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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (16518)3/2/2003 11:18:08 PM
From: Demetre Deliyanakis   of 78669
 
Hi

Not all states have monetized the tobacco bonds. i agree that states that have already sold the tobacco bonds are OK,. They could raise cigarette taxes to astronomical levels, and not suffer, since the bonds are held by private investors.

However, many states haven't issued the tobacco bonds yet, so they would be reluctant to raise cigarette taxes, and thus depress any future cash flow from the settlement payments.
You can't sell a tobacco bond, if the cash flow from the payments is in jeopardy due to high cigarette taxes.
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