The line in question comes from the track " Our Lawyer Made Us Change The Name Of This Song So We Wouldn't Get Sued" from their major label debut, From Under The Cork Tree. The line in question:
It's just past eight and I'm feeling young and reckless
The ribbon on my wrist says, "Do not open before Christmas."
Knives Out had a t-shirt depicting a hand with a ribbon around the wrist saying "Do Not Open Until Christmas". The band, who was signed to Deathwish, released Heartburn in 2002.
Hans is reportedly in talks with a lawyer to determine his options.