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International Paper Company (NYSE:IP) made a big splash announcement about the sale of huge acreages of forestland to conservation groups. One small sentence refers to a fiber supply agreement. Additional information has not been provided as to the nature and details of the agreement.

The PR optics are good. But is this true conservation? What impact does the shareholder accrue from a fiber supply agreement? The devil is in details, but the details are behind closed doors. IP sourced cash but probably has to pay to get the wood back. What are the real economics? Are God's creatures truly safer today?

Source: International Paper's Land Sale To Conservationists -- What's the Deal for Shareholders? (IP)