Statement of Governor Warner — on the North Carolina Supreme Court Ruling that Tobacco Companies Cannot Withhold 2004 Phase II Payments for Tobacco ..

Statement of Governor Warner — on the North Carolina Supreme Court Ruling that Tobacco Companies Cannot Withhold 2004 Phase II Payments for Tobacco Farmers and Quota Owners —

Governor Mark R. Warner issued the following statement today on the North Carolina Supreme Court ruling to require tobacco companies to make more than $420 million in payments that were expected to be made in 2004 to the Phase II Trust. Phase II is a private agreement between 14 tobacco growing states and cigarette manufacturers that will help compensate more than 300,000 tobacco producers and quota owners for revenue loses.

"I am pleased that the North Carolina Supreme Court expedited this case. The Court's decision will allow farmers and companies to move forward. This is welcome news for Virginia's tobacco farmers and quota holders in our rural communities where the tobacco farming industry has been a mainstay in the local economy."

For more information about the Virginia Phase II and how this ruling affects 42,000 Phase II payees, go to www.virginiaphase2.com.

http://www.governor.virginia.gov/Press_Policy/Releases/2005/Aug05/0819.htm