Don't get me wrong, I like Boise.

However, with the tax credits coming to an end soon and with the warrants that can be exercised to dilute the existing shareholders, I don't think Boise will get much above $10 a share.

Still, if someone bought Boise for under $1 they will have had a heck of a run. But I think the meteoric rise of Boise is over.

The end result of the tax credits and the revenues generated by the warrants being exercised will leave Boise in a much better financial position with a significantly reduced debt load. They will then have to grow their sales revenues through either organic sales growth or through acquisitions.

So, Boise will end up being a good strong company, but if all of the warrants are exercised there will be 125,000,000 shares outstanding, and I don't see Boise being able to generate enough income to propel the stock price beyond $10 a share.