This function is not yet fully documented. This is a transcript of the text-formatted help.

bbparcel  Create a parcel object.
   OBJ=bbparcel(L) creates a parcel-object suitable for storing user-data
   without the overhead normally incurred by Matlab. The parameter L
   determines the expected life of the object:
     L=0: the object is local, and is expected to be freed (by bbship)
          by the function creating it,
     L=1: the object is used as a way to allocate "persistent" storage.

   The local storage is intended to be used as a pass-by-reference mechanism,
   which remains unsupported by Matlab. Currently the difference is that
   local object will be garbage-collected to free up memory. However, it
   is considered to be an error not to release a parcel with bbship.

   Note: for technical reasons bbparcel can be called without any
   parameters. This will create a parcel placeholder, not a valid parcel.
   This will almost never be what a user would want.

   See also bbship, bbwrap, bbunwrap, bbpeek.