Word: maker
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Liggett, a company with a negative net worth and shrinking business, is the door prosecutors hope to walk through to get at the likes of Philip Morris, the maker of Marlboro, which controls half the tobacco market as the center of a diversified empire. Last year Philip Morris made $6.3 billion worldwide on revenues of $69.2 billion. What excited prosecutors most was the prospect of getting their hands on mountains of documents that Liggett agreed to surrender and that they believe could incriminate all the other cigarette makers. They have already seen a slew of Liggett files, the product...
...ready to cave in, the tobacco giants call the agreement a lot of huffing and puffing and a desperate ploy by Liggett boss Bennett LeBow to cut his losses and possibly force another cigarette maker to buy him out. 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...
...wonder LeBow gleefully handed out smoking guns as if they were product samples. The smallest U.S. cigarette maker, whose brands include Chesterfield, L&M and Eve, admitted what just about everyone outside the industry long held as fact: that cigarette smoking causes lung cancer, heart disease and emphysema. In another affirmation of the obvious, Liggett acknowledged that nicotine is an addictive substance. That refuted the sworn denials that seven industry leaders, including a Liggett representative, made before Congress in 1994. Says LeBow of the thinking behind last week's confessions: "It was a business, a moral and a personal decision...
...within its walls. The Higher Source made web sites. In a sprawling, spotless mansion packed with bulk food and computer hardware, at least forty modern-day monks designed and built web sites for businesses on the outside, including the San Diego Polo Club, a movie company, and a British maker of airline parts. On Wednesday, in three neatly planned shifts, they died. The world saw Jonestown, felt Waco, and cried cult. And this time, a cult for the information age. These days, the stereotype of the computer nerd has grown a bit stale. But it is precisely that stereotype--young...
...stood on the news that Liggett Group decided to settle lawsuits with 22 states by agreeing to admit that cigarette smoking is addictive depended very much on where in the morass of tobacco litigation you currently sat. States Attorneys General pointed to the fact that the North Carolina-based maker of Chesterfield, Lark and L&M cigarettes agreed to up-front payments of about $25 million, plus 2.5 percent of its pretax profits over the next 25 years, as evidence that tobacco companies are in some way responsible for the health-care costs states are suing to recover...