things have happened** – then the warrants, about 90 cents today, would be worth $7.00. So I’m not selling all of them here.) *For a little rueful perspective, here’s how the world looked to at least one BZ observer the last time it hit $10. **Although I can’t think of one. ACT ON PRINCIPLES If you happen to be a reader consumed with LGBT equality – not a requirement of your subscription – check out actonprinciples.org. A “Public Whip Count” at lower left lets you see the current Congressional tally on passage of various bills. Other features let you help move those tallies toward equality. If you do visit the site, don’t miss the video in the center of the page. I love that song: “What have you done today to make you feel proud?” PUPPETS Stephanie Hill: “If you hate puppets as you claim, then this would be terrifying, don’t you think? ☞ Too scared to look.