Four major U.S. tobacco companies and a select group of states and territories signed a Master Settlement Agreement (the “MSA”) on November 23, 1998. The MSA was the result of the largest civil settlement in U.S. history. Under the MSA, the major tobacco companies provided the settling states with $246 billion over a 25-year period.
West Virginia anticipated receiving $1.7 billion of payments over 25 years. Instead of waiting to receive those annual payments, the State chose to raise a lump sum amount by selling their rights to the future tobacco settlement payments via a bond issuance.
Crews served as a senior manager for the Tobacco Settlement Finance Authority’s $911,141,503 Taxable Tobacco Settlement Asset-Backed Bonds. The State was able to raise $911 million by selling 40-year bonds to investors. These funds paid off a portion of the unfunded liability of the Teachers’ Retirement System.
Crews was instrumental in the six year process of conception – to authorizing legislation – to the sale of the bonds.
Crews partnered with National banking team member in: