See here:

“Seven of McCain’s staff and fundraisers lobbied for Airbus,’ the ad says. ‘And guess what? John McCain intervened, which helped Airbus get that Pentagon contract. Tell John McCain to kick those lobbyists off the Straight Talk Express.'”

The ad does not directly mention a candidacy or election. It has no express advocacy and discusses a legislative issue, Pentagon procurements. And it is not directly condemnatory. As I’ve said, it is child’s play now to run an effective ad that skirts the BCRA limits on corporate and union general treasury funding.