Martin Feldman
Martin Feldman
advantage company economies facilities gives huge icon production tobacco
It gives this tobacco company an icon that no other tobacco company has. Their production facilities are able to use economies of scale, so it is a huge advantage for them.
debt existing imprudent pay
It would be imprudent for RJR to pay down any of its existing debt,
ability becoming concerned increase morris philip pricing tobacco unit within
We are becoming increasingly concerned about the ability of Philip Morris to take a pricing increase within its US tobacco unit in 2003.
compared kingdom litigation united worse
I think litigation is not getting any worse in the United Kingdom. In the United Kingdom and in Europe, (liability potential) is infinitesimal compared to the United States.
buying high morris philip risk sector
So if I was buying into tobacco, I would acknowledge the sector is high risk. It is high risk and there's a lot of uncertainty but Philip Morris is the only one I'd be buying.
attractive bad certainly news yes
Yes there has been bad news but it's all in the stock. At this point, it is very attractive. It's certainly more attractive than RJR or UST,
buy cash expression family food interest less looks media nice realistic reunion
The family reunion is a nice media expression. It's not really realistic at all. RJR has no interest in going back into the food business, ... Now it looks like it can buy $30 in cash for something less than that.
closely corporate efficient expect maximize structure value
In addition, we expect that he will scrutinize closely the most efficient corporate structure to maximize shareholder value.