( SINV ( S-TPC-2 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ common ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( JJ large ) ( NNS companies ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Borner ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD worked ) ( PP-CLR ( IN for ) ( NP ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ) ( PP-TMP ( IN for ) ( NP ( CD 23 ) ( NNS years ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG choosing ) ( NP ( PRP$ his ) ( JJ current ) ( NN trade ) ) ) ) ) ) ) ) ) )

This is common with a lot of large companies says Mr. Borner who worked for American Telephone & Telegraph Co. for 23 years before choosing his current trade


( S-1 ( NP-SBJ ( NNS Managers ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ contends ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ afraid ) ( SBAR ( WHADVP-3 ( WRB how ) ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS eyes ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS peers ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Managers he contends are afraid how they 're going to look in the eyes of their peers


( S ( NP-SBJ ( PRP$ My ) ( NN vision ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB change ) ( NP ( NP ( JJ human ) ( NN consciousness ) ) ( PP ( IN towards ) ( NP ( NN touch ) ) ) ) ) ) ) ) )

My vision is to change human consciousness towards touch


( S ( NP-SBJ ( PRP$ My ) ( NN attitude ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VB Let ) ( NP ( PRP 's ) ) ( VP ( VB come ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN closet ) ) ) ) ) ) ) ) )

My attitude is Let 's come out of the closet


( S ( ADVP-TMP ( RB Occasionally ) ) ( NP-SBJ ( NP ( DT all ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( VP ( VBN needed ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( RB little ) ( VBG coaxing ) ) ) )

Occasionally all that 's needed is a little coaxing


( S ( NP-SBJ ( NP ( NNP Elisa ) ( NNP Byler ) ) ( NP ( DT a ) ( NNP St. ) ( NNP Louis ) ( NN masseuse ) ) ) ( VP ( VBN won ) ( PRT ( RP over ) ) ( NP ( NP ( NNS officials ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Emerson ) ( NNP Electric ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ electrical ) ( CC and ) ( JJ electronic ) ( NN equipment ) ) ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG providing ) ( NP ( NP ( NP ( NNS documents ) ) ( CC and ) ( NP ( JJ other ) ( NNS articles ) ) ) ( VP ( VBG trumpeting ) ( NP ( NP ( DT the ) ( JJ therapeutic ) ( NNS benefits ) ) ( PP ( IN of ) ( NP ( NN massage ) ) ) ) ) ) ) ) ) ) )

Elisa Byler a St. Louis masseuse won over officials at Emerson Electric Co. a maker of electrical and electronic equipment by providing documents and other articles trumpeting the therapeutic benefits of massage


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP she ) ) ( ADVP ( RB also ) ) ( VP ( VBZ stresses ) ( NP ( NN professionalism ) ) ( PP-TMP ( IN during ) ( NP ( PRP$ her ) ( JJ weekly ) ( NNS visits ) ) ) ) ) ) ) )

She notes that she also stresses professionalism during her weekly visits


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBP pull ) ( NP ( PRP$ my ) ( NN hair ) ) ( PRT ( RB back ) ) ) ( VP ( VBP wear ) ( NP ( DT a ) ( JJ little ) ( NN makeup ) ) ) ( CC and ) ( VP ( VBP look ) ( ADJP-PRD ( JJ corporate ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Byler ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG visiting ) ( NP ( NNP Emerson ) ) ( PP-TMP ( IN since ) ( NP ( NNP January ) ) ) ) ) ) ) ) ) )

I pull my hair back wear a little makeup and look corporate says Ms. Byler who has been visiting Emerson since January


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP go ) ( PP-LOC ( IN in ) ( NP ( RB there ) ) ) ( SBAR-MNR ( IN as ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( ADVP-MNR ( RB normally ) ) ( VBP dress ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD 'd ) ( VP ( VB ask ) ( SBARQ ( WHNP-1 ( WP Who ) ) ( SQ ( VP ( VBZ is ) ( NP-PRD ( DT this ) ( NN hippie ) ) ) ) ) ) ) )

If I go in there as I normally dress they 'd ask Who is this hippie


( S ( NP-SBJ ( NP ( DT The ) ( JJ self-proclaimed ) ( NN father ) ) ( PP ( IN of ) ( NP ( JJ on-site ) ( NN massage ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP David ) ( NNP Palmer ) ) ( NP ( NP ( NP ( DT a ) ( JJ 41-year-old ) ( NNP San ) ( NNP Francisco ) ( NN masseur ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN mission ) ) ( S ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB save ) ( NP ( DT the ) ( JJ touch-starved ) ( NNS masses ) ) ) ) ) ) ) ) ) ) ) ) )

The self-proclaimed father of on-site massage is David Palmer a 41-year-old San Francisco masseur whose mission is to save the touch-starved masses


( S ( S-PRP ( VP ( TO To ) ( VP ( VB help ) ( VP ( VB do ) ( NP ( DT this ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Palmer ) ) ( VP ( VBD developed ) ( NP ( NP ( DT a ) ( JJ portable ) ( NN massage ) ( NN chair ) ) ) ( ADVP-TMP ( NP ( CD three ) ( NNS years ) ) ( RB ago ) ) ( SBAR-3 ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ hopes ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB bring ) ( NP ( JJ structured ) ( NN touching ) ) ( PP-DIR ( IN into ) ( NP ( NN mainstream ) ( NNP America ) ) ) ) ) ) ) ) ) ) ) )

To help do this Mr. Palmer developed a portable massage chair three years ago that he hopes will bring structured touching into mainstream America


( S ( S-TPC-3 ( NP-SBJ-1 ( DT The ) ( NN culture ) ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VP ( VB take ) ( PRT ( RP off ) ) ( NP ( PRP$ its ) ( NNS clothes ) ) ) ( VP ( VB lie ) ( PRT ( RB down ) ) ) ( CC and ) ( VP ( VB be ) ( VP ( VBN touched ) ( PP-TMP ( IN for ) ( NP ( DT an ) ( NN hour ) ) ) ( PP ( IN for ) ( NP ( CD 45 ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

The culture is not ready to take off its clothes lie down and be touched for an hour for 45 he says


( S ( NP-SBJ ( DT The ) ( NN idea ) ) ( VP ( VBZ is ) ( S-PRD ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( DT the ) ( NNS clothes ) ) ( ADVP-PRD ( RP on ) ) ) ) ) ) ( CC and ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBN seated ) ) ) ) ) ) ) ) )

The idea is to keep the clothes on and to keep people seated


( S ( NP-SBJ ( DT The ) ( NN chair ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB package ) ( NP ( NN massage ) ) ) ) ) ) ) ) )

The chair is a way to package massage


( S ( S-NOM-SBJ ( VP ( VBG Sitting ) ( PP-LOC ( IN in ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Palmer ) ( POS 's ) ) ( NNS chairs ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBD cost ) ( NP ( CD 425 ) ) ) ( CC and ) ( VP ( VBP have ) ( ADVP-TMP ( IN since ) ) ( VP ( VBN been ) ( VP ( VBN copied ) ( PP ( IN by ) ( NP-LGS ( NNS others ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( NP-ADV ( DT a ) ( NN bit ) ) ( IN like ) ( S-NOM ( VP ( VBG straddling ) ( NP ( DT a ) ( NN recliner ) ) ) ) ) ) )

Sitting in one of Mr. Palmer 's chairs which cost 425 and have since been copied by others is a bit like straddling a recliner


( S ( NP-SBJ ( NNS Customers ) ) ( VP ( VP ( VBP lean ) ( ADVP-DIR ( RB forward ) ) ) ( VP ( VBP rest ) ( NP ( PRP$ their ) ( NNS knees ) ) ( PP-LOC ( IN on ) ( NP ( NN side ) ( NNS supports ) ) ) ) ( CC and ) ( VP ( VBP bury ) ( NP ( PRP$ their ) ( NN face ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN padding ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN back ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN chair ) ) ) ) ) ) ) ) ) )

Customers lean forward rest their knees on side supports and bury their face in padding on the back of the chair


( S ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Ohlman ) ) ( NP ( DT the ) ( NNP Grand ) ( NNP Rapids ) ( NN masseuse ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ has ) ( VP ( VBN heard ) ( S ( NP-SBJ ( DT the ) ( JJ odd-looking ) ( NN contraption ) ) ( VP ( VBN compared ) ( PP-CLR ( TO to ) ( NP ( NP ( NN something ) ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Spanish ) ( NNP Inquisition ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ms. Ohlman the Grand Rapids masseuse says she has heard the odd-looking contraption compared to something out of the Spanish Inquisition


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Palmer ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VP ( VBZ serves ) ( PP-CLR ( IN as ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP On-Site ) ( NNP Massage ) ( NNP Association ) ) ) ) ) ) ( CC and ) ( VP ( VBZ writes ) ( NP ( DT an ) ( NN industry ) ( NN newsletter ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( QP ( DT some ) ( CD 4,000 ) ) ( NNS practitioners ) ) ( PRN ( PP ( IN out ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 50,000 ) ) ( JJ certified ) ( NNS masseurs ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP use ) ( NP ( NN massage ) ( NNS chairs ) ) ( PP-LOC ( PP ( IN in ) ( NP ( DT the ) ( NN workplace ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( IN on ) ( NP ( NN street ) ( NNS corners ) ) ) ( PP ( IN in ) ( NP ( NNS airports ) ( CC and ) ( NNS malls ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( NP ( NNS conventions ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS gatherings ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-1 ( JJ weary ) ( NNS people ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN found ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Palmer who serves as president of the On-Site Massage Association and writes an industry newsletter says some 4,000 practitioners out of about 50,000 certified masseurs across the country now use massage chairs in the workplace as well as on street corners in airports and malls and at conventions and other gatherings where weary people can be found


( S ( NP-SBJ-1 ( NP ( NNP Scot ) ( NNP MacInnis ) ) ( NP ( NP ( DT a ) ( NN masseur ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Boulder ) ) ( NP ( NNP Colo. ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( DT a ) ( JJ scary ) ( NN experience ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG massaging ) ( NP ( DT a ) ( NN man ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NNS natural-foods ) ( NN supermarket ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN store ) ( NN promotion ) ) ) ) ) ) ) ) ) )

Scot MacInnis a masseur in Boulder Colo. had a scary experience while massaging a man in a natural-foods supermarket as part of a store promotion


( S ( NP-TMP ( NP ( CD Three ) ( NNS minutes ) ) ( PP ( IN into ) ( NP ( DT the ) ( NN massage ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN man ) ) ( VP ( VP ( VBD curled ) ( ADVP-CLR ( RB up ) ) ) ( VP ( VBD began ) ( S ( VP ( VBG shaking ) ) ) ) ( CC and ) ( VP ( VBD turned ) ( ADJP-PRD ( JJ red ) ) ) ) )

Three minutes into the massage the man curled up began shaking and turned red


( S ( NP-SBJ-1 ( NNS Paramedics ) ) ( VP ( VBD were ) ( VP ( VBN called ) ) ) )

Paramedics were called


( S ( ADVP-TMP ( NP ( DT A ) ( NN week ) ) ( RB later ) ) ( NP-SBJ ( DT the ) ( NN man ) ) ( VP ( VBD told ) ( NP ( NNP Mr. ) ( NNP MacInnis ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN suffered ) ( NP ( NP ( DT a ) ( JJ mild ) ( NN heart ) ( NN attack ) ) ( ADJP ( JJ unrelated ) ( PP ( TO to ) ( NP ( DT the ) ( NN massage ) ) ) ) ) ) ) ) ) ) )

A week later the man told Mr. MacInnis he had suffered a mild heart attack unrelated to the massage


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ powerful ) ( NN point ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ my ) ( NN career ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT the ) ( JJ 31-year-old ) ( NNP Mr. ) ( NNP MacInnis ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( ADVP-TMP ( IN since ) ) ( VP ( VBN taken ) ( PRT ( RP out ) ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 1 ) ( CD million ) ) ) ( NN liability ) ( NN policy ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN business ) ) ) ) ) ) ) ) ) )

It was a powerful point in my career says the 31-year-old Mr. MacInnis who has since taken out a 1 million liability policy for his business


( S ( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD pulled ) ( ADVP-CLR ( RB through ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN ambulance ) ) ( VP ( VBD left ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( ADVP ( RB still ) ) ( NP-PRD ( NP ( CD six ) ( NNS people ) ) ( PP ( IN in ) ( NP ( NN line ) ) ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN massage ) ) ) ) ) ) ) )

But he pulled through and after the ambulance left there were still six people in line waiting for a massage


( S ( S ( NP-SBJ ( DT The ) ( JJ next ) ( NN woman ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJR older ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ afraid ) ( S ( VP ( TO to ) ( VP ( VB touch ) ( NP ( PRP her ) ) ) ) ) ) ) ) )

The next woman was older and I was afraid to touch her


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VP ( VBG falling ) ( PP-DIR ( RB off ) ( NP ( DT a ) ( NN horse ) ) ) ) ( CC and ) ( VP ( VBG getting ) ( ADVP-DIR ( RB back ) ( PP ( RB on ) ) ) ) ) ) ) ) )

But it 's like falling off a horse and getting back on


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS fans ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NN office ) ( NN massage ) ) ( VP ( VBZ has ) ( VP ( VBN won ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT some ) ( NNS purists ) ) ( VP ( VBP look ) ( ADVP-CLR ( RB down ) ( PP ( IN on ) ( NP ( PRP it ) ) ) ) ( S-ADV ( VP ( VBG arguing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ naked ) ( JJ full-body ) ( NNS rubs ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB go ) ) ) ) ) ) ) ) ) ) ) ) )

Despite the number of fans that office massage has won some purists look down on it arguing that naked full-body rubs are the only way to go


( S ( NP-SBJ ( NP ( NNP Linda ) ( NNP Aldridge ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ does ) ( NP ( JJ full-body ) ( NN work ) ) ( PP-LOC ( IN in ) ( NP ( NNP Pittsburgh ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ on-site ) ( NN massage ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR better ) ) ( PP ( IN than ) ( NP ( NN nothing ) ) ) ) ) ) ) ( NP-SBJ ( JJ tired ) ( NNS workers ) ) ( VP ( MD should ) ( VP ( VB realize ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB only ) ( DT the ) ( NN tip ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN iceberg ) ) ) ) ) ) ) ) ) ) ) ) )

Linda Aldridge who does full-body work in Pittsburgh says that while on-site massage is better than nothing tired workers should realize it is only the tip of the iceberg


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( JJ Whole ) ( NNS areas ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS bodies ) ) ) ) ( VP ( VBP are ) ( VP ( VBN neglected ) ) ) ) ( NP-SBJ-3 ( PRP she ) ) ( VP ( VBZ says ) ( S-ADV ( VP ( VBG adding ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS clothes ) ) ( VP ( VBP ruin ) ( NP ( DT the ) ( NN experience ) ) ) ) ) ) ) ) )

Whole areas of their bodies are neglected she says adding that clothes ruin the experience


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN nothing ) ) ( PP ( IN like ) ( NP ( NP ( NN skin ) ) ( PP ( TO to ) ( NP ( NN skin ) ) ) ) ) ) ) )

There 's nothing like skin to skin


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN turmoil ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( VP ( MD may ) ( VP ( VB benefit ) ( NP ( NP ( DT some ) ( NNS retailers ) ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB lead ) ( NP ( NP ( JJ leveraged ) ( NNS buy-outs ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN specialty ) ( CC and ) ( NN department-store ) ( NNS chains ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN investment ) ( NNS bankers ) ( CC and ) ( NNS retailers ) ) ( VP ( VBD said ) ) )

The turmoil on Wall Street may benefit some retailers attempting to lead leveraged buy-outs of their specialty and department-store chains investment bankers and retailers said


( S ( NP-SBJ ( NP ( NNS Managers ) ) ( PP-LOC ( IN at ) ( NP ( CD five ) ( NNS chains ) ) ) ) ( VP ( VBP have ) ( VP ( VBN said ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP intend ) ( S ( VP ( TO to ) ( VP ( VB bid ) ( PP-CLR ( IN for ) ( NP ( PRP$ their ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) )

Managers at five chains have said in recent weeks that they intend to bid for their companies


( S ( NP-SBJ ( DT The ) ( NNS chains ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( NP ( NNP Bloomingdale ) ( POS 's ) ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Campeau ) ( NNP Corp. ) ) ( NP-LOC ( NNP Toronto ) ) ) ) ) ) ( NP ( NP ( NP ( NNP Saks ) ( NNP Fifth ) ( NNP Avenue ) ) ( CC and ) ( NP ( NNP Marshall ) ( NNP Field ) ( POS 's ) ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP B.A.T ) ( NNPS Industries ) ( NNP PLC ) ) ( NP-LOC ( NNP London ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NNP B. ) ( NNP Altman ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Sakowitz ) ( NNP Inc. ) ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Hooker ) ( NNP Corp. ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG being ) ( VP ( VBN managed ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ court-appointed ) ( JJ provisional ) ( NN liquidator ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The chains include Bloomingdale 's owned by Campeau Corp. Toronto Saks Fifth Avenue and Marshall Field 's owned by B.A.T Industries PLC London and B. Altman & Co. and Sakowitz Inc. owned by Hooker Corp. which is now being managed by a court-appointed provisional liquidator


( S ( NP-SBJ-1 ( NNP Hooker ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Sydney ) ) ( NP ( NNP Australia ) ) ) ) ) ) )

Hooker is based in Sydney Australia


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN combination ) ) ( PP ( IN of ) ( NP ( NP ( NP ( RB so ) ( JJ many ) ( NNS chains ) ) ( ADJP ( JJ available ) ( PP ( IN for ) ( NP ( NN sale ) ) ) ) ) ( NP ( NP ( DT the ) ( JJ recent ) ( NNS failures ) ) ( PP ( IN of ) ( NP ( NP ( JJ such ) ( NN retailing ) ( NN LBO ) ( POS 's ) ) ( PP ( RB as ) ( NP ( NNP Miller ) ( CC & ) ( NNP Rhoads ) ( NNP Inc. ) ) ) ) ) ) ( CC and ) ( NP ( VBG declining ) ( NN investor ) ( NN confidence ) ) ) ) ) ( VP ( MD will ) ( VP ( VB drive ) ( PRT ( RP down ) ) ( NP ( NNS prices ) ) ) ) ) ( NP-SBJ ( NN retailing ) ( NNS observers ) ) ( VP ( VBD said ) ) )

The combination of so many chains available for sale the recent failures of such retailing LBO 's as Miller & Rhoads Inc. and declining investor confidence will drive down prices retailing observers said


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN pricing ) ) ( VP ( MD will ) ( VP ( VP ( VB become ) ( ADJP-PRD ( RBR more ) ( JJ realistic ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD should ) ( VP ( VB help ) ( NP ( NN management ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Bruce ) ( NNP Rosenthal ) ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN investment ) ( NN banker ) ) ( PP ( IN with ) ( NP ( NNP Nathan ) ( NNP S. ) ( NNP Jonas ) ( CC & ) ( NNP Co ) ) ) ) ) )

The pricing will become more realistic which should help management said Bruce Rosenthal a New York investment banker with Nathan S. Jonas & Co


( S ( S ( NP-SBJ-1 ( NNS Investors ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG throwing ) ( NP ( NN money ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBN proposed ) ( NNS LBOs ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( S-NOM-SBJ ( VP ( VBG doing ) ( NP ( NNS deals ) ) ( PP-MNR ( IN on ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( JJ ridiculous ) ( NNS assumptions ) ) ) ) ) ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBN made ) ( NP ( NN sense ) ) ( ADVP ( RB either ) ) ) ) )

Investors are n't going to be throwing money at any of the proposed LBOs but doing deals on the basis of ridiculous assumptions never made sense either


( S ( S-TPC-2 ( NP-TMP ( RB Earlier ) ( DT this ) ( NN year ) ) ( NP-SBJ-1 ( NP ( NNS bankers ) ) ( CC and ) ( NP ( JJ other ) ( NNS investors ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NN financing ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD assumed ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ major ) ( NNS gains ) ) ( PP ( IN in ) ( NP ( DT both ) ( NN profitability ) ( CC and ) ( NNS sales ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Rosenthal ) ) ( VP ( VBD added ) ) )

Earlier this year bankers and other investors were willing to provide financing because they assumed there would be major gains in both profitability and sales Mr. Rosenthal added


( S ( S-TPC-1 ( NP-SBJ ( DT Those ) ( NNS days ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB over ) ) ( ADVP-TMP ( RB now ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ believes ) ) )

Those days are over now he believes


( S ( S-TPC-3 ( NP-SBJ ( NP ( NN Competition ) ) ( PP ( IN from ) ( NP ( NP ( JJ third ) ( NNS parties ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBP have ) ( NP ( NN cash ) ) ) ( CC and ) ( VP ( VBP are ) ( ADJP-PRD ( JJ prepared ) ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ has ) ( ADVP-TMP ( RB always ) ) ( VP ( VBN existed ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB continue ) ) ) ) ) ( VP ( VBD added ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Rosenthal ) ) )

Competition from third parties who have cash and are prepared to buy has always existed and will continue added Mr. Rosenthal


( S ( CC But ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ crazy ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB even ) ( JJR harder ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT an ) ( NN LBO ) ) ) ) ) ) ) )

But when prices were crazy it was even harder to do an LBO


( S ( NP-SBJ ( NNS Bankers ) ) ( VP ( VBD believed ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJR greater-fool ) ( NN theory ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( NN somebody ) ( JJ else ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB always ) ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( RBR more ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bankers believed in the greater-fool theory that says somebody else is always willing to pay more


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( ADVP-TMP ( DT no ) ( RB longer ) ) ( ADJP-PRD ( JJ true ) ) ( NP-TMP ( NN today ) ) ) )

This is no longer true today


( S ( PP-LOC ( IN At ) ( NP ( NNP Saks ) ( NNP Fifth ) ( NNP Avenue ) ) ) ( NP-SBJ ( NP ( NNP Paul ) ( NNP Leblang ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( NP ( NN marketing ) ) ) ) ( VP ( VBD agreed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJR lower ) ( NNS prices ) ) ( VP ( MD will ) ( VP ( VB help ) ( NP ( PRP$ his ) ( NN management ) ( NN team ) ) ( PP-CLR ( IN in ) ( NP ( PRP$ their ) ( VBN proposed ) ( NN LBO ) ) ) ) ) ) ) ) )

At Saks Fifth Avenue Paul Leblang senior vice president marketing agreed that lower prices will help his management team in their proposed LBO


( SINV ( S-TPC-2 ( S-NOM-SBJ ( VP ( VBG Having ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RP on ) ) ( NP ( JJR less ) ( NN debt ) ) ) ) ) ) ) ( VP ( MD would ) ( ADVP ( RB certainly ) ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( NN advantage ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Leblang ) ) )

Having to take on less debt would certainly be an advantage said Mr. Leblang


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB help ) ( NP ( PRP us ) ) ( PP-CLR ( IN in ) ( NP ( NP ( PRP$ our ) ( NN search ) ) ( PP ( IN for ) ( NP ( NN equity ) ( NNS partners ) ) ) ) ) ) ) )

It would also help us in our search for equity partners


( S ( S-PRP ( VP ( TO To ) ( VP ( VB make ) ( S ( NP-SBJ ( DT an ) ( NN LBO ) ) ( VP ( NN work ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB need ) ( NP ( NP ( RBR more ) ) ( PP ( IN than ) ( NP ( RB just ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) )

To make an LBO work now we are going to need more than just junk bonds


( S ( NP-SBJ ( NN None ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( DT the ) ( VBN proposed ) ( NN management ) ( NNS LBOs ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ easy ) ( S ( VP ( TO to ) ( VP ( VB complete ) ) ) ) ) ) ) ) ) ( PP-LOC ( ADVP ( RB especially ) ) ( IN at ) ( NP ( NP ( NNP B. ) ( NNP Altman ) ( CC & ) ( NNP Co. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( PP-LOC-PRD ( IN under ) ( NP ( NN Chapter ) ( CD 11 ) ( NN bankruptcy ) ( NN protection ) ) ) ) ) ) ) ) ) )

None believe the proposed management LBOs will be easy to complete especially at B. Altman & Co. which is under Chapter 11 bankruptcy protection


( S ( RB Not ) ( ADVP ( RB only ) ) ( SINV ( MD could ) ( NP-SBJ ( DT the ) ( NNP Wall ) ( NNP Street ) ( NNS gyrations ) ) ( VP ( VBP damp ) ( NP ( NNP Christmas ) ( NNS sales ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNS consumers ) ) ( VP ( VBP lose ) ( NP ( NP ( NN confidence ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( JJ potential ) ( NN junk-bond ) ( NNS buyers ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ sure ) ( S ( VP ( TO to ) ( VP ( VB demand ) ( NP ( NP ( ADJP ( RB even ) ( JJR stronger ) ) ( NNS covenants ) ) ( CC and ) ( NP ( JJR greater ) ( NN management ) ( NN equity ) ( NN participation ) ) ) ) ) ) ) ) ) )

Not only could the Wall Street gyrations damp Christmas sales if consumers lose confidence in the economy but potential junk-bond buyers are sure to demand even stronger covenants and greater management equity participation


( S ( ADVP ( RB Further ) ) ( NP-SBJ-1 ( NP ( JJ many ) ( NNS institutions ) ) ( VP ( NP-TMP ( NN today ) ) ( VBG holding ) ( NP ( NP ( JJ troubled ) ( NNS retailers ) ( POS ' ) ) ( NN debt ) ( NNS securities ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ reticent ) ( S ( VP ( TO to ) ( VP ( VB consider ) ( NP ( JJ additional ) ( NN retailing ) ( NNS investments ) ) ) ) ) ) ) ) )

Further many institutions today holding troubled retailers ' debt securities will be reticent to consider additional retailing investments


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBN called ) ( S ( NP-SBJ ( JJ bad ) ( NN money ) ) ( VP ( VBG driving ) ( PRT ( RP out ) ) ( NP ( JJ good ) ( NN money ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NN retailing ) ( NN observer ) ) )

It 's called bad money driving out good money said one retailing observer


( S ( NP-SBJ-2 ( NP ( NNS Institutions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( ADVP ( RB usually ) ) ( VBP buy ) ( NP ( JJ retail ) ( NN paper ) ) ) ) ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ concerned ) ) ) ) ) ) )

Institutions that usually buy retail paper have to be more concerned


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( DT the ) ( JJR lower ) ( NNS prices ) ) ( SBAR ( S ( NP-SBJ-1 ( DT these ) ( JJ retail ) ( NNS chains ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB bring ) ) ) ) ) ) ) ) ) ( VP ( MD should ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( RB easier ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS managers ) ) ( VP ( TO to ) ( VP ( VP ( VB raise ) ( NP ( DT the ) ( JJ necessary ) ( NN capital ) ) ) ( CC and ) ( VP ( VB pay ) ( PRT ( RP back ) ) ( NP ( DT the ) ( VBG resulting ) ( NN debt ) ) ) ) ) ) ) ) ) ) ) )

However the lower prices these retail chains are now expected to bring should make it easier for managers to raise the necessary capital and pay back the resulting debt


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NN fall ) ( VBG selling ) ( NN season ) ) ( VP ( VBZ has ) ( ADVP ( RB generally ) ) ( VP ( VBN been ) ( NP-PRD ( DT a ) ( JJ good ) ( NN one ) ) ( PP ( ADVP ( RB especially ) ) ( IN for ) ( NP ( NP ( DT those ) ( NNS retailers ) ) ( ADJP ( JJ dependent ) ( PP ( IN on ) ( NP ( NN apparel ) ( NNS sales ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN majority ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS revenues ) ) ) ) ) ) ) ) ) ) )

In addition the fall selling season has generally been a good one especially for those retailers dependent on apparel sales for the majority of their revenues


( SINV ( S-TPC-3 ( SBAR-NOM-SBJ ( WHNP-2 ( WP What ) ) ( S ( VP ( VBZ 's ) ( ADJP-PRD ( VBG encouraging ) ( PP ( IN about ) ( NP ( DT this ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( JJ retail ) ( NNS chains ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-MNR ( IN on ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( NNS sales ) ( CC and ) ( NNS earnings ) ) ( RB not ) ( NP ( NN liquidation ) ( NNS values ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Joseph ) ( NNP E. ) ( NNP Brooks ) ) ( NP ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ann ) ( NNP Taylor ) ( NNP Inc. ) ) ( NP ( DT a ) ( NN specialty ) ( NN chain ) ) ) ) ) ) )

What 's encouraging about this is that retail chains will be sold on the basis of their sales and earnings not liquidation values said Joseph E. Brooks chairman and chief executive officer of Ann Taylor Inc. a specialty chain


( S ( NP-SBJ ( NP ( NNS Retailers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( NP ( NP ( JJ good ) ( NN track ) ( NNS records ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG producing ) ( NP ( NNS profits ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( DT a ) ( JJR better ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( PRT ( RP back ) ) ( NP ( PRP$ their ) ( NNS companies ) ) ) ) ) ) ) ) )

Retailers who had good track records of producing profits will have a better chance to buy back their companies


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( JJS most ) ( NN retailing ) ( NNS observers ) ) ( VP ( VBP expect ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PDT all ) ( DT the ) ( VBN proposed ) ( NN retailing ) ( NNS LBOs ) ) ( VP ( MD will ) ( VP ( VB depend ) ( ADVP ( RB partly ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NN junk ) ( NNS bonds ) ) ( NP ( NP ( DT a ) ( NN market ) ) ( RRC ( PP ( ADVP ( RB already ) ) ( IN in ) ( NP ( NP ( NN tumult ) ) ) ) ( PP-PRP ( PP ( IN in ) ( NP ( NN part ) ) ) ( IN because ) ( IN of ) ( NP ( NP ( NNS concerns ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS bonds ) ) ( VP ( VBN issued ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Federated ) ( CC and ) ( NNP Allied ) ( NNS units ) ) ( PP ( IN of ) ( NP ( NNP Campeau ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Still most retailing observers expect that all the proposed retailing LBOs will depend partly on the sale of junk bonds a market already in tumult in part because of concerns associated with bonds issued by the Federated and Allied units of Campeau


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( NNS Prices ) ) ( PP ( IN for ) ( NP ( JJ retail ) ( NNS chains ) ) ) ) ( VP ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJR lower ) ) ( NP-TMP ( NN today ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB help ) ( NP ( NN management ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Gilbert ) ( NNP Harrison ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Financo ) ( NNP Inc. ) ) ( NP ( NP ( DT an ) ( NN investment-banking ) ( NN firm ) ) ( VP ( VBG specializing ) ( PP-CLR ( IN in ) ( NP ( NN retailing ) ( NNS acquisitions ) ) ) ) ) ) ) ) ) )

Prices for retail chains are lower today than they were last week which will help management said Gilbert Harrison chairman of Financo Inc. an investment-banking firm specializing in retailing acquisitions


( S ( CC But ) ( NP-SBJ-2 ( NP ( DT the ) ( NN hurdle ) ) ( PP ( IN of ) ( NP ( NN financing ) ) ) ) ( ADVP ( RB still ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN resolved ) ) ) ) ) ) )

But the hurdle of financing still has to be resolved


( S ( NP-SBJ ( JJ Potential ) ( NNS bondholders ) ) ( VP ( MD will ) ( ADVP ( RB either ) ) ( VP ( VP ( VBP look ) ( PP-CLR ( IN for ) ( NP ( NP ( JJR greater ) ( NN equity ) ( NN participation ) ) ( PP ( IN on ) ( NP ( NP ( NN behalf ) ) ( PP ( IN of ) ( NP ( NN management ) ) ) ) ) ) ) ) ( CC or ) ( VP ( VBP insist ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN equity ) ( NN component ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS deals ) ) ) ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB substantially ) ( JJR greater ) ) ( PP ( IN than ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) ) ) ) ) ) )

Potential bondholders will either look for greater equity participation on behalf of management or insist the equity component of the deals be substantially greater than in the past


( S ( NP-SBJ ( NP ( NP ( NNP Polaroid ) ( NNP Corp. ) ( POS 's ) ) ( NN patent-infringement ) ( NNS damages ) ( NN case ) ) ( PP ( IN against ) ( NP ( NP ( NNP Eastman ) ( NNP Kodak ) ( NNP Co. ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS highest ) ( NNS stakes ) ( JJ corporate ) ( NNS trials ) ) ( ADVP-TMP ( RB ever ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( NP ( JJ scant ) ( NN attention ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) )

Polaroid Corp. 's patent-infringement damages case against Eastman Kodak Co. one of the highest stakes corporate trials ever is getting scant attention on Wall Street


( S ( PP-TMP ( IN After ) ( NP ( NP ( CD 78 ) ( NNS days ) ) ( PP ( IN of ) ( NP ( NP ( JJ mind-numbing ) ( NN testimony ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ federal ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Boston ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN trial ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( ADVP ( DT all ) ( CC but ) ) ( VP ( VBN ignored ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS analysts ) ) ( CC and ) ( NP ( NN patent ) ( NNS attorneys ) ) ) ) ) ) ) )

After 78 days of mind-numbing testimony in federal court in Boston the trial is being all but ignored by analysts and patent attorneys


( S ( NP-SBJ ( JJS Most ) ) ( VP ( VBP have ) ( VP ( VP ( VBN read ) ( NP ( DT the ) ( NN pre-trial ) ( NNS documents ) ) ( ADVP ( RB however ) ) ) ( CC and ) ( VP ( VBP estimate ) ( SBAR ( S ( NP-SBJ-1 ( NNP Kodak ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN ordered ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( QP ( CD 1 ) ( CD billion ) ( TO to ) ( CD 1.5 ) ( CD billion ) ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG infringing ) ( PP-CLR ( IN on ) ( NP ( CD seven ) ( NNP Polaroid ) ( NNS patents ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Most have read the pre-trial documents however and estimate Kodak will be ordered to pay 1 billion to 1.5 billion for infringing on seven Polaroid patents


( S ( S ( NP-SBJ ( DT That ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJS largest ) ( NN patent ) ( NN award ) ) ( ADVP-TMP ( RB ever ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( ADVP ( RB well ) ) ( IN below ) ( NP ( NP ( DT the ) ( QP ( CD 12 ) ( CD billion ) ) ) ( SBAR ( S ( NP-SBJ ( NNP Polaroid ) ) ( VP ( VBZ seeks ) ) ) ) ) ) ) ) )

That may be the largest patent award ever but it is well below the 12 billion Polaroid seeks


( S ( NP-SBJ ( NP ( DT The ) ( JJS highest ) ( NN patent ) ( NN damage ) ( NN award ) ) ( PP ( TO to ) ( NP ( NN date ) ) ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( IN in ) ( NP ( NP ( CD 1986 ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ-1 ( NNP Smith ) ( NNP International ) ( NNP Inc. ) ) ( VP ( VBD was ) ( VP ( VBN ordered ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( QP ( CD 205 ) ( CD million ) ) ) ( PP-DTV ( TO to ) ( NP ( NNP Baker ) ( NNP Hughes ) ( NNP Inc. ) ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG infringing ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN patent ) ) ( PP ( IN on ) ( NP ( DT an ) ( NN oil ) ( NN drilling ) ( NN bit ) ( NN seal ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The highest patent damage award to date was in 1986 when Smith International Inc. was ordered to pay 205 million to Baker Hughes Inc. for infringing on a patent on an oil drilling bit seal


( S ( NP-SBJ-1 ( DT The ) ( CD two ) ( NNS companies ) ) ( ADVP-TMP ( RB later ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 95 ) ( CD million ) ) ) ) ) ) ) ) )

The two companies later agreed to settle for 95 million


( S ( NP-SBJ ( JJ Few ) ( NNS analysts ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( PP-PRD ( JJ worth ) ( NP ( PRP$ their ) ( NN time ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB slog ) ( PP-CLR ( IN through ) ( NP ( DT the ) ( NNP Polaroid ) ( NN trial ) ( NN testimony ) ) ) ) ) ) ) ) ) ) )

Few analysts think it is worth their time to slog through the Polaroid trial testimony


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG panning ) ( PP-CLR ( IN for ) ( NP ( JJ gold ) ) ) ( PP-LOC ( NN outside ) ( PP ( IN of ) ( NP ( NNP Grand ) ( NNP Central ) ( NNP Station ) ) ) ) ) ) ) ) )

It 's like panning for gold outside of Grand Central Station


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP You ) ) ( VP ( MD might ) ( VP ( VB find ) ( NP ( NN something ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NNS chances ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ low ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Ellman ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Wertheim ) ( NNP Schroder ) ( CC & ) ( NNP Co ) ) ) ) ) )

You might find something but the chances are low said Michael Ellman an analyst at Wertheim Schroder & Co


( S ( CC And ) ( NP-SBJ ( NP ( NNP Eugene ) ( NNP Glazer ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD said ) ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD hired ) ( NP ( NP ( DT an ) ( NN attorney ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB be ) ( ADVP-LOC-PRD ( RB there ) ) ( NP-TMP ( PDT all ) ( DT the ) ( NN time ) ) ) ( CC and ) ( VP ( VB give ) ( NP ( PRP you ) ) ( NP ( NP ( DT a ) ( NN prediction ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ eventual ) ( NN award ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB bet ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADVP-PRD ( RP off ) ( PP ( IN by ) ( NP ( DT a ) ( NN lot ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And Eugene Glazer an analyst at Dean Witter Reynolds Inc. said If you hired an attorney to be there all the time and give you a prediction of the eventual award I would be willing to bet that he would be off by a lot


( S ( NP-SBJ ( NP ( DT A ) ( JJ 75-day ) ( NN trial ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ early ) ( NNS 1980s ) ) ) ) ( VP ( VBD determined ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( NNP Kodak ) ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Rochester ) ) ( NP ( NNP N.Y. ) ) ) ) ) ) ( VP ( VBD infringed ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS patents ) ) ( PP ( IN of ) ( NP ( NP ( NNP Polaroid ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cambridge ) ) ( NP ( NNP Mass ) ) ) ) ) ) ) ) ) ) ) ) )

A 75-day trial in the early 1980s determined that Kodak based in Rochester N.Y. infringed on patents of Polaroid of Cambridge Mass


( S ( NP-SBJ ( NP ( DT The ) ( JJ main ) ( NNS issues ) ) ( VP ( VBG remaining ) ) ) ( VP ( VBP are ) ( SBAR-PRD ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB calculate ) ( NP ( NNS damages ) ) ) ) ) ) ( CC and ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN infringement ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ willful ) ( CC and ) ( JJ deliberate ) ) ) ) ) ) ) )

The main issues remaining are how to calculate damages and whether the infringement was willful and deliberate


( S ( SBAR-ADV ( IN If ) ( FRAG ( ADVP ( RB so ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS damages ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN tripled ) ) ) ) )

If so the damages could be tripled


( S ( NP-SBJ ( NP ( CD Two ) ( NNS analysts ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN read ) ( NP ( DT the ) ( NNS transcripts ) ) ) ) ) ) ( NP ( NP ( NP ( NNP David ) ( NNP Nelson ) ) ( PP ( IN of ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ) ) ( CC and ) ( NP ( NP ( NNP Calvert ) ( NNP D. ) ( NNP Crary ) ) ( NP ( NP ( DT a ) ( NN litigation ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Labe ) ( NNP Simpson ) ( CC & ) ( NNP Co. ) ) ) ) ) ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NNP Judge ) ( NN A. ) ( NNP David ) ( NNP Mazzone ) ) ( VP ( MD will ) ( VP ( VB decide ) ( PP-MNR ( IN in ) ( NP ( NP ( NNP Kodak ) ( POS 's ) ) ( NN favor ) ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( ADJP ( JJ willful ) ( CC and ) ( JJ deliberate ) ) ( NN issue ) ) ) ) ) ) ) ) )

Two analysts who have read the transcripts David Nelson of Shearson Lehman Hutton Inc. and Calvert D. Crary a litigation analyst at Labe Simpson & Co. think Judge A. David Mazzone will decide in Kodak 's favor on the willful and deliberate issue


( S ( NP-SBJ ( NNP Mr. ) ( NNP Crary ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN testimony ) ) ( PP ( IN by ) ( NP ( NP ( NP ( NNP Kodak ) ( POS 's ) ) ( NN patent ) ( NN counsel ) ) ( NP ( NP ( NNP Francis ) ( NNP T. ) ( NNP Carr ) ) ( PP ( IN of ) ( NP ( NNP Kenyon ) ( CC & ) ( NNP Kenyon ) ) ) ) ) ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD worked ) ( PP-CLR ( IN with ) ( NP ( NNP Kodak ) ) ) ( ADVP-MNR ( RB continuously ) ) ( PP-TMP ( IN from ) ( NP ( NP ( DT the ) ( NN outset ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN project ) ) ) ) ) ( PP ( IN in ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NN infringement ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Crary said testimony by Kodak 's patent counsel Francis T. Carr of Kenyon & Kenyon showed that he worked with Kodak continuously from the outset of the project in an effort to avoid infringement


( S ( S-TPC-1 ( S ( NP-SBJ ( NNP Carr ) ) ( VP ( VBD told ) ( NP ( NNP Kodak ) ) ( PP-TMP ( IN on ) ( NP ( JJ many ) ( NNS occasions ) ) ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( JJ various ) ( NNS features ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNP Polaroid ) ( POS 's ) ) ( NN patent ) ( NNS positions ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Kodak ) ) ( VP ( VBD followed ) ( NP ( PRP$ his ) ( NN advice ) ) ( PP ( IN in ) ( NP ( DT every ) ( NN instance ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Crary ) ) ( VP ( VBD said ) ) )

Carr told Kodak on many occasions to avoid various features because of Polaroid 's patent positions and Kodak followed his advice in every instance Mr. Crary said


( S ( CC But ) ( NP-SBJ ( NP ( NNP Irving ) ( NNP Kayton ) ) ( NP ( NP ( DT a ) ( NN patent ) ( NN expert ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP George ) ( NNP Mason ) ( NNP University ) ( NNP School ) ) ( PP ( IN of ) ( NP ( NNP Law ) ) ) ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( CD seven ) ( NNS patents ) ) ( VP ( VBD were ) ( VP ( VBN infringed ) ) ) ) ) ) ( VP ( VBZ suggests ) ( SBAR ( S ( NP-SBJ ( DT that ) ( NN infringement ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ willful ) ) ) ) ) ) ) ) ) )

But Irving Kayton a patent expert at George Mason University School of Law who is familiar with the case said the fact that seven patents were infringed suggests that infringement was willful


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ difficult ) ) ( S-1 ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( IN that ) ( RB consistently ) ( JJ wrong ) ) ) ) ) ) )

It 's difficult to be that consistently wrong


( S ( NP-SBJ ( NNS Observers ) ) ( ADVP ( RB also ) ) ( VP ( VBP wonder ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNP Judge ) ( NNP Mazzone ) ) ( VP ( MD will ) ( VP ( VB use ) ( NP ( NP ( NP ( DT the ) ( JJ lost-profits ) ( NN method ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG determining ) ( NP ( NNS damages ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNP Polaroid ) ) ( VP ( VBZ favors ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( JJR larger ) ( NN award ) ) ) ) ) ) ) ) ) ) ) ( CC or ) ( NP ( DT the ) ( JJ reasonable ) ( NN royalty ) ( NN method ) ) ) ) ) ) ) ) )

Observers also wonder whether Judge Mazzone will use the lost-profits method of determining damages which Polaroid favors because it would result in a larger award or the reasonable royalty method


( S ( NP-SBJ ( NNP Polaroid ) ) ( VP ( VBZ claims ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN manufactured ) ( CC and ) ( VBN sold ) ( NP ( NP ( PDT all ) ( DT the ) ( NN instant ) ( NNS cameras ) ( CC and ) ( NN film ) ) ( VP ( VBN sold ) ( PP ( IN by ) ( NP-LGS ( NNP Kodak ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP Kodak ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN entered ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) )

Polaroid claims it could have manufactured and sold all the instant cameras and film sold by Kodak if Kodak had n't entered the market


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NNP Polaroid ) ) ( VP ( VBZ contends ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VP ( VBN sold ) ( NP ( PRP them ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJR higher ) ( NN price ) ) ) ) ( PRN ( CC and ) ( VP ( ADVP ( RB thus ) ) ( VBD made ) ( NP ( JJR higher ) ( NNS profits ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB match ) ( NP ( NP ( NNP Kodak ) ( POS 's ) ) ( JJR lower ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover Polaroid contends it could have sold them at a higher price and thus made higher profits because it would n't have been forced to match Kodak 's lower prices


( S ( NP-SBJ ( DT Each ) ( NN side ) ) ( VP ( VBZ has ) ( VP ( VBN called ) ( NP ( NP ( DT a ) ( NNP Harvard ) ( NNP Business ) ( NNP School ) ( NN professor ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB testify ) ( PP-CLR ( IN on ) ( NP ( DT that ) ( NN issue ) ) ) ) ) ) ) ) ) ) )

Each side has called a Harvard Business School professor to testify on that issue


( S ( S ( NP-SBJ ( NN Kodak ) ) ( VP ( VBD hired ) ( NP ( NNP Robert ) ( NNP Buzzell ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Polaroid ) ) ( VP ( VBD brought ) ( PRT ( RP in ) ) ( NP ( NNP Robert ) ( NNP J. ) ( NNP Dolan ) ) ) ) )

Kodak hired Robert Buzzell and Polaroid brought in Robert J. Dolan


( SINV ( S-TPC-3 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN nothing ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNS people ) ) ( PP-LOC ( IN at ) ( NP ( NNP Harvard ) ( NNP Business ) ( NN school ) ) ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB agree ) ( PP-CLR ( IN with ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Buzzell ) ) )

There 's nothing that says that people at Harvard Business school have to agree with each other said Mr. Buzzell


( S ( NP-SBJ-1 ( NN Testimony ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( PP-TMP ( IN until ) ( NP ( JJ early ) ( NNP December ) ) ) ) ) ) ) ) )

Testimony is expected to continue until early December


( S ( NP-SBJ-1 ( DT A ) ( NN decision ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN expected ) ( PP-TMP ( IN until ) ( NP ( NP ( DT some ) ( NN time ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) ) )

A decision is n't expected until some time next year


( S ( NP-SBJ-1 ( NNP Steven ) ( NNP F. ) ( NNP Kaplan ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( DT a ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( DT this ) ( NNS graphics ) ( NN equipment ) ( NN company ) ) ) ) ) ) ) )

Steven F. Kaplan was named a senior vice president of this graphics equipment company


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ retains ) ( NP ( NP ( PRP$ his ) ( JJ current ) ( NNS positions ) ) ( PP ( IN as ) ( NP ( NP ( NP ( JJ chief ) ( JJ strategic ) ( NN officer ) ) ( PP ( IN of ) ( NP ( VBP AM ) ( NNP International ) ) ) ) ( CC and ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP AM ) ( NNPS Ventures ) ) ) ) ) ) ) ) )

He retains his current positions as chief strategic officer of AM International and president of AM Ventures


( S ( NP-SBJ-2 ( NP ( DT The ) ( NN stock ) ) ( PP ( IN of ) ( NP ( NNP UAL ) ( NNP Corp. ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN pounded ) ( PP-LOC ( IN amid ) ( NP ( NNS signs ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP British ) ( NNPS Airways ) ) ( VP ( MD may ) ( VP ( VB balk ) ( PP-CLR ( IN at ) ( NP ( NP ( DT any ) ( JJ hasty ) ( NN reformulation ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ aborted ) ( ADJP ( QP ( CD 6.79 ) ( CD billion ) ) ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NP ( NNP United ) ( NNPS Airlines ) ( POS ' ) ) ( NN parent ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The stock of UAL Corp. continued to be pounded amid signs that British Airways may balk at any hasty reformulation of the aborted 6.79 billion buy-out of United Airlines ' parent


( S ( NP-SBJ ( NNP UAL ) ( NN stock ) ) ( VP ( VBD plummeted ) ( NP ( DT a ) ( QP ( JJ further ) ( CD 24.875 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 198 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 2.8 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) )

UAL stock plummeted a further 24.875 to 198 on volume of more than 2.8 million shares in New York Stock Exchange composite trading


( S ( NP-SBJ ( DT The ) ( NN plunge ) ) ( VP ( VBD followed ) ( NP ( NP ( DT a ) ( NN drop ) ) ( PP ( IN of ) ( NP ( CD 56.875 ) ) ) ( NP-TMP ( NNP Monday ) ) ) ( PP-LOC ( IN amid ) ( NP ( NNS indications ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN takeover ) ) ( VP ( MD may ) ( VP ( VB take ) ( NP ( NNS weeks ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN revived ) ) ) ) ) ) ) ) ) ) ) ) )

The plunge followed a drop of 56.875 Monday amid indications the takeover may take weeks to be revived


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBZ has ) ( VP ( VBN fallen ) ( NP-EXT ( NP ( CD 87.25 ) ) ( CC or ) ( NP ( CD 31 ) ( NN % ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( CD three ) ( NN trading ) ( NNS days ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( NP ( NN announcement ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( JJ 300-a-share ) ) ( NN takeover ) ) ) ) ) ) ( VP ( VBD jolted ) ( NP ( DT the ) ( JJ entire ) ( NN stock ) ( NN market ) ) ( PP-CLR ( IN into ) ( NP ( NP ( PRP$ its ) ( JJ second-worst ) ( NN plunge ) ) ( ADVP-TMP ( RB ever ) ) ) ) ) ) ) ) ) ) ) )

The stock has fallen 87.25 or 31 % in the three trading days since announcement of the collapse of the 300-a-share takeover jolted the entire stock market into its second-worst plunge ever


( S ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ total ) ( NN bloodbath ) ) ( PP ( IN for ) ( NP ( NN takeover-stock ) ( NNS traders ) ) ) ) ) ) ( NP-SBJ ( CD one ) ( NN investment ) ( NN banker ) ) ( VP ( VBD said ) ) )

This is a total bloodbath for takeover-stock traders one investment banker said


( S ( NP-SBJ-2 ( NP ( NNP Los ) ( NNP Angeles ) ( NN financier ) ( NNP Marvin ) ( NNP Davis ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD put ) ( NP ( NNP United ) ) ( PP-PUT ( IN in ) ( NP ( NN play ) ) ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( ADJP ( QP ( CD 5.4 ) ( CD billion ) ) ) ( NN bid ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS months ) ) ( RB ago ) ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN night ) ) ( VP ( VBD proffered ) ( NP ( DT both ) ( NP ( NP ( DT a ) ( NN ray ) ) ( PP ( IN of ) ( NP ( NN hope ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( JJ extra ) ( NN element ) ) ( PP ( IN of ) ( NP ( NN uncertainty ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG acquiring ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ) ) ) ) )

Los Angeles financier Marvin Davis who put United in play with a 5.4 billion bid two months ago last night proffered both a ray of hope and an extra element of uncertainty by saying he remains interested in acquiring UAL


( S ( CC But ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD dropped ) ( NP ( PRP$ his ) ( JJ earlier ) ( ADJP ( JJ 300-a-share ) ) ( NN back-up ) ( NN bid ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD must ) ( ADVP-TMP ( RB first ) ) ( VP ( VB explore ) ( NP ( NN bank ) ( NN financing ) ) ) ) ) ) ) ) ) )

But he dropped his earlier 300-a-share back-up bid saying he must first explore bank financing


( S ( SBAR-ADV ( RB Even ) ( IN as ) ( S ( NP-SBJ-1 ( NP ( NNP Citicorp ) ) ( CC and ) ( NP ( NNP Chase ) ( NNP Manhattan ) ( NNP Corp. ) ) ) ( VP ( VBD scrambled ) ( S ( VP ( TO to ) ( VP ( VB line ) ( PRT ( RP up ) ) ( NP ( NP ( NN bank ) ( NN financing ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ revised ) ( NN version ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ lapsed ) ( NN labor-management ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP British ) ( NNPS Airways ) ) ( NP ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN buying ) ( NN group ) ) ) ) ) ( VP ( VBD indicated ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB start ) ( PP-MNR ( IN from ) ( NP ( NN scratch ) ) ) ) ) ) ) ) ) ) )

Even as Citicorp and Chase Manhattan Corp. scrambled to line up bank financing for a revised version of the lapsed labor-management bid British Airways a 15 % partner in the buying group indicated it wants to start from scratch


( S ( NP-SBJ ( PRP$ Its ) ( NNS partners ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NP ( NNP United ) ( POS 's ) ) ( NNS pilots ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD were ) ( S ( VP ( TO to ) ( VP ( VB own ) ( NP ( CD 75 ) ( NN % ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP UAL ) ( NN management ) ) ( PP ( IN at ) ( NP ( CD 10 ) ( NN % ) ) ) ) ) ) )

Its partners are United 's pilots who were to own 75 % and UAL management at 10 %


( S ( S ( VP ( VBG Adding ) ( NP ( NN insult ) ) ( PP-CLR ( TO to ) ( NP ( NN injury ) ) ) ) ) ( NP-SBJ-2 ( NP ( NP ( NNP United ) ( POS 's ) ) ( JJ 25,000-member ) ( NP ( NNS Machinists ) ( POS ' ) ) ( NN union ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD helped ) ( S ( VP ( VB scuttle ) ( NP ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ first ) ( NN bid ) ) ) ) ) ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD asked ) ( NP-4 ( NP ( NNP UAL ) ( NNP Chairman ) ( NNP Stephen ) ( NNP Wolf ) ) ( CC and ) ( NP ( JJ other ) ( NNP UAL ) ( NNS directors ) ) ) ( S ( VP ( TO to ) ( VP ( VB resign ) ) ) ) ) )

Adding insult to injury United 's 25,000-member Machinists ' union which helped scuttle financing for the first bid yesterday asked UAL Chairman Stephen Wolf and other UAL directors to resign


( S ( NP-SBJ-1 ( DT A ) ( JJ similar ) ( NN demand ) ) ( VP ( VBD was ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN group ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ represents ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( NNP United ) ( POS 's ) ) ( CD 26,000 ) ( JJ noncontract ) ( NNS employees ) ) ) ) ) ) ) ) ) ) ) )

A similar demand was made by a group that represents some of United 's 26,000 noncontract employees


( S ( NP-SBJ ( NP ( NNP John ) ( NNP Peterpaul ) ) ( NP ( NNS Machinists ) ( NN union ) ( JJ general ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD attacked ) ( NP ( NNP Mr. ) ( NNP Wolf ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ greedy ) ( CC and ) ( JJ irresponsible ) ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG pursuing ) ( NP ( DT the ) ( NN buy-out ) ) ) ) ) ) )

John Peterpaul Machinists union general vice president attacked Mr. Wolf as greedy and irresponsible for pursuing the buy-out


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Wolf ) ) ( CC and ) ( NP ( NP ( NNP John ) ( NNP Pope ) ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( JJ chief ) ( JJ financial ) ( NN officer ) ) ) ) ( VP ( VBD stood ) ( S ( VP ( TO to ) ( VP ( VB pocket ) ( NP ( NP ( QP ( CD 114.3 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NN stock ) ( CC and ) ( NNS options ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN buy-out ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP UAL ) ( NNS executives ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB reinvest ) ( NP ( QP ( RB only ) ( CD 15 ) ( CD million ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( JJ new ) ( NN company ) ) ) ) ) ) ) )

Although Mr. Wolf and John Pope UAL 's chief financial officer stood to pocket 114.3 million for stock and options in the buy-out UAL executives planned to reinvest only 15 million in the new company


( S ( NP-SBJ ( NP ( DT The ) ( JJ blue-collar ) ( NNS machinists ) ) ( NP ( NP ( NN longtime ) ( NNS rivals ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ white-collar ) ( NNS pilots ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN buyout ) ) ( VP ( MD would ) ( VP ( VP ( VB load ) ( NP ( DT the ) ( NN company ) ) ( PP-MNR ( IN with ) ( NP ( NN debt ) ) ) ) ( CC and ) ( VP ( VB weaken ) ( NP ( PRP$ its ) ( NNS finances ) ) ) ) ) ) ) ) )

The blue-collar machinists longtime rivals of the white-collar pilots say the buyout would load the company with debt and weaken its finances


( S ( NP-SBJ-3 ( NP ( NN Confusion ) ) ( PP ( IN about ) ( NP ( NP ( NP ( DT the ) ( CD two ) ( NNS banks ) ( POS ' ) ) ( JJ hurried ) ( NNS efforts ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB round ) ( PRT ( RP up ) ) ( NP ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ new ) ( NN bid ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NNP UAL ) ( NN board ) ) ( VP ( VBZ has ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VBN seen ) ( ADVP-TMP ( CC yet ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD helped ) ( S ( VP ( VB send ) ( S ( NP-SBJ ( NNP UAL ) ( NN stock ) ) ( VP ( VBG spiraling ) ( ADVP-DIR ( RB downward ) ) ) ) ) ) ) )

Confusion about the two banks ' hurried efforts to round up financing for a new bid that the UAL board has n't even seen yet helped send UAL stock spiraling downward


( S ( CC And ) ( NP-SBJ ( NP ( NNS rumors ) ) ( PP ( IN of ) ( NP ( NP ( JJ forced ) ( NN selling ) ) ( PP ( IN by ) ( NP ( NN takeover-stock ) ( NNS traders ) ) ) ) ) ) ( VP ( VBD triggered ) ( NP ( NP ( DT a ) ( JJ 25-point ) ( NN downdraft ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ( PP-TMP ( IN around ) ( NP ( NP ( CD 11:15 ) ( RB a.m. ) ( NNP EDT ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) )

And rumors of forced selling by takeover-stock traders triggered a 25-point downdraft in the Dow Jones Industrial Average around 11:15 a.m. EDT yesterday


( S ( NP-SBJ ( NP ( NN Yesterday ) ( POS 's ) ) ( NN selling ) ) ( VP ( VBD began ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT a ) ( JJ Japanese ) ( NN news ) ( NN agency ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( JJ Japanese ) ( NNS banks ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD balked ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( JJ first ) ( NN bid ) ) ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB reject ) ( NP ( NP ( DT a ) ( VBN revised ) ( NN version ) ) ( PP ( IN at ) ( NP ( NP ( NP ( QP ( IN around ) ( CD 250 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( CD 5.65 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday 's selling began after a Japanese news agency reported that Japanese banks which balked at the first bid were ready to reject a revised version at around 250 a share or 5.65 billion


( S ( NP-SBJ ( JJ Several ) ( NNS reports ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN day ) ) ( VP ( VBD progressed ) ) ) ) ( VP ( VBD gave ) ( NP ( NP ( ADJP ( JJ vague ) ( CC or ) ( JJ conflicting ) ) ( NNS indications ) ) ( PP ( IN about ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( MD would ) ( VP ( VB sign ) ( PRT ( RB up ) ) ) ) ) ) ) ) ) )

Several reports as the day progressed gave vague or conflicting indications about whether banks would sign up


( S ( NP-SBJ ( NNP Citicorp ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBD said ) ( ADVP ( RB only ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD had ) ( NP ( NP ( NNS expressions ) ) ( PP ( IN of ) ( NP ( NP ( NN interest ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN transaction ) ) ) ) ) ( PP ( IN from ) ( NP ( DT both ) ( NP ( DT the ) ( NNS borrowers ) ) ( CC and ) ( NP ( DT the ) ( NNS banks ) ) ) ) ) ) ( CC but ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( NP ( DT an ) ( NN agreement ) ) ) ) ) ) ) ) )

Citicorp for example said only that it had expressions of interest of a transaction from both the borrowers and the banks but did n't have an agreement


( S ( ADVP-TMP ( RB Late ) ( PP ( IN in ) ( NP ( DT the ) ( NN day ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wolf ) ) ( VP ( VBD issued ) ( NP ( NP ( DT a ) ( JJ onepage ) ( NN statement ) ) ( VP ( VBG calling ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Peterpaul ) ( POS 's ) ) ( NN blast ) ) ( ADJP-PRD ( ADJP ( JJ divisive ) ) ( CC and ) ( ADJP ( JJ uncalled ) ( IN for ) ) ) ) ) ) ) )

Late in the day Mr. Wolf issued a onepage statement calling Mr. Peterpaul 's blast divisive and uncalled for


( S ( CC But ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD gave ) ( NP ( NP ( JJ few ) ( NNS details ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN progress ) ) ( PP ( IN toward ) ( NP ( DT a ) ( JJ new ) ( NN bid ) ) ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( ADVP ( RB only ) ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( VP ( VBG working ) ( PP-CLR ( IN toward ) ( NP ( NP ( DT a ) ( VBN revised ) ( NN proposal ) ) ( PP ( IN for ) ( NP ( NN majority ) ( NN employee ) ( NN ownership ) ) ) ) ) ) ) ) ) ) ) )

But he gave few details on the progress toward a new bid saying only We are working toward a revised proposal for majority employee ownership


( S ( ADVP-TMP ( RB Meanwhile ) ) ( PP ( IN in ) ( NP ( DT another ) ( NN sign ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ new ) ( NN bid ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ imminent ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN learned ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NNP UAL ) ( NN board ) ) ( VP ( VBD held ) ( NP ( DT a ) ( NN telephone ) ( NN meeting ) ) ( NP-TMP ( NNP Monday ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB hear ) ( NP ( NP ( DT an ) ( NN update ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ-4 ( DT a ) ( JJ formal ) ( NN board ) ( NN meeting ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN convened ) ( PP-TMP ( IN until ) ( NP ( JJ early ) ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile in another sign that a new bid is n't imminent it was learned that the UAL board held a telephone meeting Monday to hear an update on the situation but that a formal board meeting is n't likely to be convened until early next week


( S ( PP-LOC ( IN In ) ( NP ( NNP London ) ) ) ( NP-SBJ-1 ( NNP British ) ( NNPS Airways ) ( NN Chairman ) ( NNP Lord ) ( NNP King ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Times ) ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG declaring ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( JJ prepared ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( PRP$ my ) ( NNS shareholders ) ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( JJ hasty ) ( NN deal ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In London British Airways Chairman Lord King was quoted in the Times as declaring he is not prepared to take my shareholders into a hasty deal


( S ( NP-SBJ ( NNS Observers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD appeared ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP British ) ( NNP Air ) ) ( VP ( VBD was ) ( VP ( VBN angered ) ( PP ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN bid ) ) ( VP ( VBZ has ) ( VP ( VBN degenerated ) ( PP-CLR ( IN into ) ( NP ( NN confusion ) ) ) ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT the ) ( NNS banks ) ( POS ' ) ) ( NN effort ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB round ) ( PRT ( RP up ) ) ( NP ( NP ( NN financing ) ) ( PP ( IN for ) ( SBAR-NOM ( WHNP-5 ( WP what ) ) ( S ( NP-SBJ ( PRP one ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NP ( DT a ) ( NN deal ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( NN deal ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Observers said it appeared that British Air was angered at the way the bid has degenerated into confusion as well as by the banks ' effort to round up financing for what one called a deal that is n't a deal


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN effort ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB revive ) ( NP ( DT the ) ( NN bid ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN complicated ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ unwieldy ) ( NN nature ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ three-party ) ( NN buying ) ( NN group ) ) ) ) ) ) ) )

The effort to revive the bid was complicated by the unwieldy nature of the three-party buying group


( S ( NP-SBJ ( DT The ) ( NNS pilots ) ) ( VP ( VBD were ) ( VP ( VBG meeting ) ( PP-LOC ( IN outside ) ( NP ( NNP Chicago ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) )

The pilots were meeting outside Chicago yesterday


( S ( CC But ) ( NP-SBJ ( NP ( NNP British ) ( NNP Air ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN supplied ) ( NP ( NP ( QP ( CD 750 ) ( CD million ) ( IN out ) ( IN of ) ( CD 965 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( NN equity ) ( NN financing ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( ADVP ( RB apparently ) ) ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ involved ) ( PP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN proposal ) ) ) ) ) ( CC and ) ( VP ( MD could ) ( ADVP ( RB well ) ) ( VP ( VB reject ) ( NP ( PRP it ) ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( VBP obtain ) ( NP ( NN financing ) ) ) ) ) ) ) ) )

But British Air which was to have supplied 750 million out of 965 million in equity financing apparently was n't involved in the second proposal and could well reject it even if banks obtain financing


( S ( NP-SBJ ( NP ( DT A ) ( NN group ) ) ( PP ( IN of ) ( NP ( NP ( NNP United ) ( POS 's ) ) ( JJ noncontract ) ( NNS employees ) ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) ( S ( NP-SBJ ( DT The ) ( NN fact ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( NP ( NNP Wolf ) ) ( CC and ) ( NP ( JJ other ) ( NNS officers ) ) ) ( VP ( VBD were ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB line ) ( NP ( PRP$ their ) ( NNS pockets ) ) ( PP-CLR ( IN with ) ( NP ( NP ( RB literally ) ( NNS millions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG instituting ) ( NP ( NP ( JJ severe ) ( NN pay ) ( NNS cuts ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ nonunion ) ( NNS employees ) ) ( PP ( IN of ) ( NP ( NNP United ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB not ) ( RB only ) ( JJ deplorable ) ( CC but ) ( JJ inexcusable ) ) ) ) ) )

A group of United 's noncontract employees said in a statement The fact that Wolf and other officers were going to line their pockets with literally millions of dollars while instituting severe pay cuts on the nonunion employees of United is not only deplorable but inexcusable


( S ( NP-SBJ ( DT The ) ( NNS machinists ) ) ( ADVP ( RB also ) ) ( VP ( VBD asked ) ( PP-CLR ( IN for ) ( NP ( NP ( DT an ) ( NN investigation ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ( PP ( IN into ) ( NP ( NP ( JJ possible ) ( NN securities-law ) ( NNS violations ) ) ( PP-LOC ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ original ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP UAL ) ) ) ( PP ( IN by ) ( NP ( NNP Mr. ) ( NNP Davis ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN response ) ) ( PP ( IN by ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ) ) )

The machinists also asked for an investigation by the Securities and Exchange Commission into possible securities-law violations in the original bid for UAL by Mr. Davis as well as in the response by UAL


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( SBAR-TMP ( RB just ) ( IN before ) ( S ( NP-SBJ ( DT the ) ( NN bank ) ( NNS commitments ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ due ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN union ) ) ( VP ( VBD asked ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NNP Labor ) ( NNP Department ) ) ( VP ( TO to ) ( VP ( VB study ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN bid ) ) ( VP ( VBD violated ) ( NP ( NP ( JJ legal ) ( NNS standards ) ) ( PP ( IN of ) ( NP ( NN fairness ) ) ) ( VP ( VBG governing ) ( NP ( NN employee ) ( NN investment ) ( NNS funds ) ) ) ) ) ) ) ) ) ) ) )

Last week just before the bank commitments were due the union asked the U.S. Labor Department to study whether the bid violated legal standards of fairness governing employee investment funds


( S ( PP-LOC ( IN In ) ( NP ( PRP$ his ) ( NN statement ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wolf ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB believe ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP$ our ) ( NN approach ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ sound ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB far ) ( JJR better ) ) ( PP ( IN for ) ( NP ( DT all ) ( NNS employees ) ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN alternative ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG having ) ( S ( NP-SBJ ( DT an ) ( NN outsider ) ) ( VP ( VB own ) ( NP ( DT the ) ( NN company ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NNS employees ) ) ( VP ( VBG paying ) ( PP-CLR ( IN for ) ( NP ( PRP it ) ) ) ( ADVP ( RB just ) ( DT the ) ( JJ same ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In his statement Mr. Wolf said We continue to believe our approach is sound and that it is far better for all employees than the alternative of having an outsider own the company with employees paying for it just the same


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Wolf ) ) ( VP ( VBZ has ) ( VP ( VBN eschewed ) ( NP ( NP ( NN merger ) ( NN advice ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ major ) ( NNP Wall ) ( NNP Street ) ( NNS securities ) ( NN firm ) ) ) ) ( S-ADV ( VP ( VBG relying ) ( ADVP ( RB instead ) ) ( PP-CLR ( ADVP ( RB only ) ) ( IN on ) ( NP ( NP ( DT a ) ( NN takeover ) ( NN lawyer ) ) ( NP ( NP ( NNP Peter ) ( NNP Atkins ) ) ( PP ( IN of ) ( NP ( NNP Skadden ) ( NNP Arps ) ( NNP Slate ) ( NNP Meagher ) ( CC & ) ( NNP Flom ) ) ) ) ) ) ) ) ) ) )

Mr. Wolf has eschewed merger advice from a major Wall Street securities firm relying instead only on a takeover lawyer Peter Atkins of Skadden Arps Slate Meagher & Flom


( S ( NP-SBJ ( NP ( DT The ) ( JJ huge ) ( NN drop ) ) ( PP ( IN in ) ( NP ( NNP UAL ) ( NN stock ) ) ) ) ( VP ( VBD prompted ) ( S ( NP-SBJ ( NP ( CD one ) ( NN takeover ) ( NN stock ) ( NN trader ) ) ( NP ( NP ( NNP George ) ( NNP Kellner ) ) ( NP ( NP ( NN managing ) ( NN partner ) ) ( PP ( IN of ) ( NP ( NNP Kellner ) ( NNP DiLeo ) ( CC & ) ( NNP Co. ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB deny ) ( ADVP-MNR ( RB publicly ) ) ( NP ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ his ) ( NN firm ) ) ( VP ( VBD was ) ( VP ( VBG going ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) )

The huge drop in UAL stock prompted one takeover stock trader George Kellner managing partner of Kellner DiLeo & Co. to deny publicly rumors that his firm was going out of business


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kellner ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN despite ) ( NP ( NP ( NNS losses ) ) ( PP ( IN on ) ( NP ( NNP UAL ) ( NN stock ) ) ) ) ) ( NP-SBJ ( NP ( PRP$ his ) ( NN firm ) ( POS 's ) ) ( NN health ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ excellent ) ) ) ) ) ) )

Mr. Kellner said that despite losses on UAL stock his firm 's health is excellent


( S ( NP-SBJ ( NP ( DT The ) ( NN stock ) ( POS 's ) ) ( NN decline ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( VP ( VBN left ) ( S ( NP-SBJ ( DT the ) ( NNP UAL ) ( NN board ) ) ( PP-PRD ( IN in ) ( NP ( DT a ) ( NN quandary ) ) ) ) ) ) )

The stock 's decline also has left the UAL board in a quandary


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB legally ) ) ( VBN obligated ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NN company ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN buy-out ) ( NN group ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB revive ) ( NP ( PRP$ its ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD may ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB explore ) ( NP ( NNS alternatives ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNS buyers ) ) ( VP ( VBP come ) ( PRT ( RP back ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN bid ) ) ( ADJP ( ADJP ( RB much ) ( JJR lower ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( JJ original ) ( ADJP ( JJ 300-a-share ) ) ( NN proposal ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although it may not be legally obligated to sell the company if the buy-out group ca n't revive its bid it may have to explore alternatives if the buyers come back with a bid much lower than the group 's original 300-a-share proposal


( S ( PP-LOC ( IN At ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( NP-TMP ( NNP Sept. ) ( CD 1 ) ) ( S-2 ( VP ( TO to ) ( VP ( VB consider ) ( NP ( DT the ) ( NN labor-management ) ( NN bid ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN board ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( VP ( VBN informed ) ( PP ( IN by ) ( NP-LGS ( NP ( PRP$ its ) ( NN investment ) ( NN adviser ) ) ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ) ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NN interest ) ) ( VP ( VBN expressed ) ( PP ( PP ( IN by ) ( NP-LGS ( NP ( NN buy-out ) ( NNS funds ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Kohlberg ) ( NNP Kravis ) ( NNP Roberts ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Forstmann ) ( NNP Little ) ( CC & ) ( NNP Co. ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Robert ) ( NNP Bass ) ) ( NP ( NP ( NNP Morgan ) ( NNP Stanley ) ( POS 's ) ) ( NN buy-out ) ( NN fund ) ) ( CC and ) ( NP ( NNP Pan ) ( NNP Am ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) )

At a meeting Sept. 1 to consider the labor-management bid the board also was informed by its investment adviser First Boston Corp. of interest expressed by buy-out funds including Kohlberg Kravis Roberts & Co. and Forstmann Little & Co. as well as by Robert Bass Morgan Stanley 's buy-out fund and Pan Am Corp


( S ( NP-SBJ ( DT The ) ( NN takeover-stock ) ( NNS traders ) ) ( VP ( VBD were ) ( VP ( VBG hoping ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Davis ) ) ( CC or ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ other ) ( JJ interested ) ( NNS parties ) ) ) ) ) ( VP ( MD might ) ( VP ( VB re-emerge ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NN situation ) ) ( PP ( IN in ) ( NP ( NN disarray ) ) ) ) ) ) ) ) ) ( CC or ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN board ) ) ( VP ( MD might ) ( VP ( VB consider ) ( NP ( DT a ) ( NN recapitalization ) ) ) ) ) ) ) ) ) )

The takeover-stock traders were hoping that Mr. Davis or one of the other interested parties might re-emerge with the situation in disarray or that the board might consider a recapitalization


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( JJ Japanese ) ( NNS bankers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADVP ( RB still ) ) ( ADJP-PRD ( JJ hesitant ) ( PP ( IN about ) ( S-NOM ( VP ( VBG accepting ) ( NP ( NP ( NNP Citicorp ) ( POS 's ) ) ( JJS latest ) ( NN proposal ) ) ) ) ) ) ) ) ) ) )

Meanwhile Japanese bankers said they were still hesitant about accepting Citicorp 's latest proposal


( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBD chose ) ( NP-1 ( NP ( NNP Martin ) ( NNP Allday ) ) ( NP ( NP ( DT a ) ( JJ longtime ) ( NN friend ) ) ( PP ( IN from ) ( NP ( NNP Texas ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Federal ) ( NNP Energy ) ( NNP Regulatory ) ( NNP Commission ) ) ) ) ) ) ) ) )

President Bush chose Martin Allday a longtime friend from Texas to be chairman of the Federal Energy Regulatory Commission


( S ( NP-SBJ ( NNP Mr. ) ( NNP Allday ) ) ( VP ( MD would ) ( VP ( VB succeed ) ( NP ( NP ( NNP Martha ) ( NNP Hesse ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( VP ( VBG resigning ) ) ) ) ) ) ) ) )

Mr. Allday would succeed Martha Hesse who is resigning


( S ( NP-SBJ ( DT The ) ( NNP White ) ( NNP House ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NP ( NNP Ms. ) ( NNP Hesse ) ) ( NP ( NP ( DT a ) ( NNP Chicago ) ( NN businesswoman ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-TMP ( RB previously ) ) ( VP ( VBD held ) ( NP ( NP ( NNS posts ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Energy ) ( NNP Department ) ) ( CC and ) ( NP ( NNP FERC ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG leaving ) ( S-PRP ( VP ( TO to ) ( VP ( VB become ) ( NP-PRD ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP First ) ( NNP Chicago ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) )

The White House said Ms. Hesse a Chicago businesswoman who previously held posts at the Energy Department and FERC is leaving to become a vice president of First Chicago Corp


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Allday ) ) ( NP ( NP ( DT an ) ( NN attorney ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Midland ) ) ( NP ( NNP Texas ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NN solicitor ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Interior ) ( NNP Department ) ) ) ) ) )

Mr. Allday an attorney in Midland Texas has been solicitor at the Interior Department


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD met ) ( NP ( NNP Mr. ) ( NNP Bush ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS 1950s ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( S ( NP-SBJ ( DT the ) ( NN president ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ young ) ( NN oil ) ( NN man ) ) ( PP-LOC ( IN in ) ( NP ( NNP Midland ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Allday ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN lawyer ) ) ( PP ( IN for ) ( NP ( DT an ) ( NN oil ) ( NN firm ) ) ) ) ) ) ) ) ) ) ) )

He met Mr. Bush in the 1950s when the president was a young oil man in Midland and Mr. Allday was a lawyer for an oil firm


( S ( NP-SBJ ( DT The ) ( NNP FERC ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ five-member ) ( NN commission ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ regulates ) ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NP ( NNS dollars ) ) ( PP ( IN of ) ( NP ( JJ interstate ) ( JJ wholesale ) ( NN energy ) ( NNS transactions ) ) ) ) ) ) ) ) ) ) ) )

The FERC is a five-member commission that regulates billions of dollars of interstate wholesale energy transactions


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Allday ) ( POS 's ) ) ( NN appointment ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( NP ( NN confirmation ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ) ) ) )

Mr. Allday 's appointment is subject to confirmation by the Senate


( S ( NP-SBJ ( NN Administration ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT a ) ( NN date ) ) ( PP ( IN for ) ( NP ( NP ( NNP Ms. ) ( NNP Hesse ) ( POS 's ) ) ( NN departure ) ) ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN set ) ) ) ) ) ) ) )

Administration officials said a date for Ms. Hesse 's departure has n't been set


( S ( PP ( IN In ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ is ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN cancellation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN loan ) ) ( PP ( TO to ) ( NP ( NNP China ) ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NNP June ) ( CD 4 ) ( NNS killings ) ) ( PP-LOC ( IN in ) ( NP ( NNP Beijing ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT an ) ( JJ international ) ( NN bank ) ( NN syndicate ) ) ( VP ( VBZ has ) ( VP ( VBN terminated ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 55 ) ( CD million ) ) ) ( NN credit ) ) ( PP ( IN for ) ( NP ( DT a ) ( NNP Shanghai ) ( NN property ) ( NN project ) ) ) ) ) ) )

In what is believed to be the first cancellation of a loan to China since the June 4 killings in Beijing an international bank syndicate has terminated a 55 million credit for a Shanghai property project


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN syndicate ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Schroders ) ( NNP Asia ) ( NNP Ltd. ) ) ) ) ) ( VP ( VBD agreed ) ( NP-TMP ( JJ last ) ( NNP November ) ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( DT the ) ( NN loan ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Asia ) ( NNP Development ) ( NNP Corp. ) ) ( NP ( DT a ) ( NNP U.S. ) ( NN property ) ( NN developer ) ) ) ) ) ) ) ) )

The syndicate led by Schroders Asia Ltd. agreed last November to provide the loan to Asia Development Corp. a U.S. property developer


( S ( CC But ) ( ADVP-TMP ( NP ( JJ several ) ( NNS weeks ) ) ( RB ago ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Beijing ) ( NNS killings ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN loan ) ) ( VP ( VBD was ) ( VP ( VBN canceled ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS bankers ) ( CC and ) ( NNS executives ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ) ) )

But several weeks ago in the wake of the Beijing killings the loan was canceled according to bankers and executives close to the project


( S ( NP-SBJ-1 ( NP ( NNP Asia ) ( NNP Development ) ) ( CC and ) ( NP ( NNP Schroders ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN move ) ) ) ) ) ) ) )

Asia Development and Schroders declined to comment on the move


( SINV ( S-TPC-3 ( S ( NP-SBJ ( NNS Lenders ) ) ( VP ( VBD had ) ( NP ( NP ( NNS doubts ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN project ) ) ) ) ( PP-TMP ( RB even ) ( IN before ) ( NP ( NNP June ) ( CD 4 ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ harsh ) ( NN crackdown ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD caused ) ( S ( NP-SBJ ( JJ many ) ( NNS businesses ) ) ( VP ( TO to ) ( VP ( VB reassess ) ( NP ( PRP$ their ) ( NNP China ) ( NNS transactions ) ) ) ) ) ) ) ) ) ( VP ( VBD gave ) ( NP ( DT the ) ( NNS banks ) ) ( NP ( NP ( DT the ) ( NN out ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD wanted ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT an ) ( JJ official ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Shanghai ) ( NN venture ) ) ) ) ) )

Lenders had doubts about the project even before June 4 but the harsh crackdown which caused many businesses to reassess their China transactions gave the banks the out they wanted says an official close to the Shanghai venture


( S ( NP-SBJ ( DT The ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB cancel ) ( NP ( DT the ) ( NN loan ) ) ) ) ) ) ( VP ( VBZ exemplifies ) ( NP ( NP ( DT the ) ( JJ tough ) ( NN attitude ) ) ( SBAR ( S ( NP-SBJ ( NNS bankers ) ) ( VP ( VBP have ) ( VP ( VBN taken ) ( PP-CLR ( IN toward ) ( NP ( NNP China ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP June ) ( CD 4 ) ) ) ) ) ) ) ) ) )

The decision to cancel the loan exemplifies the tough attitude bankers have taken toward China since June 4


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT some ) ( JJ commercial ) ( NN lending ) ) ( VP ( VBZ has ) ( VP ( VBN resumed ) ) ) ) ) ( NP-SBJ ( JJ international ) ( NNS lenders ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ nervous ) ( PP ( IN about ) ( NP ( NP ( NP ( NNP China ) ( POS 's ) ) ( NX ( NX ( JJ economic ) ( NNS troubles ) ) ( CC and ) ( NX ( NX ( JJ foreign ) ( NN debt ) ) ( PRN ( NP ( NP ( QP ( CD 40 ) ( CD billion ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

While some commercial lending has resumed international lenders remain nervous about China 's economic troubles and foreign debt 40 billion at the end of 1988


( S ( NP-SBJ-3 ( NP ( JJ Many ) ( NNS loans ) ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN renegotiated ) ( NP-2 ( NP ( RB especially ) ( DT those ) ) ( VP ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN hotel ) ( NN sector ) ) ( SBAR ( WHNP-5 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN hit ) ( ADVP-MNR ( RB hard ) ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ post-June ) ( CD 4 ) ( NN tourism ) ( NN slump ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Many loans are being renegotiated especially those tied to the hotel sector which has been hit hard by a post-June 4 tourism slump


( S ( NP-SBJ ( JJ Many ) ( NNS bankers ) ) ( VP ( VBP view ) ( NP ( NN property-sector ) ( NNS loans ) ) ( PP-CLR ( RB as ) ( ADJP ( RB particularly ) ( JJ risky ) ) ) ) )

Many bankers view property-sector loans as particularly risky


( S ( NP-SBJ ( DT The ) ( JJ canceled ) ( NNP Shanghai ) ( NN loan ) ) ( VP ( VBZ leaves ) ( NP ( NP ( NNP Asia ) ( NNP Development ) ) ( PRN ( NP ( DT a ) ( JJ small ) ( NN concern ) ) ) ( VP ( VBN saddled ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( JJ half-completed ) ( JJ 32-story ) ( NN apartment ) ( NN building ) ) ( CC and ) ( NP ( JJ heavy ) ( NNS debts ) ) ) ) ) ) ) )

The canceled Shanghai loan leaves Asia Development a small concern saddled with a half-completed 32-story apartment building and heavy debts


( S ( S-TPC-3 ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VP ( VBZ owes ) ( NP-1 ( QP ( CD 11 ) ( CD million ) ) ) ( PP-CLR-2 ( TO to ) ( NP ( NP ( DT the ) ( NNP Shui ) ( NNP On ) ( NNP Group ) ) ( NP ( NP ( DT the ) ( NN project ) ( POS 's ) ) ( NNP Hong ) ( NNP Kong ) ( NN contractor ) ) ) ) ) ( CC and ) ( VP ( NP=1 ( NP ( DT a ) ( ADJP ( JJ significant ) ( IN though ) ( JJ unspecified ) ) ( NN amount ) ) ( PP ( IN in ) ( NP ( JJ legal ) ( NNS fees ) ) ) ) ( PP-CLR=2 ( TO to ) ( NP ( NP ( NNP Coudert ) ( NNPS Brothers ) ) ( NP ( DT a ) ( NNP U.S. ) ( NN law ) ( NN firm ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS sources ) ) ( VP ( VBP say ) ) )

The company owes 11 million to the Shui On Group the project 's Hong Kong contractor and a significant though unspecified amount in legal fees to Coudert Brothers a U.S. law firm the sources say


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN project ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NNP Lotus ) ( NNP Mansion ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN mired ) ( PP-LOC-CLR ( IN in ) ( NP ( NN controversy ) ) ) ) ) ) )

The project known as Lotus Mansion has been mired in controversy


( S ( SBAR-TMP ( WHADVP-3 ( WRB When ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN loan ) ( NN agreement ) ) ( VP ( VBD was ) ( VP ( VBN announced ) ) ) ) ) ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN hailed ) ( PP-CLR ( IN as ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ first ) ( JJ Western-style ) ( NN financing ) ( NNS transactions ) ) ( VP ( ADVP ( RB ever ) ) ( VBN used ) ( PP-LOC ( IN in ) ( NP ( NNP China ) ) ) ) ) ) ) ) ) ) )

When the loan agreement was announced it was hailed as one of the first Western-style financing transactions ever used in China


( S ( PP ( IN Unlike ) ( NP ( NP ( JJS most ) ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNP China ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( DT no ) ( JJ Chinese ) ( NN guarantor ) ) ) )

Unlike most loans to China there was no Chinese guarantor


( S ( ADVP ( RB Instead ) ) ( NP-SBJ ( DT the ) ( NNS banks ) ) ( VP ( VBD secured ) ( NP ( NP ( DT a ) ( NN promise ) ) ( PP ( IN from ) ( NP ( NP ( JJ state-owned ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNPS Communications ) ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB lend ) ( NP ( NNP Asia ) ( NNP Development ) ) ( NP ( DT the ) ( JJ entire ) ( QP ( CD 55 ) ( CD million ) ) ) ( PP-TMP ( IN at ) ( NP ( NN maturity ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( NN repayment ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ original ) ( NN borrowing ) ) ) ) ) ) ) ) ) ) ) ) ) )

Instead the banks secured a promise from state-owned Bank of Communications that it would lend Asia Development the entire 55 million at maturity to finance repayment of the original borrowing


( S ( NP-SBJ-2 ( DT The ) ( NN loan ) ) ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN matured ) ( PP-TMP ( IN in ) ( NP ( QP ( RB just ) ( CD two ) ( TO to ) ( CD three ) ) ( NNS years ) ) ) ( ADVP-TMP ( RB as ) ( RB soon ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( NN construction ) ) ( VP ( VBD was ) ( VP ( VBN completed ) ) ) ) ) ) ) ) ) ) ) )

The loan was to have matured in just two to three years as soon as construction was completed


( S ( CC But ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN letter ) ) ( VP ( VBN sent ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( PP-DTV ( TO to ) ( NP ( NNP Asia ) ( NNP Development ) ) ) ) ) ) ( NP-SBJ ( NNP Schroders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN loan ) ) ( VP ( VBD was ) ( VP ( VBN terminated ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( DT the ) ( NN developer ) ) ( VP ( VBD had ) ( VP ( VBN failed ) ( S ( VP ( TO to ) ( VP ( VP ( VB deliver ) ( NP ( JJ adequate ) ( JJ financial ) ( NNS data ) ) ) ( CC and ) ( VP ( VB pay ) ( NP ( JJ certain ) ( NNS fees ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NN loan-management ) ( NN committee ) ) ) ( PP-TMP ( IN on ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS officials ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ) ) ) ) ) )

But in a letter sent in August to Asia Development Schroders said the loan was terminated because the developer had failed to deliver adequate financial data and pay certain fees to the loan-management committee on time according to officials close to the project


( S ( NP-SBJ ( NP ( NNS Creditors ) ) ( ADJP ( JJ involved ) ( PP ( IN in ) ( NP ( DT the ) ( NN project ) ) ) ) ) ( VP ( VBP contend ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN termination ) ) ( ADVP ( RB actually ) ) ( VP ( VBD had ) ( NP ( NP ( NN nothing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ( PP-CLR ( IN with ) ( NP ( DT these ) ( JJ technical ) ( NNS violations ) ) ) ) ) ) ) ) ) ) ) ) )

Creditors involved in the project contend however that the termination actually had nothing to do with these technical violations


( S-1 ( ADVP ( RB Instead ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNS creditors ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ ( DT the ) ( NN loan ) ) ( VP ( VBN fell ) ( NP-CLR ( NN victim ) ) ( PP-CLR ( PP ( TO to ) ( NP ( NP ( NN nervousness ) ) ( PP ( IN about ) ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ political ) ( NN turmoil ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( TO to ) ( NP ( NP ( VB concern ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN loan ) ( POS 's ) ) ( NN security ) ) ) ) ) ) ) )

Instead the creditors say the loan fell victim to nervousness about China 's political turmoil as well as to concern about the loan 's security


( S ( S ( NP-SBJ-1 ( DT The ) ( NN bank ) ( NN syndicate ) ) ( VP ( VBZ is ) ( VP ( VBN made ) ( PRT ( RP up ) ) ( PP-CLR ( ADVP ( RB mostly ) ) ( IN of ) ( NP ( JJ European ) ( NNS banks ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ includes ) ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ state-owned ) ( NNP Citic ) ( NNP Industrial ) ( NNP Bank ) ) ) ) )

The bank syndicate is made up mostly of European banks but it includes China 's state-owned Citic Industrial Bank


( S ( NP-SBJ ( NP ( DT The ) ( CD 11 ) ( NNS banks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN syndicate ) ) ) ) ( VP ( VBD sustained ) ( NP ( DT no ) ( JJ monetary ) ( NNS losses ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( NN none ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN credit ) ( NN facility ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN drawn ) ( PRT ( RB down ) ) ) ) ) ) ) ) )

The 11 banks in the syndicate sustained no monetary losses because none of the credit facility had been drawn down


( S ( NP-SBJ ( DT The ) ( NNP Pentagon ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ haunted ) ( NN house ) ) ) )

The Pentagon is a haunted house


( S ( S-NOM-SBJ ( VP ( VBG Living ) ( ADVP-LOC ( RB there ) ) ( PP-TMP ( IN for ) ( NP ( CD six ) ( NNS years ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB really ) ( JJ scary ) ) ) )

Living there for six years was really scary


( S ( S ( NP-SBJ ( NP ( DT The ) ( NNS ghosts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN past ) ) ) ) ( VP ( VBP are ) ( ADVP-LOC-PRD ( RB everywhere ) ) ) ) ( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP are ) ( VP ( VBN kept ) ( PP-CLR ( IN at ) ( NP ( NN bay ) ) ) ( PP-MNR ( ADVP ( RB only ) ) ( IN by ) ( S-NOM ( VP ( VBG feeding ) ( NP ( PRP them ) ) ( NP ( NP ( JJ vast ) ( NNS quantities ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN defense ) ( NN budget ) ) ) ) ) ) ) ) ) ) )

The ghosts of the past are everywhere They are kept at bay only by feeding them vast quantities of our defense budget


( S ( NP-SBJ-1 ( DT Some ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN bought ) ( PRT ( RP off ) ) ( ADVP-MNR ( RB relatively ) ( RB cheaply ) ) ) ) ) )

Some can be bought off relatively cheaply


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( NNP Korean ) ( NNP War ) ) ) ( NP-SBJ ( NNP Gen. ) ( NNP Douglas ) ( NNP MacArthur ) ) ( VP ( VBD demanded ) ( CC and ) ( VBD got ) ( PP ( IN in ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( PRP$ his ) ( NNP U.N. ) ( NN command ) ) ( PP-LOC ( IN in ) ( NP ( NNP Korea ) ) ) ) ) ) ) ( NP ( NP ( PRP$ his ) ( JJ own ) ( JJ naval ) ( NN command ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ( NP ( NNP NavforJapan ) ) ) ) )

During the Korean War Gen. Douglas MacArthur demanded and got in addition to his U.N. command in Korea his own naval command in Japan NavforJapan


( S ( NP-SBJ ( DT Those ) ( JJ obsolete ) ( NNS operations ) ) ( VP ( VP ( VBP cost ) ( NP ( NP ( QP ( JJR less ) ( IN than ) ( CD 2 ) ( CD billion ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ( CC and ) ( VP ( VBP keep ) ( S ( NP-SBJ ( NP ( NNP Mac ) ( POS 's ) ) ( NN ghost ) ) ( ADJP-PRD ( JJ quiet ) ) ) ) ) )

Those obsolete operations cost less than 2 billion a year and keep Mac 's ghost quiet


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( IN about ) ( DT all ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ costs ) ( S-CLR ( VP ( TO to ) ( VP ( VB appease ) ( NP ( NP ( NNP Adm. ) ( NNP Erich ) ( NNP Raeder ) ( POS 's ) ) ( NN ghost ) ) ) ) ) ) ) ) ) ) )

That 's about all it costs to appease Adm. Erich Raeder 's ghost


( S ( S ( PP-TMP ( IN In ) ( NP ( CD 1941 ) ) ) ( NP-SBJ-1 ( NP ( NNP Raeder ) ) ( CC and ) ( NP ( DT the ) ( JJ German ) ( NN navy ) ) ) ( VP ( VBD threatened ) ( S ( VP ( TO to ) ( VP ( VB attack ) ( NP ( DT the ) ( NNP Panama ) ( NNP Canal ) ) ) ) ) ) ) ( RB so ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD created ) ( NP ( NP ( DT the ) ( NNP Southern ) ( NNP Command ) ) ( PP-LOC ( IN in ) ( NP ( NNP Panama ) ) ) ) ) ) )

In 1941 Raeder and the German navy threatened to attack the Panama Canal so we created the Southern Command in Panama


( S ( NP-SBJ ( DT The ) ( NNP Southern ) ( NNP Command ) ) ( VP ( VBZ has ) ( VP ( VBN grown ) ( ADJP-PRD ( ADVP ( RB even ) ) ( RBR bigger ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NN war ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( NNP Raeder ) ( POS 's ) ) ( NN ghost ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBZ runs ) ( PP-LOC ( IN through ) ( NP ( DT the ) ( NN E ) ( NN ring ) ) ) ( S-MNR ( VP ( VBN dressed ) ( PP-CLR ( IN like ) ( NP ( NNP Gen. ) ( NNP Noriega ) ) ) ) ) ) ) ) ) ) )

The Southern Command has grown even bigger since the war because Raeder 's ghost sometimes runs through the E ring dressed like Gen. Noriega


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Command ) ( POS 's ) ) ( JJ huge ) ( NN bureaucracy ) ) ( VP ( VBZ is ) ( VP ( VBN needed ) ( S-PRP ( VP ( TO to ) ( VP ( VB analyze ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( NNS leaders ) ) ( PP ( IN of ) ( NP ( NP ( NNS coups ) ) ( PP ( IN against ) ( NP ( NNP Gen. ) ( NNP Noriega ) ) ) ) ) ) ( VP ( VBP meet ) ( NP ( NP ( NP ( NP ( DT the ) ( NNP War ) ( NNP Powers ) ( NNP Act ) ( POS 's ) ) ( CD six ) ( NNS points ) ) ( NP ( NP ( NNP Cap ) ( NNP Weinberger ) ( POS 's ) ) ( CD seven ) ( NNS points ) ) ( NP ( NP ( DT the ) ( NNP Intelligence ) ( NNP Committee ) ( POS 's ) ) ( CD 32 ) ( NNS points ) ) ( CC and ) ( NP ( NP ( NNP Woodrow ) ( NNP Wilson ) ( POS 's ) ) ( CD 14 ) ( NNS points ) ) ) ( ADJP ( JJ necessary ) ( S ( VP ( TO to ) ( VP ( VB justify ) ( NP ( NNP U.S. ) ( NN support ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Command 's huge bureaucracy is needed to analyze whether leaders of coups against Gen. Noriega meet the War Powers Act 's six points Cap Weinberger 's seven points the Intelligence Committee 's 32 points and Woodrow Wilson 's 14 points necessary to justify U.S. support


( S ( ADVP ( IN So ) ( RB far ) ) ( NP-SBJ ( DT no ) ( NN one ) ) ( VP ( VBZ has ) ) )

So far no one has


( S ( NP-SBJ ( NP ( DT The ) ( NN ghost ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ Soviet ) ( NN brigade ) ) ( VP ( VBD discovered ) ( PP-LOC ( IN in ) ( NP ( NNP Cuba ) ) ) ( PP-TMP ( ADVP ( RB back ) ) ( IN in ) ( NP ( DT the ) ( NNS '70s ) ) ) ) ) ) ) ( VP ( VBZ costs ) ( NP ( NP ( RB just ) ( QP ( DT a ) ( JJ few ) ( CD hundred ) ( CD million ) ) ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Caribbean ) ( NNP Command ) ) ( PP-LOC ( IN in ) ( NP ( NNP Key ) ( NNP West ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP President ) ( NNP Carter ) ) ( VP ( VBD created ) ( PP-TMP ( IN in ) ( NP ( CD 1980 ) ) ) ) ) ) ) ) ) ) ) )

The ghost of the Soviet brigade discovered in Cuba back in the '70s costs just a few hundred million the price of the Caribbean Command in Key West that President Carter created in 1980