Word: lorillards
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...Liggett's deal is transferable to any acquiring tobacco company except Philip Morris. "The only ones who potentially benefit from LeBow's latest shenanigans are plaintiffs' lawyers," said a joint statement from the four major cigarette makers (Philip Morris, R.J. Reynolds, Brown & Williamson Tobacco and Lorillard), who account for 98% of U.S. tobacco sales. Through the first nine months of 1996, Liggett had a net loss of $9.7 million...
...Alan Ackerman, a market strategist at Fahnestock & Co. While stock prices of the big tobacco firms used to rebound quickly after bad news, August has been the long goodbye. Philip Morris plunged from $104.66 a share to $88, and RJR Nabisco from $30.75 to $25.50. Loews Corp., parent of Lorillard Tobacco, slipped from $80.66 to $74.75. "This has all the makings of a tobacco Chernobyl," says Ackerman. Not if you ask the accountants. Overall, profits and sales in the industry are up this year, and sales abroad are strong...
...smoker's widow and three current smokers in New Orleans, as a class action, which means that anyone in the country who has failed to quit despite a doctor's warning that smoking is unhealthy may join the suit. Defendants include American Tobacco, Philip Morris, R.J. Reynolds, Lorillard and Liggett. R.J. Reynolds responded that the judge's decision violated the rules governing class action lawsuits and would place "an unwieldy burden" on the courts. But John Banzhaf, executive director of the national anti-smoking organization Action on Smoking and Health, toldTIME law reporter Andrea Sachsthat the lawsuit "could...
FOOTNOTE: OUR GUEST JOURNALISTS: Dwayne Andreas, Archer Daniels Midland; J. Robert Ave, Lorillard; C.M. Bishop Jr., Pendleton Woolen Mills; Howard Cooley, Jockey International; Ronald Davis, Perrier; *J.F.A. de Soet, KLM; Patrick Foley, DHL Corp.; R. Michael Franz, Murata Business Systems; Ernest Gallo, Gallo Winery; James Harvey, Transamerica; Kim Duk-Choong, Daewoo Group; Philip *Knight, Nike; Gunter Kramer, BMW; George Lawrence, American Gas Assn.; Richard Maher, Christian Brothers Winery; Henri Michel, Aerospatiale; Mechlin Moore, Insurance Information Insti*tute; Hideo Nakao, NEC Electronics; Steven Ross, Warner Communications; Anton Rupert, Rembrandt Group; Robert Sinclair, Saab; Preston Robert Tisch, Loews; Graham Whitehead, Jaguar...
Liggett plans to appeal the Cipollone verdict, contending among other things that the presiding federal judge, H. Lee Sarokin, was biased against the defendants. Says Arthur Stevens, Lorillard's general counsel: "We could not have had a more extreme adversary." In denying one of the tobacco industry's motions for dismissal of the case, Sarokin stated that he believed there was ample evidence of a "tobacco-industry conspiracy, vast in its scope, devious in its purpose and devastating in its results...