( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB no ) ( RB longer ) ) ( ADJP-PRD ( JJ enough ) ) ( S-1 ( VP ( TO to ) ( VP ( VB beat ) ( NP ( NP ( DT the ) ( NN guy ) ) ( PP-LOC ( IN down ) ( NP ( DT the ) ( NN street ) ) ) ) ) ) ) ) )

It 's no longer enough to beat the guy down the street


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP You ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB beat ) ( NP ( NP ( NN everyone ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Dennis ) ) )

You have to beat everyone around the world says Mr. Dennis


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( NNS steelmakers ) ) ( ADJP-PRD ( RBR more ) ( JJ involved ) ( PP ( IN in ) ( NP ( NP ( NNS computers ) ) ( CC and ) ( NP ( JJ artificial ) ( NN intelligence ) ) ) ) ) ) ) ) ) ) )

He wants to see steelmakers more involved in computers and artificial intelligence


( NP ( NP ( DT The ) ( NN problem ) ) ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP 're ) ( VP ( VBN saddled ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ huge ) ( NNS plants ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP require ) ( NP ( JJ costly ) ( NN maintenance ) ) ) ) ) ) ) ) ) ) )

The problem They 're saddled with huge plants that require costly maintenance


( S ( CC And ) ( VP ( VB try ) ( VP ( VBG plying ) ( S ( NP-SBJ ( JJ new ) ( NNS dollars ) ) ( ADJP-PRD ( RB free ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN market ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBG softening ) ) ) ) ) ( VP ( VP ( JJ hurt ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ strong ) ( NN dollar ) ) ) ) ( CC and ) ( VP ( JJ concerned ) ( PP-CLR ( IN about ) ( NP ( NP ( NN overcapacity ) ) ( NP ( NP ( DT the ) ( NN industry ) ( POS 's ) ) ( NNP Darth ) ( NNP Vadar ) ) ) ) ) ) ) ) ) ) )

And try plying new dollars free in a market that is softening hurt by a strong dollar and concerned about overcapacity the industry 's Darth Vadar


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN technology ) ( NN revolution ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ threatening ) ( PP ( TO to ) ( NP ( JJ established ) ( NNS producers ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Peter ) ( NNP Marcus ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP PaineWebber ) ( NNP Inc ) ) ) ) ) )

The technology revolution is going to be very threatening to established producers says Peter Marcus an analyst with PaineWebber Inc


( S ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP 've ) ( VP ( VBN got ) ( NP ( NP ( RB too ) ( RB much ) ) ( VP ( VBN invested ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( JJ old ) ( NN stuff ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB get ) ( S ( NP-SBJ ( PRP$ their ) ( NNS workers ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ flexible ) ) ) ) ) ) ) ) )

They 've got too much invested in the old stuff and they ca n't get their workers to be flexible


( S ( NP-SBJ ( DT No ) ( NN one ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNS minimills ) ) ( VP ( TO to ) ( VP ( VB eclipse ) ( NP ( NP ( JJ major ) ( JJ integrated ) ( NNS steelmakers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP remain ) ( NP-PRD ( NP ( DT the ) ( JJ undisputed ) ( NNS kings ) ) ( PP ( IN of ) ( NP ( NP ( JJS highest-quality ) ( NN steel ) ) ( VP ( VBN used ) ( PP-CLR ( IN for ) ( NP ( NNS autos ) ( CC and ) ( NNS refrigerators ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

No one expects minimills to eclipse major integrated steelmakers who remain the undisputed kings of highest-quality steel used for autos and refrigerators


( S ( S ( NP-SBJ ( NP ( NP ( NNP Nucor ) ( POS 's ) ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Crawfordsville ) ) ( NP ( NNP Ind. ) ) ) ) ) ( ADVP ( RB ultimately ) ) ( VP ( MD will ) ( VP ( VB produce ) ( NP ( NP ( QP ( RB only ) ( CD one ) ( CD million ) ) ( NNS tons ) ) ) ( ADVP-TMP ( RB annually ) ) ( NP-2 ( NP ( DT a ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ 40-million-ton-a-year ) ( JJ flat-rolled ) ( NN steel ) ( NN bucket ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NNS years ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( JJ such ) ( NNS plants ) ) ( VP ( MD can ) ( VP ( VB compete ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ high-profit ) ( NN market ) ) ) ) ) ) ) ) ) ) )

Nucor 's plant in Crawfordsville Ind. ultimately will produce only one million tons annually a drop in the 40-million-ton-a-year flat-rolled steel bucket and it will be years before such plants can compete in the high-profit market


( S ( ADVP ( RB Still ) ) ( NP-SBJ-2 ( JJ flat-rolled ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN steel ) ( NN industry ) ( POS 's ) ) ( NN bread ) ( CC and ) ( NN butter ) ) ( S-ADV ( VP ( VBG representing ) ( NP ( NP ( QP ( IN about ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( QP ( CD 80 ) ( CD million ) ) ( NNS tons ) ) ( PP ( IN of ) ( NP ( NN steel ) ) ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN shipped ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) )

Still flat-rolled is the steel industry 's bread and butter representing about half of the 80 million tons of steel expected to be shipped this year


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( DT the ) ( NN process ) ) ( VP ( VBZ is ) ( RB n't ) ( PP-PRD ( IN without ) ( NP ( PRP$ its ) ( NNS headaches ) ) ) ) )

Moreover the process is n't without its headaches


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ-1 ( DT all ) ( NNS operations ) ) ( VP ( VBP are ) ( VP ( VBN connected ) ) ) ) ) ( NP-SBJ ( CD one ) ( NN equipment ) ( NN failure ) ) ( VP ( VBZ forces ) ( NP ( DT a ) ( JJ complete ) ( NN plant ) ( NN shutdown ) ) ) )

Because all operations are connected one equipment failure forces a complete plant shutdown


( S ( PP-TMP ( IN On ) ( NP ( DT some ) ( NNS days ) ) ) ( NP-SBJ ( DT the ) ( NNP Nucor ) ( NN plant ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB produce ) ( NP ( NN anything ) ) ) ) )

On some days the Nucor plant does n't produce anything


( SINV ( S-TPC-2 ( S ( PP-TMP ( IN At ) ( NP ( DT this ) ( NN point ) ) ) ( NP-SBJ ( DT the ) ( NN minimill ) ( NN capacity ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( JJ great ) ( NN dent ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ integrated ) ( NN market ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( VP ( VB challenge ) ( NP-SBJ-1 ( PRP them ) ) ( S ( VP ( TO to ) ( VP ( VB develop ) ( NP ( JJ new ) ( NNS markets ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP McCall ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( NP ( NNS materials ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Battelle ) ) ( NP ( NP ( DT a ) ( NN technology ) ( CC and ) ( NN management-research ) ( NN giant ) ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Columbus ) ) ( NP ( NNP Ohio ) ) ) ) ) ) ) ) ) ) )

At this point the minimill capacity wo n't make a great dent in the integrated market but it does challenge them to develop new markets says James McCall vice president materials at Battelle a technology and management-research giant based in Columbus Ohio


( S ( ADVP ( RB Indeed ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( NN steel ) ) ) ) ( RB not ) ( VP ( VBG growing ) ( ADVP-MNR ( RB fast ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB absorb ) ( NP ( NN capacity ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS steelmakers ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB change ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( NP ( NN business ) ) ) ) ) ) ) ) ) ) ) )

Indeed with demand for steel not growing fast enough to absorb capacity steelmakers will have to change the way they do business


( S-1 ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN past ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Armco ) ( POS 's ) ) ( JJ chief ) ( NN economist ) ( NNP John ) ( NNP Corey ) ) ) ) ( NP-SBJ ( NNS steelmakers ) ) ( VP ( VP ( VBD made ) ( NP ( DT a ) ( NN product ) ) ) ( CC and ) ( VP ( VBD set ) ( NP ( PRP it ) ) ( PRT ( RP out ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN loading ) ( NN dock ) ) ) ) ) )

In the past says Armco 's chief economist John Corey steelmakers made a product and set it out on the loading dock


( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBD said ) ( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN got ) ( NP ( DT a ) ( NN product ) ) ) ) ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP want ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB buy ) ( NP ( PRP it ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBZ says ) ( S-ADV ( VP ( VBG adding ) ( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ-4 ( PRP we ) ) ( VP ( VP ( VBP 're ) ( VP ( VBG figuring ) ( PRT ( RP out ) ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP need ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBG going ) ( PRT ( RP back ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) )

We said We 've got a product if you want it you can buy it he says adding Now we 're figuring out what people need and are going back to make it


( S ( NP-SBJ ( NP ( NNP Armco ) ( POS 's ) ) ( NNS sales ) ( NNS representatives ) ) ( VP ( VBP visit ) ( NP ( NP ( NP ( DT the ) ( NNP General ) ( NNP Motors ) ( NNP Corp. ) ( POS 's ) ) ( NN Fairfax ) ( NN assembly ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Kansas ) ( NNP City ) ) ( NP ( NNP Mo. ) ) ) ) ) ( NP-TMP ( NP ( CD two ) ( CC or ) ( CD three ) ( NNS days ) ) ( NP-ADV ( DT a ) ( NN week ) ) ) ) )

Armco 's sales representatives visit the General Motors Corp. 's Fairfax assembly plant in Kansas City Mo. two or three days a week


( S ( SBAR-TMP ( WHADVP ( WRB When ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD determined ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP GM ) ) ( VP ( VBD needed ) ( NP ( NNS parts ) ) ( ADVP-MNR ( RBR more ) ( RB quickly ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Armco ) ) ( VP ( VBD convinced ) ( S ( NP-SBJ ( DT a ) ( NN steel ) ( NN service ) ( NN center ) ) ( VP ( TO to ) ( VP ( VB build ) ( NP ( DT a ) ( NN processing ) ( NN plant ) ) ( ADVP-LOC ( RB nearby ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ-1 ( NNS shipments ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN delivered ) ( PP-TMP ( IN within ) ( NP ( CD 15 ) ( NNS minutes ) ) ) ) ) ) ) ) ) ) ) ) )

When they determined that GM needed parts more quickly Armco convinced a steel service center to build a processing plant nearby so shipments could be delivered within 15 minutes


( S ( S-NOM-SBJ ( VP ( VBG Cementing ) ( NP ( NP ( JJ such ) ( NNS relationships ) ) ( PP ( IN with ) ( NP ( NP ( JJ major ) ( NNS clients ) ) ( NP ( NN car ) ( CC and ) ( NN appliance ) ( NNS makers ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN means ) ) ( PP ( IN of ) ( NP ( NN survival ) ) ) ) ( SBAR-TMP ( ADVP ( RB especially ) ) ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT those ) ( JJ key ) ( NNS clients ) ) ( VP ( VBP are ) ( VP ( VP ( VBG relying ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( JJR smaller ) ( NN pool ) ) ( PP ( IN of ) ( NP ( NNS producers ) ) ) ) ) ) ( CC and ) ( VP ( VBG flirting ) ( PP-CLR ( IN with ) ( NP ( NN plastic ) ( CC and ) ( NN aluminum ) ( NNS makers ) ) ) ) ) ) ) ) ) )

Cementing such relationships with major clients car and appliance makers is a means of survival especially when those key clients are relying on a smaller pool of producers and flirting with plastic and aluminum makers


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-2 ( NNP Detroit ) ) ( VP ( VBD began ) ( S ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( NP ( JJ plastic-bodied ) ( NNS cars ) ) ) ) ) ) ) ) ( NP-SBJ-4 ( DT the ) ( NNP American ) ( NNP Iron ) ( CC and ) ( NNP Steel ) ( NNP Institute ) ) ( VP ( VBD began ) ( NP ( DT a ) ( JJ major ) ( NN lobbying ) ( NN effort ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB show ) ( NP ( NN auto ) ( NNS makers ) ) ( SBAR ( WHADVP-6 ( WRB how ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB use ) ( NP ( NN steel ) ) ( ADVP-MNR ( RBR more ) ( RB efficiently ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( ADVP ( RB simply ) ) ( VBG redesigning ) ( SBAR ( WHADVP-5 ( WRB how ) ) ( S ( NP-SBJ-1 ( DT a ) ( NN car ) ( NN door ) ) ( VP ( VBZ is ) ( VP ( VBN assembled ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For example when Detroit began talking about plastic-bodied cars the American Iron and Steel Institute began a major lobbying effort to show auto makers how they could use steel more efficiently by simply redesigning how a car door is assembled


( S ( CC But ) ( NP-SBJ ( NNS steelmakers ) ) ( VP ( MD must ) ( ADVP ( RB also ) ) ( VP ( VB find ) ( NP ( JJ new ) ( NNS markets ) ) ) ) )

But steelmakers must also find new markets


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG letting ) ( S ( NP-SBJ ( NNS aluminum-makers ) ) ( VP ( VB take ) ( NP ( DT the ) ( NN recycling ) ( NN lead ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NNS steelmakers ) ) ) ) ( VP ( VBD started ) ( NP-2 ( DT a ) ( NN recycling ) ( NN institute ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB promote ) ( NP ( NN steel ) ( NNS cans ) ) ( PP-CLR ( TO to ) ( NP ( DT an ) ( ADJP ( RB environmentally ) ( JJ conscious ) ) ( NN nation ) ) ) ) ) ) ) )

After letting aluminum-makers take the recycling lead a group of the nation 's largest steelmakers started a recycling institute to promote steel cans to an environmentally conscious nation


( S ( NP-SBJ ( NP ( NNP Battelle ) ( POS 's ) ) ( NNP Mr. ) ( NNP McCall ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NNS steelmakers ) ) ( VP ( MD should ) ( VP ( VB concentrate ) ( ADVP ( RBR more ) ) ( PP-CLR ( IN on ) ( NP ( NN construction ) ) ) ) ) ) ) ) )

Battelle 's Mr. McCall thinks steelmakers should concentrate more on construction


( S ( NP-SBJ ( NP ( NNP Weirton ) ( NNP Steel ) ( NNP Corp. ) ) ( NP-LOC ( NP ( NNP Weirton ) ) ( NP ( NNP W. ) ( NNP Va. ) ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ is ) ( VP ( VBG touting ) ( PP ( TO to ) ( NP ( NNS homeowners ) ) ) ( NP ( NP ( JJ fashionable ) ( NN steel ) ( NNS doors ) ) ( PP ( IN with ) ( NP ( JJ leaded ) ( NN glass ) ( NNS inserts ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( ADJP ( JJ secure ) ( CC and ) ( JJ energy-efficient ) ) ( NN alternative ) ) ( PP ( TO to ) ( NP ( JJ wooden ) ( CC or ) ( JJ aluminum ) ( NNS ones ) ) ) ) ) ) ) )

Weirton Steel Corp. Weirton W. Va. for example is touting to homeowners fashionable steel doors with leaded glass inserts as a secure and energy-efficient alternative to wooden or aluminum ones


( S ( NP-SBJ ( JJ Other ) ( NNS steelmakers ) ) ( VP ( VBP envision ) ( S ( NP-SBJ ( NN steel ) ( NNS roofs ) ) ( VP ( VBG covering ) ( NP ( NN suburbia ) ) ) ) ) )

Other steelmakers envision steel roofs covering suburbia


( S ( NP-SBJ ( RB Still ) ( NNS others ) ) ( VP ( VBP are ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( JJ overseas ) ( NNS markets ) ) ) ) ) )

Still others are looking at overseas markets


( S ( NP-SBJ ( NNP USX ) ) ( VP ( VBZ is ) ( VP ( VBG funneling ) ( NP ( NN drilling ) ( NN pipe ) ) ( PP-CLR ( TO to ) ( NP ( JJ steel-hungry ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) )

USX is funneling drilling pipe to steel-hungry Soviet Union


( S ( NP-TMP ( DT This ) ( NN year ) ) ( NP-SBJ ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN steelmaker ) ) ( VP ( VBD reactivated ) ( NP ( PRP$ its ) ( JJ overseas ) ( NNS sales ) ( NN operation ) ) ) )

This year the nation 's largest steelmaker reactivated its overseas sales operation


( S ( NP-SBJ-2 ( NNS Producers ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB differentiate ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG concentrating ) ( PP-CLR ( IN on ) ( NP ( NP ( JJR higher-profit ) ( NN output ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ coated ) ( CC and ) ( JJ electrogalvanized ) ( NNS products ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP remain ) ( PP-PRD ( IN beyond ) ( NP ( NP ( DT the ) ( NN reach ) ) ( PP ( IN of ) ( NP ( NNS minimills ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Producers also are trying to differentiate by concentrating on higher-profit output such as coated and electrogalvanized products which remain beyond the reach of minimills


( S ( NP-SBJ-1 ( NP ( RB Almost ) ( DT all ) ( NN capital-improvement ) ( NNS programs ) ) ( VP ( VBN announced ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS steelmakers ) ) ) ( PP-TMP ( IN within ) ( NP ( DT the ) ( NN past ) ( NN year ) ) ) ) ) ( VP ( VBP involve ) ( S ( VP ( VBG building ) ( NP ( NP ( VBG electrogalvanizing ) ( NNS lines ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NN steel ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ such ) ( NNS products ) ) ( PP ( IN as ) ( NP ( NP ( NN household ) ( NNS appliances ) ) ( CC and ) ( NP ( NN car ) ( NNS doors ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Almost all capital-improvement programs announced by major steelmakers within the past year involve building electrogalvanizing lines used to produce steel for such products as household appliances and car doors


( S ( CC But ) ( ADVP ( RB unfortunately ) ) ( NP-SBJ ( IN that ) ( NN segment ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB much ) ( JJR smaller ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ bread-and-butter ) ( JJ flat-rolled ) ( NN steel ) ) ) ) ) )

But unfortunately that segment is much smaller than the bread-and-butter flat-rolled steel


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN like ) ( S-NOM ( NP-SBJ ( NN everyone ) ) ( VP ( VP ( VBG climbing ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NNP QE ) ( NNP II ) ) ) ) ) ( CC and ) ( VP ( VBG getting ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( NN lifeboat ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Jacobson ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP AUS ) ( NNP Consultants ) ) ) ) ) )

It 's like everyone climbing out of the QE II and getting into a lifeboat says John Jacobson an analyst with AUS Consultants


( S ( PP-TMP ( IN After ) ( NP ( DT a ) ( NN while ) ) ) ( NP-SBJ-1 ( NN someone ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-DIR ( IN over ) ( NP ( DT the ) ( NN side ) ) ) ) ) ) ) )

After a while someone has to go over the side


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB expect ) ( NP ( DT any ) ( NNS bankruptcies ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( VP ( VB see ) ( S ( NP-SBJ-1 ( JJR more ) ( NNS plants ) ) ( VP ( VBG being ) ( VP ( VBN sold ) ( CC or ) ( VBN closed ) ) ) ) ) ) )

Although he does n't expect any bankruptcies he does see more plants being sold or closed


( S ( NP-SBJ ( NP ( NNP Robert ) ( NNP Crandall ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Brookings ) ( NNP Institute ) ) ) ) ( VP ( VBZ agrees ) ) )

Robert Crandall with the Brookings Institute agrees


( S ( SBAR-ADV ( IN Unless ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT an ) ( JJ enormous ) ( NN rate ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NN growth ) ) ) ) ( CC or ) ( NP ( NP ( DT a ) ( JJR further ) ( NN drop ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ unlikely ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN consumption ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( VBN produced ) ( NN steel ) ) ) ) ( VP ( MD will ) ( VP ( VB grow ) ( ADVP-MNR ( RB sufficiently ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NP ( DT the ) ( NN growth ) ) ( PP ( IN of ) ( NP ( NNS minimills ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Unless there is an enormous rate of economic growth or a further drop in the dollar it 's unlikely that consumption of U.S. produced steel will grow sufficiently to offset the growth of minimills


( FRAG ( CONJP ( RB Not ) ( TO to ) ( VB mention ) ) ( NP ( NP ( DT the ) ( NN incursion ) ) ( PP ( IN of ) ( NP ( NNS imports ) ) ) ) )

Not to mention the incursion of imports


( S ( NP-SBJ ( NP ( JJ Japanese ) ( CC and ) ( JJ European ) ( NNS steelmakers ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN led ) ( NP ( DT the ) ( JJ recent ) ( NN technology ) ( NNS developments ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB anxiously ) ) ( VBG awaiting ) ( NP ( NP ( DT the ) ( NN lifting ) ) ( PP ( IN of ) ( NP ( NN trade ) ( NNS restraints ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) )

Japanese and European steelmakers which have led the recent technology developments are anxiously awaiting the lifting of trade restraints in 1992


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( MD can ) ( VP ( VB expect ) ( NP ( NP ( JJR more ) ( NN competition ) ) ( PP ( IN from ) ( NP ( ADJP ( JJ low-cost ) ( VBG producing ) ) ( UCP ( NP ( NNP Pacific ) ( NNP Rim ) ) ( CC and ) ( ADJP ( JJ Latin ) ( JJ American ) ) ) ( NNS countries ) ) ) ) ) ) )

Moreover the U.S. can expect more competition from low-cost producing Pacific Rim and Latin American countries


( S ( NP-SBJ-1 ( DT A ) ( JJ Taiwanese ) ( NN steelmaker ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD announced ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( DT a ) ( JJ Nucor-like ) ( NN plant ) ) ) ) ) ) ) )

A Taiwanese steelmaker recently announced plans to build a Nucor-like plant


( SINV ( S-TPC-1 ( NP-SBJ ( NNS People ) ) ( VP ( VBP think ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN steel ) ( NN business ) ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( ADJP ( JJ old ) ( CC and ) ( JJ mundane ) ) ( NN smokestack ) ( NN business ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Iverson ) ) )

People think of the steel business as an old and mundane smokestack business says Mr. Iverson


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP 're ) ( ADJP-PRD ( RB dead ) ( JJ wrong ) ) ) )

They 're dead wrong


( X ( X ( SYM \* ) ) ( NP ( NP ( NNP USX ) ) ( NP ( NNP LTV ) ) ( NP ( NNP Bethlehem ) ) ( NP ( NNP Inland ) ) ( NP ( NNP Armco ) ) ( NP ( NNP National ) ( NNP Steel ) ) ) )

\* USX LTV Bethlehem Inland Armco National Steel


( X ( X ( SYM \*\* ) ) ( ADJP ( VBN Projected ) ) )

\*\* Projected


( S ( NP-SBJ ( NP ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( NNP Corp. ) ( POS 's ) ) ( NNP Market ) ( NNP Data ) ( NNP Retrieval ) ( NN unit ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( NP ( NNP School ) ( CC and ) ( NNP College ) ( NNP Construction ) ( NNPS Reports ) ( NN service ) ) ( PP-CLR ( IN from ) ( NP ( NAC ( NNP Intelligence ) ( PP ( IN for ) ( NP ( NNP Education ) ) ) ) ( NNP Inc ) ) ) ) ) ) ) )

Dun & Bradstreet Corp. 's Market Data Retrieval unit said it acquired School and College Construction Reports service from Intelligence for Education Inc


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

Terms were n't disclosed


( S ( NP-SBJ ( DT The ) ( NN service ) ) ( VP ( VBZ supplies ) ( NP ( NP ( JJ weekly ) ( NNS reports ) ) ( PP ( IN on ) ( NP ( NN school ) ( CC and ) ( NN college ) ( NN construction ) ( NNS plans ) ) ) ) ) )

The service supplies weekly reports on school and college construction plans


( S ( NP-SBJ ( NNP Market ) ( NNP Data ) ( NNP Retrieval ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN compiler ) ) ( PP ( IN of ) ( NP ( JJ educational ) ( NN information ) ) ) ) ) ( CC and ) ( VP ( VBZ provides ) ( NP ( JJ related ) ( NNS services ) ) ) ) )

Market Data Retrieval is a compiler of educational information and provides related services


( S ( NP-SBJ ( NP ( ADJP ( RB Closely ) ( JJ held ) ) ( NNP Intelligence ) ) ( PP ( IN in ) ( NP ( NNP Education ) ) ) ( PP ( IN of ) ( NP-LOC ( NP ( NNP Larchmont ) ) ( NP ( NNP N.Y. ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( JJ educational ) ( NN publisher ) ( CC and ) ( NN consultant ) ) ) )

Closely held Intelligence in Education of Larchmont N.Y. is an educational publisher and consultant


( S ( NP-SBJ ( NP ( DT A ) ( NN battle ) ) ) ( VP ( VBZ is ) ( VP ( VBG raging ) ( PP-LOC ( IN in ) ( NP ( NNP Venice ) ) ) ( PP-1 ( IN over ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( NP-SBJ ( DT the ) ( JJ 1,200-year-old ) ( JJ Italian ) ( NN city ) ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN site ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ universal ) ( NN exposition ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 2000 ) ) ) ) ) ) ) ) ) ) ) ) )

A battle is raging in Venice over plans to have the 1,200-year-old Italian city be the site for a universal exposition in 2000


( S ( NP-SBJ ( DT The ) ( NNS plans ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( DT a ) ( NN subway ) ( NN system ) ) ( NP ( DT a ) ( NN congress ) ( NN center ) ) ( NP ( JJ floating ) ( NNS trees ) ) ( NP ( JJ fanciful ) ( NNS fountains ) ) ) ( CC and ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 60,000 ) ) ( JJ additional ) ( NNS tourists ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) )

The plans include a subway system a congress center floating trees fanciful fountains and as many as 60,000 additional tourists a day


( S ( NP-SBJ ( NN Expo ) ( NNS enthusiasts ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ-1 ( VP ( VBG holding ) ( NP ( DT the ) ( NN fair ) ) ) ) ( VP ( MD would ) ( VP ( VP ( VB attract ) ( NP ( NNS businesses ) ) ) ( VP ( VBP create ) ( NP ( NNS jobs ) ) ) ( CC and ) ( VP ( VB help ) ( S ( VP ( VB renovate ) ( NP ( NP ( VBN abandoned ) ( NNS sections ) ) ( PP ( IN of ) ( NP ( NN town ) ) ) ) ) ) ) ) ) ) ) ) )

Expo enthusiasts argue that holding the fair would attract businesses create jobs and help renovate abandoned sections of town


( S ( CC But ) ( NP-SBJ ( NNS opponents ) ) ( VP ( VBP fear ) ( NP ( JJ overcrowding ) ) ) )

But opponents fear overcrowding


( SINV ( S-TPC-1 ( S ( NP-SBJ ( DT This ) ( NN city ) ) ( ADVP ( RB already ) ) ( VP ( VBZ has ) ( NP ( RB too ) ( JJ many ) ( NNS tourists ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB hold ) ( NP ( NP ( PRP them ) ) ( NP ( DT all ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Pierluigi ) ( NNP Beggiato ) ) ( NP ( NP ( DT the ) ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Venice ) ( NNS hoteliers ) ( NN association ) ) ) ) ) )

This city already has too many tourists and it ca n't hold them all says Pierluigi Beggiato the president of the Venice hoteliers association


( S ( NP-SBJ ( NP ( QP ( IN About ) ( CD 40 ) ) ( JJ Italian ) ( NNS businesses ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Fiat ) ( NNP S.p ) ( NNP A. ) ) ( CC and ) ( NP ( NNP Ing ) ( NNP C. ) ( NNP Olivetti ) ( CC & ) ( NNP Co. ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN formed ) ( NP ( NP ( DT a ) ( NN consortium ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( NN lobby ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG holding ) ( NP ( DT the ) ( NN expo ) ) ( PP-LOC ( IN in ) ( NP ( NNP Venice ) ) ) ) ) ) ) ) ) ) ) ) ) )

About 40 Italian businesses including Fiat S.p A. and Ing C. Olivetti & Co. have formed a consortium to lobby for holding the expo in Venice


( S ( NP-SBJ ( CD Three ) ( NN gambling ) ( NNS casinos ) ) ( VP ( VBP have ) ( VP ( VBN opened ) ( PP-LOC ( IN in ) ( NP ( NNP Poland ) ) ) ) ) )

Three gambling casinos have opened in Poland


( S ( NP-SBJ ( NP ( DT The ) ( CD three ) ( NNS establishments ) ) ( NP ( NP ( NP ( CD two ) ) ( PP-LOC ( IN in ) ( NP ( NNP Warsaw ) ) ) ) ( CC and ) ( NP ( NP ( CD one ) ) ( PP-LOC ( IN in ) ( NP ( NNP Krakow ) ) ) ) ) ) ( VP ( VP ( VB accept ) ( NP ( JJ only ) ( JJ foreign ) ( NN currency ) ) ) ( CC and ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ joint ) ( NNS ventures ) ) ( PP ( IN between ) ( NP ( NP ( JJ Polish ) ( NNS firms ) ) ( CC and ) ( NP ( JJ Western ) ( NNS companies ) ) ) ) ) ) ) )

The three establishments two in Warsaw and one in Krakow accept only foreign currency and are joint ventures between Polish firms and Western companies


( S ( NP-SBJ ( RB Not ) ( DT all ) ( NNPS Poles ) ) ( VP ( VBP are ) ( ADJP-PRD ( VBN pleased ) ) ) )

Not all Poles are pleased


( S ( SBARQ-TPC-3 ( WHNP-1 ( WP What ) ) ( SQ ( VBP do ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP want ) ( NP ( NNS casinos ) ) ( PP-PRP ( IN for ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN got ) ( NP ( NN anything ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS shops ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( CD one ) ( NN housewife ) ) ( VP ( VBD asked ) ) )

What do we want casinos for when we have n't got anything in the shops one housewife asked


( S ( CC But ) ( NP-SBJ ( NP ( NNP Bogdan ) ( NNP Gumkowski ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( NP ( DT the ) ( NN casino ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Warsaw ) ( POS 's ) ) ( NNP Marriott ) ( NNP Hotel ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS ventures ) ) ( VP ( MD would ) ( VP ( VB help ) ( S ( NP-SBJ ( NNP Poland ) ) ( VP ( NN service ) ( NP ( PRP$ its ) ( ADJP ( QP ( CD 39 ) ( CD billion ) ) ) ( JJ foreign ) ( NN debt ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG pouring ) ( NP ( NNS dollars ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NP ( DT the ) ( NN state ) ( NNS firms ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ joint ) ( NNS ventures ) ) ) ) ( NP ( NP ( DT the ) ( NNP LOT ) ( NN airline ) ) ( CC and ) ( NP ( NNP Orbis ) ( NN tourist ) ( NN organization ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But Bogdan Gumkowski who runs the casino at Warsaw 's Marriott Hotel said the ventures would help Poland service its 39 billion foreign debt by pouring dollars into the state firms in the joint ventures the LOT airline and Orbis tourist organization


( S ( NP-SBJ-1 ( NNP Algeria ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( NN natural-gas ) ( NNS sales ) ) ( PP ( TO to ) ( NP ( NP ( NNP Europe ) ) ( CC and ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) )

Algeria plans to increase natural-gas sales to Europe and the U.S.


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Middle ) ( NNP East ) ( NNP Economic ) ( NNP Survey ) ) ) ) ( NP-SBJ ( DT the ) ( ADJP ( JJ North ) ( JJ African ) ) ( NN nation ) ) ( VP ( VBZ is ) ( VP ( VBG holding ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( NNP Italy ) ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG adding ) ( NP ( DT a ) ( JJ fourth ) ( NN pipe ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN section ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Trans-Mediterranean ) ( NN pipeline ) ) ) ) ) ( S-ADV ( VP ( VBG expanding ) ( NP ( NN capacity ) ) ( PP-CLR ( IN by ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD six ) ( CD billion ) ) ( JJ cubic ) ( NNS meters ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 12.5 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) )

According to the Middle East Economic Survey the North African nation is holding talks with Italy for adding a fourth pipe to a section of the Trans-Mediterranean pipeline expanding capacity by up to six billion cubic meters a year from 12.5 billion


( S ( NP-SBJ-1 ( NNP Algeria ) ) ( ADVP ( RB also ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( DT a ) ( NN pipeline ) ) ( PP-LOC ( PP ( IN through ) ( NP ( NNP Morocco ) ) ) ( CC and ) ( PP ( IN across ) ( NP ( NP ( DT the ) ( NNP Strait ) ) ( PP ( IN of ) ( NP ( NNP Gibraltar ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB supply ) ( NP ( NP ( NNP Spain ) ) ( NP ( NNP France ) ) ( CC and ) ( NP ( NNP West ) ( NNP Germany ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 15 ) ( CD billion ) ) ( JJ cubic ) ( NNS meters ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ( PP-TMP ( IN by ) ( NP ( DT the ) ( JJ late ) ( NNS 1990s ) ) ) ) ) ) ) ) ) ) )

Algeria also wants to build a pipeline through Morocco and across the Strait of Gibraltar to supply Spain France and West Germany with up to 15 billion cubic meters a year by the late 1990s


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( NP ( NNP South ) ( NNP Africa ) ( POS 's ) ) ( NNP National ) ( NNP Union ) ) ( PP ( IN of ) ( NP ( NNPS Mineworkers ) ) ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VP ( VB suspend ) ( NP ( NP ( DT the ) ( NN strike ) ) ( PP ( IN by ) ( NP ( NN diamond ) ( NNS workers ) ) ) ) ) ( CC and ) ( VP ( VB resume ) ( NP ( NP ( NNS negotiations ) ) ( PP ( IN with ) ( NP ( NNP De ) ( NNP Beers ) ( NNP Consolidated ) ( NNPS Mines ) ( NNP Ltd. ) ) ) ( PP ( IN over ) ( NP ( PRP$ their ) ( NN wage ) ( NN dispute ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP De ) ( NNP Beers ) ) ( VP ( VBD said ) ) )

South Africa 's National Union of Mineworkers agreed to suspend the strike by diamond workers and resume negotiations with De Beers Consolidated Mines Ltd. over their wage dispute De Beers said


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN union ) ) ( VP ( VBD had ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( DT the ) ( NN company ) ) ( PP-PRP ( IN for ) ( NP ( JJ further ) ( NNS talks ) ) ) ( NP-TMP ( NN tomorrow ) ) ) ) ) ) ) ) ) ) )

It also said the union had agreed to meet the company for further talks tomorrow


( S ( NP-SBJ ( NP ( DT The ) ( NN strike ) ) ( PP-LOC ( IN at ) ( NP ( CD five ) ( NNP De ) ( NNP Beers ) ( NNS mines ) ) ) ) ( VP ( VBD began ) ( NP-TMP ( JJ last ) ( NNP Thursday ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( CD 9,500 ) ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ total ) ( CD 10,000 ) ( NNP NUM ) ( NNS members ) ) ( VP ( VBN employed ) ( PP-LOC ( IN on ) ( NP ( NNP De ) ( NNP Beers ) ( NNS mines ) ) ) ) ) ) ) ) ( VP ( VBG participating ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN union ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP De ) ( NNP Beers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( CD 7,800 ) ( NNS participants ) ) ) ) ) ) ) ) ) )

The strike at five De Beers mines began last Thursday with 9,500 out of a total 10,000 NUM members employed on De Beers mines participating according to the union while De Beers said there were 7,800 participants


( S ( NP-SBJ ( DT The ) ( NN union ) ) ( VP ( VBZ has ) ( VP ( VBN demanded ) ( NP ( NP ( DT a ) ( ADJP ( CD 37.6 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN minimum ) ( NN wage ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNP De ) ( NNP Beers ) ( POS 's ) ) ( JJ final ) ( NN offer ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( NN increase ) ) ( PP ( IN of ) ( NP ( CD 17 ) ( NN % ) ) ) ) ) ) ) ) ) )

The union has demanded a 37.6 % increase in the minimum wage while De Beers 's final offer was an increase of 17 %


( S ( NP-SBJ ( DT A ) ( JJ 35-nation ) ( JJ environmental ) ( NN conference ) ) ( VP ( VBN opened ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Sofia ) ) ( NP ( NNP Bulgaria ) ) ) ) ) )

A 35-nation environmental conference opened in Sofia Bulgaria


( S ( NP-SBJ-1 ( DT The ) ( NN gathering ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VP ( VBG curbing ) ( NP ( NP ( DT the ) ( NN fouling ) ) ( PP ( IN of ) ( NP ( NNS rivers ) ( CC and ) ( NNS lakes ) ) ) ) ) ( VP ( VBG limiting ) ( NP ( NP ( NN damage ) ) ( PP ( IN from ) ( NP ( JJ industrial ) ( NNS accidents ) ) ) ) ) ( CC and ) ( VP ( VBG improving ) ( NP ( NP ( DT the ) ( NN handling ) ) ( PP ( IN of ) ( NP ( JJ harmful ) ( NNS chemicals ) ) ) ) ) ) ) ) ) ) ) ) ) )

The gathering is expected to focus on curbing the fouling of rivers and lakes limiting damage from industrial accidents and improving the handling of harmful chemicals


( S ( NP-SBJ ( ADJP ( JJ West ) ( JJ German ) ) ( NNP Environment ) ( NNP Minister ) ( NNP Klaus ) ( NNP Toepfer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Bonn ) ) ( VP ( VBZ is ) ( VP ( VBN convinced ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( NN need ) ) ( PP ( IN for ) ( NP ( NP ( NN cooperation ) ) ( PP ( ADVP ( RB especially ) ) ( IN with ) ( NP ( NP ( PRP$ our ) ( NNS neighbors ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP East ) ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB directly ) ) ( JJ affected ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( PRP$ their ) ( JJ ecological ) ( NN progress ) ) ( CC or ) ( NP ( NP ( NN lack ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

West German Environment Minister Klaus Toepfer said Bonn is convinced of the need for cooperation especially with our neighbors in the East because we are directly affected by their ecological progress or lack of it


( S ( NP-SBJ ( NP ( DT The ) ( NNP U.S. ) ) ( CC and ) ( NP ( NNP Canada ) ) ) ( VP ( VBD joined ) ( NP ( NP ( DT every ) ( JJ European ) ( NN country ) ) ( PP ( IN except ) ( NP ( NNP Albania ) ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN meeting ) ) ) ) )

The U.S. and Canada joined every European country except Albania at the meeting


( S ( NP-SBJ ( NP ( DT The ) ( JJ Swedish ) ( NNS publishers ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ new ) ( JJ Estonian-language ) ( NN newspaper ) ) ) ) ( VP ( VBD rushed ) ( NP ( DT an ) ( JJ extra ) ( NN edition ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NNP Baltic ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 10 ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( JJ first ) ( NN run ) ) ( VP ( VBN sold ) ( PRT ( RP out ) ) ( PP-TMP ( IN in ) ( NP ( CD one ) ( NN day ) ) ) ) ) ) ) )

The Swedish publishers of a new Estonian-language newspaper rushed an extra edition across the Baltic on Oct. 10 after the first run sold out in one day


( S ( NP-SBJ ( NNP Editor ) ( NNP Hasse ) ( NNP Olsson ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS plans ) ) ( VP ( VBD had ) ( VP ( VBN called ) ( SBAR ( IN for ) ( S ( S ( NP-SBJ-1 ( NP ( CD 7,000 ) ( NNS copies ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ monthly ) ( NNP Are ) ( NNP Paev ) ( PRN ( NNP Business ) ( NNP Paper ) ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-LOC ( IN at ) ( NP ( NNS newsstands ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT an ) ( QP ( JJ additional ) ( CD 3,000 ) ) ( NN promotion ) ( NNS issues ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sent ) ( PP-MNR ( IN by ) ( NP ( JJ direct ) ( NN mail ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Editor Hasse Olsson said plans had called for 7,000 copies of the monthly Are Paev Business Paper to be sold at newsstands and an additional 3,000 promotion issues to be sent by direct mail


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( QP ( CD 13,000 ) ( JJR more ) ) ( NNS copies ) ) ( VP ( VBD were ) ( VP ( VBN sent ) ( PP-DIR ( TO to ) ( NP ( NNP Estonia ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ strong ) ( NNS sales ) ) ) ) ) ) ) ) )

He said 13,000 more copies were sent to Estonia because of strong sales


( S ( S ( NP-SBJ ( DT The ) ( JJ Swedish ) ( NN publishing ) ( NN company ) ( NNP Bonniers ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD 51 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Are ) ( NNP Paev ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ Estonian ) ( NN management ) ( NN company ) ( NNP Minor ) ) ( VP ( VBZ owns ) ( NP ( CD 49 ) ( NN % ) ) ) ) )

The Swedish publishing company Bonniers owns 51 % of Are Paev and the Estonian management company Minor owns 49 %


( S ( NP-SBJ ( NP ( NNP Angel ) ( NNP Gurria ) ) ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( JJ top ) ( NN debt ) ( NN negotiator ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( NN creditor ) ( NNS banks ) ) ( VP ( VBP are ) ( VP ( VBG responding ) ( ADVP-MNR ( RB positively ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( NN debt-reduction ) ( NN package ) ) ) ) ) ) ) ) )

Angel Gurria Mexico 's top debt negotiator said the country 's creditor banks are responding positively to Mexico 's debt-reduction package


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Gurria ) ( POS 's ) ) ( NN optimism ) ) ( VP ( VBZ contrasts ) ( PP-CLR ( IN with ) ( NP ( NP ( DT some ) ( NNS bankers ) ( POS ' ) ) ( NNS views ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN deal ) ) ( VP ( MD may ) ( VP ( VB require ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN arm ) ( NN twisting ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Treasury ) ) ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB succeed ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Gurria 's optimism contrasts with some bankers ' views that the deal may require a lot of arm twisting by the U.S. Treasury in order to succeed


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Gurria ) ) ( NP ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( NN under-secretary ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN ministry ) ) ( PP ( IN of ) ( NP ( NN finance ) ) ) ) ) ) ) ( VP ( VBD met ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN with ) ( NP ( JJ European ) ( NNS bankers ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( JJ half-way ) ( NN point ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT a ) ( JJ so-called ) ( NN road ) ( NN show ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB market ) ( NP ( DT the ) ( NN package ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Gurria Mexico 's under-secretary of the ministry of finance met yesterday with European bankers in London at the half-way point on a so-called road show to market the package around the world


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT An ) ( VBG increasing ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS banks ) ) ) ) ( VP ( VBP appear ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG considering ) ( NP ( NP ( DT the ) ( NN option ) ) ( PP ( IN under ) ( NP ( DT the ) ( NN deal ) ) ) ( SBAR ( WHADVP-3 ( WRB whereby ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB swap ) ( NP ( PRP$ their ) ( JJ Mexican ) ( NNS loans ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ 30-year ) ( NNS bonds ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN face ) ( NN value ) ) ( VP ( VBN discounted ) ( PP-EXT ( IN by ) ( NP ( CD 35 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Gurria ) ) ( VP ( VBD said ) ) )

An increasing number of banks appear to be considering the option under the deal whereby they can swap their Mexican loans for 30-year bonds with a face value discounted by 35 % Mr. Gurria said


( S ( NP-SBJ ( DT The ) ( JJ other ) ( CD two ) ( NNS options ) ) ( VP ( VBP consist ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VP ( VBG swapping ) ( NP ( NNS loans ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS bonds ) ) ( PP ( IN with ) ( NP ( ADJP ( CD 6.25 ) ( NN % ) ) ( NN interest ) ( NNS rates ) ) ) ) ) ) ( CC or ) ( VP ( VBG providing ) ( NP ( JJ fresh ) ( NNS loans ) ) ) ) ) ) ) )

The other two options consist of swapping loans for bonds with 6.25 % interest rates or providing fresh loans


( S ( NP-SBJ-2 ( NP ( DT The ) ( NN accord ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ covers ) ( NP ( NP ( QP ( CD 52.7 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( ADJP ( NN medium ) ( CC and ) ( JJ long-term ) ) ( NN debt ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-CLR ( IN into ) ( NP ( NN effect ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ) ) ) ) ) ) ) )

The accord which covers 52.7 billion of Mexico 's medium and long-term debt is expected to go into effect in early


( S ( S-TPC-1 ( NP-SBJ ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ top ) ( NN film ) ( NN actress ) ) ( NP ( NNP Liu ) ( NNP Xiaoqing ) ) ) ( VP ( VBD paid ) ( NP ( NP ( CD 4,555 ) ) ( PP ( IN in ) ( NP ( NP ( JJ back ) ( NNS taxes ) ) ( CC and ) ( NP ( NNS fines ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Shandong ) ( NN province ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNPS People ) ( POS 's ) ) ( NNP Daily ) ) ( VP ( VBD reported ) ) )

China 's top film actress Liu Xiaoqing paid 4,555 in back taxes and fines in Shandong province the People 's Daily reported


( S ( NP-SBJ ( DT The ) ( NN amount ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( QP ( IN about ) ( CD 30 ) ) ( NNS years ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ average ) ( NN peasant ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ makes ) ( NP ( NP ( CD 145 ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

The amount is equal to about 30 years earnings for the average peasant who makes 145 a year


( S ( S-TPC-1 ( NP-SBJ ( NNP China ) ) ( VP ( MD will ) ( VP ( VB spend ) ( NP ( QP ( CD 9.45 ) ( CD million ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ urgent ) ( NN maintenance ) ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP Tibet ) ( POS 's ) ) ( NNP Potala ) ( NNP Palace ) ) ( NP ( NP ( JJ former ) ( NN home ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Dalai ) ( NNP Lama ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP China ) ( NNP News ) ( NNP Service ) ) ( VP ( VBD said ) ) )

China will spend 9.45 million for urgent maintenance on Tibet 's Potala Palace former home of the Dalai Lama the China News Service said


( S ( NP-SBJ ( NP ( DT The ) ( NNP Dalai ) ( NNP Lama ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD was ) ( ADVP ( RB just ) ) ( VP ( VBN awarded ) ( NP ( DT the ) ( NNP Nobel ) ( NNP Peace ) ( NNP Prize ) ) ) ) ) ) ) ( VP ( VBZ lives ) ( PP-MNR ( IN in ) ( NP ( NN exile ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP India ) ) ) ) )

The Dalai Lama who was just awarded the Nobel Peace Prize lives in exile in India


( S ( NP-SBJ ( NNP CALIFORNIA ) ( NNP REAL ) ( NNP ESTATE ) ( NNP INVESTMENT ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNS directors ) ) ( VP ( VBD declared ) ( NP ( NP ( DT a ) ( NN dividend ) ) ( PP ( IN of ) ( NP ( NP ( CD five ) ( NNS cents ) ) ( PP ( IN per ) ( NP ( NN Class ) ( NNP A ) ( JJ common ) ( NN stock ) ) ) ) ) ( ADJP ( JJ payable ) ( NP-TMP ( NNP Nov. ) ( CD 6 ) ) ( PP ( TO to ) ( NP ( NP ( NP ( VB stock ) ) ( PP ( IN of ) ( NP ( NN record ) ) ) ) ( NP-TMP ( NNP Oct. ) ( CD 16 ) ) ) ) ) ) ) ) ) ) )

CALIFORNIA REAL ESTATE INVESTMENT Corp. said its directors declared a dividend of five cents per Class A common stock payable Nov. 6 to stock of record Oct. 16


( S ( NP-SBJ ( DT The ) ( NN dividend ) ) ( VP ( VBZ represents ) ( NP ( NP ( DT the ) ( NN balance ) ) ( PP ( IN of ) ( NP ( NP ( NP ( PRP$ its ) ( JJ regular ) ( JJ quarterly ) ( NN payout ) ) ( PP ( IN of ) ( NP ( NP ( CD 10 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( SBAR ( WHPP-2 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( NP ( NN half ) ) ) ( VP ( VBD was ) ( VP ( VBN paid ) ( NP-TMP ( NNP July ) ( CD 17 ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ final ) ( NN distribution ) ) ) ( ADVP-TMP ( RB prior ) ( PP ( TO to ) ( NP ( NP ( PRP$ its ) ( NN merger ) ) ( PP ( IN with ) ( NP ( NNP B.B. ) ( NNP Real ) ( NNP Estate ) ( NNP Investment ) ( NNP Corp. ) ) ) ( PP-TMP ( ADVP ( RB also ) ) ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The dividend represents the balance of its regular quarterly payout of 10 cents a share of which half was paid July 17 in a final distribution prior to its merger with B.B. Real Estate Investment Corp. also in July


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB resume ) ( NP ( NP ( PRP$ its ) ( NN schedule ) ) ( PP ( IN of ) ( NP ( JJ regular ) ( JJ quarterly ) ( NNS dividends ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

The company said it hopes to resume its schedule of regular quarterly dividends at the end of this year


( S ( NP-SBJ ( NP ( NNP General ) ( NNPS Dynamics ) ( NNP Services ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP General ) ( NNPS Dynamics ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD won ) ( NP ( DT a ) ( ADJP ( QP ( CD 48.2 ) ( CD million ) ) ) ( NNP Army ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB establish ) ( NP ( NP ( NN maintenance ) ( NNS facilities ) ) ( PP ( IN for ) ( NP ( JJ tracked ) ( NNS vehicles ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Pakistan ) ) ) ) ) ) ) ) )

General Dynamics Services Co. a unit of General Dynamics Corp. won a 48.2 million Army contract to establish maintenance facilities for tracked vehicles in Pakistan


( S ( NP-SBJ-1 ( NNP Grumman ) ( NNP Corp. ) ) ( VP ( VBD was ) ( VP ( VBN given ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 15 ) ( CD million ) ) ) ( NNP Navy ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NN aircraft-electronics ) ( NNS improvements ) ) ) ) ) ) )

Grumman Corp. was given a 15 million Navy contract for aircraft-electronics improvements


( S ( NP-SBJ ( NP ( NNP Hughes ) ( NNP Aircraft ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP General ) ( NNPS Motors ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD got ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 10.3 ) ( CD million ) ) ) ( NNP Air ) ( NNP Force ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NN airborne-radar ) ( NN equipment ) ) ) ) ) )

Hughes Aircraft Co. a unit of General Motors Corp. got a 10.3 million Air Force contract for airborne-radar equipment


( S ( NP-SBJ-1 ( NNP K ) ( NN mart ) ( NNP Corp. ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Pace ) ( NNP Membership ) ( NNP Warehouse ) ( NNP Inc. ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( CD 23 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( CD 322 ) ( CD million ) ) ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN move ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( NP ( NP ( PRP$ its ) ( NN presence ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( RB rapidly ) ( VBG growing ) ) ( NN warehouse-club ) ( NN business ) ) ) ) ) ) ) ) ) ) )

K mart Corp. agreed to acquire Pace Membership Warehouse Inc. for 23 a share or 322 million in a move to expand its presence in the rapidly growing warehouse-club business


( S ( NP-SBJ ( DT The ) ( VBN proposed ) ( NN merger ) ) ( VP ( VBZ comes ) ( SBAR-TMP ( IN as ) ( S ( S ( NP-SBJ ( NP ( NNP K ) ( NN mart ) ( POS 's ) ) ( NN profit ) ) ( VP ( VBZ is ) ( VP ( VBG declining ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NN core ) ( NN discount ) ( NNS stores ) ) ) ) ( VP ( VBP are ) ( VP ( VBG rising ) ( ADVP-MNR ( ADVP ( RBR more ) ( RB slowly ) ) ( PP ( IN than ) ( PP-LOC ( IN at ) ( NP ( NP ( JJ such ) ( NNS competitors ) ) ( PP ( IN as ) ( NP ( NNP Wal-Mart ) ( NNPS Stores ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) )

The proposed merger comes as K mart 's profit is declining and sales at its core discount stores are rising more slowly than at such competitors as Wal-Mart Stores Inc


( S ( NP-SBJ ( NP ( NNP K ) ( NN mart ) ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Troy ) ) ( NP ( NNP Mich. ) ) ) ) ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( MD would ) ( VP ( VB fall ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( JJ consecutive ) ( NN quarter ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( ADJP ( CD 16 ) ( NN % ) ) ( NN drop ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ current ) ( JJ fiscal ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

K mart based in Troy Mich. recently said net income would fall for the third consecutive quarter after a 16 % drop in the first half of its current fiscal year


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN membership ) ( NN warehouse-club ) ( NN concept ) ) ( VP ( VBZ has ) ( ADJP ( JJ great ) ( JJ potential ) ) ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN chairman ) ) ( NP ( NNP Joseph ) ( NNP E. ) ( NNP Antonini ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) ) )

The membership warehouse-club concept has great potential the company 's chairman Joseph E. Antonini said in a statement


( S ( NP-SBJ ( NN Warehouse ) ( NNS clubs ) ) ( VP ( ADVP ( RB typically ) ) ( VBP carry ) ( NP ( NP ( NP ( JJ general ) ( NN merchandise ) ) ( CC and ) ( NP ( NN food ) ( NNS products ) ) ) ( SBAR ( WHNP ( WDT which ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP sell ) ( PP-CLR ( IN for ) ( NP ( RB close ) ( TO to ) ( JJ wholesale ) ( NNS prices ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ no-frills ) ( NNS stores ) ) ) ) ) ) ) ) )

Warehouse clubs typically carry general merchandise and food products which they sell for close to wholesale prices in no-frills stores


( S ( NP-SBJ ( NP ( NNS Shoppers ) ) ( PRN ( S ( NP-SBJ ( NP ( DT many ) ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( VP ( VBP operate ) ( NP ( JJ small ) ( NNS businesses ) ) ) ) ) ) ( VP ( VBP pay ) ( NP ( NP ( JJ annual ) ( NN membership ) ( NNS fees ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP provide ) ( NP ( DT an ) ( NN income ) ( NN base ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNS stores ) ) ) ) ) ) ) ) )

Shoppers many of whom operate small businesses pay annual membership fees which provide an income base for the stores


( S ( NP-SBJ ( NNP K ) ( NN mart ) ) ( VP ( VBD tested ) ( NP ( DT the ) ( NN warehouse-club ) ( NN sector ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ its ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( CD 51 ) ( NN % ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NNP Makro ) ( NNP Inc ) ) ) ) ) ) ) ) )

K mart tested the warehouse-club sector last year with its acquisition of a 51 % interest in Makro Inc


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NNP Makro ) ( NN chain ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ operates ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ joint ) ( NN venture ) ) ( PP ( IN between ) ( NP ( NP ( NNP K ) ( NN mart ) ) ( CC and ) ( NP ( NP ( NNP SHV ) ( NNPS Holdings ) ( NNP N.V. ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Netherlands ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( RB only ) ( CD six ) ) ( NNS stores ) ) ( CC and ) ( NP ( NP ( JJ annual ) ( NNS sales ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( CD one ) ( NN analyst ) ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( IN about ) ( CD 300 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

But the Makro chain which operates as a joint venture between K mart and SHV Holdings N.V. of the Netherlands has only six stores and annual sales that one analyst estimated at about 300 million


( S ( NP-SBJ ( NP ( JJ Six-year-old ) ( NNP Pace ) ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Aurora ) ) ( NP ( NNP Colo. ) ) ) ) ) ) ( VP ( VBZ operates ) ( NP ( CD 41 ) ( NN warehouse-club ) ( NNS stores ) ) ) )

Six-year-old Pace based in Aurora Colo. operates 41 warehouse-club stores


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NNS losses ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS years ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG turning ) ( ADJP-PRD ( JJ profitable ) ) ( PP-TMP ( IN in ) ( NP ( JJ fiscal ) ( CD 1988 ) ) ) ) ) ) ) )

The company had losses for several years before turning profitable in fiscal 1988


( S ( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Jan. ) ( CD 31 ) ) ) ) ) ( NP-SBJ ( NNP Pace ) ) ( VP ( VBD rang ) ( PRT ( RP up ) ) ( NP ( NP ( NN profit ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 9.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 72 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PRN ( PP-TMP ( IN after ) ( NP ( DT a ) ( NN tax-loss ) ( NN carry-forward ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.3 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP expect ) ( S ( NP-SBJ-1 ( PRP$ its ) ( NNS results ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB improve ) ) ) ) ) ) ) ) ) )

In the year ended Jan. 31 Pace rang up profit of 9.4 million or 72 cents a share after a tax-loss carry-forward on sales of 1.3 billion and analysts expect its results to continue to improve


( SINV ( S-TPC-3 ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD turned ) ( NP ( NP ( DT the ) ( NN corner ) ) ) ( ADVP-TMP ( RB fairly ) ( RB recently ) ) ( PP-2 ( IN in ) ( NP ( NN profitability ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Margo ) ( NNP McGlade ) ) ( PP ( IN of ) ( NP ( NNP PaineWebber ) ( NNP Inc. ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG forecasting ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 46 ) ( NN % ) ) ( NN jump ) ) ( PP ( IN in ) ( NP ( NP ( NNP Pace ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ) ( PP ( IN from ) ( NP ( NP ( NNS operations ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ( CC and ) ( NP ( NP ( DT another ) ( ADJP ( CD 42 ) ( NN % ) ) ( NN increase ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) )

The company turned the corner fairly recently in profitability said Margo McGlade of PaineWebber Inc. who had been forecasting a 46 % jump in Pace 's net income from operations this year and another 42 % increase next year


( S ( NP-SBJ-1 ( NN Warehouse ) ( NN productivity ) ) ( VP ( VBZ is ) ( VP ( ADVP ( RB really ) ) ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RB off ) ) ) ) ) ) ) )

Warehouse productivity is really beginning to take off


( S ( CC But ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP contend ) ( SBAR ( S ( NP-SBJ-1 ( NNP K ) ( NN mart ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( RB too ) ( JJ much ) ) ( PP-CLR ( IN for ) ( NP ( NNP Pace ) ) ) ) ) ) ) ) ) ) ) )

But some analysts contend K mart has agreed to pay too much for Pace


( SINV ( S-TPC-1 ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP look ) ( PP-CLR ( IN at ) ( NP ( PRP it ) ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN turnaround ) ( NN situation ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ expensive ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Wayne ) ( NNP Hood ) ) ( PP ( IN of ) ( NP ( NNP Prudential-Bache ) ( NNPS Securities ) ( NNP Inc ) ) ) ) )

Even if you look at it as a turnaround situation it 's expensive said Wayne Hood of Prudential-Bache Securities Inc


( S ( PP ( IN In ) ( NP ( PRP$ my ) ( NN opinion ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD would ) ( ADVP ( RB only ) ) ( VP ( VB pay ) ( NP ( NP ( DT that ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN price ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD were ) ( VP ( VBG getting ) ( NP ( NP ( DT a ) ( JJ premier ) ( NN player ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ) )

In my opinion you would only pay that kind of price if you were getting a premier player in the industry


( S ( NP-SBJ ( NP ( NNP Ms. ) ( NNP McGlade ) ) ( PP ( IN of ) ( NP ( NNP PaineWebber ) ) ) ) ( VP ( VBD raised ) ( NP ( NP ( DT a ) ( RBR more ) ( JJ fundamental ) ( NN question ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN deal ) ) ) ) ) )

Ms. McGlade of PaineWebber raised a more fundamental question about the deal


( SBARQ ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP K ) ( NN mart ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB get ) ( NP ( PRP$ its ) ( NN act ) ) ( PRT ( RP together ) ) ( PP-LOC ( IN in ) ( NP ( NN discounting ) ) ) ) ) ) ) ( WHADVP ( WRB why ) ) ( SQ ( VBZ is ) ( NP-SBJ ( PRP it ) ) ( VP ( VBG spending ) ( NP ( NP ( NN time ) ) ( SBAR ( S ( VP ( VBG worrying ) ( PP-CLR ( IN about ) ( NP ( JJ other ) ( VBG growing ) ( NNS markets ) ) ) ) ) ) ) ) ) )

If K mart ca n't get its act together in discounting why is it spending time worrying about other growing markets


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( NP ( NNP K ) ( NN mart ) ( POS 's ) ) ( NN number ) ( CD one ) ( NN job ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VP ( VB address ) ( NP ( NP ( PRP$ its ) ( NN market-share ) ( NN loss ) ) ( PP-LOC ( IN in ) ( NP ( NN discount ) ( NNS stores ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADJP ( JJR longer-term ) ) ( VP ( MD will ) ( VP ( VB lead ) ( PP-CLR ( TO to ) ( NP ( JJ improved ) ( NN profit ) ( NNS margins ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

She said I would say K mart 's number one job is to address its market-share loss in discount stores which longer-term will lead to improved profit margins


( S ( PP-TMP ( IN At ) ( NP ( DT that ) ( NN point ) ) ) ( ADVP ( RB perhaps ) ) ( NP-SBJ ( NN diversification ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ appropriate ) ) ) ) )

At that point perhaps diversification would be appropriate


( S ( CC But ) ( NP-SBJ ( NP ( NNP K ) ( NN mart ) ( POS 's ) ) ( NNP Mr. ) ( NNP Antonini ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ intent ) ( PP ( IN on ) ( S-NOM ( VP ( VBG pushing ) ( NP ( DT the ) ( NN company ) ) ( PP-DIR ( IN into ) ( NP ( JJ new ) ( JJ retail ) ( NNS businesses ) ) ) ) ) ) ) ) )

But K mart 's Mr. Antonini is intent on pushing the company into new retail businesses


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( NNP K ) ( NN mart ) ) ( VP ( VBZ is ) ( VP ( VBG opening ) ( NP ( NP ( NP ( JJ big ) ( NN food ) ( CC and ) ( JJ general ) ( NN merchandise ) ( NNS stores ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NNS hypermarkets ) ) ) ) ) ( CC and ) ( NP ( NP ( NN warehouse-type ) ( NNS stores ) ) ( VP ( VBG specializing ) ( PP-CLR ( IN in ) ( NP ( NP ( NN office ) ( NNS products ) ) ( CC and ) ( NP ( NN sporting ) ( NNS goods ) ) ) ) ) ) ) ) ) )

For instance K mart is opening big food and general merchandise stores called hypermarkets and warehouse-type stores specializing in office products and sporting goods


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ operates ) ( NP ( NP ( NNP Waldenbooks ) ) ( NP ( NNP Pay ) ( NNP Less ) ( NN Drug ) ( NNS Stores ) ) ( CC and ) ( NP ( NNPS Builders ) ( NNP Square ) ( NN home ) ( NN improvement ) ( NNS stores ) ) ) ) )

It also operates Waldenbooks Pay Less Drug Stores and Builders Square home improvement stores


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( NNP K ) ( NN mart ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 36 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

In composite trading on the New York Stock Exchange K mart closed yesterday at 36 a share up 12.5 cents


( S ( NP-SBJ-1 ( NNP Pace ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 2.625 ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 22.125 ) ) ( NP-SBJ ( DT a ) ( NN share ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ) ) ) ) )

Pace rose 2.625 to close at 22.125 a share in national over-the-counter trading


( S ( NP-SBJ ( DT A ) ( NNP K ) ( NN mart ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN acquisition ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN financed ) ( PP-MNR ( IN with ) ( NP ( JJ short-term ) ( NNS borrowings ) ) ) ) ) ) ) ) ) )

A K mart spokesman said the acquisition would be financed with short-term borrowings


( S ( PP-LOC ( IN Under ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN agreement ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN K ) ( NN mart ) ( NN subsidiary ) ) ( VP ( MD will ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( NN tender ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP Pace ) ( NNS shares ) ) ) ) ) ) )

Under terms of the agreement a K mart subsidiary will soon make a tender offer for Pace shares


( SINV ( PP-LOC-PRD-TPC-1 ( IN Among ) ( NP ( NP ( DT the ) ( NNS conditions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ( VP ( VBZ is ) ) ( SBAR-SBJ ( IN that ) ( S ( NP-SBJ ( NNP Pace ) ( NNS shareholders ) ) ( VP ( VBP tender ) ( NP ( NP ( DT a ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) )

Among the conditions of the offer is that Pace shareholders tender a majority of the company 's shares outstanding


( S ( NP-SBJ ( DT The ) ( NNS companies ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Pace ) ) ( VP ( MD would ) ( VP ( ADVP ( RB ill ) ) ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB operate ) ( PP-MNR ( IN under ) ( NP ( PRP$ its ) ( JJ present ) ( NN management ) ) ) ) ) ) ) ) ) ) ) )

The companies said Pace would ill continue to operate under its present management


( S ( NP-SBJ ( NP ( DT This ) ( NNP Los ) ( NNP Angeles ) ( NN company ) ) ( CC and ) ( NP ( PRP$ its ) ( NNP Union ) ( NNP Federal ) ( NNPS Savings ) ( NNP Bank ) ( NN subsidiary ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( QP ( JJR more ) ( IN than ) ( CD 99 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( ADJP ( QP ( CD 7 ) ( CD 1\/4 ) ) ( NN % ) ) ( JJ convertible ) ( JJ subordinated ) ( NNS debentures ) ) ( ADJP ( JJ due ) ( NP ( CD 2011 ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN tendered ) ( PP-PRP ( IN for ) ( NP ( NP ( NN conversion ) ) ( PP ( IN into ) ( NP ( NNP UnionFed ) ( JJ common ) ( NN stock ) ) ) ) ) ) ) ) ) ) )

This Los Angeles company and its Union Federal Savings Bank subsidiary said more than 99 % of their 7 1\/4 % convertible subordinated debentures due 2011 were tendered for conversion into UnionFed common stock


( S ( NP-SBJ ( DT The ) ( NN conversion ) ) ( VP ( VBD increased ) ( NP ( JJ total ) ( NN equity ) ( NN capital ) ) ( PP ( IN by ) ( NP ( QP ( IN about ) ( CD 38.5 ) ( CD million ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( CD 156.8 ) ( CD million ) ) ) ) ) ) ) )

The conversion increased total equity capital by about 38.5 million to a total of 156.8 million


( S ( NP-SBJ ( NP ( NNP Union ) ( NNP Federal ) ) ( NP ( DT a ) ( ADJP ( RB federally ) ( JJ insured ) ) ( NNS savings ) ( NN bank ) ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 2.4 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ) )

Union Federal a federally insured savings bank has 2.4 billion in assets


( S ( NP-SBJ ( NP ( DT The ) ( NN metal ) ( CC and ) ( NN marble ) ( NN lobby ) ) ( PP ( IN of ) ( NP ( NP ( NNP CenTrust ) ( NNP Bank ) ( POS 's ) ) ( NN headquarters ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR grander ) ) ( PP ( IN than ) ( NP ( PRP$ your ) ( JJ average ) ( NNS savings ) ( CC and ) ( NN loan ) ) ) ) ) )

The metal and marble lobby of CenTrust Bank 's headquarters is grander than your average savings and loan


( S ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ old ) ( NN master ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN wall ) ) ) ( NP-1 ( NP-TTL ( NP ( NNP Samuel ) ) ( VP ( VBG Anointing ) ( NP ( NNP David ) ) ) ) ( NP ( NP ( DT a ) ( JJ big ) ( JJ baroque ) ( NN canvas ) ) ( VP ( VBN painted ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Mattia ) ( NNP Preti ) ) ( NP ( DT a ) ( JJ 17th-century ) ( NNP Neapolitan ) ) ) ) ) ) ) ) )

For one thing there is an old master on the wall Samuel Anointing David a big baroque canvas painted by Mattia Preti a 17th-century Neapolitan


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( NN moment ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( DT the ) ( NN painting ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( VBG nagging ) ( NN reminder ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS problems ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN engulfed ) ( NP ( NP ( NNP CenTrust ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( JJ flamboyant ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( NN executive ) ) ) ) ( NP ( NNP David ) ( NNP L. ) ( NNP Paul ) ) ) ) ) ) ) ) ) ) ) ) )

At the moment however the painting is a nagging reminder of the problems that have engulfed CenTrust and its flamboyant chairman and chief executive David L. Paul


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT an ) ( JJ international ) ( NN buying ) ( NN spree ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD began ) ( ADVP-TMP ( NP ( RB barely ) ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD amassed ) ( NP ( NP ( DT a ) ( NN collection ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 30 ) ) ( JJ pre-18th-century ) ( NNS works ) ) ( PP ( VBG including ) ( NP ( DT the ) ( NNP Preti ) ) ) ) ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( JJ total ) ( NN cost ) ) ( PP ( IN of ) ( NP ( QP ( CD 28 ) ( CD million ) ) ) ) ) ) ) )

In an international buying spree that began barely two years ago Mr. Paul amassed a collection of about 30 pre-18th-century works including the Preti at a total cost of 28 million


( S ( PP-TMP ( IN By ) ( NP ( NN midnight ) ( NNP Oct. ) ( CD 6 ) ) ) ( NP-SBJ-2 ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS paintings ) ) ) ) ( VP ( VBD were ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN sold ) ( PRT ( RB off ) ) ) ) ) ) ) ( PP ( IN under ) ( NP ( NP ( NNS orders ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Florida ) ( POS 's ) ) ( NN comptroller ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN office ) ) ( S ( VP ( VBZ regulates ) ( NP ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( NNS S&Ls ) ) ) ) ) ) ) ) ) ) ) )

By midnight Oct. 6 all of the paintings were supposed to have been sold off under orders from Florida 's comptroller whose office regulates the state 's S&Ls


( S ( NP-SBJ ( NNP CenTrust ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB meet ) ( NP ( DT the ) ( NN deadline ) ) ) ) )

CenTrust did n't meet the deadline


( S ( NP-SBJ ( DT The ) ( NN collection ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( DT the ) ( NN heart ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ grandiose ) ( NN plan ) ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD had ) ) ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN art ) ) ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NP ( JJ double ) ( NN duty ) ) ( PP ( PP ( IN as ) ( NP ( NP ( DT an ) ( NN investment ) ) ( PP ( IN for ) ( NP ( NNP CenTrust ) ) ) ) ) ( CC and ) ( PP ( IN as ) ( NP ( NP ( NN decoration ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT the ) ( NNP S&L ) ( POS 's ) ) ( JJ new ) ( NN office ) ( NN tower ) ) ( VP ( VBN designed ) ( PP ( IN by ) ( NP-LGS ( NNP I.M. ) ( NNP Pei ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The collection was at the heart of a grandiose plan Mr. Paul had in which the art was to do double duty as an investment for CenTrust and as decoration for the S&L 's new office tower designed by I.M. Pei


( S ( NP-SBJ ( DT The ) ( NN rub ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( QP ( CD 28 ) ( CD million ) ) ) ( VP ( VBD was ) ( VP ( VBN plucked ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NNS funds ) ) ( PP ( IN of ) ( NP ( DT this ) ( ADJP ( RB federally ) ( JJ insured ) ) ( NN institution ) ) ) ) ) ( SBAR-TMP ( RB even ) ( IN as ) ( S ( NP-SBJ ( NNP CenTrust ) ) ( VP ( VBD was ) ( VP ( VBG losing ) ( NP ( NN money ) ) ( NP-MNR ( NP ( RB hand ) ) ( PP ( IN over ) ( NP ( RB fist ) ) ) ) ) ) ) ) ) ) ) ) ) )

The rub is that the 28 million was plucked from the funds of this federally insured institution even as CenTrust was losing money hand over fist


( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD had ) ( NP ( DT no ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN art ) ) ( PP-BNF ( IN for ) ( NP ( DT the ) ( NN S&L ) ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN place ) ) ) ( PRN ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( PP-LOC-PRD ( IN on ) ( NP ( NP ( DT the ) ( NN comptroller ) ( POS 's ) ) ( JJ permissible ) ( NN list ) ) ) ) ) ) ( PP-MNR ( IN without ) ( S-NOM ( S-NOM ( VP ( VBG seeking ) ( NP ( DT a ) ( JJ special ) ( NN dispensation ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Paul had no right to buy art for the S&L in the first place it is n't on the comptroller 's permissible list without seeking a special dispensation which he did not do


( S ( PP ( IN Besides ) ( NP ( DT that ) ) ) ( NP-SBJ-3 ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS paintings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( S ( VP ( TO to ) ( VP ( VB grace ) ( NP ( NP ( DT the ) ( NNS walls ) ) ( PP ( IN of ) ( NP ( NNP CenTrust ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( ADVP ( RB actually ) ) ( VBD ended ) ( PRT ( RP up ) ) ( S-ADV ( VP ( VBG hanging ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NN chairman ) ( POS 's ) ) ( NN estate ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP La ) ( NNP Gorce ) ( NNP Isle ) ) ( PP-LOC ( IN off ) ( NP ( NNP Miami ) ( NNP Beach ) ) ) ) ) ) ) ) ) ) )

Besides that some of the paintings that were to grace the walls of CenTrust actually ended up hanging in the chairman 's estate on La Gorce Isle off Miami Beach


( S ( NP-TMP ( JJ Last ) ( NN spring ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN comptroller ) ( POS 's ) ) ( NN office ) ) ( VP ( VBD called ) ( NP ( NP ( DT a ) ( NN halt ) ) ( PP ( TO to ) ( NP ( NP ( NNP Mr. ) ( NNP Paul ) ( POS 's ) ) ( NN fling ) ) ) ) ( S-ADV ( VP ( VBG giving ) ( NP ( PRP him ) ) ( NP ( NP ( CD six ) ( NNS months ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NNS paintings ) ) ) ) ) ) ) ) ) ) )

Last spring the comptroller 's office called a halt to Mr. Paul 's fling giving him six months to sell the paintings


( S-1 ( NP-SBJ ( DT The ) ( NNS acquisitions ) ) ( PRN ( S ( NP-SBJ ( NNS officials ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN letter ) ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Paul ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unsafe ) ( JJ unsound ) ( CC and ) ( JJ unauthorized ) ) ) )

The acquisitions officials said in a letter to Mr. Paul were unsafe unsound and unauthorized


( S ( S ( ADVP ( RB So ) ( RB far ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ has ) ( VP ( VBN unloaded ) ( NP ( NP ( QP ( CC but ) ( CD three ) ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNS masterpieces ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB say ) ( FRAG ( WHPP ( TO to ) ( WHNP ( WP whom ) ) ) ) ) ) ) )

So far Mr. Paul has unloaded but three of his masterpieces he wo n't say to whom


( S ( NP-SBJ ( NP ( DT The ) ( NN comptroller ) ( POS 's ) ) ( NN office ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG monitoring ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ) ) )

The comptroller 's office says it is monitoring the situation


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( MD could ) ( VP ( VB remove ) ( NP ( NNP Mr. ) ( NNP Paul ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( DT no ) ( JJ current ) ( NN intention ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT that ) ) ) ) ) ) ) )

Though the agency could remove Mr. Paul it has no current intention to do that


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( RB not ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG selling ) ( NP ( NNPS Chevrolets ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ says ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ takes ) ( NP ( NP ( DT a ) ( NN drag ) ) ( PP ( IN on ) ( NP ( DT a ) ( VBN goldbanded ) ( NNP St. ) ( NNP Moritz ) ( NN cigarette ) ) ) ) ) ) ) ) )

It 's not like selling Chevrolets Mr. Paul says as he takes a drag on a goldbanded St. Moritz cigarette


( S ( NP-SBJ ( DT The ) ( JJ last ) ( CD six ) ( NNS months ) ) ( VP ( VBZ has ) ( VP ( VBN established ) ( NP ( NP ( DT the ) ( NN quality ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN collection ) ) ) ) ) ) )

The last six months has established the quality of the collection


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT no ) ( NN fire ) ( NN sale ) ) ( ADVP-LOC ( RB here ) ) ) )

There 's no fire sale here


( S ( PP ( IN Despite ) ( NP ( NP ( NNP Mr. ) ( NNP Paul ) ( POS 's ) ) ( JJ characteristic ) ( NN hauteur ) ) ) ( NP-SBJ ( DT the ) ( JJ 50-year-old ) ( NN chain-smoking ) ( NN dynamo ) ) ( VP ( VBZ is ) ( VP ( VBG finding ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG getting ) ( NP ( NP ( NNP CenTrust ) ) ( NP ( NP ( NNP Florida ) ( POS 's ) ) ( JJS largest ) ( NN thrift ) ( NN institution ) ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJS riskiest ) ( NNS investments ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB much ) ( JJR tougher ) ) ( SBAR ( IN than ) ( S ( S-NOM-SBJ ( VP ( VBG getting ) ( PP-CLR ( IN into ) ( NP ( PRP them ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ) ) ) ) ) ) ) ) ) ) )

Despite Mr. Paul 's characteristic hauteur the 50-year-old chain-smoking dynamo is finding that getting CenTrust Florida 's largest thrift institution out of its riskiest investments is much tougher than getting into them had been


( S ( NP-SBJ ( NNS Paintings ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( RB just ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN picture ) ) ) ) ) )

Paintings are just part of the picture


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ has ) ( VP ( VBN pared ) ( NP ( DT a ) ( ADJP ( QP ( CD 1.35 ) ( CD billion ) ) ) ( NN junk-bond ) ( NN portfolio ) ) ( PP-CLR ( TO to ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 900 ) ( CD million ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP April ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ high-yield ) ( NN debt ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN plummeted ) ) ) )

Although Mr. Paul has pared a 1.35 billion junk-bond portfolio to less than 900 million since April the high-yield debt market has plummeted


( S ( S-NOM-SBJ ( VP ( VBG Divesting ) ( NP ( PRP itself ) ) ( PP-CLR ( IN of ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( VP ( VBZ is ) ( VP ( VBN left ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBZ is ) ( VP ( VBN required ) ( PP-CLR ( IN of ) ( NP ( DT all ) ( NN thrift ) ( NNS institutions ) ) ) ( PP-TMP ( IN by ) ( NP ( NNP July ) ( CD 1994 ) ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ new ) ( JJ federal ) ( NN S&L ) ( NN bailout ) ( NN law ) ) ) ) ) ) ) ( VP ( MD may ) ( ADVP ( RB well ) ) ( VP ( VB prove ) ( ADJP-PRD ( JJ difficult ) ) ) ) )

Divesting itself of what is left as is required of all thrift institutions by July 1994 under the new federal S&L bailout law may well prove difficult


( S ( CC And ) ( NP-SBJ ( NNP CenTrust ) ) ( VP ( VBZ has ) ( NP ( JJ other ) ( NNS problems ) ) ) )

And CenTrust has other problems


( S ( NP-TMP ( RB Late ) ( JJ last ) ( NN week ) ) ( NP-SBJ ( JJ federal ) ( NNS regulators ) ) ( VP ( VP ( VBD ordered ) ( NP-2 ( DT the ) ( NN thrift ) ( NN institution ) ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( S ( VP ( VBG paying ) ( NP ( NP ( NNS dividends ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( JJ preferred ) ( NN stock ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN move ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ suggests ) ( NP ( NP ( JJ deep ) ( NN concern ) ) ( PP ( IN about ) ( NP ( DT an ) ( NN institution ) ) ) ) ) ) ) ) ) )

Late last week federal regulators ordered the thrift institution to stop paying dividends on its preferred stock a move that suggests deep concern about an institution


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB bring ) ( PRT ( RP in ) ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( PRT ( RP off ) ) ( NP ( NP ( CD 63 ) ) ( PP ( IN of ) ( NP ( NP ( NNP CenTrust ) ( POS 's ) ) ( CD 71 ) ( NNS branches ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( ADVP ( RB yet ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN approved ) ( PP ( IN by ) ( NP-LGS ( NNS regulators ) ) ) ) ) ) ) ) ) )

Mr. Paul has a plan to bring in 150 million by selling off 63 of CenTrust 's 71 branches but it has yet to be approved by regulators


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Mr. ) ( NNP Paul ) ( POS 's ) ) ( NN art ) ( NN venture ) ) ( ADVP ( RB however ) ) ( SBAR-2 ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN drawn ) ( NP ( DT the ) ( JJS most ) ( NN attention ) ) ( PP ( IN from ) ( NP ( NP ( NNS investors ) ( CC and ) ( NNS regulators ) ) ( CONJP ( RB not ) ( TO to ) ( VB mention ) ) ( NP ( NP ( NNS galleries ) ) ( PP-LOC ( IN throughout ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) ) )

It is Mr. Paul 's art venture however that has drawn the most attention from investors and regulators not to mention galleries throughout the world


( S ( NP-SBJ ( NP ( JJ Embittered ) ( NNS shareholders ) ) ( PRN ( NP ( NP ( DT some ) ) ( SBAR ( WHPP-2 ( IN of ) ( WHNP ( WP whom ) ) ) ( S ( VP ( VBP are ) ( VP ( VBG suing ) ) ) ) ) ) ) ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN chairman ) ) ( CC and ) ( NP ( PRP$ his ) ( NN collection ) ) ) ( VP ( VBP epitomize ) ( NP ( NP ( DT the ) ( NNS excesses ) ) ( PP ( IN of ) ( NP ( NP ( NN speculation ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBN set ) ( PRT ( RP off ) ) ( NP ( DT the ) ( JJ national ) ( NN S&L ) ( NN crisis ) ) ) ) ) ) ) ) ) ) ) ) )

Embittered shareholders some of whom are suing say the chairman and his collection epitomize the excesses of speculation that set off the national S&L crisis


( S ( NP-SBJ-1 ( NNP CenTrust ) ( NNS shares ) ) ( VP ( VBP have ) ( VP ( VBN fallen ) ( ADVP-MNR ( RB sharply ) ) ( PP ( IN in ) ( NP ( NN price ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT a ) ( JJ high ) ) ( PP ( IN of ) ( NP ( CD 15.125 ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB close ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( CD 2.875 ) ) ) ) ) ) ) ) )

CenTrust shares have fallen sharply in price from a high of 15.125 in 1986 to close yesterday at 2.875


( S ( NP-SBJ ( NN Gallery ) ( NNS directors ) ) ( ADVP ( RB meanwhile ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Paul ) ) ( CC and ) ( NP ( NP ( NNS others ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN ilk ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN left ) ( NP ( DT an ) ( JJ indelible ) ( NN mark ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN art ) ( NN world ) ) ) ( PRN ( CC and ) ( RB not ) ( PP ( IN for ) ( NP ( DT the ) ( RBR better ) ) ) ) ) ) ) ) ) )

Gallery directors meanwhile say Mr. Paul and others of his ilk have left an indelible mark on the art world and not for the better


( SINV ( S-TPC-1 ( NP-SBJ ( NNS Collectors ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB say ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( NNP van ) ( NNP Gogh ) ) ) ) ( ADVP ( RB anymore ) ) ) ) ) ( VP ( VBZ laments ) ) ( NP-SBJ ( NP ( NNP Harry ) ( NNP Brooks ) ) ( NP ( NP ( DT the ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Wildenstein ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN gallery ) ) ) ) ) ) )

Collectors do n't say It 's a van Gogh anymore laments Harry Brooks the president of Wildenstein & Co. a New York gallery


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP say ) ( S ( S ( NP-SBJ ( NNP Johnny ) ( NNP Payson ) ) ( VP ( VBD got ) ( NP ( QP ( CD 53 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ) ) ) ) ( ADVP ( RB so ) ) ( S ( ADVP ( RB certainly ) ) ( NP-SBJ ( QP ( CD 10 ) ( CD million ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( RB too ) ( JJ much ) ) ( PP ( IN for ) ( NP ( NN mine ) ) ) ) ) ) ) )

They say Johnny Payson got 53 million for his so certainly 10 million is n't too much for mine


( S ( S ( NP-SBJ-3 ( NP ( NP ( DT The ) ( JJ great ) ( NNS collectors ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD depended ) ( PP ( IN on ) ) ) ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Paul ) ( NNP Mellon ) ) ( CC or ) ( NP ( NNP Norton ) ( NNP Simon ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN stopped ) ( S ( VP ( VBG buying ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NNS buyers ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ brilliant ) ( NNS men ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBD made ) ( NP ( NN money ) ) ( PP-LOC ( PP ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ( CC or ) ( PP ( IN in ) ( NP ( NNS takeovers ) ) ) ) ) ( CC and ) ( VP ( VBD rushed ) ( PP-CLR ( IN into ) ( NP ( VBG collecting ) ) ) ) ) ) ) ) ) ) )

The great collectors we depended on such as Paul Mellon or Norton Simon have stopped buying and the new buyers are brilliant men who made money in the stock market or in takeovers and rushed into collecting


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Payson ) ) ( NP ( DT an ) ( NN art ) ( NN dealer ) ( CC and ) ( NN collector ) ) ) ( VP ( VBD sold ) ( NP ( NP ( NNP Vincent ) ( NNP van ) ( NNP Gogh ) ( POS 's ) ) ( NX-TTL ( NNS Irises ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NNP Sotheby ) ( POS 's ) ) ( NN auction ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP November ) ) ( NP ( CD 1987 ) ) ) ) ( PP-DTV ( TO to ) ( NP ( JJ Australian ) ( NN businessman ) ( NNP Alan ) ( NNP Bond ) ) ) ) )

Mr. Payson an art dealer and collector sold Vincent van Gogh 's Irises at a Sotheby 's auction in November 1987 to Australian businessman Alan Bond


( S ( S ( NP-SBJ ( NN Trouble ) ) ( VP ( VBZ is ) ( S-PRD ( NP-SBJ-1 ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBZ has ) ( ADVP ( RB yet ) ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RB up ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ) ) ) ( NP-SBJ ( NP ( NNP Sotheby ) ( POS 's ) ) ) ( VP ( VBZ has ) ( NP ( DT the ) ( NN painting ) ) ( PP-LOC ( IN under ) ( NP ( NN lock ) ( CC and ) ( NN key ) ) ) ) ) )

Trouble is Mr. Bond has yet to pay up and until he does Sotheby 's has the painting under lock and key


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD moved ) ( PRT ( RP in ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN art ) ( NN market ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD let ) ( NP ( PRP it ) ) ( VP ( VB be ) ( VP ( VBN known ) ( SBAR ( IN that ) ( S ( NP-SBJ ( RB virtually ) ( DT no ) ( NN piece ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB too ) ( JJ costly ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN considered ) ( PP ( IN by ) ( NP-LGS ( NNP CenTrust ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

When Mr. Paul moved in on the art market he let it be known that virtually no piece was too costly to be considered by CenTrust


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD established ) ( NP ( NP ( PRP$ his ) ( NN reputation ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN freespender ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP January ) ) ( NP ( JJ last ) ( NN year ) ) ) ) ( PP ( IN at ) ( NP ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ( NN auction ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Linda ) ( CC and ) ( NNP Gerald ) ( NNP Guterman ) ( NN collection ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) )

He established his reputation as a freespender in January last year at Sotheby 's auction of the Linda and Gerald Guterman collection in New York


( S ( ADVP-LOC ( RB There ) ) ( PP-LOC ( IN on ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ first ) ( NN shopping ) ( NNS trips ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD picked ) ( PRT ( RP up ) ) ( NP ( JJ several ) ( NNS paintings ) ) ( PP-CLR ( IN at ) ( NP ( JJ stunning ) ( NNS prices ) ) ) ) )

There on one of his first shopping trips Mr. Paul picked up several paintings at stunning prices


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD paid ) ( NP ( QP ( CD 2.2 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ still ) ( NN life ) ) ( PP ( IN by ) ( NP ( NNP Jan ) ( NNP Jansz. ) ( NN den ) ( NNP Uyl ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB fetch ) ( NP ( RB perhaps ) ( CD 700,000 ) ) ) ) ) ) ) ) ) ) ) ) )

He paid 2.2 million for instance for a still life by Jan Jansz. den Uyl that was expected to fetch perhaps 700,000


( S ( NP-SBJ ( NP ( DT The ) ( NN price ) ) ( VP ( VBN paid ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( NN record ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN artist ) ) ) ) )

The price paid was a record for the artist


( S ( NP-SBJ-1 ( NP ( QP ( DT Some ) ( CD 64 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNS items ) ) ( VP ( VBN offered ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Guterman ) ( NN auction ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN sold ) ( PP-CLR ( IN at ) ( NP ( NP ( DT an ) ( JJ average ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 343,333 ) ) ) ) ) ) ) )

Some 64 % of items offered at the Guterman auction were sold at an average price of 343,333


( S ( NP-SBJ-1 ( DT The ) ( NN rest ) ) ( VP ( VBD were ) ( VP ( VBN withdrawn ) ( PP-PRP ( IN for ) ( NP ( NP ( NN lack ) ) ( PP ( IN of ) ( NP ( JJ acceptable ) ( NNS bids ) ) ) ) ) ) ) )

The rest were withdrawn for lack of acceptable bids


( S ( ADVP-TMP ( RB Afterward ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ is ) ( VP ( VBD said ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Guterman ) ) ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VP ( VBN phoned ) ( NP ( NP ( NNP Mr. ) ( NNP Guterman ) ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN developer ) ) ( VP ( VBG selling ) ( NP ( DT the ) ( NN collection ) ) ) ) ) ) ( CC and ) ( VP ( VBD gloated ) ) ) ) ) ) ) ) )

Afterward Mr. Paul is said by Mr. Guterman to have phoned Mr. Guterman the New York developer selling the collection and gloated


( SINV ( S-TPC-1 ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD stole ) ( NP ( PRP them ) ) ) ) ) ) ) ( VP ( VBZ recalls ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Guterman ) ) )

He says he stole them recalls Mr. Guterman


( S ( CC And ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ tells ) ( NP ( PRP me ) ) ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( PRP$ your ) ( NNS paintings ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP you ) ) ( VP ( MD 'll ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB come ) ( PP-DIR ( TO to ) ( NP ( NP ( PRP$ my ) ( NN house ) ) ( PP-LOC ( IN in ) ( NP ( NNP Florida ) ) ) ) ) ) ) ) ) ) ) ) )

And he tells me If you want to see your paintings you 'll have to come to my house in Florida


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ denies ) ( VP ( VBG phoning ) ( CC and ) ( VBG gloating ) ) ) )

Mr. Paul denies phoning and gloating


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADVP ( RB just ) ) ( RB not ) ( ADJP-PRD ( JJ true ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

It 's just not true he says


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( ADVP-MNR ( RB quickly ) ) ( VBD became ) ( ADJP-PRD ( RBR more ) ( JJ aggressive ) ( PP ( IN in ) ( NP ( PRP$ his ) ( NN collecting ) ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NN help ) ) ( PP ( IN of ) ( NP ( NP ( NNP George ) ( NNP Wachter ) ) ( NP ( NP ( NP ( DT a ) ( NNP Sotheby ) ( POS 's ) ) ( NN expert ) ) ( PP ( IN in ) ( NP ( JJ old ) ( NNS masters ) ) ) ) ( SBAR ( WHNP-1 ( WP whom ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD met ) ( PP-LOC ( IN at ) ( NP ( NP ( DT an ) ( NN exhibition ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Guterman ) ( NNS items ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Paul quickly became more aggressive in his collecting with the help of George Wachter a Sotheby 's expert in old masters whom he met at an exhibition of the Guterman items


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Wachter ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD became ) ( NP-PRD ( PRP$ his ) ( JJ principal ) ( NN adviser ) ) ) ) ) ) ( VP ( VBD searched ) ( NP ( NP ( NNS galleries ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ( NNP Paris ) ( CC and ) ( NNP Monaco ) ) ) ) ) )

Mr. Wachter who became his principal adviser searched galleries in London Paris and Monaco


( S ( CC And ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( CD one ) ( NN dealer ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wachter ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN penchant ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG introducing ) ( NP ( NNP Mr. ) ( NNP Paul ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NN phrase ) ) ( S ( NP-SBJ ( PRP He ) ) ( VP ( MD can ) ( VP ( VB buy ) ( NP ( NN anything ) ) ) ) ) ) ) ) ) ) ) ) )

And according to one dealer Mr. Wachter had a penchant for introducing Mr. Paul with the phrase He can buy anything


( S ( NP-SBJ ( NP ( NNP Nicholas ) ( NNP Hall ) ) ( NP ( NP ( DT the ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Colnaghi ) ( NNP U.S.A. ) ( NNP Ltd. ) ( NN gallery ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBD sold ) ( NP ( NNP Mr. ) ( NNP Paul ) ) ( NP ( NP-TTL ( NP ( NNP Abraham ) ( CC and ) ( NNP Sarah ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN Wilderness ) ) ) ) ( PP ( IN by ) ( NP ( NNP Giovanni ) ( NNP Battista ) ( NNP Tiepolo ) ) ) ) ) )

Nicholas Hall the president of the Colnaghi U.S.A. Ltd. gallery in New York sold Mr. Paul Abraham and Sarah in the Wilderness by Giovanni Battista Tiepolo


( S ( NP-SBJ ( NNP Mr. ) ( NNP Hall ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD was ) ( VP ( VBN known ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Hall says Mr. Paul was known to spend a lot of money


( S ( S ( NP-SBJ ( NNS People ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ interested ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG seeing ) ( NP ( PRP him ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN recognized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN route ) ) ( VP ( VBD was ) ( PP-PRD ( IN through ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ( CC and ) ( NP ( RB particularly ) ( NNP George ) ( NNP Wachter ) ) ) ) ) ) ) ) ) ) )

People were interested in seeing him but it was recognized that the route was through Sotheby 's and particularly George Wachter


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( ADVP ( RB thus ) ) ( VP ( VBD developed ) ( NP ( DT a ) ( JJ close ) ( JJ symbiotic ) ( NN relationship ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ) ) ) )

Mr. Paul thus developed a close symbiotic relationship with Sotheby 's


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ eager ) ( S ( VP ( TO to ) ( VP ( VB assemble ) ( NP ( DT a ) ( NN collection ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN headquarters ) ) ( SBAR ( S ( NP-SBJ ( NNP CenTrust ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG moving ) ( PP-DIR ( IN into ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJR greater ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Paul was eager to assemble a collection for the headquarters CenTrust has been moving into for the greater part of a year


( S ( NP-SBJ-1 ( NP ( NNP Sotheby ) ( POS 's ) ) ( NP ( NP ( DT the ) ( NN auction ) ( NN house ) ) ( RRC ( RRC ( VP ( VBN founded ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ( NP-TMP ( CD 1744 ) ) ) ) ( CC and ) ( RRC ( ADVP-TMP ( RB now ) ) ( PP ( IN under ) ( NP ( NP ( DT the ) ( NN umbrella ) ) ( PP ( IN of ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ( NNPS Holdings ) ( NNP Inc. ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBG hoping ) ( S ( VP ( TO to ) ( VP ( VB stir ) ( PRT ( RP up ) ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( JJ old ) ( NNS masters ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD strove ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( PRP$ its ) ( NNP U.S. ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sotheby 's the auction house founded in London 1744 and now under the umbrella of Sotheby 's Holdings Inc. was hoping to stir up interest in old masters as it strove to build its U.S. business


( S ( NP-SBJ-1 ( JJ European ) ( NNS dealers ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB dominate ) ( NP ( NP ( DT the ) ( NN action ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ old ) ( NNS masters ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( NP ( NNP Sotheby ) ( POS 's ) ) ( NNP North ) ( NNP America ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB lately ) ) ( VP ( VBN been ) ( VP ( VBG touting ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN country ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

European dealers continued to dominate the action in old masters which Sotheby 's North America had lately been touting in this country


( S ( PP-TMP ( IN For ) ( NP ( JJ several ) ( NNS months ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NN optimism ) ) ( ADVP-LOC ( DT all ) ( RB around ) ) ) )

For several months there was optimism all around


( S ( NP-TMP ( JJ Last ) ( NNP October ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD paid ) ( PRT ( RP out ) ) ( NP ( NP ( NP ( QP ( CD 12 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP CenTrust ) ( POS 's ) ) ( NN cash ) ) ) ) ( CC plus ) ( NP ( ADJP ( DT a ) ( QP ( CD 1.2 ) ( CD million ) ) ) ( NN commission ) ) ) ( PP ( IN for ) ( NP-TTL ( NP ( NN Portrait ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN Man ) ) ( PP ( IN as ) ( NP ( NNP Mars ) ) ) ) ) ) ) ) )

Last October Mr. Paul paid out 12 million of CenTrust 's cash plus a 1.2 million commission for Portrait of a Man as Mars


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN painting ) ) ( VP ( VBN attributed ) ( PP-CLR ( TO to ) ( NP ( JJ Flemish ) ( NN artist ) ( NNP Peter ) ( NNP Paul ) ( NNP Rubens ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN purchased ) ( UCP-MNR ( ADVP ( RB privately ) ) ( PP ( IN through ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ) ) ) ( RB not ) ( PP-LOC ( IN at ) ( NP ( NN auction ) ) ) ) ) )

The painting attributed to Flemish artist Peter Paul Rubens was purchased privately through Sotheby 's not at auction


( S ( PP-TMP ( IN In ) ( NP ( NP ( NNP March ) ) ( NP ( CD 1989 ) ) ) ) ( NP-ADV ( NP ( QP ( RB just ) ( CD 15 ) ) ( NNS months ) ) ( PP ( IN into ) ( NP ( PRP$ his ) ( NN campaign ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( PP ( IN by ) ( NP-LGS ( NNP Art ) ( CC & ) ( NNPS Antiques ) ( NN magazine ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ top ) ( CD 100 ) ( JJ individual ) ( NNS collectors ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) )

In March 1989 just 15 months into his campaign Mr. Paul was named by Art & Antiques magazine as one of the top 100 individual collectors in the U.S.


( S ( S-TPC-2 ( S-ADV ( NP-PRD ( NP ( DT An ) ( JJ unknown ) ( NN quantity ) ) ( PP ( TO to ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN art ) ( NN world ) ) ) ) ) ) ) ( NP-SBJ-4 ( NNP Paul ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT no ) ( NN stranger ) ) ( PP ( TO to ) ( NP ( JJ lavish ) ( NN spending ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN magazine ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG noting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBZ does ) ( RB n't ) ( VP ( VB stop ) ( PP-LOC ( IN at ) ( NP ( NP ( NN paint ) ) ( PP-LOC ( IN on ) ( NP ( NN canvas ) ) ) ) ) ) ) ( CC but ) ( VP ( ADVP ( RB also ) ) ( VBZ spends ) ( NP ( JJ big ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NN art ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB eat ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An unknown quantity to most of the art world Paul is no stranger to lavish spending the magazine said noting that he does n't stop at paint on canvas but also spends big on art you can eat