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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

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 (MM/DD/YYYY)

7/29/2008
(Street)

NEW YORK, NY 10178
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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)                 2/6/2009   2/15/2009   Common Stock, $.0001 par value   1302423     1302423   I   By Hound Partners, LP   (3)
Contingent Value Right     (1) (2)                 2/6/2009   2/15/2009   Common Stock, $.0001 par value   1354499     1354499   I   By Hound Partners Offshore Fund, LP   (4)
Warrant   $7.5   7/29/2008   8/1/2008   S        1810241    2/22/2008   6/18/2011   Common Stock, $.0001 par value   1810241   $0.15   1762208   I   By Hound Partners, LP   (3)
Warrant   $7.5   7/29/2008   8/1/2008   S        2292758    2/22/2008   6/18/2011   Common Stock, $.0001 par value   2292758   $0.15   2233749   I   By Hound Partners Offshore Fund, LP   (4)
Warrant   $7.5   7/30/2008   8/2/2008   S        220600    2/22/2008   6/18/2011   Common Stock, $.0001 par value   220600   $0.15   1541608   I   By Hound Partners, LP   (3)
Warrant   $7.5   7/30/2008   8/2/2008   S        279400    2/22/2008   6/18/2011   Common Stock, $.0001 par value   279400   $0.15   1954349   I   By Hound Partners Offshore Fund, LP   (4)
Warrant   $7.5   7/31/2008   8/5/2008   S        772100    2/22/2008   6/18/2011   Common Stock, $.0001 par value   772100   $0.15   769508   I   By Hound Partners, LP   (3)
Warrant   $7.5   7/31/2008   8/5/2008   S        977900    2/22/2008   6/18/2011   Common Stock, $.0001 par value   977900   $0.15   976449   I   By Hound Partners Offshore Fund, LP   (4)
Warrant   $7.5   7/31/2008   8/5/2008   S        18597    2/22/2008   6/18/2011   Common Stock, $.0001 par value   18597   $0.16   750911   I   By Hound Partners, LP   (3)
Warrant   $7.5   7/31/2008   8/5/2008   S        23554    2/22/2008   6/18/2011   Common Stock, $.0001 par value   23554   $0.16   952895   I   By Hound Partners Offshore Fund, LP   (4)
Warrant   $7.5   8/1/2008   8/6/2008   S        750911    2/22/2008   6/18/2011   Common Stock, $.0001 par value   750911   $.17   0   I   By Hound Partners, LP   (3)
Warrant   $7.5   8/1/2008   8/6/2008   S        952895    2/22/2008   6/18/2011   Common Stock, $.0001 par value   952895   $.17   0   I   By Hound Partners Offshore Fund, LP   (4)

Explanation of Responses:
( 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.

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 8/1/2008
** Signature of Reporting Person Date

Hound Performance, LLC, By: /s/ Jonathan Auerbach, Managing Member 8/1/2008
** Signature of Reporting Person Date

/s/ Jonathan Auerbach 8/1/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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