I think the industry gave in quite a bit. The [tobacco company] CEOs were very interested and very pressured into getting a settlement done. They were perfectly willing to pay the extra $60 billion if necessary.

He has instilled a new, aggressive nature in the company.

The whole settlement is going to hurt the industry in terms of profitability. But multiples should improve, and this is basically why the industry is trying to settle. There has been a big cloud overhanging the industry for more than a decade now.

The whole settlement is going to hurt the industry in terms of profitability, ... But multiples should improve, and this is basically why the industry is trying to settle. There has been a big cloud overhanging the industry for more than a decade now.

I would say that this a minor loss for the industry. I would say this is going to make it more difficult for them in their negotiations in terms of a settlement.

We were hoping to build a small, profitable company. And of course, what we've done is build a large, unprofitable company.