( S ( NP-SBJ ( NP ( NNP Officials ) ) ( PP ( IN of ) ( NP ( NP ( NNP Vauxhall ) ( NNP Motors ) ( NNP Ltd. ) ) ( NP ( NP ( NNP GM ) ( POS 's ) ) ( JJ British ) ( NN unit ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBG meeting ) ( PP-CLR ( IN with ) ( NP ( NN union ) ( NNS leaders ) ) ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( PP ( IN in ) ( NP ( NP ( NNS hopes ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG winning ) ( NP ( JJ such ) ( DT an ) ( NN accord ) ) ) ) ) ) ) ) ) )

Officials of Vauxhall Motors Ltd. GM 's British unit were meeting with union leaders late yesterday in hopes of winning such an accord


( S ( NP-SBJ ( DT The ) ( NN engine ) ( NN plant ) ) ( VP ( MD may ) ( VP ( VB encompass ) ( NP ( NP ( NNS plans ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ joint ) ( NNS components ) ( NN venture ) ) ( PP ( IN with ) ( NP ( NNP Jaguar ) ) ) ) ) ) ) ) )

The engine plant may encompass plans for a joint components venture with Jaguar


( S ( S-TPC-2 ( ADVP ( RB Alternatively ) ) ( NP-SBJ-1 ( DT a ) ( JJ separate ) ( NN engine ) ( NN plant ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN built ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP GM ) ( POS 's ) ) ( VBN planned ) ( NN tie-up ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ British ) ( NN luxury ) ( NN car ) ( NN maker ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS sources ) ) ( VP ( VBD said ) ) )

Alternatively a separate engine plant may be built as part of GM 's planned tie-up with the British luxury car maker the sources said


( S ( NP-SBJ ( NNS Sources ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT a ) ( ADJP ( JJ complex ) ( CC and ) ( VBN detailed ) ) ( NN announcement ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ joint ) ( NN agreement ) ) ( PP ( IN between ) ( NP ( NP ( NNP General ) ( NNP Motors ) ) ( CC and ) ( NP ( NNP Jaguar ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NNP Jaguar ) ) ) ( NP-TMP ( NP ( DT some ) ( NN time ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ next ) ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NNS weeks ) ) ) ) ) ) ) ) ) ) )

Sources said a complex and detailed announcement of a joint agreement between General Motors and Jaguar would be made by Jaguar some time in the next 2 1\/2 weeks


( S ( NP-SBJ ( NP ( NNP Sherwin-Williams ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Whittaker ) ( NNP Corp. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBN discontinued ) ( NP ( NP ( NNS talks ) ) ( PP ( IN toward ) ( NP ( NP ( DT a ) ( JJ definitive ) ( NN agreement ) ) ( PP ( VBG regarding ) ( NP ( NP ( NP ( NNP Sherwin-Williams ) ( POS ' ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( NNP Whittaker ) ( POS 's ) ) ( NN chemical ) ( NN coating ) ( NN group ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sherwin-Williams Co. and Whittaker Corp. said they 've discontinued talks toward a definitive agreement regarding Sherwin-Williams ' acquisition of Whittaker 's chemical coating group


( S ( NP-SBJ ( DT The ) ( NNS companies ) ) ( VP ( VBD reached ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN in ) ( NP ( NN principle ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN sale ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) )

The companies reached an agreement in principle for the sale in August


( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms were n't disclosed


( S ( NP-SBJ ( JJ Cleveland-based ) ( NNP Sherwin-Williams ) ) ( VP ( VBZ produces ) ( NP ( NNS paints ) ( CC and ) ( NNS coatings ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( ADJP ( NNP Los ) ( JJ Angeles-based ) ) ( NNP Whittaker ) ( NNS coatings ) ( NN group ) ) ( VP ( VBZ produces ) ( NP ( JJ industrial ) ( NNS coatings ) ) ) ) ) ) )

Cleveland-based Sherwin-Williams produces paints and coatings while the Los Angeles-based Whittaker coatings group produces industrial coatings


( S ( S ( NP-SBJ ( NP ( NNP Boeing ) ( NNP Co. ) ( POS 's ) ) ( JJ third-quarter ) ( NN profit ) ) ( VP ( VBD leaped ) ( NP-EXT ( CD 68 ) ( NN % ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NN attention ) ) ( VP ( VBD was ) ( VP ( VBN focused ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN picket ) ( NN line ) ) ( RB not ) ( NP ( DT the ) ( JJ bottom ) ( NN line ) ) ) ) ) ) ) )

Boeing Co. 's third-quarter profit leaped 68 % but Wall Street 's attention was focused on the picket line not the bottom line


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( DT the ) ( NNS earnings ) ( NN report ) ) ( VP ( VBD unfolded ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNS representatives ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( NN No. ) ( CD 1 ) ( NN jet ) ( NN maker ) ) ( CC and ) ( NP ( DT the ) ( JJ striking ) ( NNS Machinists ) ( NN union ) ) ) ) ) ( VP ( VBD came ) ( ADVP-DIR ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN negotiating ) ( NN table ) ) ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ their ) ( JJ first ) ( NN meeting ) ) ( PP-TMP ( IN in ) ( NP ( CD two ) ( NNS weeks ) ) ) ) ) ) ) ) ) )

In fact the earnings report unfolded as representatives of the world 's No. 1 jet maker and the striking Machinists union came back to the negotiating table for their first meeting in two weeks


( S ( NP-SBJ ( NP ( NNP Doug ) ( NNP Hammond ) ) ( NP ( NP ( DT the ) ( JJ federal ) ( NN mediator ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Seattle ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( VBG Boeing ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( DT the ) ( NNS parties ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB sit ) ( PRT ( RP down ) ) ( ADVP-TMP ( RB daily ) ) ( SBAR-TMP ( IN until ) ( S ( S ( NP-SBJ ( DT a ) ( JJ new ) ( NN settlement ) ( NN proposal ) ) ( VP ( VBZ emerges ) ) ) ( CC or ) ( S ( NP-SBJ ( DT the ) ( NNS talks ) ) ( VP ( VBP break ) ( PRT ( RP off ) ) ( ADVP ( RB again ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Doug Hammond the federal mediator in Seattle where Boeing is based said the parties will continue to sit down daily until a new settlement proposal emerges or the talks break off again


( S ( PP ( IN Despite ) ( NP ( DT the ) ( NN progress ) ) ) ( NP-SBJ ( VBG Boeing ) ) ( VP ( VBD indicated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN work ) ( NN stoppage ) ) ( PRN ( ADVP-TMP ( RB now ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( JJ 27th ) ( NN day ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ serious ) ( JJ adverse ) ( NN impact ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ current ) ( NN quarter ) ) ) ) ) ) ) ) ) )

Despite the progress Boeing indicated that the work stoppage now in its 27th day will have a serious adverse impact on the current quarter


( S ( PP ( IN For ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NN net ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 242 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.05 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 144 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 63 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

For the third quarter net rose to 242 million or 1.05 a share from 144 million or 63 cents a share


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 71 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 6.36 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 3.72 ) ( CD billion ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD capitalized ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ ravenous ) ( JJ global ) ( NN demand ) ) ( PP ( IN for ) ( NP ( JJ commercial ) ( NNS airliners ) ) ) ) ) ) ) ) ) )

Sales climbed 71 % to 6.36 billion from 3.72 billion as the company capitalized on the ravenous global demand for commercial airliners


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ impossible ) ) ( S-3 ( VP ( TO to ) ( VP ( VB gauge ) ( SBAR ( WHADVP-2 ( WRB how ) ( JJ long ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN walkout ) ) ( PP ( IN by ) ( NP ( CD 55,000 ) ( NNS Machinists ) ( NN rank ) ( CC and ) ( NN file ) ) ) ) ( VP ( MD will ) ( VP ( VB last ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( JJ precise ) ( NN impact ) ) ( PP ( IN on ) ( NP ( NP ( VBG Boeing ) ( POS 's ) ) ( NX ( NX ( NNS sales ) ) ( NX ( NNS earnings ) ) ( NX ( NN cash ) ( NN flow ) ) ( CC and ) ( NX ( JJ short-term ) ( NN investment ) ( NN position ) ) ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN determined ) ) ) ) )

Because it 's impossible to gauge how long the walkout by 55,000 Machinists rank and file will last the precise impact on Boeing 's sales earnings cash flow and short-term investment position could n't be determined


( S ( NP-SBJ ( DT The ) ( NN investment ) ( NN community ) ) ( ADVP ( RB however ) ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBZ believes ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN strike ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN settled ) ( SBAR-TMP ( RB before ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT any ) ( JJ lasting ) ( NN effect ) ) ( PP ( IN on ) ( NP ( CC either ) ( NP ( NNP Boeing ) ) ( CC or ) ( NP ( PRP$ its ) ( NN work ) ( NN force ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The investment community however strongly believes that the strike will be settled before there is any lasting effect on either Boeing or its work force


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( JJ total ) ( JJ firm ) ( NN backlog ) ) ( PP ( IN of ) ( NP ( JJ unfilled ) ( NNS orders ) ) ) ( PP-TMP ( IN at ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ( VP ( VBD stood ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJ mighty ) ( QP ( CD 69.1 ) ( CD billion ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 53.6 ) ( CD billion ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( X ( PP ( IN of ) ) ) ) ) ) ) ) ) )

The company 's total firm backlog of unfilled orders at Sept. 30 stood at a mighty 69.1 billion compared with 53.6 billion at the end of


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD could ) ( VP ( VB see ) ( S ( NP-SBJ ( JJ fourth-quarter ) ( NN revenue ) ) ( VP ( VB shrink ) ( PP-EXT ( IN by ) ( NP ( QP ( RB nearly ) ( CD 5 ) ( CD billion ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB deliver ) ( NP ( ADJP ( DT any ) ( JJR more ) ) ( NNS planes ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT those ) ( NNS dollars ) ) ( ADVP ( RB actually ) ) ( VP ( MD would ) ( ADVP ( RB just ) ) ( VP ( VB be ) ( VP ( VBN deferred ) ( PP-TMP ( IN until ) ( NP ( CD 1990 ) ) ) ) ) ) )

Although the company could see fourth-quarter revenue shrink by nearly 5 billion if it is n't able to deliver any more planes this year those dollars actually would just be deferred until 1990


( S ( CC And ) ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ certain ) ( S ( VP ( TO to ) ( VP ( VB get ) ( PRT ( RP out ) ) ( NP ( DT some ) ( NN aircraft ) ) ( SBAR-MNR ( IN with ) ( S ( ADVP ( JJ just ) ) ( NP-SBJ ( NP ( NNS supervisors ) ) ( CC and ) ( NP ( JJ other ) ( JJ non-striking ) ( NNS employees ) ) ) ( PP-PRD ( IN on ) ( NP ( NN hand ) ) ) ) ) ) ) ) ) ) )

And the company is certain to get out some aircraft with just supervisors and other non-striking employees on hand


( S ( SBAR-TMP ( IN Before ) ( S ( S ( NP-SBJ ( DT the ) ( NN union ) ) ( VP ( VBD rejected ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN offer ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN strike ) ) ( VP ( VBD was ) ( VP ( VBN launched ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN graveyard ) ( NN shift ) ) ( PP ( IN of ) ( NP ( NNP Oct. ) ( CD 4 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Boeing ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG counting ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG turning ) ( NP ( CD 96 ) ( NN aircraft ) ) ( PP-DIR ( RB out ) ( NP ( DT the ) ( NN door ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ present ) ( NN period ) ) ) ) ) ) ) ) ) )

Before the union rejected the company 's offer and the strike was launched with the graveyard shift of Oct. 4 Boeing had been counting on turning 96 aircraft out the door in the present period


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD included ) ( NP ( NP ( CD 21 ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ 747-400 ) ( JJ jumbo ) ( NNS jets ) ) ( NP ( PRP$ its ) ( ADJP ( RBS most ) ( JJ successful ) ) ( NN product ) ) ) ) ) ) )

That included 21 of the company 's 747-400 jumbo jets its most successful product


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( RB not ) ( NP-PRD ( DT a ) ( JJ pretty ) ( NN picture ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Smith ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Raymond ) ( NNP James ) ( CC & ) ( NNP Associates ) ) ) ) ) )

It 's not a pretty picture said David Smith an analyst with Raymond James & Associates


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( ADVP ( RB just ) ) ( VP ( VB mean ) ( NP ( DT a ) ( JJ great ) ( ADJP ( JJ first ) ( CC and ) ( JJ second ) ) ( NN quarter ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) )

But it would just mean a great first and second quarter next year


( S ( NP-SBJ ( NP ( NNP Phillip ) ( NNP Brannon ) ) ( PP ( IN of ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ) ) ( VP ( VBD added ) ( S ( NP-SBJ-1 ( PRP You ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VP ( VB minimize ) ( NP ( DT this ) ) ) ( CC and ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( NN nobody ) ) ( VP ( VBZ is ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Phillip Brannon of Merrill Lynch Capital Markets added You do n't want to minimize this and say nobody is looking at it


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN strike ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN gone ) ( PRT ( RP on ) ) ( ADVP-TMP ( RB long ) ( RB enough ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNP Boeing ) ) ( VP ( TO to ) ( VP ( VB lose ) ( NP ( NN business ) ) ( PP ( IN in ) ( NP ( DT any ) ( JJ real ) ( NN sense ) ) ) ) ) ) ) ) ) ) )

But the strike has n't gone on long enough for Boeing to lose business in any real sense


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( JJ primary ) ( NN reason ) ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN share ) ( NN price ) ) ( VP ( VBZ has ) ( VP ( VBN held ) ( PRT ( RP up ) ) ( ADVP-MNR ( RB so ) ( RB well ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( PRN ( PP ( IN in ) ( NP ( NP ( NNP Mr. ) ( NNP Smith ) ( POS 's ) ) ( NNS words ) ) ) ) ( S ( NP-SBJ ( JJS most ) ( NNS companies ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN unraveled ) ( PP-TMP ( IN by ) ( ADVP ( RB now ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That 's the primary reason the company 's share price has held up so well when in Mr. Smith 's words most companies would have unraveled by now


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Boeing ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 54.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB off ) ( NP ( DT a ) ( JJ scant ) ( CD 12.5 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading Boeing closed yesterday at 54.50 a share off a scant 12.5 cents


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NNP Boeing ) ) ( VP ( VP ( VBD went ) ( PP-DIR ( IN through ) ( NP ( PRP$ its ) ( JJ normal ) ( JJ verbal ) ( NNS gymnastics ) ) ) ) ( CC and ) ( VP ( VBD played ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN downside ) ) ) ) )

Still Boeing went through its normal verbal gymnastics and played up the downside


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN statement ) ) ) ( NP-SBJ ( NNP Chairman ) ( NNP Frank ) ( NNP Shrontz ) ) ( VP ( VBD asserted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ faces ) ( NP ( JJ significant ) ( NNS challenges ) ( CC and ) ( NNS risks ) ) ( PP ( IN on ) ( NP ( DT both ) ( PRP$ its ) ( UCP ( NN commercial ) ( CC and ) ( NN government ) ) ( NNS contracts ) ) ) ) ) ) ) )

In a statement Chairman Frank Shrontz asserted that the company faces significant challenges and risks on both its commercial and government contracts


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NP ( VBG spending ) ) ( PP ( IN on ) ( NP ( NNP Pentagon ) ( NNS programs ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG shrinking ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Boeing ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CC either ) ( NP ( DT the ) ( JJ prime ) ( NN contractor ) ) ( CC or ) ( NP ( DT a ) ( JJ major ) ( NN supplier ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ many ) ( JJ important ) ( JJ military ) ( NNS projects ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( NNP B-2 ) ( NNP Stealth ) ( NN bomber ) ) ( NP ( DT the ) ( NNP V-22 ) ( NNP Osprey ) ( JJ tilt-rotor ) ( NN aircraft ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Air ) ( NNP Force ) ( POS 's ) ) ( JJ next-generation ) ( JJ tactical ) ( NN fighter ) ) ) ) ) ) ) ) ) ) ) ) )

For instance he noted that spending on Pentagon programs is shrinking and Boeing is either the prime contractor or a major supplier on many important military projects including the B-2 Stealth bomber the V-22 Osprey tilt-rotor aircraft and the Air Force 's next-generation tactical fighter


( S-1 ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( NN cost ) ( NNS overruns ) ) ( PP ( IN on ) ( NP ( JJ fixed-price ) ( JJ military ) ( NN work ) ) ) ) ) ( PRN ( NP-SBJ ( NNP Mr. ) ( NNP Shrontz ) ) ( VP ( VBD said ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN defense ) ( NN business ) ) ( VP ( MD will ) ( VP ( VB record ) ( NP ( DT a ) ( JJ significant ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ) ) )

Because of cost overruns on fixed-price military work Mr. Shrontz said the company 's defense business will record a significant loss in 1989


( S-2 ( ADVP ( RB Moreover ) ) ( PRN ( NP-SBJ ( NNP Mr. ) ( NNP Shrontz ) ) ( VP ( VBD added ) ) ) ( NP-SBJ ( NP ( JJ production-rate ) ( NNS increases ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN implemented ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( CD 737 ) ( CD 747 ) ( CD 757 ) ( CC and ) ( CD 767 ) ( NNS programs ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN resulted ) ( PP-CLR ( RP in ) ( NP ( JJ serious ) ( NN work ) ( NN force ) ( JJ skill-dilution ) ( NNS problems ) ) ) ) ) )

Moreover Mr. Shrontz added production-rate increases that have been implemented on the 737 747 757 and 767 programs have resulted in serious work force skill-dilution problems


( S ( NP-SBJ ( NNS Suppliers ) ( CC and ) ( NNS subcontractors ) ) ( VP ( VBP are ) ( VP ( VBG experiencing ) ( NP ( VBN heightened ) ( NN pressure ) ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( NN delivery ) ( NNS schedules ) ) ) ) ) ) ) ) )

Suppliers and subcontractors are experiencing heightened pressure to support delivery schedules


( S ( CC And ) ( PP ( IN of ) ( NP ( NN course ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT the ) ( JJ unsteady ) ( NN labor ) ( NN situation ) ) ) )

And of course there 's the unsteady labor situation


( S ( PP ( IN Besides ) ( NP ( DT the ) ( NNS Machinists ) ( NN pact ) ) ) ( NP-SBJ ( NP ( NNS accords ) ) ( VP ( VBG representing ) ( NP ( NP ( CD 30,000 ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( UCP ( NN engineering ) ( CC and ) ( JJ technical ) ) ( NNS employees ) ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP Puget ) ( NNP Sound ) ( CC and ) ( NAC-LOC ( NNP Wichita ) ( NNP Kan. ) ) ( NNS areas ) ) ) ) ) ) ( VP ( VBP expire ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( NNP December ) ) ) ) )

Besides the Machinists pact accords representing 30,000 of the company 's engineering and technical employees in the Puget Sound and Wichita Kan. areas expire in early December


( S ( ADVP ( RB Also ) ) ( NP-SBJ ( NP ( DT a ) ( NN contract ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP United ) ( NNP Auto ) ( NNP Workers ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN helicopter ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NNP Philadelphia ) ) ) ) ) ) ( VP ( VBD expired ) ( NP-TMP ( NNP Oct. ) ( CD 15 ) ) ) )

Also a contract with the United Auto Workers at the company 's helicopter plant in Philadelphia expired Oct. 15


( S ( NP-SBJ-1 ( NP ( DT This ) ( NN contract ) ) ( VP ( VBG covering ) ( NP ( QP ( RB about ) ( CD 3,000 ) ) ( JJ hourly ) ( NN production ) ( CC and ) ( NN maintenance ) ( NNS workers ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN extended ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( JJ day-to-day ) ( NN basis ) ) ) ) ) ) )

This contract covering about 3,000 hourly production and maintenance workers is being extended on a day-to-day basis


( S ( NP-SBJ ( DT The ) ( NNS Machinists ) ) ( VP ( VBD rejected ) ( NP ( NP ( DT a ) ( NN proposal ) ) ( VP ( VBG featuring ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN base ) ( NN wage ) ( NN increase ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN life ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ three-year ) ( NN contract ) ) ) ) ) ) ( CC plus ) ( NP ( NP ( NNS bonuses ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP-TMP ( DT the ) ( JJ first ) ( NN year ) ) ) ( CC and ) ( NP ( NP ( CD 3 ) ( NN % ) ) ( NP-TMP ( DT the ) ( JJ second ) ) ) ) ) ) ) ) ) ) )

The Machinists rejected a proposal featuring a 10 % base wage increase over the life of the three-year contract plus bonuses of 8 % the first year and 3 % the second


( S ( PP ( IN On ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ) ( NP-SBJ ( NNP Boeing ) ) ( VP ( MD would ) ( VP ( VB make ) ( NP ( NP ( JJ cost-of-living ) ( NNS adjustments ) ) ( VP ( VBN projected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( CD 5 ) ( NN % ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( NN year ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN contract ) ) ) ) ) ) ) ) ) ) ) ) ) )

On top of that Boeing would make cost-of-living adjustments projected to be 5 % for each year of the contract


( S ( NP-SBJ ( DT The ) ( NN union ) ) ( ADVP ( RB though ) ) ( VP ( VBZ has ) ( VP ( VBN called ) ( S ( NP-SBJ ( DT the ) ( NN offer ) ) ( ADJP-PRD ( JJ insulting ) ) ) ) ) )

The union though has called the offer insulting


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD reiterated ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VP ( NN reconfigure ) ( NP ( DT the ) ( NN package ) ) ) ( CC but ) ( RB not ) ( VP ( VB add ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN substance ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company reiterated yesterday that it 's willing to reconfigure the package but not add to the substance of it


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NP ( NNP Boeing ) ( POS 's ) ) ( NN net ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 36 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 598 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.60 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 440 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.92 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

For the nine months Boeing 's net increased 36 % to 598 million or 2.60 a share from 440 million or 1.92 a share


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD soared ) ( NP-EXT ( CD 28 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 15.43 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 12.09 ) ( CD billion ) ) ) ) ) )

Sales soared 28 % to 15.43 billion from 12.09 billion


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ separate ) ( NN matter ) ) ) ( NP-SBJ ( DT the ) ( NNP Justice ) ( NNP Department ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Boeing ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT the ) ( NN government ) ) ( NP ( QP ( CD 11 ) ( CD million ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB settle ) ( NP ( NNS claims ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NN company ) ) ( VP ( VBD provided ) ( NP ( JJ inaccurate ) ( NN cost ) ( NN information ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NNP Air ) ( NNP Force ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG negotiating ) ( NP ( NNS contracts ) ( S ( VP ( TO to ) ( VP ( VB replace ) ( NP ( NP ( DT the ) ( NN aluminum ) ( NNS skins ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP KC-135 ) ( NN tanker ) ( NN aircraft ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a separate matter the Justice Department yesterday said Boeing agreed to pay the government 11 million to settle claims that the company provided inaccurate cost information to the Air Force while negotiating contracts to replace the aluminum skins on the KC-135 tanker aircraft


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN settlement ) ) ( VP ( VBZ relates ) ( PP-CLR ( TO to ) ( NP ( NP ( CD four ) ( NNS contracts ) ) ( VP ( VBN negotiated ) ( PP-TMP ( PP ( IN from ) ( NP ( CD 1982 ) ) ) ( PP ( TO to ) ( NP ( CD 1985 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS prosecutors ) ) ( VP ( VBD said ) ) )

The settlement relates to four contracts negotiated from 1982 to 1985 prosecutors said


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN settlement ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN culmination ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( CD 2 ) ( JJ 1\/2-year ) ) ( NN investigation ) ) ( PP ( IN into ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN aluminum ) ( NN pricing ) ( NNS practices ) ) ) ( PP ( IN in ) ( NP ( NP ( NN connection ) ) ( PP ( IN with ) ( NP ( NNS KC-135s ) ) ) ) ) ) ) ) ) ) ) ) )

They added that the settlement is the culmination of a 2 1\/2-year investigation into the company 's aluminum pricing practices in connection with KC-135s


( S ( NP-SBJ ( DT A ) ( NNP Boeing ) ( NN spokesman ) ) ( VP ( VBD responded ) ( S ( ADVP-TMP ( DT All ) ( IN along ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT no ) ( NNS grounds ) ) ( PP ( IN for ) ( NP ( JJ criminal ) ( NN prosecution ) ) ) ) ) ) ) ) ) ) ) )

A Boeing spokesman responded All along the company has said there was no grounds for criminal prosecution


( S ( NP-SBJ-1 ( DT That ) ) ( VP ( VBD was ) ( VP ( VBN borne ) ( PRT ( RP out ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Justice ) ( NNP Department ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) ) ) )

That was borne out by the Justice Department 's decision to settle the case


( S ( NP-SBJ ( NNP Giant ) ( NNP Group ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( JJ federal ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Delaware ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN denied ) ( NP ( NP ( DT a ) ( NN motion ) ) ( PP ( IN by ) ( NP ( NP ( NNP Rally ) ( POS 's ) ) ( NN Inc. ) ) ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP-1 ( NP ( DT a ) ( NN group ) ) ( VP ( VBD led ) ( PP ( IN by ) ( NP-LGS ( NNP Giant ) ( NNP Chairman ) ( NNP Burt ) ( NNP Sugarman ) ) ) ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG acquiring ) ( NP ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Giant Group said a federal court in Delaware has denied a motion by Rally 's Inc. seeking to block a group led by Giant Chairman Burt Sugarman from acquiring more of the company 's shares


( S ( NP-SBJ ( NP ( NNP Rally ) ( POS 's ) ) ( NP ( NP ( DT a ) ( NN fast-food ) ( NN chain ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Louisville ) ) ( NP ( NNP Ky. ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG contending ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Sugarman ) ) ( CC and ) ( NP ( CD two ) ( JJ other ) ( NN company ) ( NNS directors ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB disclose ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBD intended ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( DT a ) ( JJ big ) ( NNP Rally ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rally 's a fast-food chain based in Louisville Ky. is contending that Mr. Sugarman and two other company directors failed to disclose to the Securities and Exchange Commission that they intended to acquire a big Rally stake


( S ( NP-SBJ ( NNP Mr. ) ( NNP Sugarman ) ) ( VP ( VBZ has ) ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBN contended ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ other ) ( JJ major ) ( NN shareholder ) ( NN group ) ) ( PRN ( SBAR ( WHNP-2 ( WP$ whose ) ( NNS interests ) ) ( S ( VP ( VBP are ) ( VP ( VBN represented ) ( PP ( IN by ) ( NP-LGS ( NP ( CD three ) ( JJ other ) ( NNS directors ) ) ( VP ( VBN connected ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS trusts ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN name ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS children ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN founder ) ) ( NP ( NNP James ) ( NNP Patterson ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS ties ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( VBG competing ) ( JJ fast ) ( NN food ) ( NN chain ) ) ( NP ( NP ( NNP Wendy ) ( POS 's ) ) ( NNP International ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) )

Mr. Sugarman has in turn contended that the other major shareholder group whose interests are represented by three other directors connected to trusts in the name of the children of the company 's founder James Patterson has ties to a competing fast food chain Wendy 's International Inc


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD assembled ) ( NP ( NP ( DT a ) ( JJ three-member ) ( NN committee ) ) ( PP ( IN of ) ( NP ( NP ( NNS directors ) ) ( VP ( VBN aligned ) ( PP-CLR ( IN with ) ( NP ( DT neither ) ( NN side ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB analyze ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ) )

The company last week assembled a three-member committee of directors aligned with neither side to analyze the situation


( S ( NP-SBJ ( DT Each ) ( NN group ) ) ( VP ( VBZ controls ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 40 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Rally ) ( POS 's ) ) ( NN stock ) ) ) ) ) )

Each group controls more than 40 % of Rally 's stock


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( ADVP ( RB just ) ) ( VBD went ) ( ADJP-PRD ( JJ public ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) )

The company just went public earlier this month


( S ( NP-SBJ-2 ( NNP Rally ) ( POS 's ) ) ( VP ( VP ( VBD had ) ( NP ( DT no ) ( NN comment ) ) ) ( CC but ) ( VP ( VBD was ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT an ) ( NN announcement ) ) ) ( NP-TMP ( DT this ) ( NN morning ) ) ( PP-1 ( IN about ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ) ) ) ) )

Rally 's had no comment but was expected to make an announcement this morning about the situation


( S ( NP-SBJ ( NP ( DT The ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 6.79 ) ( CD billion ) ) ) ( JJ labor-management ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Airlines ) ( NN parent ) ( NNP UAL ) ( NNP Corp. ) ) ) ) ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB stop ) ( NP-1 ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( JJ top ) ( NN talent ) ) ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG collecting ) ( NP ( NP ( QP ( RB up ) ( TO to ) ( CD 53.7 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS fees ) ) ) ) ) ) ) ) ) )

The collapse of a 6.79 billion labor-management buy-out of United Airlines parent UAL Corp. may not stop some of Wall Street 's top talent from collecting up to 53.7 million in fees


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( CD one ) ( NN person ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NN buy-out ) ( NN group ) ) ( PRN ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP United ) ( POS 's ) ) ( NNS pilots ) ( NN union ) ) ( CC and ) ( NP ( NNP UAL ) ( NNP Chairman ) ( NNP Stephen ) ( NNP Wolf ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN begun ) ( S ( VP ( VBG billing ) ( NP ( NNP UAL ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS fees ) ( CC and ) ( NNS expenses ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ owes ) ( PP-CLR ( TO to ) ( NP ( NP ( NN investment ) ( NNS bankers ) ) ( NP ( NN law ) ( NNS firms ) ) ( CC and ) ( NP ( NNS banks ) ) ) ) ) ) ) ) ) ) ) ) ) )

According to one person familiar with the airline the buy-out group led by United 's pilots union and UAL Chairman Stephen Wolf has begun billing UAL for fees and expenses it owes to investment bankers law firms and banks


( S ( NP-SBJ ( DT The ) ( NN tab ) ) ( VP ( ADVP ( RB even ) ) ( VBZ covers ) ( NP ( NP ( QP ( CD 8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN commitment ) ( NNS fees ) ) ) ( VP ( VBD owed ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Citicorp ) ) ( CC and ) ( NP ( NNP Chase ) ( NNP Manhattan ) ( NNP Corp. ) ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( PRP$ their ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( NP ( QP ( CD 7.2 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN bank ) ( NNS loans ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN buy-out ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ main ) ( NN reason ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN collapse ) ) ) ) ) ) ) ) )

The tab even covers 8 million in commitment fees owed to Citicorp and Chase Manhattan Corp. even though their failure to obtain 7.2 billion in bank loans for the buy-out was the main reason for its collapse


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT a ) ( NN merger ) ( NN agreement ) ) ( VP ( VBD reached ) ( NP-TMP ( NNP Sept. ) ( CD 14 ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP UAL ) ( NN board ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB reimburse ) ( NP ( NP ( JJ certain ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN buy-out ) ( NN group ) ( POS 's ) ) ( NNS expenses ) ) ) ) ( PP-MNR ( IN out ) ( PP ( IN of ) ( NP ( NN company ) ( NNS funds ) ) ) ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ-2 ( DT the ) ( NN transaction ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBD completed ) ) ) ) ) ) ) ) ( PP ( VBD provided ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB breach ) ( NP ( DT the ) ( NN agreement ) ) ) ) ) ) ) ) )

Under a merger agreement reached Sept. 14 the UAL board agreed to reimburse certain of the buy-out group 's expenses out of company funds even if the transaction was n't completed provided the group did n't breach the agreement


( S ( NP-SBJ ( DT The ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( NN financing ) ) ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( PP ( IN by ) ( NP ( PRP itself ) ) ) ( VP ( VB constitute ) ( NP ( DT a ) ( NN breach ) ) ) ) )

The failure to obtain financing does n't by itself constitute a breach


( S ( NP-SBJ ( DT The ) ( NN merger ) ( NN agreement ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN buy-out ) ( NN group ) ) ( VP ( VBZ is ) ( VP ( VBN entitled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN repaid ) ( NP ( NP ( QP ( CD 26.7 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS fees ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NP ( PRP$ its ) ( NN investment ) ( NNS bankers ) ) ( NP ( NP ( NNP Lazard ) ( NNP Freres ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN law ) ( NN firm ) ) ( NP ( NNP Paul ) ( NNP Weiss ) ( NNP Rifkind ) ( NNP Wharton ) ( CC & ) ( NNP Garrison ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The merger agreement says the buy-out group is entitled to be repaid 26.7 million in fees for its investment bankers Lazard Freres & Co. and Salomon Brothers Inc. and its law firm Paul Weiss Rifkind Wharton & Garrison


( S ( NP-SBJ ( DT The ) ( NN buy-out ) ( NN group ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( ADJP-PRD ( VBN entitled ) ( PP ( TO to ) ( NP ( NP ( QP ( CD 16 ) ( CD million ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB repay ) ( NP ( NP ( DT a ) ( NN fund ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNS pilots ) ( NN union ) ) ) ( PP-PRP ( IN for ) ( NP ( DT an ) ( NN employee ) ( NN stock ) ( NN ownership ) ( NN plan ) ) ) ) ) ) ) ) ) ) ) ) ) )

The buy-out group is also entitled to 16 million to repay a fund created by the pilots union for an employee stock ownership plan


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( QP ( CD 8 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NNP Citicorp ) ( CC and ) ( NNP Chase ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Salomon ) ( NNP Brothers ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBN owed ) ( NP ( QP ( CD 3 ) ( CD million ) ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG promising ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT a ) ( ADJP ( QP ( CD 200 ) ( CD million ) ) ) ( NN bridge ) ( NN loan ) ) ) ) ) ) ) ) ) ) )

In addition to the 8 million for Citicorp and Chase Salomon Brothers is also owed 3 million for promising to make a 200 million bridge loan


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN buy-out ) ( NN group ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( RB immediately ) ( JJ available ) ( PP ( IN for ) ( NP ( NN comment ) ) ) ) ) )

A spokesman for the buy-out group was n't immediately available for comment


( S ( ADVP ( NNP Separately ) ) ( NP-SBJ ( NNP UAL ) ( NN stock ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( CD 4 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 175 ) ) ) ( 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 ) ) ) ) ) ( PP ( IN on ) ( NP ( NNS reports ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Los ) ( NNP Angeles ) ( NN investor ) ( NNP Marvin ) ( NNP Davis ) ) ( VP ( VBZ has ) ( VP ( VBN asked ) ( NP ( NNP United ) ( NNP Airlines ) ( NNS unions ) ) ( SBAR ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG cooperating ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP Davis ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ new ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Separately UAL stock rose 4 a share to 175 in composite trading on the New York Stock Exchange on reports that Los Angeles investor Marvin Davis has asked United Airlines unions if they 're interested in cooperating with Mr. Davis in a new bid for UAL


( S ( CC But ) ( S ( NP-SBJ ( DT neither ) ( NP ( DT the ) ( NNS pilots ) ) ( CC nor ) ( NP ( DT the ) ( NNS machinists ) ) ) ( VP ( VBP appear ) ( ADJP-PRD ( VBN interested ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Davis ) ) ( VP ( VBZ is ) ( VP ( VBN barred ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG making ) ( NP ( DT a ) ( JJ new ) ( NN bid ) ) ) ) ) ( PP ( IN under ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD made ) ( PP ( IN with ) ( NP ( NNP UAL ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( NNP UAL ) ) ( VP ( VBZ accepts ) ( NP ( NP ( DT an ) ( NN offer ) ) ( PP-LOC ( IN below ) ( NP ( NP ( CD 300 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) )

But neither the pilots nor the machinists appear interested and Mr. Davis is barred from making a new bid under terms of an agreement he made with UAL in September unless UAL accepts an offer below 300 a share


( S ( NP-SBJ ( ADJP ( JJ West ) ( JJ German ) ) ( NN insurance ) ( NN giant ) ( NNP Allianz ) ( NNP AG ) ) ( VP ( VBD entered ) ( NP ( NP ( DT the ) ( NN takeover ) ( NN battle ) ) ( PP ( IN between ) ( NP ( NP ( NNP France ) ( POS 's ) ) ( NX ( NX ( NNP Cie ) ( NNP Financiere ) ( IN de ) ( NNP Paribas ) ) ( CC and ) ( NX ( NNP Cie. ) ( IN de ) ( NNP Navigation ) ( NNP Mixte ) ) ) ) ) ) ) )

West German insurance giant Allianz AG entered the takeover battle between France 's Cie Financiere de Paribas and Cie. de Navigation Mixte


( S ( NP-SBJ ( NNP Allianz ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD won ) ( NP ( JJ French ) ( NN government ) ( NN approval ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( JJ one-third ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ) ( NP ( DT a ) ( JJ diversified ) ( UCP ( JJ financial ) ( NN transport ) ( CC and ) ( NN food ) ( VBG holding ) ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) )

Allianz said it won French government approval to buy as much as one-third of Navigation Mixte a diversified financial transport and food holding company


( S ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( VBZ comes ) ( SBAR-TMP ( NP-ADV ( DT a ) ( NN week ) ) ( IN after ) ( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBD announced ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG preparing ) ( S ( VP ( TO to ) ( VP ( VB bid ) ( PP-CLR ( IN for ) ( NP ( NP ( ADJP ( CD 66.7 ) ( NN % ) ) ( NN control ) ) ( PP ( IN of ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The move comes a week after Paribas announced that it was preparing to bid for 66.7 % control of Navigation Mixte


( S ( NP-SBJ ( NP ( JJ Munich-based ) ( NNP Allianz ) ( POS 's ) ) ( JJ brief ) ( JJ explanatory ) ( NN statement ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG acting ) ( S ( VP ( TO to ) ( VP ( VB protect ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( NNS interests ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN shareholder ) ) ( PP ( IN of ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Munich-based Allianz 's brief explanatory statement said it is acting to protect its own interests as a shareholder of Navigation Mixte


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN blow ) ) ( PP ( TO to ) ( NP ( DT both ) ( NP ( NNP Paribas ) ) ( CC and ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ) ) ) )

That would be a blow to both Paribas and Navigation Mixte


( S ( NP-SBJ ( DT Each ) ) ( VP ( VBD had ) ( VP ( VBN claimed ) ( NP ( NP ( NNP Allianz ) ) ( NP ( NP ( NNP Europe ) ( POS 's ) ) ( JJS largest ) ( NN insurance ) ( NN company ) ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ tacit ) ( NN ally ) ) ) ) ) )

Each had claimed Allianz Europe 's largest insurance company as a tacit ally


( S ( NP-SBJ ( DT The ) ( NNP Allianz ) ( NN statement ) ) ( ADVP ( RB also ) ) ( VP ( VBD reinforced ) ( NP ( DT the ) ( NN belief ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN takeover ) ( NN battle ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ long ) ( CD one ) ) ) ) ) ) ) ) )

The Allianz statement also reinforced the belief that the takeover battle could be a long one


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD led ) ( PP-CLR ( TO to ) ( NP ( JJ broad ) ( NN market ) ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Paribas ) ) ( ADVP-TMP ( RB now ) ) ( VP ( MD will ) ( VP ( VB sweeten ) ( NP ( NP ( PRP$ its ) ( NN bid ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB formally ) ) ( VBN launched ) ( ADVP-TMP ( RB later ) ( NP ( DT this ) ( NN week ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NN approval ) ) ( PP ( IN from ) ( NP ( JJ French ) ( NN government ) ( NNS regulators ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It led to broad market speculation that Paribas now will sweeten its bid which is expected to be formally launched later this week after approval from French government regulators


( S ( NP-SBJ ( NP ( NNP Allianz ) ( POS 's ) ) ( NN entry ) ) ( VP ( VBZ reflects ) ( NP ( NP ( DT the ) ( VBG increasing ) ( NN eagerness ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( NNP West ) ( NNP German ) ) ( NNS companies ) ) ( VP ( VBG looking ) ( ADVP-CLR ( RB ahead ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN reduction ) ) ( PP ( IN in ) ( NP ( NNP European ) ( NNP Community ) ( JJ internal ) ( NNS barriers ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB get ) ( ADJP-PRD ( VBN involved ) ( PP ( IN in ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( PP-TMP ( IN until ) ( ADVP ( RB now ) ) ) ( VP ( VBD were ) ( VP ( VBN considered ) ( S ( NP-PRD ( JJ internal ) ( JJ French ) ( NNS affairs ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Allianz 's entry reflects the increasing eagerness of West German companies looking ahead to the reduction in European Community internal barriers in 1992 to get involved in what until now were considered internal French affairs


( S ( NP-SBJ-1 ( NP ( NP ( NNP Deutsche ) ( NNP Bank ) ) ( NP ( NNP Dresdner ) ( NNP Bank ) ) ( CC and ) ( NP ( NNP Commerzbank ) ) ) ( NP ( RB all ) ) ) ( ADVP ( RB also ) ) ( VP ( VBP have ) ( VP ( VBN expressed ) ( NP ( NN eagerness ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( PP-LOC ( IN in ) ( NP ( NNP France ) ) ) ( PP-TMP ( IN before ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) )

Deutsche Bank Dresdner Bank and Commerzbank all also have expressed eagerness to expand in France before 1992


( S ( NP-SBJ-1 ( NNP Dresdner ) ( NNP Bank ) ) ( NP-TMP ( DT this ) ( NN month ) ) ( VP ( VBD moved ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( NNP Banque ) ( NNP Internationale ) ( NNP des ) ( NNP Placements ) ) ( NP ( NP ( DT a ) ( JJ small ) ( JJ French ) ( NN merchant ) ( NN bank ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNP Deutsche ) ( NNP Bank ) ) ( VP ( VBD had ) ( VP ( VP ( VBN looked ) ( PP-CLR ( IN at ) ) ) ( CC and ) ( VP ( VBD passed ) ( PRT ( IN over ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dresdner Bank this month moved to acquire Banque Internationale des Placements a small French merchant bank that Deutsche Bank had looked at and passed over


( S ( NP-SBJ-1 ( NNP Commerzbank ) ) ( VP ( VBD had ) ( VP ( VBN hoped ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( DT a ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Credit ) ( NNP Lyonnais ) ) ) ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( DT the ) ( NNS Socialists ) ) ( VP ( VP ( VBD returned ) ( PP-DIR ( TO to ) ( NP ( NN government ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ( CC and ) ( VP ( VBD canceled ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB privatize ) ( NP ( DT the ) ( JJ large ) ( JJ French ) ( NN bank ) ) ) ) ) ) ) ) ) ) ) ) )

Commerzbank had hoped to buy a stake in Credit Lyonnais until the Socialists returned to government last year and canceled plans to privatize the large French bank


( S ( NP-SBJ ( NNP Deutsche ) ( NNP Bank ) ) ( VP ( VBZ has ) ( VP ( ADVP-MNR ( RB actively ) ) ( VBN sought ) ( NP ( DT a ) ( JJ French ) ( NN acquisition ) ) ( PP-TMP ( IN for ) ( NP ( QP ( IN at ) ( JJS least ) ( CD two ) ) ( NNS years ) ) ) ) ) )

Deutsche Bank has actively sought a French acquisition for at least two years


( S-1 ( ADVP-TMP ( RB Lately ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ-2 ( NNP Deutsche ) ( NNP Bank ) ) ( VP ( VBZ has ) ( VP ( VBN shocked ) ( NP ( NP ( DT some ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ French ) ( JJ financial ) ( NN community ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG indicating ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ wants ) ( NP ( NP ( DT a ) ( JJ strong ) ( NN bank ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ large ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS branches ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Lately analysts say Deutsche Bank has shocked some in the French financial community by indicating it wants a strong bank with a large number of branches


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( VP ( VBG looking ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NNP Deutsche ) ( NNP Bank ) ( NN spokesman ) ) )

We are still looking said a Deutsche Bank spokesman


( S ( NP-SBJ ( NP ( DT The ) ( NNS banks ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP think ) ( SBAR ( S ( VP ( MD would ) ( VP ( VB fit ) ( PP-CLR ( IN into ) ( NP ( PRP$ our ) ( NN concept ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( UCP-PRD ( DT either ) ( ADJP ( JJ government-owned ) ) ( CC or ) ( RB not ) ( PP ( IN for ) ( NP ( NN sale ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ-2 ( NNP Deutsche ) ( NNP Bank ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT a ) ( JJ good ) ( NN price ) ) ) ) ) ) ) ) ) ) ) )

The banks we think would fit into our concept are either government-owned or not for sale though Deutsche Bank would be able to pay a good price


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-2 ( NNP Allianz ) ( NNS officials ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-MNR ( IN in ) ( NP ( DT any ) ( NN detail ) ) ) ( PP-CLR ( IN on ) ( NP ( PRP$ their ) ( NNS plans ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Allianz ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ holds ) ( NP ( NP ( NP ( QP ( IN between ) ( CD 5 ) ( NN % ) ( CC and ) ( CD 10 ) ( NN % ) ) ) ( PP ( IN of ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ( NP ( NP ( DT an ) ( JJ apparent ) ( NN increase ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( ADJP ( CD 5 ) ( NN % ) ) ( NN stake ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP Navigation ) ( NNP Mixte ) ( NNS officials ) ) ( VP ( VBD had ) ( ADVP-TMP ( RBR earlier ) ) ( VP ( VBN announced ) ) ) ) ) ) ) ) ) ) ) ) ) )

While Allianz officials were n't willing to comment in any detail on their plans they said Allianz currently holds between 5 % and 10 % of Navigation Mixte an apparent increase from the 5 % stake that Navigation Mixte officials had earlier announced


( S ( S ( NP-SBJ ( NNP Paris ) ( NN market ) ( NNS sources ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD believed ) ( SBAR ( S ( NP-SBJ ( NNP Allianz ) ) ( VP ( VBD was ) ( VP ( VBG buying ) ( NP-TMP ( NN yesterday ) ( NN morning ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNP Navigation ) ( NNP Mixte ) ) ( VP ( VBD moved ) ( ADVP-DIR ( RB up ) ( NP ( NP ( CD 108 ) ( NNS francs ) ) ( PRN ( NP ( CD 17.19 ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 1,908 ) ( NNS francs ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ heavy ) ( NN trading ) ) ) ) ) )

Paris market sources said they believed Allianz was buying yesterday morning and Navigation Mixte moved up 108 francs 17.19 to close at 1,908 francs in heavy trading


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN day ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT the ) ( NN suspension ) ) ( PP ( IN of ) ( NP ( NNP Navigation ) ( NNP Mixte ) ( NNS shares ) ) ) ( NP-TMP ( NP ( JJ last ) ( NNP Monday ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBD announced ) ( NP ( PRP$ its ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( CD 1,850 ) ( NNS francs ) ) ( PP-CLR ( IN for ) ( NP ( DT each ) ( NNP Navigation ) ( NNP Mixte ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It was the first day of trading following the suspension of Navigation Mixte shares last Monday when Paribas announced its plan to pay 1,850 francs for each Navigation Mixte share


( S ( NP-SBJ ( NNP Allianz ) ) ( ADVP ( RB also ) ) ( VP ( VBZ holds ) ( NP ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NN insurance ) ( NN subsidiary ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP France ) ( POS 's ) ) ( JJS largest ) ( NN insurance ) ( NNS groups ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD bought ) ( PP-CLR ( IN for ) ( NP ( QP ( RB about ) ( CD 6.5 ) ( CD billion ) ) ( NNS francs ) ) ) ( SBAR-TMP ( RB just ) ( RB before ) ( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBD launched ) ( NP ( PRP$ its ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) )

Allianz also holds a 50 % stake in Navigation Mixte 's insurance subsidiary one of France 's largest insurance groups which it bought for about 6.5 billion francs just before Paribas launched its bid


( S ( NP-SBJ ( NNP Navigation ) ( NNP Mixte ) ) ( VP ( VBZ holds ) ( NP ( DT the ) ( JJ remaining ) ( CD 50 ) ( NN % ) ) ) )

Navigation Mixte holds the remaining 50 %


( S ( NP-SBJ ( NNP Allianz ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN statement ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG acting ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB protect ) ( NP ( NP ( DT that ) ( NN interest ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ ties ) ( NP ( PRP it ) ) ( PP-CLR ( TO to ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN partner ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Allianz said in its statement that it was acting to protect that interest which ties it to Navigation Mixte as a partner


( S ( NP-SBJ ( NP ( NNP Allianz ) ( POS 's ) ) ( NN statement ) ) ( VP ( VBD stressed ) ( NP ( NP ( DT the ) ( NN company ) ( VBZ 's ) ) ( ADJP ( ADVP ( RB previously ) ) ( VBN announced ) ) ( NN position ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Paribas ) ( POS 's ) ) ( NN offer ) ( NN price ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB too ) ( JJ low ) ) ) ) ) ) ) )

Allianz 's statement stressed the company 's previously announced position that Paribas 's offer price is too low


( S ( NP-SBJ-1 ( NNP Allianz ) ) ( ADVP ( RB also ) ) ( VP ( VBD suggested ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( VBG saying ) ( ADVP ( RB so ) ) ( ADVP-MNR ( RB directly ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ regrets ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG bidding ) ( PP-CLR ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) )

Allianz also suggested without saying so directly that it regrets that Paribas is n't bidding for all of Navigation Mixte 's shares


( S-1 ( NP-SBJ ( NP ( DT The ) ( NN problem ) ) ( ADVP-LOC ( RB here ) ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBZ wins ) ( NP ( PRP$ its ) ( CD 66.7 ) ( NN % ) ) ) ) ) ( NP-SBJ ( JJ remaining ) ( NNP Navigation ) ( NNP Mixte ) ( NNS shares ) ) ( VP ( MD will ) ( VP ( VB fall ) ( PP-CLR ( IN in ) ( NP ( NN value ) ) ) ) ) ) ) ) )

The problem here analysts say is that if Paribas wins its 66.7 % remaining Navigation Mixte shares will fall in value


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ displeases ) ( NP ( NP ( JJ many ) ( JJ current ) ( NNS holders ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Allianz ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ sure ) ( PP ( IN of ) ( S-NOM ( VP ( VBG selling ) ( NP ( DT all ) ( PRP$ their ) ( NNS shares ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD tendered ) ( PP-CLR ( TO to ) ( NP ( NNP Paribas ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That displeases many current holders such as Allianz which could n't be sure of selling all their shares if they tendered to Paribas


( S ( NP-SBJ ( DT The ) ( NNP Allianz ) ( NN statement ) ) ( VP ( VBD led ) ( PP-CLR ( TO to ) ( NP ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Allianz ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( MD could ) ( VP ( VB sell ) ( PP-CLR ( TO to ) ( NP ( NNP Paribas ) ) ) ) ) ) ) ) ) ) )

The Allianz statement led to speculation that Allianz eventually could sell to Paribas


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ bad ) ( NN news ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( JJ current ) ( NN management ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBG counting ) ( PP-CLR ( IN on ) ( NP-2 ( NNP Allianz ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( NNP Paribas ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That would be bad news for Navigation Mixte 's current management which was counting on Allianz to help fend off Paribas


( S ( NP-SBJ ( NNP Allianz ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB say ) ( SBAR ( WHNP-1 ( WP whom ) ) ( S ( SBAR-ADV ( IN if ) ( FRAG ( NP ( NN anyone ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB support ) ) ) ) ) ) ) )

Allianz did n't say whom if anyone it will support


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( ADVP ( RB simply ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB boost ) ( NP ( PRP$ its ) ( NNP Navigation ) ( NNP Mixte ) ( NN stake ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ sees ) ( ADJP-CLR ( JJ fit ) ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( VBG coming ) ( NNS days ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB protect ) ( NP ( PRP itself ) ) ) ) ) ( ADVP-TMP ( ADVP ( RB as ) ( RB long ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ French ) ( JJ regulatory ) ( NNS officials ) ( POS ' ) ) ( NN approval ) ) ) ) ) ) ) ) ) ) ) )

It said simply that it will boost its Navigation Mixte stake as it sees fit over the coming days to protect itself as long as it has French regulatory officials ' approval


( S ( NP-SBJ-2 ( NNP Paribas ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NP ( CD 1,850 ) ( NNS francs ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( NNS shares ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP receive ) ( NP ( JJ full ) ( NNS dividends ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) )

Paribas currently intends to offer 1,850 francs a share for Navigation Mixte shares that receive full dividends this year


( S ( NP-SBJ-2 ( PRP It ) ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( CD 1,800 ) ( NNS francs ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS shares ) ) ( VP ( VBN created ) ( PP-TMP ( IN on ) ( NP ( NNP July ) ( CD 1 ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP receive ) ( NP ( JJ partial ) ( NNS dividends ) ) ) ) ) ) ) ) ) ) ) )

It is to offer 1,800 francs for shares created on July 1 which receive partial dividends


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

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


( S ( S ( NP-SBJ ( NNP Paribas ) ) ( ADVP ( RB already ) ) ( VP ( VBZ holds ) ( NP ( NP ( QP ( RB about ) ( CD 18.7 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ additional ) ( CD 48 ) ( NN % ) ) ) ) ( VP ( MD would ) ( VP ( VB cost ) ( NP ( PRP it ) ) ( NP ( QP ( RB about ) ( CD 11 ) ( CD billion ) ) ( NNS francs ) ) ( PP-LOC ( IN under ) ( NP ( PRP$ its ) ( JJ current ) ( NN bid ) ) ) ) ) ) )

Paribas already holds about 18.7 % of Navigation Mixte and the acquisition of the additional 48 % would cost it about 11 billion francs under its current bid


( S ( NP-SBJ ( DT The ) ( NN bid ) ) ( VP ( VBZ values ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ( PP-CLR ( IN at ) ( NP ( QP ( RB around ) ( CD 23 ) ( CD billion ) ) ( NNS francs ) ) ) ( PP ( VBG depending ) ( PP ( IN on ) ( SBAR ( WHNP-1 ( WHNP ( WHADJP ( WRB how ) ( JJ many ) ) ( NNS holders ) ) ( PP ( IN of ) ( NP ( NNP Navigation ) ( NNP Mixte ) ( NNS warrants ) ) ) ) ( S ( VP ( VBP exchange ) ( NP ( PRP them ) ) ( PP-CLR ( IN for ) ( NP ( NNS shares ) ) ) ( SBAR-TMP ( RB before ) ( S ( NP-SBJ ( DT the ) ( NN bid ) ) ( VP ( VBZ expires ) ) ) ) ) ) ) ) ) ) )

The bid values Navigation Mixte at around 23 billion francs depending on how many holders of Navigation Mixte warrants exchange them for shares before the bid expires


( S ( NP-SBJ ( NNP Priam ) ( NNP Corp. ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD filed ) ( PP-CLR ( IN for ) ( NP ( NP ( NN protection ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NNP Chapter ) ( CD 11 ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ federal ) ( NNP Bankruptcy ) ( NNP Code ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD announced ) ( NP ( NP ( DT a ) ( ADJP ( CD 35 ) ( NN % ) ) ( NN reduction ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ world-wide ) ( NN employment ) ) ) ) ) ) )

Priam Corp. said it filed for protection under Chapter 11 of the federal Bankruptcy Code and announced a 35 % reduction in its world-wide employment


( S ( NP-SBJ ( NP ( DT The ) ( NN filing ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN bankruptcy ) ( NN court ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ( VP ( VBZ follows ) ( NP ( NP ( DT a ) ( NN string ) ) ( PP ( IN of ) ( NP ( NP ( JJ quarterly ) ( NNS losses ) ) ( CC and ) ( NP ( NN product ) ( NNS glitches ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( NN harddisk ) ( NNS drives ) ) ( PP ( IN for ) ( NP ( NNS minicomputers ) ( CC and ) ( NNS microcomputers ) ) ) ) ) ) ) ) ) )

The filing in bankruptcy court here follows a string of quarterly losses and product glitches for the maker of harddisk drives for minicomputers and microcomputers


( S ( NP-SBJ ( NNP Priam ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 25.4 ) ( CD million ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP July ) ( CD 7 ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( JJ year-earlier ) ( NN profit ) ) ( PP ( IN of ) ( NP ( NP ( CD 543,000 ) ) ( CC or ) ( NP ( NP ( CD two ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

Priam had a loss of 25.4 million for the fiscal year ended July 7 compared with year-earlier profit of 543,000 or two cents a share


( S ( NP-SBJ ( NP ( NN Revenue ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN year ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 13 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 122.7 ) ( CD million ) ) ) ) ) )

Revenue for the year fell 13 % to 122.7 million


( S ( NP-SBJ ( NP ( DT The ) ( JJ 200-person ) ( NN staff ) ( NN cutback ) ) ( VP ( VBD announced ) ( NP-TMP ( NN yesterday ) ) ) ) ( VP ( MD will ) ( VP ( VB bring ) ( NP ( NP ( NNP Priam ) ( POS 's ) ) ( NN employment ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( RB about ) ( CD 380 ) ) ( NNS workers ) ) ( NP ( NP ( QP ( JJR less ) ( IN than ) ( NN half ) ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-TMP ( IN before ) ( NP ( NP ( DT a ) ( JJ similar ) ( JJ 230-person ) ( NN reduction ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The 200-person staff cutback announced yesterday will bring Priam 's employment to about 380 workers less than half of what it was before a similar 230-person reduction in August


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( NP-TMP ( NN yesterday ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG scrapping ) ( NP ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ major ) ( JJ new ) ( NNS products ) ) ) ) ( NP ( NP ( DT a ) ( JJ 760-megabyte ) ( NN drive ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PRN ( SBAR-ADV ( IN while ) ( S ( ADJP-PRD ( RB technically ) ( JJ proficient ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB hold ) ( NP ( NP ( JJ much ) ( NN promise ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG generating ) ( NP ( JJ substantial ) ( NNS orders ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NN financing ) ( NNS problems ) ) ( VP ( VBD caused ) ( NP ( NP ( DT a ) ( JJ nine-month ) ( NN delay ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG getting ) ( NP ( DT the ) ( NN product ) ) ( PP-DIR ( TO to ) ( NP ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company yesterday also said it was scrapping one of its major new products a 760-megabyte drive which while technically proficient did n't hold much promise of generating substantial orders because financing problems caused a nine-month delay in getting the product to market


( S ( NP-SBJ ( NP ( NNP Mercury ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( NP-LOC ( NP ( NNP Huntington ) ( NNP Beach ) ) ( NP ( NNP Calif. ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ third-quarter ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 3.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 61 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 22 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ) ) ) ) )

Mercury Savings & Loan Association Huntington Beach Calif. reported a third-quarter loss of 3.9 million or 61 cents a share compared with net income of 1.4 million or 22 cents a share in the year-earlier quarter


( S ( NP-SBJ ( NNP Mercury ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN loss ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( JJ rapid ) ( NNS prepayments ) ) ( PP ( IN of ) ( NP ( NNS loans ) ) ) ) ( CC and ) ( NP ( NP ( NNS costs ) ) ( VP ( VBN incurred ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG refinancing ) ( NP ( JJ many ) ( NN house ) ( NNS loans ) ) ( NP-TMP ( NP ( DT this ) ( JJ past ) ( NN spring ) ( CC and ) ( NN summer ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBD dipped ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mercury attributed the loss to rapid prepayments of loans and costs incurred in refinancing many house loans this past spring and summer when interest rates dipped


( S ( NP-SBJ ( DT The ) ( NN thrift ) ) ( VP ( VBD hired ) ( NP-1 ( DT an ) ( NN investment ) ( NN banker ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB advise ) ( NP ( PRP it ) ) ( PP ( VBG regarding ) ( NP ( DT a ) ( JJ possible ) ( NN sale ) ( CC or ) ( NN merger ) ) ) ) ) ) ) )

The thrift hired an investment banker earlier this month to advise it regarding a possible sale or merger


( S ( NP-SBJ ( NNP Mercury ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VP ( VBG shrinking ) ( NP ( PRP itself ) ) ) ( NP-ADV ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB change ) ( NP ( PRP$ its ) ( NN emphasis ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG buying ) ( NP ( NN mortgage ) ( NNS loans ) ) ( PP-CLR ( IN from ) ( NP ( NN mortgage ) ( NNS brokers ) ) ) ) ) ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG making ) ( NP ( NNS loans ) ) ( ADVP-MNR ( RB directly ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mercury also is shrinking itself part of its plan to change its emphasis from buying mortgage loans from mortgage brokers to making loans directly


( SINV ( S-TPC-1 ( NP-SBJ ( JJ Such ) ( DT a ) ( NN focus ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ profitable ) ) ( ADJP ( RBR more ) ( JJ efficient ) ) ) ) ( CC and ) ( VP ( VBZ gives ) ( NP ( PRP us ) ) ( NP ( NP ( DT a ) ( JJR greater ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN control ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP A. ) ( NNP Shane ) ) ( NP ( NP ( NNP Mercury ) ( POS 's ) ) ( JJ senior ) ( JJ executive ) ( NN vice ) ( NN president ) ) ) )

Such a focus is more profitable more efficient and gives us a greater sense of control said William A. Shane Mercury 's senior executive vice president


( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ( NP-SBJ ( NP ( NNP Mercury ) ( POS 's ) ) ( NNS assets ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 2.25 ) ( CD billion ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 2.62 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) )

As of Sept. 30 Mercury 's assets were 2.25 billion down from 2.62 billion a year ago


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNP Mercury ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 5.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 86 ) ( NNS cents ) ) ( NP-ADV ( NN share ) ) ) ) ) ) ( PP ( IN against ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 63 ) ( NNS cents ) ) ( NP-ADV ( NN share ) ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) )

For the nine months Mercury posted a loss of 5.4 million or 86 cents share against net income of 4 million or 63 cents share a year earlier


( S ( NP-SBJ ( NNP Mercury ) ( NNS shares ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( CD 4.625 ) ) ) ( ADVP ( RB up ) ( NP ( CD 50 ) ( NNS cents ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) )

Mercury shares closed yesterday at 4.625 up 50 cents in New York Stock Exchange composite trading


( S ( NP-SBJ ( NP ( NNP Vitro ) ( NNP S.A. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Monterrey ) ) ( NP ( NNP Mexico ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNP THR ) ( NNP Corp. ) ( NN subsidiary ) ) ( VP ( VBZ has ) ( VP ( VBN entered ) ( PP-CLR ( IN into ) ( NP ( JJ definitive ) ( NN loan ) ( NNS agreements ) ) ) ( PP ( IN in ) ( NP ( NP ( NN connection ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NNP Vitro ) ( POS 's ) ) ( ADJP ( JJ 21.25-a-share ) ) ( NN tender ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP Anchor ) ( NNP Glass ) ( NNP Container ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) )

Vitro S.A. of Monterrey Mexico said its THR Corp. subsidiary has entered into definitive loan agreements in connection with Vitro 's 21.25-a-share tender offer for Anchor Glass Container Corp


( S ( NP-SBJ ( DT The ) ( NNS agreements ) ) ( VP ( VBP are ) ( PP-PRD ( IN with ) ( NP ( NP ( NNP Security ) ( NNP Pacific ) ( NNP National ) ( NNP Bank ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN affiliate ) ) ( PP ( IN of ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNP Securities ) ( NNP Corp ) ) ) ) ) ) ) )

The agreements are with Security Pacific National Bank and an affiliate of Donaldson Lufkin & Jenrette Securities Corp


( S ( NP-SBJ ( NP ( NNS Proceeds ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN loan ) ( NN agreement ) ) ) ) ( ADVP ( RB together ) ( PP ( IN with ) ( NP ( NP ( NNS funds ) ) ( PP ( IN from ) ( NP ( NNP Vitro ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB permit ) ( NP ( NP ( NP ( DT the ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ( PP ( IN of ) ( NP ( NNP Anchor ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN payment ) ) ( PP ( IN of ) ( NP ( DT all ) ( VBN related ) ( NNS costs ) ( CC and ) ( NNS expenses ) ) ) ) ) ) ) )

Proceeds of the loan agreement together with funds from Vitro will permit the purchase of all shares outstanding of Anchor and the payment of all related costs and expenses


( S ( NP-SBJ ( NNP Vitro ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ definitive ) ( NNS agreements ) ) ( VP ( VBP require ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Anchor ) ) ( VP ( VB obtain ) ( NP ( DT a ) ( NN waiver ) ) ( PP-CLR ( IN from ) ( NP ( NP ( PRP$ its ) ( NN bank ) ( NNS lenders ) ) ( PP ( IN of ) ( NP ( NP ( VBG existing ) ( NN covenant ) ( NNS defaults ) ) ( PP ( IN under ) ( NP ( PRP$ its ) ( NN bank ) ( NNS facilities ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Vitro said the definitive agreements require that Anchor obtain a waiver from its bank lenders of existing covenant defaults under its bank facilities


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ ( NNP Anchor ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( VP ( VBG seeking ) ( NP ( DT this ) ( NN waiver ) ) ) ) ) ) ( NP-SBJ ( NNP Vitro ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN tender ) ( NN offer ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN extended ) ( PP-TMP ( IN until ) ( NP ( NP ( CD 5 ) ( NN p.m. ) ( NNP EST ) ) ( NP ( NN tomorrow ) ) ) ) ) ) ) ) ) ) )

Since Anchor is still seeking this waiver Vitro said the tender offer is being extended until 5 p.m. EST tomorrow


( S ( NP-SBJ-2 ( NNP Nixdorf ) ( NNP Computer ) ( NNP AG ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( VBN continued ) ( NN profitability ) ( NNS problems ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NNS personnel ) ) ( ADVP ( RBR further ) ) ( PP-LOC ( ADVP ( RB notably ) ) ( IN in ) ( NP ( NN research ) ( CC and ) ( NN development ) ( NNS sectors ) ) ) ) ) ) ) ) ) ) ) )

Nixdorf Computer AG citing continued profitability problems said it will have to reduce personnel further notably in research and development sectors


( S ( NP-SBJ ( DT The ) ( JJ troubled ) ( ADJP ( NNP West ) ( NNP German ) ) ( NN computer ) ( NN company ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN statement ) ) ( PP ( TO to ) ( NP ( PRP$ its ) ( NNS employees ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS persons ) ) ) ( VP ( VBG working ) ( PP-LOC ( IN in ) ( NP ( NN product ) ( NN development ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN reduced ) ( ADVP-LOC ( JJ world-wide ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,440 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 2,888 ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) )

The troubled West German computer company said in a statement to its employees that the number of persons working in product development will be reduced world-wide to 2,440 from 2,888 by the end of 1990


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS workers ) ) ) ( PP-LOC ( IN in ) ( NP ( NN production ) ( NNS sectors ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN cut ) ( PP-EXT ( IN by ) ( NP ( CD 488 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 5,200 ) ) ) ( PP-TMP ( IN by ) ( NP ( NNP September ) ) ) ) ) ) )

The number of workers in production sectors will be cut by 488 to 5,200 by September


( S ( NP-SBJ-1 ( DT The ) ( NNS cuts ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN made ) ( UCP-LOC ( PP ( ADVP ( NN half ) ) ( IN within ) ( NP ( NNP Germany ) ) ) ( CC and ) ( ADVP ( NN half ) ( RB abroad ) ) ) ) ) ) )

The cuts will be made half within Germany and half abroad


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ( NP-SBJ ( NNP Nixdorf ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5 ) ( NN % ) ) ( PP-LOC ( IN amid ) ( NP ( NP ( JJ good ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NP ( VBN selected ) ( NNS areas ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNS banks ) ) ( CC and ) ( NP ( NN trading ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) ) )

In the first nine months of 1989 Nixdorf said sales rose 5 % amid good growth in selected areas such as banks and trading companies


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD cited ) ( NP ( NP ( DT some ) ( NN success ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG damping ) ( NP ( NN cost ) ( NNS increases ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB return ) ( PP-CLR ( TO to ) ( NP ( NN profitability ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) )

The company also cited some success in damping cost increases and said it wants to return to profitability in 1990


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD cited ) ( NP ( NP ( DT the ) ( VBN expected ) ( JJ beneficial ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( NN concentration ) ) ( PP ( IN on ) ( NP ( JJ key ) ( NNS products ) ) ) ) ( NP ( NP ( JJ further ) ( JJ structural ) ( NNS changes ) ) ( PP ( IN within ) ( NP ( DT the ) ( NN group ) ) ) ) ( CC and ) ( NP ( NP ( NN cooperation ) ( NNS agreements ) ) ( PP ( IN with ) ( NP ( JJ other ) ( NNS companies ) ) ) ) ) ) ) ) )

It cited the expected beneficial effects of a concentration on key products further structural changes within the group and cooperation agreements with other companies


( S ( S-TPC-1 ( NP-SBJ ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNS exports ) ) ( PP ( IN of ) ( NP ( NNS cars ) ( NNS trucks ) ( CC and ) ( NNS buses ) ) ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 2.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 535,322 ) ( NNS units ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Japan ) ( NNP Automobile ) ( NNP Manufacturers ) ( NNP Association ) ) ( VP ( VBD said ) ) )

Japan 's exports of cars trucks and buses declined 2.4 % to 535,322 units in September from a year earlier the Japan Automobile Manufacturers Association said


( S ( NP-SBJ ( DT The ) ( NN association ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN drop ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN trend ) ) ( PP ( IN among ) ( NP ( NN auto ) ( NNS makers ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB move ) ( NP ( NN manufacturing ) ( NNS operations ) ) ( ADVP-DIR ( RB overseas ) ) ) ) ) ) ) ) )

The association attributed the drop to a trend among auto makers to move manufacturing operations overseas


( S ( PP ( IN With ) ( NP ( NP ( DT the ) ( NN exception ) ) ( PP ( IN of ) ( NP ( NP ( NNP August ) ) ( SBAR ( WHADVP-TMP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS exports ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 2.1 ) ( NN % ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS exports ) ) ( VP ( VBP have ) ( VP ( VBN declined ) ( NP-TMP ( DT every ) ( NN month ) ) ( PP-DIR ( IN from ) ( NP ( JJ year-earlier ) ( NNS levels ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP March ) ) ) ) ) )

With the exception of August when exports rose 2.1 % exports have declined every month from year-earlier levels since March


( S ( NP-SBJ-1 ( NP ( NNP Warner ) ( NNP Communications ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Sony ) ( NNP Corp. ) ) ) ( VP ( VP ( VBD resumed ) ( NP ( NP ( NN settlement ) ( NNS talks ) ) ( PP ( IN on ) ( NP ( NP ( PRP$ their ) ( JJ legal ) ( NN battle ) ) ( PP ( IN over ) ( NP ( NNP Hollywood ) ( NNS producers ) ( NX ( NX ( NNP Peter ) ( NNP Guber ) ) ( CC and ) ( NX ( NNP Jon ) ( NNP Peters ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB level ) ( NP ( JJ strong ) ( NNS accusations ) ) ( PP-CLR ( IN at ) ( NP ( DT each ) ( JJ other ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ legal ) ( NNS documents ) ) ) ) ) ) ) ) )

Warner Communications Inc. and Sony Corp. resumed settlement talks on their legal battle over Hollywood producers Peter Guber and Jon Peters but continued to level strong accusations at each other in legal documents


( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VBZ has ) ( VP ( VBN filed ) ( NP ( DT a ) ( ADJP ( QP ( CD 1 ) ( CD billion ) ) ) ( NAC ( NN breach ) ( PP ( IN of ) ( NP ( NN contract ) ) ) ) ( NN suit ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ( NNP Superior ) ( NNP Court ) ) ) ( PP ( IN against ) ( NP ( NP ( NP ( NNP Sony ) ) ( CC and ) ( NP ( DT the ) ( JJ Guber-Peters ) ( NN duo ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBP are ) ( VP ( VBG countersuing ) ( NP-3 ( NNP Warner ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB interfere ) ( PP-CLR ( IN in ) ( NP ( NP ( NP ( NNP Sony ) ( POS 's ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( NNP Columbia ) ( NNP Pictures ) ( NNP Entertainment ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Guber ) ( NNP Peters ) ( NNP Entertainment ) ( NNP Co. ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD two ) ( NNS transactions ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( IN over ) ( CD 5 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Warner has filed a 1 billion breach of contract suit in Los Angeles Superior Court against Sony and the Guber-Peters duo who in turn are countersuing Warner for trying to interfere in Sony 's acquisition of Columbia Pictures Entertainment Inc. and Guber Peters Entertainment Co. in two transactions valued at over 5 billion


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( NN settlement ) ( NNS talks ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN dropped ) ) ) ) ) ) ( NP-SBJ-5 ( NP ( NNS attorneys ) ) ( PP ( IN for ) ( NP ( DT the ) ( CD two ) ( NNS sides ) ) ) ) ( ADVP ( RB apparently ) ) ( VP ( VBD began ) ( S ( VP ( VBG talking ) ( ADVP ( RB again ) ) ( NP-TMP ( NN yesterday ) ) ) ) ( PP ( IN in ) ( NP ( DT an ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( NP ( DT the ) ( NN matter ) ) ( PP-TMP ( IN before ) ( NP ( NP ( NNP Thursday ) ) ( SBAR ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-3 ( DT a ) ( NN judge ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB rule ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( NNP Warner ) ( POS 's ) ) ( NN request ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN injunction ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB block ) ( NP-6 ( DT the ) ( CD two ) ( NNS producers ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG taking ) ( PRT ( RP over ) ) ( NP ( NP ( DT the ) ( NN management ) ) ( PP ( IN of ) ( NP ( NNP Columbia ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although settlement talks had been dropped attorneys for the two sides apparently began talking again yesterday in an attempt to settle the matter before Thursday when a judge is expected to rule on Warner 's request for an injunction that would block the two producers from taking over the management of Columbia


( S ( NP-TMP ( NN Yesterday ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS documents ) ) ( VP ( VBN filed ) ( PP-CLR ( IN in ) ( NP ( NP ( NN connection ) ) ( PP ( IN with ) ( NP ( DT that ) ( NN case ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( NNP Warner ) ) ( VP ( VBD accused ) ( NP-2 ( NNP Sony ) ( NNS officials ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( ADVP ( RB falsely ) ) ( VBG claiming ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD read ) ( NP ( NP ( DT the ) ( JJ five-year ) ( NN contract ) ) ( VP ( VBG requiring ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS producers ) ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NNS movies ) ) ( PP-BNF ( RB exclusively ) ( IN for ) ( NP ( NNP Columbia ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( NNS filings ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NNP Sony ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD described ) ( NP ( DT the ) ( NNS contracts ) ) ) ) ) ) ) ) ) )

Yesterday in documents filed in connection with that case Warner accused Sony officials of falsely claiming that they never read the five-year contract requiring the two producers to make movies exclusively for Columbia citing Securities and Exchange Commission filings made by Sony that described the contracts


( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VBD was ) ( VP ( VBG referring ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS documents ) ) ( VP ( VBN filed ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NP ( NAC ( NNP Sony ) ( NNP Corp. ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ( NNP Vice ) ( NNP Chairman ) ( NNP Michael ) ( NNP Schulof ) ) ( CC and ) ( NP ( NP ( NNP Walter ) ( NNP Yetnikoff ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP CBS ) ( NNP Records ) ( NN unit ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN taken ) ( NP ( NP ( NNP Mr. ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ( PP-CLR ( IN at ) ( NP ( PRP$ their ) ( NN word ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNS producers ) ) ( VP ( VBD told ) ( NP ( PRP them ) ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG getting ) ( PP-CLR ( RB out ) ( PP ( IN of ) ( NP ( DT the ) ( NN contract ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( DT no ) ( NN problem ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT a ) ( JJ previous ) ( JJ oral ) ( NN agreement ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Warner was referring to documents filed last week in which Sony Corp. of America Vice Chairman Michael Schulof and Walter Yetnikoff president of its CBS Records unit said they had taken Mr. Guber and Mr. Peters at their word when the producers told them that getting out of the contract would be no problem because of a previous oral agreement


( S ( NP-SBJ ( NP ( NNP Wayne ) ( NNP Smith ) ) ( NP ( NP ( DT an ) ( NN attorney ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Gibson ) ( NNP Dunn ) ( CC & ) ( NNP Crutcher ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ( VP ( VBG representing ) ( NP ( NNP Sony ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Sony ) ( NNS executives ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN seen ) ( NP ( DT the ) ( NN contract ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ relevant ) ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ ( NNP Guber ) ( CC and ) ( NNP Peters ) ) ( VP ( VBD told ) ( NP ( PRP them ) ) ( SBAR ( S ( NP-SBJ ( NNP Warner ) ) ( VP ( MD would ) ( VP ( VB let ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VB terminate ) ( NP ( PRP it ) ) ( PP-TMP ( IN at ) ( NP ( DT any ) ( NN time ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Wayne Smith an attorney at Gibson Dunn & Crutcher in Los Angeles representing Sony said the Sony executives had n't seen the contract because it was n't relevant once Guber and Peters told them Warner would let them terminate it at any time


( S ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNS statements ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN contract ) ) ) ( VP ( VBN made ) ( PP-LOC ( IN in ) ( NP ( NNP SEC ) ( NNS filings ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS attorneys ) ) ( SBAR ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD did ) ( VP ( VB have ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNS contracts ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBD were ) ( RB n't ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS negotiations ) ) ( PP ( IN between ) ( NP ( NP ( NNP Sony ) ) ( CC and ) ( NP ( DT the ) ( NN duo ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Smith said statements about the contract made in SEC filings were made by attorneys who did have access to the contracts but who were n't part of the negotiations between Sony and the duo


( S ( NP-SBJ ( NNP Warner ) ( NNS executives ) ) ( ADVP ( RB also ) ) ( VP ( VBD filed ) ( NP ( NP ( JJ new ) ( JJ sworn ) ( NNS affidavits ) ) ( VP ( VBG denying ) ( NP ( NP ( NNS claims ) ) ( PP ( IN by ) ( NP ( NNS Messrs. ) ( NNP Guber ) ( CC and ) ( NNP Peters ) ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS sides ) ) ( VP ( VBD had ) ( NP ( NP ( DT an ) ( JJ oral ) ( NN agreement ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD enabled ) ( S ( NP-SBJ ( DT the ) ( NNS producers ) ) ( VP ( TO to ) ( VP ( VB terminate ) ( NP ( NP ( PRP$ their ) ( NN contract ) ) ( PP ( IN with ) ( NP ( NNP Warner ) ) ) ) ) ) ) ( SBAR-ADV ( SINV ( MD should ) ( NP-SBJ ( DT the ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB run ) ( NP ( DT a ) ( JJ major ) ( NN studio ) ) ) ) ) ) ( VP ( VBN come ) ( PRT ( RP up ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Warner executives also filed new sworn affidavits denying claims by Messrs. Guber and Peters that the two sides had an oral agreement that enabled the producers to terminate their contract with Warner should the opportunity to run a major studio come up


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Sony ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB prove ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ oral ) ( NN agreement ) ) ( VP ( VBD did ) ( PP ( IN in ) ( NP ( NN fact ) ) ) ( VP ( VB exist ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( RB even ) ( DT the ) ( VBG existing ) ( VBN written ) ( NN contract ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB preclude ) ( NP-2 ( DT the ) ( NNS producers ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG taking ) ( NP ( NP ( JJ executive ) ( NNS posts ) ) ( PP-LOC ( IN at ) ( NP ( DT another ) ( NN studio ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But Mr. Smith said Sony intends to prove that the oral agreement did in fact exist and that even the existing written contract does n't preclude the producers from taking executive posts at another studio


( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VBD described ) ( PP-CLR ( IN as ) ( NP ( NN nonsense ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP ( NP ( NP ( NNP Sony ) ( POS 's ) ) ( NNS assertions ) ) ( PP-LOC ( IN in ) ( NP ( JJ prior ) ( NN court ) ( NNS filings ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNP Mr. ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ( VP ( MD could ) ( PP ( IN in ) ( NP ( NN theory ) ) ) ( VP ( VBN run ) ( NP ( NNP Columbia ) ) ( SBAR-TMP ( IN while ) ( S ( ADVP ( RB still ) ) ( VP ( VBG fulfilling ) ( NP ( PRP$ their ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NNS movies ) ) ( PP ( IN for ) ( NP ( NNP Warner ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Warner described as nonsense yesterday Sony 's assertions in prior court filings that Mr. Guber and Mr. Peters could in theory run Columbia while still fulfilling their contract to produce movies for Warner


( S ( S-TPC-1 ( NP-SBJ ( JJ Such ) ( DT a ) ( JJ dual ) ( NN role ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ impractical ) ( CC and ) ( JJ unethical ) ) ) ) ) ( NP-SBJ-2 ( NNP Warner ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG adding ) ( S ( NP-SBJ ( DT that ) ( NN concept ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB as ) ( RB silly ) ) ( PP ( IN as ) ( S-NOM ( VP ( VBG suggesting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ head ) ( NN coach ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NNP Dodgers ) ) ) ) ( VP ( MD could ) ( ADVP-TMP ( RB simultaneously ) ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ general ) ( NN manager ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NNP Giants ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Such a dual role would be impractical and unethical Warner said adding that concept is as silly as suggesting that the head coach of the Los Angeles Dodgers could simultaneously be general manager of the San Francisco Giants


( S ( NP-SBJ ( NP ( NNP Warner ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN process ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN acquired ) ( PP ( IN by ) ( NP-LGS ( ADJP ( NNP New ) ( JJ York-based ) ) ( NNP Time ) ( NNP Warner ) ( NNP Inc. ) ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD paid ) ( NP ( DT the ) ( CD two ) ( NNS producers ) ) ( NP ( NP ( DT a ) ( VBN fixed ) ( JJ annual ) ( NN salary ) ) ( PP ( IN of ) ( NP ( QP ( CD 3 ) ( CD million ) ) ) ) ) ) ) ) ) )

Warner which is in the process of being acquired by New York-based Time Warner Inc. also said it paid the two producers a fixed annual salary of 3 million


( S ( NP-SBJ-1 ( NNP Quotron ) ( NNP Systems ) ( NNP Inc. ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NP ( NP ( QP ( RB about ) ( CD 400 ) ) ) ( PRN ( CC or ) ( NP ( CD 16 ) ( NN % ) ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( CD 2,500 ) ( NNS employees ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( JJ several ) ( NNS months ) ) ) ) ) ) ) )

Quotron Systems Inc. plans to cut about 400 or 16 % of its 2,500 employees over the next several months


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT This ) ( NN action ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( NN operating ) ( NNS expenses ) ) ( PP-CLR ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NN revenue ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP J. ) ( NNP David ) ( NNP Hann ) ) ( NP ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( ADJP ( NNP Los ) ( JJ Angeles-based ) ) ( NNP Quotron ) ) ) ) ) )

This action will continue to keep operating expenses in line with revenue said J. David Hann president and chief executive officer of Los Angeles-based Quotron


( S ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN move ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( JJ financial ) ( NN information ) ( CC and ) ( NNS services ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP Citicorp ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( VBG changing ) ( NNS conditions ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ retail ) ( NNS securities ) ( NN industry ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG contracting ) ( PP-TMP ( IN since ) ( NP ( NP ( NNP October ) ( CD 1987 ) ( POS 's ) ) ( NN stock ) ( NN market ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN executive ) ) ( VP ( VBD added ) ) )

The move by the financial information and services subsidiary of Citicorp is a response to changing conditions in the retail securities industry which has been contracting since October 1987 's stock market crash the executive added


( S ( NP-SBJ ( NP ( NNP Quotron ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( VB Citicorp ) ) ( VP ( VBD purchased ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ( VP ( VBZ provides ) ( NP ( NP ( NN price ) ( NNS quotations ) ) ( PP ( IN for ) ( NP ( NP ( NNS securities ) ) ( ADVP ( RB particularly ) ) ( NP ( NNS stocks ) ) ) ) ) ) )

Quotron which Citicorp purchased in 1986 provides price quotations for securities particularly stocks


( S ( NP-SBJ ( NNP Quotron ) ) ( ADVP ( RB also ) ) ( VP ( VBZ provides ) ( NP ( NP ( NN trading ) ( CC and ) ( JJ other ) ( NNS systems ) ) ( NP ( NP ( NNS services ) ) ( PP ( IN for ) ( NP ( NN brokerage ) ( NNS firms ) ) ) ) ( CC and ) ( NP ( JJ communications-network ) ( NNS services ) ) ) ) )

Quotron also provides trading and other systems services for brokerage firms and communications-network services


( S ( NP-SBJ ( NP ( JJ Independent ) ( NNS providers ) ) ( PP ( IN of ) ( NP ( JJ financial ) ( NN information ) ) ) ( PP ( VBG including ) ( NP ( NN Quotron ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( PP-PRD ( IN under ) ( NP ( DT some ) ( NN pressure ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( JJ major ) ( NNS securities ) ( NNS houses ) ) ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB regain ) ( NP ( NP ( PRP$ their ) ( NN hold ) ) ( PP ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN production ) ) ( PP ( IN of ) ( NP ( NN market ) ( NNS data ) ) ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( DT the ) ( JJ related ) ( NN revenue ) ) ) ) ) ) ) ) ) ) ) ) ) )

Independent providers of financial information including Quotron have been under some pressure as the major securities houses try to regain their hold on the production of market data and on the related revenue


( S ( NP-SBJ ( NP ( NNP Shearson ) ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ( NP ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Salomon ) ( NNP Inc. ) ) ) ( VP ( VBP are ) ( VP ( VBG discussing ) ( NP ( NP ( NN formation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN group ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( JJ securities-price ) ( NNS data ) ) ) ) ) ) ) ) ) ) ) )

Shearson Goldman Sachs & Co. Morgan Stanley & Co. and Salomon Inc. are discussing formation of a group to sell securities-price data


( S ( S-TPC-3 ( NP-SBJ ( NP ( DT The ) ( NN job ) ( NNS cuts ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN made ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS areas ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( JJ various ) ( NN job ) ( NNS levels ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN streamlining ) ) ( PP ( IN of ) ( NP ( NNS operations ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) )

The job cuts to be made in a number of areas at various job levels are a streamlining of operations a spokeswoman said


( S-1 ( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( NP ( DT no ) ( JJ immediate ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB close ) ( NP ( DT any ) ( NNS operations ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Quotron ) ) ( VP ( MD may ) ( VP ( VB subcontract ) ( NP ( NP ( DT some ) ( NN work ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG doing ) ( ADVP-MNR ( NN in-house ) ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NN refurbishment ) ( CC and ) ( NN production ) ) ( PP ( IN of ) ( NP ( NP ( NNP Quotron ) ( CD 1000 ) ( NN equipment ) ) ( VP ( VBN used ) ( PP-LOC-CLR ( IN in ) ( S-NOM ( VP ( VBG delivering ) ( NP ( JJ financial ) ( NNS data ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company has no immediate plans to close any operations she said but Quotron may subcontract some work that it has been doing in-house including refurbishment and production of Quotron 1000 equipment used in delivering financial data


( S ( NP-SBJ ( DT The ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN move ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP ( RB directly ) ) ( NP-PRD ( NP ( DT a ) ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Quotron ) ( POS 's ) ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( CD two ) ( JJS biggest ) ( NNS customers ) ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NP ( NNP American ) ( NNP Express ) ( NNP Co. ) ( POS 's ) ) ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ) ) ) ( PP ( TO to ) ( NP ( NNP Automated ) ( NNP Data ) ( NNP Processing ) ( NNP Inc. ) ) ) ( NP-TMP ( RB earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) )

The spokeswoman said the move is n't directly a response to Quotron 's loss of its two biggest customers Merrill Lynch & Co. and American Express Co. 's Shearson Lehman Hutton Inc. to Automated Data Processing Inc. earlier this year