“Philip Morris is warning a downstate Illinois judge could force it into bankruptcy, jeopardizing billions of dollars in tobacco settlement money set to go to cash-strapped states through 2025. Circuit Judge Nicholas Byron earlier this month ordered the nation’s biggest cigarette-maker to post a $12 billion appeal bond to cover a $10.1 billion judgment, plus interest, during the appeals process. The bond is more than twice the company’s $5 billion operating income for last year,” UPI reports here.
“Philip Morris is warning a downstate Illinois judge could force it into bankruptcy, jeopardizing billions of dollars in tobacco settlement money set to go to cash-strapped states through 2025. Circuit Judge Nicholas Byron earlier this month ordered the nation’s biggest cigarette-maker to post a $12 billion appeal bond to cover a $10.1 billion judgment, plus interest, during the appeals process. The bond is more than twice the company’s $5 billion operating income for last year,” UPI reports here.
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