$2.3-Billion Tobacco Bond Sale Postponed
From Staff and Wire Reports
State Treasurer Phil Angelides has postponed the sale of $2.3 billion in tobacco bonds scheduled for April 15.
Bond markets were thrown into disarray when an Illinois court ordered Philip Morris to pay $10.1 billion for deceiving smokers by advertising “light” cigarettes as less harmful, and to set aside money to pay the fine before it appeals. As a result, the company warned it may not have cash to pay tobacco settlement fees expected to secure the California bonds.
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