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Microcap & Penny Stocks : Rat dog micro-cap picks... -- Ignore unavailable to you. Want to Upgrade?

To: rrufff who wrote (11625)	4/16/2003 2:42:56 PM
From: tsigprofit	Respond to of 48461

good question...eom

To: rrufff who wrote (11625)	4/16/2003 3:15:14 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 48461

From what I understand, the event that caused TRIB to sue them in the first place was fully disclosed in the due-diligence period. Black & white. Now, the counter suit that XTRN filed may have merit if they can prove gross misconduct by TRIB. My guess is the TRIB suit is nothing and goes away and XTRN gets something from their counter suit. Problem is, this can take years. Or not, these things can move like a snail. However, the upside is they went for $57 million, and strange things happen in court nowadays. Just look at the $6 billion bond MO had to post right here in a hick town in Illinois this week, just to appeal!! Punative damages may just be the lotto ticket for us. ________________ FT.com Philip Morris bond halved Monday April 14, 7:20 pm ET By Neil Buckley in New York An Illinois judge on Monday halved a $12bn bond that Philip Morris must post if it wants to appeal against a huge damages award. The reduction averts a financial crisis at the cigarette giant that could also have hit the finances of some US states. Philip Morris USA, the domestic tobacco arm of Altria group, agreed to put a $6bn term note into an escrow account, and make four quarterly payments of $200m into the same account. It also agreed not to appeal against the new bonding requirement, or to lobby Illinois state lawmakers to adopt legislation capping the size of such appeal bonds. But the plaintiffs' lawyer in the case said he would appeal against the new bonding arrangement to a higher court. Judge Nicholas Byron ruled on March 21 that Philip Morris must pay $10.1bn damages for deceiving thousands of Illinois smokers into believing "light" cigarettes were safer than regular ones. Philip Morris had warned that the size of the $12bn bond Judge Byron had ordered it to post prior to any appeal would risk bankrupting it. It had also told US states it might not be able to make a $2.6bn payment due to them on Tuesday under the 1998 Master Settlement Agreement. Under that agreement, tobacco makers agreed to pay $246bn to US states over 25 years to settle state lawsuits against them. Some 37 states last week filed a motion asking Judge Byron to reduce the bond. William Ohlemeyer, Philip Morris USA's associate general counsel, said the agreement on a reduced bond was an "onerous but viable solution". It would allow Philip Morris to exercise its right to appeal, and to make Tuesday's payment to states. "We are very anxious to get the appellate process going because we think we have a very compelling appeal," Mr Ohlemeyer added. Altria shares closed up 2.9 per cent at $31.48. Stephen Tillery, the lead plaintiffs' attorney, said Philip Morris had resorted to "enormous threats and scare tactics" to get the bond reduced. He said internal financial documents reviewed during the case showed the company could afford a $12bn bond. "We are going to appeal [against the reduced bond] and we will win both this appeal and the appeal on the case," Mr Tillery said. The $6bn term note to be placed in escrow will be one from the parent Altria group, part of an inter-company financing arrangement, bearing 7 per cent interest. The principal is payable to Philip Morris USA in 2008, 2009 and 2010.