Word: altria
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Dates: during 2000-2009
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...trouble started in March, when an Illinois court left the Marlboro Man (Altria, formerly Philip Morris) gasping over the prospect of having to post a $12 billion bond before it could appeal an adverse verdict over its marketing of "light" cigarettes. Altria threatened Chapter 11, its corporate-bond ratings were slashed, and state-tobacco bonds reeled, losing 10% of their value. Virginia postponed a $767 million tobacco-bond sale--and that highlighted the real problem...
...holdings, with a little more risk, are telecom and tobacco. I own SBC [4.5%] and Verizon [4.3%]. You have an interesting tension in terms of whether they get into the long-distance business or lose their local businesses. But there is a lot of yield there that compensates you. Altria Group, formerly Philip Morris [6.7%], is one of my top-10 holdings...