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OCR Page 1 of 51WHAT'S WRONG WITH McCAIN BILL
LIABILITY CAP AND LITIGATION
$115 billion over 5 years and not volume related. This is
The cap is useless.
unconstitutional.
Consequently, it becomes a target and not a cap.
Under accounting rules, all companies need to book their
Because it is linked to youth "Lookback," it will go
share of $115 billion day one, because not volume related.
in 3 years for sure. This incites litigants to rush to
This instantly wrecks the companies' balance sheets. Philip
the honey pot, and increase likelihood of a
Morris takes a charge for $58 Billion day one!! This is
"jackpot" hit which we could not bond even though
impossible.
we would probably win on appeal.
It is not a $1.10 a pack; they excluded volume reductions
This includes 42 state AG cases, 45 union medical
and all other features e.g. distribution margins, state taxes,
fund suits, 50 class actions and 390 individual law
etc. and $6.5 billion annually for tort liability is also
suits, 8 city and county government suits, 6
excluded. That alone is some additional 26 cents per pack.
taxpayer suits (Medicaid), 4 Indian Tribe cases and
Retail price will rise from $2.00 a pack to nearly $5.00 a
6 asbestos indemnification suits. (See attached
pack in year 5.
summary from Company's 10K.)
The Treasury people are just wrong in their calculations -
We will try to litigate or settle litigation as
just wrong, plain wrong and won't show us their
appropriate, but that does not mean we will be able
calculations - is this a democracy or not!
to.
Higher prices will lead to contraband and crime - this is a
A huge judgment would simply wipe us out as
fact. (See Sweden article attached.) (Canadian experience.)
described above - we could not bond appeal. That
"Lookback" penalty is a "no-fault" penalty of $3.5 billion
is why we tried to settle AG cases and structure
yu's
and not tax deductible. A further 20 cents per pack
future litigation. This was designed as an equitable
excluded from $1.10!!
path to settle all AG cases, eliminate class actions
There is no more we can do to reduce youth smoking, yet
and settle past punitive damages. Further, it
chy.
we are punished by $3.5 billion. This is unconstitutional - a
provided $5.0 billion a year, that is each year for
"no-fault" penalty.
any individual judgments. McCain ignored all of
Blank packaging infringes on our trademark rights and
this and simply designed a $6.5 billion target which
wrecks our biggest asset, Marlboro. This is
will disappear in 3 years and at same time attract
unconstitutional.
more and more lawsuits because there will be a rush
In 1996, Marlboro was assessed as the most valuable brand
to get the pot before it goes!
in the world (see Financial World) and the Government is
destroying it demanding blank packaging.
FDA can and will ban the product; even lower nicotine
levels, which is an effective ban, will cause massive
[eve e"Jockyout" coldo't
contraband.
INTERNATIONAL
All marketing is abolished - totally abolished. We thus
could not compete with foreign companies who could
be
market. (govt. monopolies)
Confiscates $.02 a pack on all our foreign sales which is
All As in duty USA, free all sales of our worldwide packs become are prohibited. blank packs. <4% ofsalve] ant. "broad" 'mH'g)
$1 billion a year ($800 million for PM) - every year!
Our international business collapses and would deteriorate
to a marginal business. It is PM's biggest division.
(Ithly law allows
16 yr. olds to buy)
[Foreign for. Co.: mtb have - can 87% take all vest.]
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