April 4, 1997
Liggett-ure (Part 3 of 3)
The most humorous side show in this whole circus may be the one created as the Liggett Group plays the U.S. Attorney General�s office like a puppeteer controlling his puppets. The Liggett Group hasn�t made a dime in a long time. In fact, if business continues as it has, they probably won�t turn a profit for years, if they�re lucky. Through the first nine months of 1996, Liggett had a net loss of $9.7 million and their signature brands, Chesterfield, L&M;, and Eve, aren�t exactly tearing up the cigarette market. This is a company in an obvious downward spiral who could ill afford its role as a defendant in 22 state lawsuits against the five largest U.S. tobacco companies (of which Liggett is by far the smallest).
As part of Liggett�s deal, they have agreed to surrender mountains of documents that prosecutors believe could incriminate all the other cigarette makers. These documents are believed to contain information which proves that tobacco companies understood the addictive nature of their products, purposely increased their addictive nature, and specifically marketed them to teenagers. That�s just fine but for the most part, prosecutors have yet to see any of these documents. This is where Bennett LeBow, Liggett�s boss, figures to really clean up.
The deal that has been cut with Liggett is transferable to any acquiring tobacco company except Philip Morris. In other words, if any other company were to buy out the Liggett Group, the documents would still have to be handed over to the attorney general unless they are bought out by Philip Morris. Put in an even clearer light, if Philip Morris, the largest, richest, most powerful cigarette manufacturer on Earth, somehow gets the crazy notion to suddenly purchase the Liggett Group, the entire deal will be null and void. None of the damaging files will be handed over to prosecutors and the attorney general will be right back at square one, hopelessly outgunned against the ever-powerful lawyers employed by the tobacco industry. It doesn�t take a rocket scientist to figure out that the Liggett Group will most likely be bought out by Philip Morris in the very near future.
Of course, the entire tobacco industry probably has enough firepower in the form of high-cost, high-tech legal eagles to keep this out of the courts for another five to fifteen years without even bothering with a buyout of Liggett. However, it certainly wouldn�t be surprising to see LeBow�s poker game pay off in the form of a buyout once the ligature that he has set starts to tighten. It is hard to believe that Philip Morris would allow this evidence to go public when they can simply give in to LeBow�s corporate blackmail and take over the company. The only loser in the whole equation would be the numerous state attorneys general who have placed their entire reputations on this deal.
It is hard to believe that the state politicians actually do not see the manner in which they are being used. However, it is entirely possible that they are desperate for any political or moral victory they can muster in the face of constant re-election pressures. Striking this deal may not do a damn thing to bolster their states� Medicare coffers. It may, however, do a lot to bolster their voter support. They are the Davids. They are taking on the Goliaths and for one brief moment, people may actually believe that the slingshot has found its mark.
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