Desires and preferences about paperclips can be satisfied.

But they can also be unsatisfied. Earlier you said "this can cut both ways" but only on the "hedonistic welfare theories" bullet point. Why doesn't "can cut both ways" also apply for desire theories and objective list theories? For example, even if a paperclipper converts the entire accessible universe into paperclips, it might also want to convert other parts of the multiverse into paperclips but is powerless to do so. If we count unsatisfied desires as having negative value, then maybe a paperclipper has net negative value (i.e., is worse than nothing)?