Propositions are a useful tool in philosophical and linguistic theorizing, even though they are not beyond reasonable nominalistic doubts. Stephen Schiffer’s pleonasticism about propositions is a paradigm example of a realistic account that tries to alleviate such doubts by grounding truths about propositions in facts about ontologically innocent entities. Schiffer maintains two characteristic theses about propositions: first, that they are so-called pleonastic entities whose existence is subject to what he calls something-from-nothing transformations (pleonasticism); and, second, that they are the referents of ‘that’-clauses that function as singular terms in propositional attitude ascriptions (the Face Value Theory). The paper turns the first thesis against the second: if propositions are pleonastic entities, it is argued, we should not take them to be referred to in propositional attitude ascriptions. Rather, propositional attitude ascriptions should be available as bases for propositional something-from-nothing transformations.