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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO) -- Ignore unavailable to you. Want to Upgrade?

To: Valueman who wrote (2394)	9/24/1998 3:28:00 PM
From: Geoff	Read Replies (1) \| Respond to of 6439

It is unclear. Originally that was the idea, but now we're dealing with state laws, and state taxes, so there would need to be some mechanism in place to coordinate state tobacco taxes, otherwise a neighbor state may have lower tobacco taxes. Thus a smokers could get cigarettes cheaper in the next state which would hurt tobacco's ability to pay the state through per pack tax increases. This is one reason why to come up with a proper valuation, for MO we need to see what the settlement would look like. This was much easier when the McPain Bill was on the table. later, geoff