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March 15, 2013
10:25 EDTLOLorillard expects to receive at least $198M in credits from MSA claims
Lorillard Tobacco Company, a wholly-owned subsidiary of Lorillard, along with other participating manufacturers agreed in December 2012 to settle with 17 states and the District of Columbia and Puerto Rico disputes under the 1998 Master Settlement Agreement, or MSA, involving payment adjustments relating to nonparticipating manufacturers. The settlement has been under consideration by the arbitration panel presiding over the pending arbitration relating to the disputes. On March 13, the arbitration panel issued a Stipulated Partial Settlement and Award, which directs the Internal Auditor under the MSA to implement the settlement provisions involved, thereby allowing the settlement to proceed. The settlement would resolve the claims for the years 2003-2012 and would put in place a new method for calculating this adjustment beginning in 2013. Under the terms of the settlement, Lorillard and other manufacturers will receive credits against their future MSA payments over the next five years, and the signatory states will be entitled to receive their allocable share of the amounts currently being held in escrow resulting from these disputes. Lorillard currently expects to receive credits over the next five years of at least $198M on its outstanding claims, with the majority of the credits occurring in April 2013 and the remainder over the following four years. This estimate is subject to change depending upon a number of factors included in the calculation of the credit. The arbitration proceeding will continue as to those states that have not settled. A number of states that have not joined the settlement have indicated that they intend to take action in state court to prevent the settlement from proceeding or to seek other relief related to the settlement. There is no assurance that such attempts will be resolved favorably to the company.
News For LO From The Last 14 Days
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April 17, 2015
13:23 EDTLOLorillard reports Q1 adjusted EPS 82c, consensus 77c
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12:23 EDTLOLorillard reports total retail market share of cigarettes for Q1 at 15.5%
Total Lorillard retail market share of cigarettes for the first quarter was a record 15.5%, increasing 0.3 share point compared to the corresponding period of 2014.
12:20 EDTLOLorillard to pay $1.133B in April under State Settlement Agreements
In April, the company paid, or will pay, $1.133B under the State Settlement Agreements, primarily based on 2014 volume. Included in the payment is $93M deposited in an interest-bearing escrow account in accordance with procedures established in the MSA pending resolution of a claim by the company and the other Original Participating Manufacturers that they are entitled to reduce their MSA payments based on a loss of market share to non-participating manufacturers. The previously-announced combination with Reynolds American (RAI) remains subject to regulatory approval and the additional customary closing conditions contained in the merger agreement. Although no assurance can be given if and when the transaction will be completed because it remains subject to regulatory approval and additional customary closing conditions, the transaction is expected to close in the first half of 2015.
10:43 EDTLOOptions with increasing implied volatility: PNK FOSL ARCP LO
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07:13 EDTLOReynolds American confident Lorillard, Imperial deals will close by mid-2015
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06:36 EDTLOTeenagers' use of e-cigarettes tripled last year, NY Times says
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April 15, 2015
08:01 EDTLOU.S. traditional cigarette Q1 outlook strong, says Wells Fargo
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April 14, 2015
12:36 EDTLOTobacco companies file suit against FDA over labeling guidance, Reuters says
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12:19 EDTLOTobacco companies file suit against FDA over labeling guidance, Reuters says
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April 10, 2015
10:22 EDTLOOptions with decreasing implied volatility
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