Today is a good day for Altria investors, myself included. Management of Altria (originally Philip-Morris) is now fully committed to spinoff the food maker Kraft Foods Inc., which will supposedly unlock lots of the value in both companies. Should I sell today, Altria will be my first double-bagger in stock investment.

Reflecting an increased level of comfort with the U.S. tobacco-litigation situation, Altria Group Inc. (MO) Chief Executive Louis Camilleri reiterated Thursday that the company's board plans to announce the timing of its spinoff of Kraft Foods Inc. (KFT) on Jan. 31.

Speaking at a Morgan Stanley investor conference, which was available over the Internet, Camilleri said the company will have 120 days from the date of that announcement to distribute its 88.6% stake in Kraft to shareholders, under Virginia law.

The timing of the announcement, first revealed last month, is widely expected to be the first step of a broader corporate restructuring plan that could eventually include the spinoff of Altria's Philip Morris International unit. The company also owns Philip Morris USA.

During his remarks, Camilleri declined to comment on the potential spinoff of the international tobacco business.

"Our focus now is solely on Kraft," Camilleri said. "Let's get this one behind us."

Altria shares were recently trading up $1.73, or 2%, at $83.98.

Camilleri made it clear in his speech that the board's announcement is not contingent upon any legal developments between now and then.