( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD asked ) ( NP-1 ( NNS police ) ) ( S ( VP ( TO to ) ( VP ( VB investigate ) ( SBAR ( WHADVP-3 ( WRB why ) ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB distribute ) ( NP ( DT the ) ( NN flag ) ) ( PP-MNR ( IN in ) ( NP ( DT this ) ( NN way ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We asked police to investigate why they are allowed to distribute the flag in this way


( SINV ( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN considered ) ( S ( PP-PRD ( IN against ) ( NP ( DT the ) ( NN law ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Danny ) ( NNP Leish ) ) ( NP ( NP ( DT a ) ( NN spokesman ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN association ) ) ) ) )

It should be considered against the law said Danny Leish a spokesman for the association


( S ( NP-SBJ-1 ( DT The ) ( NNS spaghetti ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Al ) ( NNP Ghazel ) ( NNP Macaroni ) ( NNP Co. ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Bethlehem ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN marketed ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN package ) ) ( VP ( VBN decorated ) ( PP-CLR ( IN with ) ( NP ( ADJP ( JJ green ) ( JJ black ) ( JJ red ) ( CC and ) ( JJ white ) ) ( NNS stripes ) ) ) ) ) ) ) ) ) )

The spaghetti is made by the Al Ghazel Macaroni Co. in Bethlehem and is marketed in a package decorated with green black red and white stripes


( S ( NP-SBJ ( JJ British ) ( JJ postal ) ( NNS authorities ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN uncovered ) ( NP ( NP ( DT a ) ( JJ large-scale ) ( NN scheme ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( JJ unscrupulous ) ( NN stamp ) ( NNS dealers ) ) ( VP ( VP ( ADVP-MNR ( RB chemically ) ) ( VBD removed ) ( NP ( NN stamp ) ( NNS cancellations ) ) ) ( VP ( VBD regummed ) ( NP ( DT the ) ( NNS stamps ) ) ) ( CC and ) ( VP ( VBD sold ) ( NP ( PRP them ) ) ( PP-DTV ( PP ( TO to ) ( NP ( NNP U.S. ) ( NNS collectors ) ) ) ( CC or ) ( PRN ( PP-MNR ( IN in ) ( NP ( JJ large ) ( NNS lots ) ) ) ) ( PP ( TO to ) ( NP ( JJ British ) ( NNS businesses ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

British postal authorities say they have uncovered a large-scale scheme where unscrupulous stamp dealers chemically removed stamp cancellations regummed the stamps and sold them to U.S. collectors or in large lots to British businesses


( S ( NP-SBJ ( DT The ) ( NN scheme ) ) ( ADVP ( RB allegedly ) ) ( VP ( VBD cost ) ( NP ( DT the ) ( NN post ) ( NN office ) ) ( NP ( NP ( QP ( CD 10 ) ( CD million ) ) ) ( PRN ( NP ( CD 16.1 ) ) ) ( PP ( IN in ) ( NP ( NN revenue ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD 12 ) ( NNS months ) ) ) ) )

The scheme allegedly cost the post office 10 million 16.1 in revenue in the past 12 months


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD bought ) ( NP ( DT the ) ( JJ used ) ( NNS stamps ) ) ( ADVP-MNR ( RB cheaply ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS charities ) ) ( PP ( VBG including ) ( NP ( DT the ) ( NAC ( NNP Guide ) ( NNP Dogs ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Blind ) ) ) ) ( NNP Association ) ) ) ) ) ) )

Dealers bought the used stamps cheaply from charities including the Guide Dogs for the Blind Association


( S ( NP-SBJ-2 ( DT The ) ( NNS charities ) ) ( ADVP-TMP ( RB regularly ) ) ( VP ( VBP sell ) ( NP ( NP ( JJ used ) ( NNS stamps ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP collect ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS children ) ) ( CC and ) ( NP ( JJ other ) ( NNS donors ) ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NNS funds ) ) ) ) ) ) )

The charities regularly sell used stamps which they collect from children and other donors to raise funds


( S ( NP-SBJ ( NP ( NNP Akio ) ( NNP Tanii ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Matsushita ) ( NNP Electric ) ( NNP Industrial ) ( NNP Co. ) ) ) ) ) ( VP ( VBD presented ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN consul ) ( JJ general ) ) ( PP-LOC ( IN in ) ( NP ( NNP Osaka ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 1 ) ( CD million ) ) ) ( NN check ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB help ) ( NP ( NP ( NNP San ) ( NNP Francisco ) ( POS 's ) ) ( NN earthquake ) ( NNS victims ) ) ) ) ) ) ) ) ) )

Akio Tanii president of Japan 's Matsushita Electric Industrial Co. presented the U.S. consul general in Osaka with a 1 million check to help San Francisco 's earthquake victims


( S ( S-TPC-1 ( NP-SBJ ( NP ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NNP U.S. ) ( NN subsidiary ) ) ( NP ( NP ( NNP Matsushita ) ( NNP Electric ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN donated ) ( NP ( NP ( QP ( IN over ) ( CD 35,000 ) ) ( NN worth ) ) ( PP ( IN of ) ( NP ( JJ Matsushita-made ) ( NNS flashlights ) ( CC and ) ( NNS batteries ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NNS residents ) ) ) ( PP-TMP ( ADVP ( RB shortly ) ) ( IN after ) ( NP ( DT the ) ( NN disaster ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN company ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

The company 's U.S. subsidiary Matsushita Electric Corp. of America had donated over 35,000 worth of Matsushita-made flashlights and batteries to residents shortly after the disaster a company spokesman said


( S ( NP-SBJ ( JJ Several ) ( JJ other ) ( JJ Japanese ) ( NX ( NX ( NNS companies ) ) ( CC and ) ( NX ( JJ regional ) ( NNS governments ) ) ) ) ( VP ( VBP have ) ( VP ( VBN sent ) ( NP ( NN aid ) ) ( PP-DIR ( TO to ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) )

Several other Japanese companies and regional governments have sent aid to San Francisco


( S ( S ( NP-SBJ-1 ( NNP Sumitomo ) ( NNP Bank ) ) ( VP ( VBD donated ) ( NP-2 ( CD 500,000 ) ) ) ) ( S ( NP-SBJ=1 ( NNP Tokyo ) ( NN prefecture ) ) ( NP=2 ( CD 15,000 ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NP ( DT the ) ( NN city ) ) ( PP ( IN of ) ( NP ( NNP Osaka ) ) ) ) ( NP=2 ( CD 10,000 ) ) ) )

Sumitomo Bank donated 500,000 Tokyo prefecture 15,000 and the city of Osaka 10,000


( S ( NP-SBJ-1 ( JJ Chinese ) ( NNS officials ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( DT the ) ( NNP Canton ) ( NNP Trade ) ( NNP Fair ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB lure ) ( ADVP-DIR ( RP back ) ) ( NP ( JJ overseas ) ( NNS traders ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( JJ bloody ) ( NN crackdown ) ) ( PP ( IN on ) ( NP ( NN dissent ) ) ) ) ) ) ) ) ) ) ) ) ) )

Chinese officials are trying to use the Canton Trade Fair to lure back overseas traders after the bloody crackdown on dissent


( S ( CC But ) ( NP-SBJ ( NN attendance ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB down ) ( PP ( IN from ) ( NP ( JJ previous ) ( NNS years ) ) ) ) ) )

But attendance is down from previous years


( S-4 ( SBAR-ADV ( WHNP-3 ( WP What ) ) ( S ( VP ( VBZ 's ) ( NP-PRD ( JJR more ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( NNP Hong ) ( NNP Kong ) ( NN textile ) ( NN trader ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ-1 ( NP ( DT some ) ( JJ Chinese ) ( NNS exporters ) ) ( PP ( IN from ) ( NP ( JJ state-run ) ( NNS enterprises ) ) ) ) ( VP ( VBP are ) ( VP ( VBG protesting ) ( NP ( DT the ) ( NN crackdown ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG dragging ) ( NP ( PRP$ their ) ( NNS feet ) ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG soliciting ) ( NP ( JJ new ) ( NN business ) ) ) ) ) ) ) ) ) ) )

What 's more a Hong Kong textile trader says some Chinese exporters from state-run enterprises are protesting the crackdown by dragging their feet on soliciting new business


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ angry ) ( PP ( IN about ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ( RB so ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP hold ) ( PRT ( RP back ) ) ( NP ( DT the ) ( NNS goods ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

They are angry about the government so they hold back the goods he said


( S ( NP-SBJ ( NP ( NP ( DT This ) ( NN autumn ) ( POS 's ) ) ( NN edition ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ biannual ) ( NN fair ) ) ) ) ( VP ( MD will ) ( VP ( VB run ) ( PP-TMP-CLR ( IN through ) ( NP ( NNP Oct. ) ( CD 31 ) ) ) ) ) )

This autumn 's edition of the biannual fair will run through Oct. 31


( S ( PP-LOC ( IN Inside ) ( NP ( DT the ) ( JJ 156,000-square-yard ) ( NN glass ) ( NN exhibition ) ( NN complex ) ) ) ( NP-SBJ ( NP ( NNS products ) ) ( VP ( VBG ranging ) ( PP ( PP ( IN from ) ( NP ( NN clothing ) ) ) ( PP ( TO to ) ( NP ( NNP AK-47 ) ( NN machine ) ( NNS guns ) ) ) ) ) ) ( VP ( VBP are ) ( PP-PRD ( IN on ) ( NP ( NN display ) ) ) ) )

Inside the 156,000-square-yard glass exhibition complex products ranging from clothing to AK-47 machine guns are on display


( S ( NP-SBJ ( NN Fair ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( CD 21,000 ) ( NNS guests ) ) ( VP ( VP ( VBD visited ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ first ) ( CD five ) ( NNS days ) ) ) ) ( NP ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN drop ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN spring ) ( NN exhibition ) ) ) ) ) ) ) ) )

Fair officials say that 21,000 guests visited during the first five days a 10 % drop from the spring exhibition


( S ( CC But ) ( NP-SBJ ( NP ( NNP China ) ( POS 's ) ) ( JJ official ) ( NNP Xinhua ) ( NNP News ) ( NNP Agency ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NNS businessmen ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( JJR greater ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ previous ) ( NN fair ) ) ) ) ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG providing ) ( NP ( NNS statistics ) ) ) ) ) ) )

But China 's official Xinhua News Agency reported that the number of foreign businessmen was greater than the previous fair without providing statistics


( S ( PP ( IN In ) ( NP ( NP ( DT another ) ( NN sign ) ) ( PP ( IN of ) ( NP ( NN glasnost ) ) ) ) ) ( NP-SBJ ( NP ( NP ( NP ( NNP Alexander ) ( NNP Solzhenitsyn ) ( POS 's ) ) ( JJ long-banned ) ( NN chronicle ) ) ( PP ( IN of ) ( NP ( JJ Soviet ) ( NN repression ) ) ) ) ( NP-TTL ( DT The ) ( NNP Gulag ) ( NNP Archipelago ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( NP-PRD ( NP ( JJ recommended ) ( NN reading ) ) ( PP-LOC ( IN in ) ( NP ( CD one ) ( JJ 11th-grade ) ( NNP Moscow ) ( NN history ) ( NN class ) ) ) ) ) )

In another sign of glasnost Alexander Solzhenitsyn 's long-banned chronicle of Soviet repression The Gulag Archipelago is now recommended reading in one 11th-grade Moscow history class


( S ( NP-SBJ ( JJ British ) ( NNS customs ) ( NNS officers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD 'd ) ( VP ( VBN arrested ) ( NP ( NP ( CD eight ) ( NNS men ) ) ( VP ( VBG sneaking ) ( NP ( CD 111 ) ( JJ rare ) ( NNS snakes ) ) ( PP-DIR ( IN into ) ( NP ( NNP Britain ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( CD one ) ( NN man ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD strapped ) ( NP ( NP ( DT a ) ( NN pair ) ) ( PP ( IN of ) ( NP ( NN boa ) ( NNS constrictors ) ) ) ) ( PP-LOC ( IN under ) ( NP ( PRP$ his ) ( NNS armpits ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

British customs officers said they 'd arrested eight men sneaking 111 rare snakes into Britain including one man who strapped a pair of boa constrictors under his armpits


( S ( NP-SBJ ( DT A ) ( NNS customs ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS arrests ) ) ( VP ( VBD followed ) ( NP ( NP ( DT a ) ( NNP Snake ) ( NNP Day ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Utrecht ) ( NNP University ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Netherlands ) ) ) ) ) ( NP ( NP ( DT an ) ( NN event ) ) ( VP ( VBN used ) ( PP ( IN by ) ( NP-LGS ( DT some ) ( NNS collectors ) ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( JJ rare ) ( NNS snakes ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A customs official said the arrests followed a Snake Day at Utrecht University in the Netherlands an event used by some collectors as an opportunity to obtain rare snakes


( S ( NP-SBJ ( DT The ) ( CD 1986 ) ( NNP Tax ) ( NNP Reform ) ( NNP Act ) ) ( VP ( VBZ has ) ( ADVP ( RB nearly ) ) ( VP ( VBN eliminated ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ large ) ( JJ profitable ) ( NNS corporations ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB pay ) ( NP ( JJ federal ) ( NN income ) ( NN tax ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Citizens ) ) ( PP ( IN for ) ( NP ( NNP Tax ) ( NNP Justice ) ) ) ) ( NP ( DT a ) ( JJ nonprofit ) ( JJ labor-funded ) ( NN research ) ( CC and ) ( NN lobbying ) ( NN group ) ) ) ) ) ) ) )

The 1986 Tax Reform Act has nearly eliminated the number of large profitable corporations that do n't pay federal income tax according to Citizens for Tax Justice a nonprofit labor-funded research and lobbying group


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN study ) ) ( PP ( IN of ) ( NP ( NP ( CD 250 ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS richest ) ( NNS companies ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( QP ( RB only ) ( CD seven ) ) ) ( VP ( VBD managed ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( S ( VP ( VBG paying ) ( NP ( JJ federal ) ( NN income ) ( NNS taxes ) ) ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( FRAG ( FRAG ( NP-SBJ ( CD 40 ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1986 ) ) ( NP ( NP ( DT the ) ( JJ last ) ( NN year ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ old ) ( NN tax ) ( NNS rules ) ) ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NN effect ) ) ) ) ) ) ) ) ) ) ( CC and ) ( FRAG ( NP-SBJ ( CD 16 ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1987 ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NN tax ) ( NNS provisions ) ) ) ) ( VP ( VBD went ) ( PP ( IN into ) ( NP ( NN effect ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a study of 250 of the nation 's richest companies the group found that only seven managed to avoid paying federal income taxes last year compared with 40 in 1986 the last year the old tax rules were in effect and 16 in 1987 when some of the new tax provisions went into effect


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ-2 ( NP ( CD 41 ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD paid ) ( NP ( DT no ) ( JJ federal ) ( NN income ) ( NN tax ) ) ( PP-TMP ( PP ( IN from ) ( NP ( CD 1981 ) ) ) ( PP ( IN through ) ( NP ( CD 1985 ) ) ) ) ( PRN ( PP ( IN despite ) ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NP ( NNS dollars ) ) ( PP ( IN of ) ( NP ( NNS profits ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD ended ) ( PRT ( RP up ) ) ( S ( VP ( VBG paying ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( CD 27.9 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN income ) ) ) ) ) ) ( PP ( IN in ) ( NP ( JJ federal ) ( NNS taxes ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) )

Moreover 41 companies that paid no federal income tax from 1981 through 1985 despite billions of dollars of profits ended up paying an average of 27.9 % of their income in federal taxes in 1988


( S ( NP-SBJ ( DT The ) ( NN report ) ) ( S-ADV ( VP ( VBN released ) ( NP-TMP ( NN yesterday ) ) ) ) ( VP ( VBZ comes ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ special ) ( NN tax ) ( NNS breaks ) ) ) ) ( SBAR-TMP ( NP-ADV ( QP ( RB only ) ( CD three ) ) ( NNS years ) ) ( IN after ) ( S ( NP-SBJ ( DT the ) ( JJ sweeping ) ( JJ tax-revision ) ( NN legislation ) ) ( VP ( VBD abolished ) ( CC or ) ( VBD curtailed ) ( NP ( JJ many ) ( NNS loopholes ) ) ) ) ) ) ) ) ) ) )

The report released yesterday comes as Congress is considering a number of special tax breaks only three years after the sweeping tax-revision legislation abolished or curtailed many loopholes


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ corporate ) ( NN realm ) ) ) ( NP-SBJ ( DT the ) ( CD 1986 ) ( NN law ) ) ( VP ( VP ( VBD abolished ) ( NP ( DT the ) ( JJ investment-tax ) ( NN credit ) ) ) ( VP ( VBD scaled ) ( PRT ( RP back ) ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN accounting ) ( NN method ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD allowed ) ( S ( NP-SBJ ( JJ large ) ( NNS contractors ) ) ( VP ( TO to ) ( VP ( VB defer ) ( NP ( NNS taxes ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-1 ( DT a ) ( NN project ) ) ( VP ( VBD was ) ( VP ( VBN completed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD strengthened ) ( NP ( NP ( DT the ) ( JJ so-called ) ( JJ alternative ) ( JJ minimum ) ( NN tax ) ) ( NP ( NP ( DT a ) ( NN levy ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ensure ) ( SBAR ( S ( NP-SBJ ( DT all ) ( JJ money-making ) ( NNS businesses ) ) ( VP ( VBP pay ) ( NP ( DT some ) ( JJ federal ) ( NN tax ) ) ) ) ) ) ) ) ) ) ) ) ) )

In the corporate realm the 1986 law abolished the investment-tax credit scaled back use of an accounting method that allowed large contractors to defer taxes until a project was completed and strengthened the so-called alternative minimum tax a levy to ensure all money-making businesses pay some federal tax


( S ( NP-SBJ ( NP ( DT The ) ( NN combination ) ) ( PP ( IN of ) ( NP ( NP ( JJR lower ) ( NNS rates ) ) ( CC and ) ( NP ( JJR fewer ) ( NNS loopholes ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN meant ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ so-called ) ( JJ average ) ( JJ effective ) ( NN tax ) ( NN rate ) ) ( PRN ( NP ( NP ( DT the ) ( NN rate ) ) ( VP ( ADVP ( RB actually ) ) ( VBN paid ) ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 250 ) ( NNS corporations ) ) ( VP ( VBN surveyed ) ) ) ) ) ( VP ( VBN reached ) ( NP ( CD 26.5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( FRAG ( NP ( CD 14.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS years ) ) ( PP ( PP ( IN from ) ( NP ( CD 1981 ) ) ) ( PP ( IN through ) ( NP ( CD 1985 ) ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN study ) ) ) ) ) ) )

The combination of lower rates and fewer loopholes has meant that the so-called average effective tax rate the rate actually paid of the 250 corporations surveyed reached 26.5 % in 1988 compared with 14.3 % in the years from 1981 through 1985 according to the study


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNS corporations ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG shouldering ) ( NP ( NP ( DT a ) ( JJR bigger ) ( NN share ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tax ) ( NN burden ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS authors ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1986 ) ( NN law ) ) ) ) ( VP ( VBD hoped ) ) ) ) ) ) )

In addition corporations are now shouldering a bigger share of the tax burden as the authors of the 1986 law hoped


( S ( S-TPC-1 ( NP-SBJ ( JJ Corporate ) ( NNS taxes ) ) ( VP ( VBD paid ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB almost ) ( CD 12 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( NN spending ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( PRN ( PP ( VBG excluding ) ( NP ( NNP Social ) ( NNP Security ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( FRAG ( NP ( QP ( JJR less ) ( IN than ) ( CD 8 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS 1980s ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN study ) ) ( VP ( VBD found ) ) )

Corporate taxes paid for almost 12 % of federal spending in 1988 excluding Social Security compared with less than 8 % in the first half of the 1980s the study found


( S ( S-TPC-1 ( NP-SBJ ( NN Tax ) ( NN reform ) ) ( VP ( VBZ is ) ( VP ( VBG working ) ) ) ) ( NP-SBJ ( DT the ) ( NN study ) ) ( VP ( VBD said ) ) )

Tax reform is working the study said


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJ new ) ( JJ tax-reform ) ( NN law ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS days ) ) ( PP ( IN of ) ( NP ( JJ widespread ) ( JJ wholesale ) ( JJ corporate ) ( NN tax ) ( NN avoidance ) ) ) ) ( VP ( VBP have ) ( VP ( VBN come ) ( PP-DIR ( TO to ) ( NP ( DT an ) ( NN end ) ) ) ) ) )

Under the new tax-reform law the days of widespread wholesale corporate tax avoidance have come to an end


( S ( S-TPC-1 ( ADVP ( RB Still ) ) ( NP-SBJ ( NP ( NNP Kroger ) ( NNP Co. ) ) ( NP ( NNP Pinnacle ) ( NNP West ) ( NNP Capital ) ( NNP Corp. ) ) ( NP ( NNP CSX ) ( NNP Corp. ) ) ( NP ( NNP Illinois ) ( NNP Power ) ( NNP Co. ) ) ( NP ( NNP Media ) ( NNP General ) ( NNP Inc. ) ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Southern ) ( NNP Pacific ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Gulf ) ( NNP States ) ( NNP Utilities ) ( NNP Co. ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB pay ) ( NP ( DT any ) ( JJ federal ) ( NN income ) ( NN tax ) ( JJ last ) ( NN year ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD garnered ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.2 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS profits ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBD said ) ) )

Still Kroger Co. Pinnacle West Capital Corp. CSX Corp. Illinois Power Co. Media General Inc. Santa Fe Southern Pacific Corp. and Gulf States Utilities Co. did n't pay any federal income tax last year although they garnered a total of 1.2 billion in profits the group said


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NP ( CD six ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS companies ) ) ) ) ( VP ( VBD received ) ( NP ( NP ( NNS refunds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD totaled ) ( NP ( QP ( CD 120 ) ( CD million ) ) ) ) ) ) ) ) )

In fact six of those companies received refunds which totaled 120 million


( S ( NP-SBJ-1 ( DT The ) ( NN lobbying ) ( NN group ) ) ( VP ( VBD used ) ( NP ( ADJP ( RB publicly ) ( JJ available ) ) ( NN information ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB calculate ) ( NP ( NP ( NP ( DT each ) ( NN company ) ( POS 's ) ) ( JJ domestic ) ( NNS profits ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ federal ) ( NN income ) ( NN tax ) ( NNS payments ) ) ) ) ) ) ) )

The lobbying group used publicly available information to calculate each company 's domestic profits and its federal income tax payments


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ fifth ) ( NN year ) ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Citizens ) ) ( PP ( IN for ) ( NP ( NNP Tax ) ( NNP Justice ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN released ) ( NP ( NP ( DT a ) ( NN study ) ) ( PP ( IN on ) ( NP ( JJ corporate ) ( NN tax ) ( NNS bills ) ) ) ) ) ) ) ) ) ) )

This is the fifth year Citizens for Tax Justice has released a study on corporate tax bills


( S ( NP-SBJ ( NP ( JJR Earlier ) ( NNS reports ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD revealed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 73 ) ) ( NNS companies ) ) ( VP ( VBD were ) ( VP ( VBG avoiding ) ( NP ( NN income ) ( NN tax ) ) ( ADVP-MNR ( RB legally ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN credited ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG helping ) ( S ( VP ( VB galvanize ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB overhaul ) ( NP ( DT the ) ( NN tax ) ( NN code ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Earlier reports which revealed that as many as 73 companies were avoiding income tax legally have been credited with helping galvanize efforts to overhaul the tax code


( S ( S-TPC-1 ( CC But ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG paying ) ( NP ( JJR more ) ( NNS taxes ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( VP ( VBG paying ) ( NP ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ statutory ) ( NN rate ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN report ) ) ( VP ( VBD said ) ) )

But even though companies are paying more taxes many are still paying less than the statutory rate the report said


( S ( CC And ) ( NP-SBJ ( CD 45 ) ( NNS companies ) ) ( VP ( VBD paid ) ( NP ( NP ( JJ effective ) ( NN tax ) ( NNS rates ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN below ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN income ) ) ) ) ) ) ) )

And 45 companies paid effective tax rates of below 10 % of their income


( S ( S-TPC-1 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( JJ overall ) ( NN picture ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ encouraging ) ) ) ) ) ( NP-SBJ ( JJ significant ) ( JJ corporate ) ( NN tax ) ( NN avoidance ) ) ( VP ( VBZ continues ) ) ) ( NP-SBJ ( DT the ) ( NN study ) ) ( VP ( VBD said ) ) )

While the overall picture is very encouraging significant corporate tax avoidance continues the study said


( S ( NP-SBJ ( NNP Glenn ) ( NNP Hall ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Glenn Hall contributed to this article


( S ( NP-SBJ ( NNP Cie. ) ( NNP de ) ( NNP Navigation ) ( NNP Mixte ) ( NNP Chairman ) ( NNP Marc ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN board ) ) ( ADVP-MNR ( RB unanimously ) ) ( VP ( VBD rejected ) ( PP-CLR ( IN as ) ( ADJP ( RB too ) ( JJ low ) ) ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 1.77 ) ( CD billion ) ) ) ( NN bid ) ) ( PP ( IN by ) ( NP ( NNP Cie. ) ( NNP Financiere ) ( NNP de ) ( NNP Paribas ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB bring ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 66.7 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

Cie. de Navigation Mixte Chairman Marc Fournier said his board unanimously rejected as too low the 1.77 billion bid by Cie. Financiere de Paribas to bring its stake in Navigation Mixte to 66.7 %


( S ( PP-LOC ( IN At ) ( NP ( DT a ) ( NN news ) ( NN conference ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD accused ) ( NP-1 ( NNP Paribas ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN takeover ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( NNS parts ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ) ( SBAR ( WHNP-4 ( WP$ whose ) ( NNS interests ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NN insurance ) ) ( NP ( NN banking ) ) ( NP ( NN tuna ) ( NN canning ) ) ( NP ( NN sugar ) ) ( CC and ) ( NP ( NN orange ) ( NN juice ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At a news conference Mr. Fournier accused Paribas of planning to pay for the takeover by selling parts of the company whose interests include insurance banking tuna canning sugar and orange juice


( S ( NP-SBJ ( DT The ) ( NN chairman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ his ) ( NN board ) ( NNS members ) ) ( PP ( VBG including ) ( NP ( NP ( NNS representatives ) ) ( PP ( IN of ) ( NP ( NP ( JJ West ) ( JJ German ) ( NN insurance ) ( NN giant ) ( NNP Allianz ) ( NNP AG ) ) ( CC and ) ( NP ( JJ French ) ( NNS banks ) ( NNP Credit ) ( NNP Lyonnais ) ( CC and ) ( NNP Societe ) ( NNP Generale ) ) ) ) ) ) ) ( VP ( VBP hold ) ( NP ( NP ( QP ( RB nearly ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NN capital ) ) ) ) ) ) ) ) )

The chairman said his board members including representatives of West German insurance giant Allianz AG and French banks Credit Lyonnais and Societe Generale hold nearly 50 % of Navigation Mixte 's capital


( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN as ) ( NP ( NNP Navigation ) ( NNP Mixte ) ( NN chairman ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBN prohibited ) ( PP ( IN by ) ( NP-LGS ( NN takeover ) ( NNS regulations ) ) ) ( PP ( IN from ) ( S-NOM ( VP ( VP ( VBG organizing ) ( NP ( PRP$ his ) ( JJ own ) ( NN defense ) ) ) ( CC or ) ( VP ( VBG doing ) ( NP ( NP ( NN anything ) ) ( PP ( IN besides ) ( S-NOM ( VP ( VBG managing ) ( NP ( JJ current ) ( NN company ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Fournier said that as Navigation Mixte chairman he is prohibited by takeover regulations from organizing his own defense or doing anything besides managing current company business


( S ( CC But ) ( NP-SBJ ( NNS sources ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG urging ) ( NP-1 ( PRP$ his ) ( NNS allies ) ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( PRP$ their ) ( NNS stakes ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN traded ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB resume ) ( S ( VP ( VBG trading ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But sources said he will be urging his allies to boost their stakes in Navigation Mixte which is being traded in London and is to resume trading in Paris Tuesday


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( ADJP ( JJ legal ) ( CC and ) ( JJ regulatory ) ) ( NNS means ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG blocking ) ( CC or ) ( VBG delaying ) ( NP ( NP ( NNP Paribas ) ( POS 's ) ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) )

At the same time he is expected to seek legal and regulatory means of blocking or delaying Paribas 's bid


( S-2 ( PP-TMP ( IN For ) ( NP ( DT the ) ( NN moment ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNS sources ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN decided ) ( PP-CLR ( IN against ) ( S-NOM ( VP ( VP ( VBG seeking ) ( NP ( DT a ) ( JJ white ) ( NN knight ) ) ) ( CC or ) ( VP ( VBG organizing ) ( NP ( NP ( DT a ) ( NN counterbid ) ) ( PP ( IN for ) ( NP ( NNP Paribas ) ) ) ) ) ) ) ) ) ) )

For the moment the sources said he has decided against seeking a white knight or organizing a counterbid for Paribas


( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( CD 1989 ) ( ADJP ( JJ unconsolidated ) ( CC or ) ( NN parent-company ) ) ( NN profit ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( QP ( CD 4.7 ) ( CD billion ) ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 754.4 ) ( CD million ) ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 633.8 ) ( CD million ) ) ( NNS francs ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Fournier said Navigation Mixte 's 1989 unconsolidated or parent-company profit is likely to be 4.7 billion francs 754.4 million up from 633.8 million francs last year


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB due ) ( PP ( ADVP ( RB mostly ) ) ( TO to ) ( NP ( NP ( NNS payments ) ) ( PP ( IN from ) ( NP ( NNP Allianz ) ) ) ( PP ( IN for ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ) ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NN insurance ) ( NN business ) ) ) ) ) ) ) ) ) ) ) )

That is due mostly to payments from Allianz for most of the 50 % stake it has agreed to acquire in Navigation Mixte 's insurance business


( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ exceptional ) ( NN gain ) ) ( VP ( MD would ) ( VP ( VB mean ) ( NP ( NP ( ADJP ( QP ( RB nearly ) ( RB twice ) ) ( RB as ) ( JJ high ) ) ( DT a ) ( NN dividend ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-1 ( IN as ) ( NP ( JJ last ) ) ) ) ) ) ) ) )

Mr. Fournier said the exceptional gain would mean nearly twice as high a dividend this year as last


( S-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NNS holders ) ) ( VP ( VBP avoid ) ( S ( VP ( VBG tendering ) ( PP-CLR ( TO to ) ( NP ( NNP Paribas ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB expect ) ( NP ( NP ( JJ strong ) ( NNS dividends ) ) ( ADVP ( RB again ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) )

If holders avoid tendering to Paribas he added they can expect strong dividends again next year


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD 20 ) ( NNS years ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN built ) ( NP ( PRP$ his ) ( NN company ) ) ( PP-MNR ( IN through ) ( NP ( JJ astute ) ( NN stock-market ) ( NN activity ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN warded ) ( PRT ( RP off ) ) ( NP ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NN takeover ) ( NNS attempts ) ) ) ) ) ) ) ) )

Analysts noted that over the past 20 years Mr. Fournier has built his company through astute stock-market activity and has warded off at least three takeover attempts


( S ( NP-TMP ( DT This ) ( NN time ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( VP ( VB face ) ( NP ( DT a ) ( JJ real ) ( NN battle ) ) ) ) ) ) ) )

This time however some analysts think he could face a real battle


( SINV ( S-TPC-2 ( PP ( IN Without ) ( NP ( DT some ) ( JJ unexpected ) ( FW coup ) ( FW de ) ( FW theatre ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( MD will ) ( VP ( VB block ) ( NP ( DT the ) ( NNP Paribas ) ( NN bid ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Philippe ) ( NNP de ) ( NNP Cholet ) ) ( NP ( NP ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN brokerage ) ( NNP Cholet-Dupont ) ( CC & ) ( NNP Cie ) ) ) ) ) )

Without some unexpected coup de theatre I do n't see what will block the Paribas bid said Philippe de Cholet analyst at the brokerage Cholet-Dupont & Cie


( S ( NP-SBJ ( NNP Mr. ) ( NNP de ) ( NNP Cholet ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Fournier ) ( POS 's ) ) ( JJS biggest ) ( NN hope ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( ADVP-MNR ( RB somehow ) ) ( VP ( VB persuade ) ( NP-2 ( JJ regulatory ) ( NNS authorities ) ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( DT the ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. de Cholet said Mr. Fournier 's biggest hope was to somehow persuade regulatory authorities to block the bid


( S ( S ( NP-SBJ ( NNP Paribas ) ) ( ADVP ( RB still ) ) ( VP ( VBZ needs ) ( NP ( NP ( DT the ) ( NN go-ahead ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( FW Commission ) ( FW des ) ( FW Operations ) ( FW de ) ( FW Bourse ) ) ( NP ( DT a ) ( NN government ) ( JJ regulatory ) ( NN agency ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT that ) ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( RB likely ) ) ) ) ) ) ) ) ) )

Paribas still needs the go-ahead from the Commission des Operations de Bourse a government regulatory agency but analysts said that is considered likely


( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Navigation ) ( NNP Mixte ) ) ( VP ( VBD joined ) ( NP ( NP ( NP ( NNP Paribas ) ( POS 's ) ) ( NN core ) ) ( PP ( IN of ) ( NP ( NNS shareholders ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNP Paribas ) ) ( VP ( VBD was ) ( VP ( VBN denationalized ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ holds ) ( NP ( NP ( QP ( RB just ) ( IN under ) ( CD 5 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Paribas ) ( POS 's ) ) ( NNS shares ) ) ) ) ) ) ) ) ) )

Mr. Fournier also noted that Navigation Mixte joined Paribas 's core of shareholders when Paribas was denationalized in 1987 and said it now holds just under 5 % of Paribas 's shares


( S-2 ( SBAR-TMP ( SBAR ( RB Once ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD realized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Paribas ) ( POS 's ) ) ( NNS intentions ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ friendly ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( CC but ) ( SBAR ( IN before ) ( S ( NP-SBJ-1 ( DT the ) ( NN bid ) ) ( VP ( VBD was ) ( VP ( VBN launched ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD sought ) ( NP ( NN approval ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( PRP$ his ) ( NNP Paribas ) ( NN stake ) ) ( PP-DIR ( IN above ) ( NP ( CD 10 ) ( NN % ) ) ) ) ) ) ) ) )

Once he realized that Paribas 's intentions were n't friendly he said but before the bid was launched he sought approval to boost his Paribas stake above 10 %


( S ( S ( NP-SBJ ( DT The ) ( NN petition ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( ADJP-PRD ( JJ pending ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD downplayed ) ( NP ( NP ( DT the ) ( NN likelihood ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ ( PRP$ his ) ) ( VP ( VBG organizing ) ( NP ( NP ( DT a ) ( NN takeover ) ( NN bid ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ own ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ much-larger ) ( NNP Paribas ) ) ) ) ) ) ) ) ) ) )

The petition is still pending but Mr. Fournier downplayed the likelihood of his organizing a takeover bid of his own for the much-larger Paribas


( S ( NP-SBJ ( CD One ) ( JJ big ) ( NN question ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ likely ) ( NN role ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Fournier ) ( POS 's ) ) ( NNS allies ) ) ) ) ) )

One big question now is the likely role of Mr. Fournier 's allies


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ large ) ( NNS institutions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP hold ) ( NP ( NP ( QP ( RB nearly ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NN capital ) ) ) ) ) ) ) ) ( RB all ) ( ADVP-MNR ( RB strongly ) ) ( VP ( VB support ) ( NP ( PRP him ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB so ) ( JJ sure ) ) ) ) ) ) ) )

Mr. Fournier said the large institutions that hold nearly 50 % of Navigation Mixte 's capital all strongly support him but some analysts said they are n't so sure


( S ( NP-SBJ ( NNP Allianz ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( JJ official ) ( NNS comments ) ) ) ( ADVP-TMP ( RB so ) ( RB far ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB remain ) ( ADJP-PRD ( JJ neutral ) ) ) ) ) ) ) ) )

Allianz for example has said in official comments so far that it will remain neutral


( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Allianz ) ( POS 's ) ) ( JJ lead ) ( JJ French ) ( NN bank ) ) ) )

Paribas is Allianz 's lead French bank


( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBD said ) ( NP-TMP ( NNP Monday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB bid ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 66.7 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( CD 18.7 ) ( NN % ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ owns ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Paribas said Monday that it intends to bid to boost its stake in Navigation Mixte to 66.7 % from the 18.7 % it already owns


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ additional ) ( ADJP ( CD 48 ) ( NN % ) ) ( NN stake ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB cost ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 11 ) ( CD billion ) ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 1.77 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

The purchase of the additional 48 % stake is expected to cost more than 11 billion francs 1.77 billion


( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VP ( VB offer ) ( NP-2 ( NP ( CD 1,850 ) ( NNS francs ) ) ( PRN ( NP ( CD 296.95 ) ) ) ( NP-ADV ( DT each ) ) ) ( PP-CLR-3 ( IN for ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( NNS shares ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP enjoy ) ( NP ( JJ full ) ( NN dividend ) ( NNS rights ) ) ) ) ) ) ) ) ( CC and ) ( VP ( NP=2 ( NP ( CD 1,800 ) ( NNS francs ) ) ( NP-ADV ( DT each ) ) ) ( PP-CLR=3 ( IN for ) ( NP ( NP ( DT a ) ( NN block ) ) ( PP ( IN of ) ( NP ( NNS shares ) ) ) ( VP ( VBN issued ) ( NP-TMP ( NNP July ) ( CD 1 ) ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB receive ) ( NP ( ADJP ( RB only ) ( JJ partial ) ) ( NNS dividends ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Paribas says it will offer 1,850 francs 296.95 each for Navigation Mixte shares that enjoy full dividend rights and 1,800 francs each for a block of shares issued July 1 which will receive only partial dividends this year


( S ( ADVP ( RB Alternatively ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( CD three ) ( NNP Paribas ) ( NNS shares ) ) ( PP-CLR ( IN for ) ( NP ( CD one ) ( NNP Navigation ) ( NNP Mixte ) ( NN share ) ) ) ) ) ) ) )

Alternatively it is to offer three Paribas shares for one Navigation Mixte share


( S ( NP-SBJ ( DT The ) ( NNP Paribas ) ( NN offer ) ) ( VP ( VBZ values ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ( PP-CLR ( IN at ) ( NP ( QP ( RB about ) ( CD 23 ) ( CD billion ) ) ( NNS francs ) ) ) ( PP ( VBG depending ) ( PP ( IN on ) ( SBAR-NOM ( WHNP-1 ( WHNP ( WRB how ) ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NNS warrants ) ) ) ) ( S ( VP ( VBP are ) ( VP ( VBN converted ) ( PP-CLR ( IN into ) ( NP ( NNS shares ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN takeover ) ( NN battle ) ) ) ) ) ) ) ) ) ) )

The Paribas offer values Navigation Mixte at about 23 billion francs depending on how many of Navigation Mixte 's warrants are converted into shares during the takeover battle


( S ( NP-VOC ( NNP Dick ) ( NNP Darman ) ) ( VP ( VB call ) ( NP ( PRP$ your ) ( NN office ) ) ) )

Dick Darman call your office


( SINV ( VP-TPC-1 ( VBN Embedded ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN budget ) ) ( VP ( VBG being ) ( VP ( VBN concocted ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP House-Senate ) ( NN conference ) ( NN committee ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ-2 ( NP ( NN something ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBZ looks ) ( VBZ smells ) ( CC and ) ( VBZ waddles ) ( PP-MNR ( IN like ) ( NP ( DT a ) ( NN duck ) ) ) ) ) ) ) )

Embedded in the budget being concocted by the House-Senate conference committee is something that looks smells and waddles like a duck


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ nuisance ) ( NN tax ) ) ( PP ( IN on ) ( NP ( NNS mergers ) ) ) ) ) )

It 's a nuisance tax on mergers


( S ( NP-SBJ-1 ( NNP Congress ) ) ( VP ( VBZ has ) ( VP ( VBN decided ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( QP ( CD 40 ) ( CD million ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG charging ) ( NP ( NNS companies ) ) ( NP ( CD 20,000 ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN honor ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG filing ) ( NP ( NP ( DT the ) ( JJ required ) ( NNS papers ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NNP Hart-Scott-Rodino ) ( NN law ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Congress has decided to raise 40 million by charging companies 20,000 for the honor of filing the required papers under the Hart-Scott-Rodino law


( S ( PP-TMP ( RB Ever ) ( IN since ) ( NP ( NP ( DT the ) ( JJ bad ) ( NNS days ) ) ( PP ( IN of ) ( NP ( S-TTL ( NP-SBJ ( JJ Big ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ Bad ) ) ) ) ( JJ antitrust ) ( NN enforcement ) ) ) ) ) ( NP-SBJ ( DT this ) ( NN law ) ) ( VP ( VBZ has ) ( VP ( VBN required ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN anyone ) ) ( VP ( VBG proposing ) ( NP ( DT a ) ( NN merger ) ) ) ) ( VP ( MD must ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( NN filing ) ) ( VP ( VBG describing ) ( NP ( NP ( DT the ) ( NNS effects ) ) ( PP ( IN on ) ( NP ( DT all ) ( JJ relevant ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) )

Ever since the bad days of Big is Bad antitrust enforcement this law has required that anyone proposing a merger must make a filing describing the effects on all relevant markets


( S ( S ( NP-SBJ-1 ( DT The ) ( NNP Hart-Scott ) ( NN filing ) ) ( VP ( VBZ is ) ( ADVP-TMP-2 ( RB then ) ) ( VP-3 ( VBN reviewed ) ) ) ) ( CC and ) ( S ( NP-SBJ=1-4 ( DT any ) ( JJ antitrust ) ( NNS concerns ) ) ( ADVP-TMP=2 ( RB usually ) ) ( VP=3 ( VBN met ) ) ) )

The Hart-Scott filing is then reviewed and any antitrust concerns usually met


( S ( ADVP ( RB Typically ) ) ( NP-SBJ-1 ( NNP Hart-Scott ) ) ( VP ( VBZ is ) ( VP ( VBN used ) ( ADVP-TMP ( RB now ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB give ) ( NP ( NP ( NNS managers ) ) ( PP ( IN of ) ( NP ( NN target ) ( NNS firms ) ) ) ) ( NP ( NP ( NP ( JJ early ) ( NN news ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN bid ) ) ) ) ( CC and ) ( NP ( DT a ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( JJ regulatory ) ( NN review ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN delaying ) ( NN tactic ) ) ) ) ) ) ) ) ) ) ) ) ) )

Typically Hart-Scott is used now to give managers of target firms early news of a bid and a chance to use regulatory review as a delaying tactic


( S ( NP-SBJ ( DT The ) ( ADJP ( CD 20,000 ) ) ( NN tax ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( DT a ) ( JJ small ) ( NN cost ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ multibillion-dollar ) ( NN deal ) ) ) ) ( CC but ) ( NP ( NP ( DT a ) ( JJ serious ) ( NN drag ) ) ( PP ( IN on ) ( NP ( NP ( NNS thousands ) ) ( PP ( IN of ) ( NP ( JJ small ) ( JJ friendly ) ( NNS deals ) ) ) ) ) ) ) ) ) )

The 20,000 tax would be a small cost in a multibillion-dollar deal but a serious drag on thousands of small friendly deals


( S ( NP-SBJ ( NP ( CD One ) ( ADJP ( RB especially ) ( JJ dangerous ) ) ( NN aspect ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ new ) ( NN tax ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNS proceeds ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( DT the ) ( NNS budgets ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( JJ antitrust ) ( NN division ) ) ( PP-LOC ( IN at ) ( NP ( NNP Justice ) ) ) ) ( CC and ) ( NP ( DT the ) ( NNP Federal ) ( NNP Trade ) ( NNP Commission ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One especially dangerous aspect to the new tax would be that the proceeds will be used to increase the budgets of the antitrust division at Justice and the Federal Trade Commission


( S ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ amounts ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN bounty ) ) ( PP ( IN for ) ( NP ( NNS regulators ) ) ) ) ) ) ) ( S ( X-ADV ( DT the ) ( JJR more ) ( NN regulating ) ) ( X-ADV ( DT the ) ( JJR more ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP get ) ( S ( VP ( TO to ) ( VP ( VB keep ) ) ) ) ) ) )

This amounts to a bounty for regulators the more regulating the more they get to keep


( S ( ADVP ( RB Also ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( JJ former ) ( NNP Reagan ) ( JJ antitrust ) ( NN chief ) ( NNP Charles ) ( NNP Rule ) ) ( VP ( VBZ has ) ( VP ( VBN noted ) ) ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( MD would ) ( VP ( VB establish ) ( NP ( DT the ) ( NN precedent ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( MD may ) ( VP ( VB charge ) ( NP ( NNS parties ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN privilege ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN sued ) ) ) ) ) ) ) ( ADVP ( RB regardless ) ( PP ( IN of ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ prevails ) ) ) ) ) ) ) ) ) ) ) ) ) )

Also as former Reagan antitrust chief Charles Rule has noted this would establish the precedent that the government may charge parties for the privilege of being sued regardless of whether the government prevails


( NP ( RB Yet ) ( DT another ) ( NN opportunity ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( TO to ) ( VP ( VB respond ) ( S ( VP ( VB Read ) ( NP ( PRP$ my ) ( NNS lips ) ) ) ) ) ) ) ) )

Yet another opportunity for President Bush to respond Read my lips


Line-item veto


( S ( NP-SBJ-1 ( JJ Democratic ) ( NNS leaders ) ) ( VP ( VP ( VBP have ) ( VP ( VBN bottled ) ( PRT ( RP up ) ) ( NP ( NP ( NNP President ) ( NNP Bush ) ( POS 's ) ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ) ( CC and ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN issue ) ) ) ) ( ADVP-TMP ( RB indefinitely ) ) ) ) ) ) ) ) ) )

Democratic leaders have bottled up President Bush 's capital-gains tax cut in the Senate and may be able to prevent a vote on the issue indefinitely


( S ( NP-SBJ ( NP ( NNP Senate ) ( NNP Majority ) ( NNP Leader ) ( NNP George ) ( NNP Mitchell ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Maine ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( NNP Senate ) ( NNS procedures ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB force ) ( S ( NP-SBJ ( NP ( NNS advocates ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tax ) ( NN cut ) ) ) ) ( VP ( TO to ) ( VP ( VB come ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 60 ) ) ( NNS votes ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB address ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Senate Majority Leader George Mitchell D. Maine said he intends to use Senate procedures to force advocates of the tax cut to come up with at least 60 votes before they can address the issue


( S ( CC And ) ( NP-SBJ ( DT neither ) ( NNPS Democrats ) ( CC nor ) ( NNPS Republicans ) ) ( VP ( VBP are ) ( VP ( VBG predicting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS capital-gains ) ( NNS forces ) ) ( VP ( MD can ) ( VP ( VB produce ) ( NP ( JJ enough ) ( NNS votes ) ) ) ) ) ) ) ) )

And neither Democrats nor Republicans are predicting that the capital-gains forces can produce enough votes


( S ( S-TPC-1 ( S ( NP-SBJ ( DT The ) ( JJ 60-vote ) ( NN requirement ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADVP-LOC-PRD ( RB there ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT the ) ( CD 60 ) ( NNS votes ) ) ) ) ) ) ( NP-SBJ ( NNP Sen. ) ( NNP Mitchell ) ) ( VP ( VBD said ) ) )

The 60-vote requirement will be there and they do n't have the 60 votes Sen. Mitchell said


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NNS votes ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBN passed ) ) ) ) ) ) ) ) ) ) )

They do n't have the votes to get it passed


( S ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Bob ) ( NNP Packwood ) ) ( PRN ( NP ( NP ( NNP R. ) ) ( NP-LOC ( NNP Ore. ) ) ) ) ( NP ( NP ( DT the ) ( JJ leading ) ( JJ Republican ) ( NN proponent ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tax ) ( NN cut ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB disagree ) ) ) )

Sen. Bob Packwood R. Ore. the leading Republican proponent of the tax cut did n't disagree


( S ( S-TPC-3 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( ADJP-PRD ( JJ sure ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB happen ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

I 'm not sure what 's going to happen he said


( S ( ADVP-TMP ( RB Previously ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( DT the ) ( JJ requisite ) ( CD 60 ) ( NNS votes ) ) ) ) ) ) ( ADVP-TMP ( RB eventually ) ) ) ) ) ) ) ) )

Previously he had said he would be able to find the requisite 60 votes eventually


( S ( NP-SBJ ( NNP Sen. ) ( NNP Packwood ) ) ( VP ( VBZ has ) ( VP ( VBN offered ) ( NP ( PRP$ his ) ( JJ capital-gains-cut ) ( NN package ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN amendment ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN bill ) ) ( ADJP ( ADVP-TMP ( RB now ) ) ( VBG pending ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB authorize ) ( NP ( NP ( NN aid ) ) ( PP ( TO to ) ( NP ( NNP Poland ) ( CC and ) ( NNP Hungary ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sen. Packwood has offered his capital-gains-cut package as an amendment to a bill now pending in the Senate that would authorize aid to Poland and Hungary


( S ( NP-SBJ-1 ( NNPS Democrats ) ) ( VP ( VBP are ) ( VP ( VBG holding ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN amendment ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG threatening ) ( NP ( NP ( DT a ) ( NN filibuster ) ) ( CC or ) ( NP ( JJ extended ) ( NN debate ) ) ) ) ) ) ) ) )

Democrats are holding up a vote on the amendment by threatening a filibuster or extended debate


( S ( PP ( IN For ) ( NP ( DT a ) ( NN cloture ) ( NN vote ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( DT the ) ( NN filibuster ) ) ) ) ) ) ) ( NP-SBJ ( NNPS Republicans ) ) ( VP ( MD must ) ( VP ( VB muster ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 60 ) ) ( NNS votes ) ) ) ) )

For a cloture vote to stop the filibuster Republicans must muster at least 60 votes


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NNP Sen. ) ( NNP Packwood ) ) ( VP ( VBD acknowledged ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NNS votes ) ) ( PP ( IN for ) ( NP ( NN cloture ) ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) )

Yesterday Sen. Packwood acknowledged We do n't have the votes for cloture today


( S ( NP-SBJ ( DT The ) ( NNPS Republicans ) ) ( VP ( VBP show ) ( NP ( NP ( DT no ) ( NN sign ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG relenting ) ) ) ) ) ) )

The Republicans show no sign of relenting


( S ( NP-SBJ-1 ( NNP GOP ) ( NNS leaders ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB press ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN amendment ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Eastern ) ( NNP Europe ) ( NN aid ) ( NN measure ) ) ) ) ) ) ) ) ) ) ) )

GOP leaders continued to press for a vote on the amendment to the Eastern Europe aid measure


( S ( CC And ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD threatened ) ( S ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB amend ) ( NP ( NP ( DT any ) ( JJ other ) ( NN revenue ) ( NN bill ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS capital-gains ) ( NN provision ) ) ) ) ) ) ) ) ) ) )

And they threatened to try to amend any other revenue bill in the Senate with the capital-gains provision


( SINV ( S ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ serious ) ( NN business ) ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ serious ) ( PP ( IN about ) ( NP ( DT a ) ( NNS capital-gains ) ( NN reduction ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Kansas ) ( NNP Sen. ) ( NNP Robert ) ( NNP Dole ) ) ( NP ( NP ( DT the ) ( NNP Senate ) ( POS 's ) ) ( JJ Republican ) ( NN leader ) ) ) )

This is serious business we 're serious about a capital-gains reduction said Kansas Sen. Robert Dole the Senate 's Republican leader


( S ( NP-SBJ ( DT The ) ( NN strategy ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VB Let ) ( S ( NP-SBJ ( POS 's ) ) ( VP ( VB vote ) ) ) ) ) ) )

The strategy is Let 's vote


( S ( NP-SBJ ( DT The ) ( NNPS Republicans ) ) ( VP ( VBP contend ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB garner ) ( NP ( NP ( DT a ) ( NN majority ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ 100-member ) ( NNP Senate ) ) ) ( PP ( IN for ) ( NP ( DT a ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ) ) ) ) ) ) ) )

The Republicans contend that they can garner a majority in the 100-member Senate for a capital-gains tax cut


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP accuse ) ( NP-1 ( DT the ) ( NNPS Democrats ) ) ( PP-CLR ( IN of ) ( S-NOM ( ADVP-MNR ( RB unfairly ) ) ( VP ( VBG using ) ( NP ( NNP Senate ) ( NNS rules ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB erect ) ( NP ( DT a ) ( JJ 60-vote ) ( NN hurdle ) ) ) ) ) ) ) ) ) )

They accuse the Democrats of unfairly using Senate rules to erect a 60-vote hurdle


( S ( NP-SBJ ( NNPS Democrats ) ) ( VP ( VBP counter ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNPS Republicans ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN used ) ( NP ( DT the ) ( JJ same ) ( NNS rules ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB suit ) ( NP ( PRP$ their ) ( JJ own ) ( NNS ends ) ) ) ) ) ) ) ) ) ) )

Democrats counter that the Republicans have often used the same rules to suit their own ends


( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS sides ) ) ( ADVP ( RB also ) ) ( VP ( VBD traded ) ( NP ( NP ( NNS accusations ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Packwood ) ( NN plan ) ) ) ) ) ) ) )

The two sides also traded accusations about the cost of the Packwood plan


( S ( NP-SBJ ( NNPS Democrats ) ) ( VP ( VBD asserted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN proposal ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( JJ new ) ( NN type ) ) ( PP ( IN of ) ( NP ( JJ individual ) ( NN retirement ) ( NN account ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ fraught ) ( PP ( IN with ) ( NP ( NP ( NN budget ) ( NN gimmickry ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB lose ) ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ long ) ( NN run ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Democrats asserted that the proposal which also would create a new type of individual retirement account was fraught with budget gimmickry that would lose billions of dollars in the long run


( S ( NP-SBJ ( NNPS Republicans ) ) ( VP ( VBD countered ) ( SBAR ( DT that ) ( S ( NP-SBJ ( JJ long-range ) ( NN revenue ) ( NNS estimates ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unreliable ) ) ) ) ) ) )

Republicans countered that long-range revenue estimates were unreliable


( S ( NP-SBJ ( DT The ) ( NNP Packwood ) ( NN proposal ) ) ( VP ( MD would ) ( VP ( VB reduce ) ( NP ( DT the ) ( NN tax ) ) ( PP ( VBG depending ) ( PP ( IN on ) ( SBAR ( WHADVP-2 ( WRB how ) ( RB long ) ) ( S ( NP-SBJ-1 ( DT an ) ( NN asset ) ) ( VP ( VBD was ) ( VP ( VBN held ) ) ) ) ) ) ) ) ) )

The Packwood proposal would reduce the tax depending on how long an asset was held


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( JJ new ) ( NNP IRA ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB shield ) ( PP-CLR ( IN from ) ( NP ( NN taxation ) ) ) ( NP ( NP ( DT the ) ( NN appreciation ) ) ( PP ( IN on ) ( NP ( NP ( NNS investments ) ) ( VP ( VBN made ) ( PP-PRP ( IN for ) ( NP ( NP ( DT a ) ( JJ wide ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NNS purposes ) ) ) ( PP ( VBG including ) ( NP ( NP ( NN retirement ) ) ( NP ( JJ medical ) ( NNS expenses ) ) ( NP ( JJ first-home ) ( NNS purchases ) ) ( CC and ) ( NP ( NN tuition ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It also would create a new IRA that would shield from taxation the appreciation on investments made for a wide variety of purposes including retirement medical expenses first-home purchases and tuition


( S ( NP-SBJ ( DT A ) ( NNP White ) ( NNP House ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB generally ) ( JJ supportive ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Packwood ) ( NN plan ) ) ) ) ) ) ) ) )

A White House spokesman said President Bush is generally supportive of the Packwood plan


( S ( NP-SBJ ( NNP Di ) ( NNP Giorgio ) ( NNP Corp. ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBZ 's ) ( VP ( VBG continuing ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( NP ( JJ potential ) ( NNS buyers ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( NNS units ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( VP ( VBN reached ) ( NP ( NP ( DT no ) ( NN agreement ) ) ( PP ( IN on ) ( NP ( DT any ) ( NNS deals ) ) ) ) ) ) ) ) ) )

Di Giorgio Corp. said it 's continuing talks with potential buyers of certain units but has reached no agreement on any deals


( S ( NP-SBJ ( NP ( NNP Di ) ( NNP Giorgio ) ) ( NP ( DT a ) ( NN food ) ( NN wholesaler ) ( CC and ) ( NN building ) ( NNS products ) ( NN maker ) ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( NP ( NP ( NNS alternatives ) ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( JJ unsolicited ) ( ADJP ( JJ 32-a-share ) ) ( NN tender ) ( NN offer ) ) ( PP ( IN of ) ( NP ( NP ( NNP DIG ) ( NNP Acquisition ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Rose ) ( NNP Partners ) ( NNP Limited ) ( NNP Partnership ) ) ) ) ) ) ) ) ) ) ) )

Di Giorgio a food wholesaler and building products maker is seeking alternatives to an unsolicited 32-a-share tender offer of DIG Acquisition Corp. a unit of Rose Partners Limited Partnership


( S ( NP-SBJ ( NNP DIG ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN vehicle ) ) ( VP ( VBG being ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB pursue ) ( PP ( TO to ) ( NP ( NN acquisition ) ) ) ) ) ) ) ) ) ) )

DIG is the vehicle being used to pursue to acquisition


( S ( NP-SBJ ( NP ( NNP Robert ) ( NNP Mellor ) ) ( NP ( NP ( NNP Di ) ( NNP Giorgio ) ( POS 's ) ) ( JJ executive ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ stands ) ( S ( VP ( TO to ) ( VP ( VB reap ) ( NP ( NP ( JJR more ) ( NN money ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( JJ individual ) ( NNS units ) ) ) ( PP ( TO to ) ( NP ( NNS others ) ) ) ) ) ( PP-2 ( IN than ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG accepting ) ( NP ( NP ( NNP DIG ) ( POS 's ) ) ( NN offer ) ) ) ) ) ) ) ) ) ) ) ) ) )

Robert Mellor Di Giorgio 's executive vice president said the company stands to reap more money through the sale of individual units to others than by accepting DIG 's offer


( S ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP Bostik ) ( JJ chemical ) ( NNS adhesives ) ( NN unit ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Orkem ) ( NNP S.A. ) ) ( NP ( DT a ) ( JJ French ) ( NN chemical ) ( NN company ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 345 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

Black & Decker Corp. said it agreed to sell its Bostik chemical adhesives unit to Orkem S.A. a French chemical company for 345 million


( S ( NP-SBJ ( NNP Bostik ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NNP Emhart ) ( NNP Corp. ) ( NN unit ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN power-tool ) ( NN manufacturer ) ( POS 's ) ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VP ( VB reduce ) ( NP ( NN debt ) ) ) ( CC and ) ( VP ( VB consolidate ) ( NP ( NNS operations ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( NP ( NNP Emhart ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bostik is the first Emhart Corp. unit to be sold as part of the power-tool manufacturer 's effort to reduce debt and consolidate operations after it acquired Emhart earlier this year


( S ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( JJ other ) ( NNP Emhart ) ( NNS units ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN block ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN goal ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG raising ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ net ) ( NNS proceeds ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Black & Decker said it plans to put other Emhart units on the block in the future with the goal of raising 1 billion in net proceeds


( S ( NP-SBJ-1 ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD rescued ) ( NP ( NNP Emhart ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN takeover ) ( NN bid ) ) ( PP ( IN of ) ( NP ( NNP Topper ) ( NNP Limited ) ( NNP Partnership ) ) ) ) ) ( NP-TMP ( JJ last ) ( NNP March ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG agreeing ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT the ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( NN door ) ( NNS locks ) ) ( CC and ) ( NP ( NN gardening ) ( NNS tools ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( RB about ) ( CD 2.8 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) )

Black & Decker rescued Emhart from the takeover bid of Topper Limited Partnership last March by agreeing to acquire the maker of door locks and gardening tools for about 2.8 billion


( S ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( VP ( ADVP ( RB significantly ) ) ( VBD expanded ) ( NP ( NP ( NNP Black ) ( CC & ) ( NNP Decker ) ( POS 's ) ) ( NN product ) ( NN line ) ) ) ( CC but ) ( ADVP ( RB also ) ) ( VP ( ADVP ( RB significantly ) ) ( VBD increased ) ( NP ( PRP$ its ) ( NN debt ) ( NN load ) ) ) ) )

The move significantly expanded Black & Decker 's product line but also significantly increased its debt load


( S ( NP-SBJ ( DT The ) ( NN acquisition ) ) ( VP ( VBD boosted ) ( NP ( NP ( NP ( NNP Black ) ( CC & ) ( NNP Decker ) ( POS 's ) ) ( NN ratio ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ( PP ( TO to ) ( NP ( JJ total ) ( NN capital ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 80 ) ) ( NN % ) ) ) ) )

The acquisition boosted Black & Decker 's ratio of debt to total capital to more than 80 %


( S ( NP-SBJ ( NN Company ) ( NNS officials ) ) ( VP ( VBP have ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( DT that ) ( NN ratio ) ) ( PP-DIR ( TO to ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 50 ) ) ( NN % ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

Company officials have said they plan to reduce that ratio to less than 50 % over the next 2 1\/2 years


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN year ) ) ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD put ) ( NP ( NP ( CD three ) ( NNP Emhart ) ( NNS businesses ) ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN auction ) ( NN block ) ) ) ( NP-1 ( NP ( DT the ) ( NN information ) ( CC and ) ( NN electronics ) ( NN segment ) ) ( NP ( DT the ) ( NNP Dynapert ) ( JJ electrical ) ( NN assembly ) ( NN business ) ) ( CC and ) ( NP ( NNP Mallory ) ( NNP Capacitors ) ) ) ) )

Earlier this year Black & Decker put three Emhart businesses on the auction block the information and electronics segment the Dynapert electrical assembly business and Mallory Capacitors


( S ( NP-SBJ ( DT The ) ( CD three ) ( NNS units ) ) ( VP ( VBD had ) ( NP ( NP ( JJ combined ) ( CD 1988 ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 904 ) ( CD million ) ) ) ) ) ) )

The three units had combined 1988 sales of about 904 million


( S ( NP-SBJ ( DT The ) ( CD three ) ( NNS units ) ) ( VP ( VBD contributed ) ( NP ( NP ( QP ( RB about ) ( DT a ) ( NN third ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Emhart ) ( POS 's ) ) ( JJ total ) ( NNS sales ) ) ) ) ) )

The three units contributed about a third of Emhart 's total sales


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD had ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB sell ) ( NP ( CD two ) ( JJ other ) ( JJ undisclosed ) ( NNP Emhart ) ( NNS operations ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD received ) ( NP ( DT the ) ( JJ right ) ( NN price ) ) ) ) ) ) ) ) ) ) ) )

In addition Black & Decker had said it would sell two other undisclosed Emhart operations if it received the right price


( S ( NP-SBJ ( NNP Bostic ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RB previously ) ( JJ unnamed ) ) ( NNS units ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ first ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD five ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ) ) ) ) ) ) ) ) )

Bostic is one of the previously unnamed units and the first of the five to be sold


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( VP ( VBG negotiating ) ( NP ( NP ( DT the ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ other ) ( CD four ) ( NNS units ) ) ) ) ) ) ( CC and ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB announce ) ( NP ( NNS agreements ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) )

The company is still negotiating the sales of the other four units and expects to announce agreements by the end of the year


( S ( NP-SBJ ( DT The ) ( CD five ) ( NNS units ) ) ( VP ( VBD generated ) ( NP ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 1.3 ) ( CD billion ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( NP-1 ( NP ( QP ( RB almost ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Emhart ) ( POS 's ) ) ( ADJP ( QP ( CD 2.3 ) ( CD billion ) ) ) ( NN revenue ) ) ) ) ) )

The five units generated sales of about 1.3 billion in 1988 almost half of Emhart 's 2.3 billion revenue


( S ( NP-SBJ ( NNP Bostic ) ) ( VP ( VBD posted ) ( NP ( NP ( CD 1988 ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 255 ) ( CD million ) ) ) ) ) ) )

Bostic posted 1988 sales of 255 million


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP$ Our ) ( NN divestiture ) ( NN program ) ) ( VP ( VBZ is ) ( PP-PRD ( IN on ) ( NP ( NN schedule ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ confident ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB achieve ) ( NP ( NP ( PRP$ our ) ( JJ stated ) ( NN goal ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB over ) ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ net ) ( NNS proceeds ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Nolan ) ( NNP D. ) ( NNP Archibald ) ) ( NP ( NP ( NNP Black ) ( CC & ) ( NNP Decker ) ( POS 's ) ) ( NX ( NX ( NN president ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) )

Our divestiture program is on schedule and we remain confident that we will achieve our stated goal of over 1 billion in net proceeds said Nolan D. Archibald Black & Decker 's president and chief executive officer in a statement


( S ( NP-SBJ ( DT The ) ( NNS sales ) ) ( VP ( VBP are ) ( NP-PRD ( DT an ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB quell ) ( NP ( NP ( NN investor ) ( NN concern ) ) ( PP ( IN about ) ( NP ( NP ( NP ( NNP Black ) ( CC & ) ( NNP Decker ) ( POS 's ) ) ( JJ increased ) ( NN debt ) ( NN burden ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Emhart ) ( NN purchase ) ) ) ) ) ) ) ) ) ) ) )

The sales are an attempt to quell investor concern about Black & Decker 's increased debt burden from the Emhart purchase


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD plunged ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB first ) ) ( VP ( VBD announced ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Emhart ) ) ) ) ) ) ) ) ) ) ) ) )

The company 's stock plunged when it first announced that it planned to acquire Emhart


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ maintains ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB expect ) ( S ( NP-SBJ ( NNP Emhart ) ) ( VP ( TO to ) ( VP ( VB contribute ) ( PP-CLR ( TO to ) ( NP ( NNS earnings ) ) ) ( PP-TMP ( IN for ) ( NP ( RB about ) ( DT another ) ( CD 12 ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) )

The company maintains that it does n't expect Emhart to contribute to earnings for about another 12 months


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 19.75 ) ) ) ( NP-TMP ( NN yesterday ) ) ( ADVP ( RB down ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In composite trading on the New York Stock Exchange Black & Decker closed at 19.75 yesterday down 25 cents


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB announce ) ( NP ( DT the ) ( NN sale ) ) ( PP-TMP ( IN until ) ( PP ( IN after ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) )

The company did n't announce the sale until after the close of the market


( S ( NP-SBJ ( NP ( NNP HEALTHDYNE ) ( NNP Inc. ) ) ( NP-LOC ( NNP Atlanta ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN subsidiary ) ) ( NP ( NNP Home ) ( NNP Nutritional ) ( NNP Services ) ( NNP Inc. ) ) ) ( VP ( VBD registered ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ( NP ( NP ( DT an ) ( JJ initial ) ( JJ public ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD four ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ common ) ) ) ) ) ) ) ) ) ) )

HEALTHDYNE Inc. Atlanta said its subsidiary Home Nutritional Services Inc. registered with the Securities and Exchange Commission an initial public offering of four million shares of common


( S ( NP-SBJ ( DT The ) ( JJ in-home ) ( NN health ) ( NN care ) ( NNS services ) ( NN provider ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 1.8 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NNS shares ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Home ) ( NNP Nutritional ) ( NNP Services ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( DT the ) ( VBG remaining ) ( QP ( CD 2.2 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )

The in-home health care services provider said it will sell 1.8 million of the new shares while Home Nutritional Services will sell the remaining 2.2 million


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ estimates ) ( NP ( DT the ) ( NN offering ) ( NN price ) ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( IN between ) ( CD 14 ) ( CC and ) ( CD 16 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

The company estimates the offering price at between 14 and 16 a share


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( DT the ) ( NNS proceeds ) ) ( UCP-CLR ( S ( VP ( TO to ) ( VP ( VB repay ) ( NP ( JJ certain ) ( NN bank ) ( NN debt ) ) ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( NP ( JJ general ) ( JJ corporate ) ( NNS purposes ) ) ( PP ( VBG including ) ( NP ( S-NOM ( VP ( VBG establishing ) ( NP ( JJ new ) ( NN operating ) ( NNS centers ) ) ) ) ( CC and ) ( NP ( JJ possible ) ( NNS acquisitions ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said it expects to use the proceeds to repay certain bank debt and for general corporate purposes including establishing new operating centers and possible acquisitions


( S ( NP-SBJ ( NNP Home ) ( NNP Nutritional ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 10 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

Home Nutritional currently has 10 million shares outstanding


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( QP ( CD 11.8 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN offering ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NNP Healthdyne ) ) ( VP ( VBG owning ) ( NP ( NP ( QP ( RB about ) ( CD 65 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN total ) ) ) ) ) ) ) ) ) )

It will have 11.8 million shares outstanding after the offering with Healthdyne owning about 65 % of the total


( S ( NP-SBJ-1 ( NP ( NNP Michael ) ( NNP Grobstein ) ) ( ADJP ( NP ( CD 46 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN for ) ( NP ( NN planning ) ( NN marketing ) ( CC and ) ( NN industry ) ( NNS services ) ) ) ) ( NP ( DT a ) ( JJ new ) ( NN post ) ) ) ) ) ) )

Michael Grobstein 46 years old was named vice chairman for planning marketing and industry services a new post


( S ( NP-SBJ ( NNP Mr. ) ( NNP Grobstein ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ernst ) ( CC & ) ( NNP Whinney ) ) ( NP ( NP ( DT an ) ( NN accounting ) ( NN firm ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD merged ) ( PP-CLR ( IN with ) ( NP ( NN rival ) ( NNP Arthur ) ( NNP Young ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB form ) ( NP ( NP ( NNP Ernst ) ( CC & ) ( NNP Young ) ) ( NP ( DT a ) ( JJ major ) ( NN accounting ) ( NN tax ) ( CC and ) ( NN management ) ( NN consulting ) ( NN firm ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Grobstein had been a vice chairman of Ernst & Whinney an accounting firm that merged with rival Arthur Young in July to form Ernst & Young a major accounting tax and management consulting firm


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Grobstein ) ( POS 's ) ) ( NN appointment ) ) ( VP ( VBZ formalizes ) ( NP ( NP ( DT a ) ( NN role ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG performing ) ( PP-PRP ( IN since ) ( NP ( DT the ) ( NN merger ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) )

Mr. Grobstein 's appointment formalizes a role he has been performing since the merger a spokeswoman said


( S ( NP-SBJ ( NNP CMS ) ( NNP ENERGY ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN management ) ) ( VP ( MD would ) ( VP ( VB recommend ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( NN board ) ) ) ( NP-TMP ( NN today ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ common ) ( NN stock ) ( NN dividend ) ) ( VP ( VB be ) ( VP ( VBN reinstated ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJ modest ) ( NN level ) ) ) ( NP-TMP ( RB later ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) )

CMS ENERGY Corp. said management would recommend to its board today that its common stock dividend be reinstated at a modest level later this year


( S ( NP-SBJ-1 ( DT The ) ( NAC-LOC ( NNP Dearborn ) ( NNP Mich. ) ) ( NN energy ) ( NN company ) ) ( VP ( VBD stopped ) ( S ( VP ( VBG paying ) ( NP ( DT a ) ( NN dividend ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1984 ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS troubles ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNP Midland ) ( JJ nuclear ) ( NN plant ) ) ) ) ) ) )

The Dearborn Mich. energy company stopped paying a dividend in the third quarter of 1984 because of troubles at its Midland nuclear plant


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP CMS ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ third-quarter ) ( NN net ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 68.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 83 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 66.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 81 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) )

In addition CMS reported third-quarter net of 68.2 million or 83 cents a share up from 66.8 million or 81 cents a share a year ago


( S ( NP-SBJ ( NP ( DT The ) ( VBG growing ) ( NN crowd ) ) ( PP ( IN of ) ( NP ( JJ Japanese ) ( NNS investors ) ) ) ( VP ( VBG buying ) ( PRT ( RP up ) ) ( NP ( JJ foreign ) ( NNS companies ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( RB all ) ( NP-PRD ( NP ( JJ strait-laced ) ( NNS businessmen ) ) ( PP-LOC ( IN in ) ( NP ( JJ dark ) ( NNS suits ) ) ) ) ) )

The growing crowd of Japanese investors buying up foreign companies are n't all strait-laced businessmen in dark suits


( S ( NP-SBJ ( NP ( NNP Yasumichi ) ( NNP Morishita ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN art ) ( NN gallery ) ) ( S ( NP-TMP ( JJ last ) ( NN month ) ) ( VP ( VBD became ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN shareholder ) ) ( PP ( IN in ) ( NP ( NP ( NNP Christies ) ( NNP International ) ( NNP PLC ) ) ( NP ( DT the ) ( NNP London ) ( NN auction ) ( NN house ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ( NN man ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ does ) ( RB n't ) ( VP ( VB fit ) ( NP ( DT the ) ( NN mold ) ) ) ) ) ) ) ) )

Yasumichi Morishita whose art gallery last month became a major shareholder in Christies International PLC the London auction house is one man who does n't fit the mold


( S ( PP-LOC ( IN In ) ( NP ( NNP Japan ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ 's ) ( VP ( VBN known ) ( PP-LOC ( IN in ) ( NP ( JJ racy ) ( JJ weekly ) ( NNS magazines ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NNP King ) ) ( PP ( IN of ) ( NP ( NNP Shady ) ( NNP Money ) ) ) ) ) ) ) )

In Japan he 's known in racy weekly magazines as the King of Shady Money


( S ( PP ( IN If ) ( NP ( NP ( NN nothing ) ) ( ADJP ( RB else ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN 57-year-old ) ( POS 's ) ) ( NN past ) ) ( VP ( VBZ has ) ( NP ( NP ( PRP$ its ) ( NN share ) ) ( PP ( IN of ) ( NP ( NNS dents ) ) ) ) ) )

If nothing else the 57-year-old 's past has its share of dents


( S ( ADVP-TMP ( NP ( QP ( RB Nearly ) ( CD 20 ) ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Morishita ) ) ( NP ( NP ( NN founder ) ( CC and ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Aichi ) ( NNP Corp. ) ) ( NP ( DT a ) ( NN finance ) ( NN company ) ) ) ) ) ) ( VP ( VBD received ) ( NP ( DT a ) ( JJ 10-month ) ( JJ suspended ) ( NN sentence ) ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NNP Tokyo ) ( NN court ) ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG violating ) ( NP ( NP ( DT a ) ( JJ money-lending ) ( NN law ) ) ( CC and ) ( NP ( DT an ) ( NN income ) ( NN tax ) ( NN law ) ) ) ) ) ) ) )

Nearly 20 years ago Mr. Morishita founder and chairman of Aichi Corp. a finance company received a 10-month suspended sentence from a Tokyo court for violating a money-lending law and an income tax law


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD was ) ( VP ( VBN convicted ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG charging ) ( NP ( NP ( NN interest ) ( NNS rates ) ) ( ADJP ( ADJP ( RB much ) ( JJR higher ) ) ( PP ( IN than ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN law ) ) ( VP ( VBD permitted ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB evade ) ( NP ( NN income ) ( NNS taxes ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG using ) ( NP ( DT a ) ( JJ double ) ( NN accounting ) ( NN system ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He was convicted of charging interest rates much higher than what the law permitted and attempting to evade income taxes by using a double accounting system


( S ( NP-SBJ ( PRP He ) ) ( VP ( POS 's ) ( VP ( VBD had ) ( NP ( NP ( JJ other ) ( NNS brushes ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN law ) ) ) ) ) ) )

He 's had other brushes with the law


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD was ) ( VP ( VBN arrested ) ( PRN ( ADVP ( IN though ) ) ( RB not ) ( VP ( VBN indicted ) ) ) ( PP ( IN on ) ( NP ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( JJ other ) ( NNS occasions ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD '60s ) ( CC and ) ( CD '70s ) ) ) ( PP-CLR ( PP ( IN for ) ( NP ( NP ( NN assault ) ) ( CC and ) ( NP ( JJ unlawful ) ( NN confinement ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NN fraud ) ) ( CC and ) ( NP ( NP ( NN forgery ) ) ( PP ( IN of ) ( NP ( JJ private ) ( NNS documents ) ) ) ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( NN extortion ) ) ) ) ) ) )

He was arrested though not indicted on at least three other occasions in the '60s and '70s for assault and unlawful confinement for fraud and forgery of private documents and for extortion


( S ( NP-SBJ ( NNP Christies ) ) ( VP ( VBZ says ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( NP ( NP ( DT no ) ( NN contact ) ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP Morishita ) ) ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NN stock ) ( NN purchase ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ happy ) ( S ( VP ( TO to ) ( VP ( VB deal ) ( PP-CLR ( IN with ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) )

Christies says it has had no contact with Mr. Morishita since the stock purchase but that it 's happy to deal with him


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP like ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( PRP$ our ) ( JJ own ) ( NNS judgments ) ) ( PP ( IN about ) ( NP ( NNP Mr. ) ( NNP Morishita ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Christopher ) ( NNP Davidge ) ) ( NP ( NP ( NNP Christies ) ( POS ' ) ) ( NN group ) ( VBG managing ) ( NN director ) ) ) )

We like to make our own judgments about Mr. Morishita says Christopher Davidge Christies ' group managing director


( S ( NP-SBJ ( NNS People ) ) ( VP ( VBP have ) ( NP ( DT a ) ( JJ different ) ( NN reputation ) ) ( NP-ADV ( NP ( NN country ) ) ( PP ( IN by ) ( NP ( NN country ) ) ) ) ) )

People have a different reputation country by country


( S ( NP-SBJ ( NNP Mr. ) ( NNP Morishita ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ leading ) ( NN figure ) ) ( PP-LOC ( IN among ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( CD 38,000 ) ( NX ( NX ( NX ( FW machikin ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP lend ) ( PP-CLR ( TO to ) ( NP ( JJ small ) ( NNS companies ) ) ) ) ) ) ) ( CC and ) ( NX ( NX ( FW sarakin ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP lend ) ( PP-CLR ( TO to ) ( NP ( NNS individuals ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Morishita is a leading figure among Japan 's 38,000 machikin which lend to small companies and sarakin which lend to individuals


( S ( NP-SBJ-1 ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS financiers ) ) ) ) ( VP ( VBP lend ) ( ADVP-MNR ( RB freely ) ) ( PP-MNR ( ADVP-TMP ( RB often ) ) ( IN without ) ( S-NOM ( VP ( VBG demanding ) ( NP ( NN collateral ) ) ) ) ) ) )

Many of these financiers lend freely often without demanding collateral


( SINV ( S-TPC-2 ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN interest ) ( NNS rates ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP charge ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB often ) ) ( PP-LOC-PRD ( IN near ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( ADJP ( CD 54.75 ) ( NN % ) ) ( JJ legal ) ( NN limit ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kenji ) ( NNP Utsunomiya ) ) ( NP ( NP ( DT a ) ( NN lawyer ) ) ( VP ( VBG specializing ) ( PP-CLR ( IN in ) ( NP ( NN loan ) ( NNS troubles ) ) ) ) ) ) )

But the interest rates they charge are often near Japan 's 54.75 % legal limit says Kenji Utsunomiya a lawyer specializing in loan troubles


( S-1 ( NP-SBJ ( NNP Aichi ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( FW machikin ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Utsunomiya ) ) ( VP ( VBZ says ) ) ) ) ( CC and ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ nasty ) ( NNS ones ) ) ) ) ) ) )

Aichi is a machikin Mr. Utsunomiya says and one of the nasty ones


( S ( PP-LOC ( IN In ) ( S-NOM ( VP ( VBG describing ) ( NP ( DT that ) ( NN business ) ) ( PP-MNR ( IN in ) ( ADJP ( JJ general ) ) ) ) ) ) ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN client ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB repay ) ( NP ( DT the ) ( NN loan ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( FW machikin ) ) ( VP ( VP ( VBP clutch ) ( PRT ( RP on ) ) ( PP-MNR ( IN like ) ( NP ( NNS hyenas ) ) ) ) ( CC and ) ( VP ( ADVP ( RB even ) ) ( VBP take ) ( PRT ( RP over ) ) ( NP ( NP ( DT the ) ( NN client ) ( POS 's ) ) ( NN company ) ) ) ) ) ) ) )

In describing that business in general he says that when the client ca n't repay the loan some machikin clutch on like hyenas and even take over the client 's company


( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Morishita ) ( POS 's ) ) ( JJ new ) ( NN gallery ) ) ( NP ( NNP Aska ) ( NNP International ) ( NNP Ltd. ) ) ) ( VP ( VBD purchased ) ( NP ( NP ( CD 6.4 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Christies ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 33 ) ( CD million ) ) ) ( PRN ( NP ( QP ( CD 53.3 ) ( CD million ) ) ) ) ) ) ) )

Last month Mr. Morishita 's new gallery Aska International Ltd. purchased 6.4 % of Christies for 33 million 53.3 million


( S ( S-ADV ( VP ( VBN Acquired ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Carisbrook ) ( NNP Holdings ) ( NNP U.K. ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( NN company ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( JJ Australian ) ( NN financier ) ( NNP Robert ) ( NNP Holmes ) ( DT a ) ( NNP Court ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN stake ) ) ( VP ( VBD was ) ( ADVP ( RB apparently ) ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN kind ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Aska ) ) ( NP ( NP ( DT an ) ( NN entity ) ) ( ADJP ( JJ separate ) ( PP ( IN from ) ( NP ( NNP Aichi ) ) ) ) ) ) ) ) ) )

Acquired from Carisbrook Holdings U.K. Ltd. a company owned by Australian financier Robert Holmes a Court the stake was apparently the first of its kind for Aska an entity separate from Aichi


( S ( CC And ) ( NP-SBJ ( NP ( DT the ) ( NN acquisition ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD made ) ( S ( NP-SBJ ( NNP Aska ) ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP Christies ) ( POS ' ) ) ( JJ top ) ( CD five ) ( NNS shareholders ) ) ) ) ) ) ) ) ) ( VP ( VBD left ) ( S ( NP-SBJ ( JJ many ) ( NNS people ) ) ( VP ( VBG wondering ) ( SBAR ( SBAR ( WHNP-2 ( WP who ) ) ( S ( NP-SBJ ( DT this ) ( NN man ) ) ( VP ( VBD was ) ) ) ) ( CC and ) ( SBAR ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( PRP$ his ) ( NNS intentions ) ) ( VP ( VBD were ) ) ) ) ) ) ) ) )

And the acquisition which made Aska one of Christies ' top five shareholders left many people wondering who this man was and what his intentions were


( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( NP-PRD ( DT an ) ( NN investor ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Morishita ) ) ( VP ( VBZ says ) ( S-ADV ( VP ( VBG sitting ) ( PRT ( RP back ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ his ) ( JJ purple ) ( NN gallery ) ) ( VP ( VBN filled ) ( PP-CLR ( IN with ) ( NP ( QP ( DT some ) ( CD 20 ) ) ( NNPS Monets ) ( CC and ) ( NNPS Renoirs ) ) ) ) ) ) ) ) ) )

We 're an investor Mr. Morishita says sitting back in his purple gallery filled with some 20 Monets and Renoirs


( S ( PP ( IN In ) ( NP ( DT the ) ( JJ long ) ( NN run ) ) ) ( NP-SBJ ( DT the ) ( NN stock ) ( NNS prices ) ) ( VP ( MD will ) ( VP ( VB go ) ( ADVP-DIR ( RP up ) ) ) ) )

In the long run the stock prices will go up


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( RB not ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN whether ) ( S ( NP-SBJ-2 ( NNP Aska ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( JJR more ) ( NNS shares ) ) ) ) ) ) ) ) ) )

It 's not clear whether Aska plans to buy more shares


( S-2 ( CC But ) ( NP-SBJ-1 ( NNP Christies ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Morishita ) ) ( VP ( VBZ insists ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ happy ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( VB become ) ( NP ( DT a ) ( JJ long-term ) ( NN stockholder ) ) ) ) ) ) ) ) ) )

But Christies Mr. Morishita insists is happy to see him become a long-term stockholder


( S ( NP-SBJ ( NNP Mr. ) ( NNP Morishita ) ) ( VP ( VBZ considers ) ( S ( NP-SBJ ( PRP himself ) ) ( NP-PRD ( NP ( DT a ) ( NN connoisseur ) ) ( PP ( IN of ) ( NP ( NN art ) ) ) ) ) ) )

Mr. Morishita considers himself a connoisseur of art


( S-3 ( PP-TMP ( IN In ) ( NP ( NP ( CD 30 ) ( NNS years ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG collecting ) ( NP ( ADJP ( JJ impressionist ) ( CC and ) ( JJ Japanese ) ) ( NNS paintings ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN acquired ) ( NP ( NP ( CD 600 ) ( NNS items ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( ADJP ( JJ enough ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB persuade ) ( NP-2 ( PRP him ) ) ( S ( VP ( TO to ) ( VP ( VB start ) ( NP ( DT a ) ( NN museum ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) )

In 30 years of collecting impressionist and Japanese paintings he has acquired 600 items he says enough to persuade him to start a museum next year


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD spent ) ( NP ( QP ( CD 300 ) ( CD million ) ) ) ( PP-CLR ( IN on ) ( NP ( PRP$ his ) ( NN art ) ( NN business ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) )

He says he spent 300 million on his art business this year


( S ( ADVP-TMP ( NP ( DT A ) ( NN week ) ) ( RB ago ) ) ( NP-SBJ-1 ( PRP$ his ) ( NN gallery ) ) ( VP ( VBD racked ) ( PRT ( RP up ) ) ( NP ( DT a ) ( ADJP ( QP ( CD 23 ) ( CD million ) ) ) ( NN tab ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NP ( NNP Sotheby ) ( POS 's ) ) ( NN auction ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( S-MNR ( VP ( VBG buying ) ( NP ( NP ( CD seven ) ( NNS works ) ) ( PP ( VBG including ) ( NP ( DT a ) ( NNP Picasso ) ) ) ) ) ) ) )

A week ago his gallery racked up a 23 million tab at a Sotheby 's auction in New York buying seven works including a Picasso


( SINV ( S-TPC-1 ( NP-SBJ ( PRP He ) ) ( VP ( VBZ makes ) ( NP ( JJ snap ) ( NNS judgments ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kiyotaka ) ( NNP Kori ) ) ( RRC ( NP ( NP ( NP ( DT the ) ( NN art ) ( NN gallery ) ( POS 's ) ) ( NN manager ) ) ( CC and ) ( NP ( NP ( NNP Mr. ) ( NNP Morishita ) ( POS 's ) ) ( NN secretary ) ) ) ( PP-TMP ( IN for ) ( NP ( QP ( RBR more ) ( IN than ) ( CD seven ) ) ( NNS years ) ) ) ) ) )

He makes snap judgments says Kiyotaka Kori the art gallery 's manager and Mr. Morishita 's secretary for more than seven years


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Morishita ) ( POS 's ) ) ( JJ main ) ( NN business ) ) ( ADVP ( RB certainly ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG thriving ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB disclose ) ( NP ( NNS numbers ) ) ) ) ) ) ) )

Mr. Morishita 's main business certainly appears to be thriving although he wo n't disclose numbers


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( NNP Teikoku ) ( NNP Data ) ( NNP Bank ) ( NNP Ltd. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ tracks ) ( NP ( NN company ) ( NNS earnings ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Aichi ) ( POS 's ) ) ( NN revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 15 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 49.3 ) ( CD billion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 348.4 ) ( CD million ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP February ) ) ) ) ) ) )

According to Teikoku Data Bank Ltd. which tracks company earnings Aichi 's revenue rose 15 % to 49.3 billion yen 348.4 million in the year ended February


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD doubled ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) )

Revenue doubled from two years ago


( FRAG ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( NNS results ) ) ( ADVP-MNR ( RB correctly ) ) ) ) ) )

That is if the company reported results correctly


( S ( NP-SBJ ( NP ( DT The ) ( NNP Asahi ) ( NNP Shimbun ) ) ( NP ( DT a ) ( JJ Japanese ) ( JJ daily ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS Aichi ) ) ( VP ( VBD revised ) ( NP ( PRP$ its ) ( NN tax ) ( NNS calculations ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN challenged ) ( PP-CLR ( IN for ) ( S-NOM ( ADVP ( RB allegedly ) ) ( VP ( VBG failing ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN income ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NN tax ) ( NNS authorities ) ) ) ( PP-TMP ( IN over ) ( NP ( DT a ) ( JJ two-year ) ( NN period ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Asahi Shimbun a Japanese daily last month reported that Aichi revised its tax calculations after being challenged for allegedly failing to report all of its income to tax authorities over a two-year period


( S ( S ( NP-SBJ-1 ( DT The ) ( NNP Tokyo ) ( NNP Regional ) ( NNP Taxation ) ( NNP Office ) ) ( VP ( VBZ declines ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Kori ) ) ( NP ( NP ( DT the ) ( NN tycoon ) ( POS 's ) ) ( NN secretary ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN problem ) ) ( ADVP ( RB simply ) ) ( VP ( VBD resulted ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN difference ) ) ( PP ( IN of ) ( NP ( NN opinion ) ) ) ( PP ( IN over ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( VP ( VBD was ) ( VP ( VBN considered ) ( S ( NP-PRD ( NN income ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Tokyo Regional Taxation Office declines to comment and Mr. Kori the tycoon 's secretary says the problem simply resulted from a difference of opinion over what was considered income


( S ( NP-SBJ ( DT The ) ( JJ small ) ( JJ wiry ) ( NNP Mr. ) ( NNP Morishita ) ) ( VP ( VBZ comes ) ( PRT ( RP across ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( JJ outspoken ) ( NN man ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) )

The small wiry Mr. Morishita comes across as an outspoken man of the world