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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1295976	Cellu Tissue Holdings Inc.	CLU	Paper Mills (2621)	061346495

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1473977	Sean R. Honey	1855 Lockeway Drive Suite 501 Alpharetta GA 30004		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-12-27	1,923	$12.00	0	No	4	D	Direct
Common Stock	Disposition	2010-12-27	9,911,317	$12.00	0	No	4	S	Indirect	By Invest. entity

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	D	Direct
No	4	S	Indirect	By Invest. entity

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Stock Option	Disposition	2010-12-27	4,654	$0.00	4,654	$11.45

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0		2020-01-27	No	4	D	Direct

Footnotes

On December 27, 2010, a wholly owned subsidiary of Clearwater Paper Corporation merged with Cellu Tissue Holdings, Inc. pursuant to a merger agreement entered into between Clearwater Paper and Cellu Tissue on September 15, 2010 (the "Merger"), as more fully described in the Cellu Tissue proxy statement dated December 1, 2010 filed with the SEC. Each share of common stock of Cellu Tissue was converted into $12.00 in cash. Cellu Tissue board of directors approved the disposition by the Reporting Person in the Merger.
Reporting person is a non-managing member of the general partner of Weston Presidio V, L.P., a 10% owner of Issuer. Reporting person may be deemed to have an indirect interest in the securities held by Weston Presidio V, L.P. Reporting person disclaims beneficial ownership in the securities except to the extent of his pecuniary interest therein. Shares sold in the Merger described above.
In connection with the Merger, each outstanding Cellu Tissue option to purchase shares of common stock, whether or not vested, was cancelled and Reporting Person received a cash payment in an amount equal to the number of shares of common stock represented by each option, vested or unvested, multiplied by the excess, if any, of $12.00 over the exercise price per share under each option. Reporting Person's disposition of options in the Merger was approved by the Cellu Tissue board of directors.