Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Hound Partners, LLC
  2. Issuer Name and Ticker or Trading Symbol
BOISE INC. [BZ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
101 PARK AVENUE, 48TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
07/29/2008
(Street)

NEW YORK, NY 10178
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Contingent Value Right (1) (2)             02/06/2009 02/15/2009 Common Stock, $.0001 par value 1,302,423   1,302,423 I By Hound Partners, LP (3)
Contingent Value Right (1) (2)             02/06/2009 02/15/2009 Common Stock, $.0001 par value 1,354,499   1,354,499 I By Hound Partners Offshore Fund, LP (4)
Warrant $ 7.5 07/29/2008 08/01/2008 S     1,810,241 02/22/2008 06/18/2011 Common Stock, $.0001 par value 1,810,241 $ 0.15 1,762,208 I By Hound Partners, LP (3)
Warrant $ 7.5 07/29/2008 08/01/2008 S     2,292,758 02/22/2008 06/18/2011 Common Stock, $.0001 par value 2,292,758 $ 0.15 2,233,749 I By Hound Partners Offshore Fund, LP (4)
Warrant $ 7.5 07/30/2008 08/02/2008 S     220,600 02/22/2008 06/18/2011 Common Stock, $.0001 par value 220,600 $ 0.15 1,541,608 I By Hound Partners, LP (3)
Warrant $ 7.5 07/30/2008 08/02/2008 S     279,400 02/22/2008 06/18/2011 Common Stock, $.0001 par value 279,400 $ 0.15 1,954,349 I By Hound Partners Offshore Fund, LP (4)
Warrant $ 7.5 07/31/2008 08/05/2008 S     772,100 02/22/2008 06/18/2011 Common Stock, $.0001 par value 772,100 $ 0.15 769,508 I By Hound Partners, LP (3)
Warrant $ 7.5 07/31/2008 08/05/2008 S     977,900 02/22/2008 06/18/2011 Common Stock, $.0001 par value 977,900 $ 0.15 976,449 I By Hound Partners Offshore Fund, LP (4)
Warrant $ 7.5 07/31/2008 08/05/2008 S     18,597 02/22/2008 06/18/2011 Common Stock, $.0001 par value 18,597 $ 0.16 750,911 I By Hound Partners, LP (3)
Warrant $ 7.5 07/31/2008 08/05/2008 S     23,554 02/22/2008 06/18/2011 Common Stock, $.0001 par value 23,554 $ 0.16 952,895 I By Hound Partners Offshore Fund, LP (4)
Warrant $ 7.5 08/01/2008 08/06/2008 S     750,911 02/22/2008 06/18/2011 Common Stock, $.0001 par value 750,911 $ 0.17 0 I By Hound Partners, LP (3)
Warrant $ 7.5 08/01/2008 08/06/2008 S     952,895 02/22/2008 06/18/2011 Common Stock, $.0001 par value 952,895 $ 0.17 0 I By Hound Partners Offshore Fund, LP (4)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Hound Partners, LLC
101 PARK AVENUE
48TH FLOOR
NEW YORK, NY 10178
    X    
Hound Performance, LLC
101 PARK AVENUE
48TH FLOOR
NEW YORK, NY 10178
    X    
AUERBACH JONATHAN A G
215 E 73RD STREET
NEW YORK, NY 10021
    X    

Signatures

 Hound Partners, LLC, By: /s/ Jonathan Auerbach, Managing Member   08/01/2008
**Signature of Reporting Person Date

 Hound Performance, LLC, By: /s/ Jonathan Auerbach, Managing Member   08/01/2008
**Signature of Reporting Person Date

 /s/ Jonathan Auerbach   08/01/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) In order to receive a settlement of the Contingent Value Rights (the "CVRs"), (i) the Common Stock's Anniversary Price (defined as the arithmetical average of the volume weighted average trading price of the Common Stock as reported by Bloomberg Professional Service for the period beginning 9:30 a.m., New York City time and ending at 4:00 p.m., New York City time for the 30 trading days prior to February 5, 2009) must be less than $10.50 and (ii) the holder must give written notice between February 6, 2009 and February 15, 2009 to Terrapin Partners Venture Partnership and Boise Cascade, L.L.C. (together, the "Grantors") requesting payment of the CVRs.
(2) Subject to certain adjustments set forth in the Contingent Value Rights Agreement, included as Exhibit 99.2 to the issuer's Schedule 14A filed with the Securities and Exchange Commission on February 1, 2008, the Grantors will pay or transfer to holder an amount per CVR by which the Anniversary Price is less than $10.50, up to a maximum of $1.00. For purposes of determining the number of Common Stock shares that may be transferred to Mr. Auerbach upon settlement of the CVRs, the value of each Common Stock share will equal the higher of the Anniversary Price or $9.00.
(3) The securities may be deemed to be beneficially owned by (a) Hound Performance, LLC, the general partner of Hound Partners, LP; (b) Hound Partners, LLC, the investment manager of Hound Partners, LP and (c) Jonathan Auerbach, the managing member of Hound Performance, LLC and Hound Partners, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of his or its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
(4) The securities may be deemed to be beneficially owned by (a) Hound Performance, LLC, the general partner of Hound Partners Offshore Fund, LP; (b) Hound Partners, LLC, the investment manager of Hound Partners Offshore Fund, LP and (c) Jonathan Auerbach, the managing member of Hound Performance, LLC and Hound Partners, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of his or its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

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