( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( DT the ) ( NN air ) ) ( VP ( VBZ clears ) ( PP ( IN from ) ( NP ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN storm ) ) ( PP ( IN of ) ( NP ( NNS resignations ) ( CC and ) ( NNS reshufflings ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ faces ) ( NP ( NP ( DT a ) ( VBG daunting ) ( NN job ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG rebuilding ) ( NP ( NP ( NN confidence ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNS policies ) ) ) ) ) ) ) ) ) )

As the air clears from last week 's storm of resignations and reshufflings the government faces a daunting job of rebuilding confidence in its policies


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ prime ) ( NN minister ) ) ( CC and ) ( NP ( NP ( PRP$ her ) ( JJ new ) ( NN chancellor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN exchequer ) ) ) ( NP ( DT the ) ( JJ untested ) ( NNP John ) ( NNP Major ) ) ) ) ( VP ( VBP need ) ( S ( VP ( TO to ) ( VP ( VB haul ) ( NP ( DT the ) ( NN country ) ) ( PP-CLR ( IN through ) ( NP ( NP ( NN something ) ) ( PP ( IN like ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB bring ) ( PRT ( RP down ) ) ( NP ( NN inflation ) ) ) ( CC and ) ( VP ( VB set ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBG moving ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) )

The prime minister and her new chancellor of the exchequer the untested John Major need to haul the country through something like a recession to bring down inflation and set the economy moving again


( S ( NP-SBJ-2 ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB come ) ( PP-CLR ( TO to ) ( NP ( NNS terms ) ) ) ( PP-CLR ( IN with ) ( NP ( JJ European ) ( JJ economic ) ( NN integration ) ) ) ( PP ( VBG beginning ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP European ) ( NNP Monetary ) ( NNP System ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( NP-SBJ-1 ( NNP Britain ) ) ( VP ( VBZ is ) ( VP ( VBN committed ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG joining ) ( ADVP-MNR ( RB fully ) ) ( NP-TMP ( RB someday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mrs. Thatcher has to come to terms with European economic integration beginning with the European Monetary System which Britain is committed to joining fully someday


( S ( ADVP-TMP ( RB Finally ) ) ( NP-SBJ-1 ( DT the ) ( NN government ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB convince ) ( NP ( NP ( DT a ) ( JJ rattled ) ( JJ financial ) ( NN community ) ) ( PRN ( CC and ) ( NP ( NNS voters ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG proceeding ) ( ADVP-MNR ( RB coherently ) ) ( PP-DIR ( IN toward ) ( NP ( PRP$ its ) ( NNS goals ) ) ) ) ) ) ) ) ) ) ) )

Finally the government has to convince a rattled financial community and voters it is proceeding coherently toward its goals


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ sounds ) ( PP-CLR ( IN like ) ( NP ( NP ( DT the ) ( NN work ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN decade ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN deadline ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB late ) ( CD 1991 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB call ) ( NP ( DT another ) ( JJ national ) ( NN election ) ) ) ) ) ) ) ) ) ) ) ) )

It sounds like the work of a decade but the deadline is late 1991 when Mrs. Thatcher is expected to call another national election


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG worrying ) ( NP ( PRP$ her ) ( NNS supporters ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ economic ) ( NN cycle ) ) ( VP ( MD may ) ( VP ( VB be ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN kilter ) ) ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ political ) ( NN timetable ) ) ) ) ) ) ) ) )

What 's worrying her supporters is that the economic cycle may be out of kilter with the political timetable


( S ( NP-SBJ-1 ( PRP She ) ) ( VP ( MD could ) ( VP ( VB end ) ( PRT ( RP up ) ) ( S-CLR ( VP ( VBG seeking ) ( NP ( DT a ) ( JJ fourth ) ( NN term ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NN economy ) ) ( ADJP ( JJ sick ) ( PP ( IN with ) ( NP ( NP ( NN inflation ) ) ( NP ( JJ high ) ( NN interest ) ( NNS rates ) ) ( CC and ) ( NP ( DT a ) ( JJ heavy ) ( NN trade ) ( NN deficit ) ) ) ) ) ) ) ) ) ) ) )

She could end up seeking a fourth term in an economy sick with inflation high interest rates and a heavy trade deficit


( S ( SBAR-ADV ( NNP Though ) ( S ( NP-SBJ ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ has ) ( VP ( VBN pulled ) ( PP-CLR ( IN through ) ( NP ( JJ other ) ( NNS crises ) ) ) ) ) ) ) ( NP-SBJ ( NNS supporters ) ) ( VP ( VBP wonder ) ( SBAR ( IN if ) ( S ( NP-SBJ ( PRP$ her ) ( JJ steely ) ( JJ autocratic ) ( NNS ways ) ) ( VP ( VBP are ) ( NP-PRD ( DT the ) ( JJ right ) ( NN formula ) ) ( NP-TMP ( NN today ) ) ) ) ) ) )

Though Mrs. Thatcher has pulled through other crises supporters wonder if her steely autocratic ways are the right formula today


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( VBG rising ) ( NN fear ) ( SBAR ( IN that ) ( S ( ADVP ( RB perhaps ) ) ( NP-SBJ ( NP ( NP ( NNP Mrs. ) ( NNP Thatcher ) ( POS 's ) ) ( NN style ) ) ( PP ( IN of ) ( NP ( NN management ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( NP-PRD ( DT a ) ( JJ political ) ( NN liability ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Bill ) ( NNP Martin ) ) ( NP ( NP ( JJ senior ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NNP London ) ( NNS brokers ) ( NNP UBS-Phillips ) ( CC & ) ( NNP Drew ) ) ) ) ) )

There 's a rising fear that perhaps Mrs. Thatcher 's style of management has become a political liability says Bill Martin senior economist at London brokers UBS-Phillips & Drew


( S ( NP-SBJ ( NP ( NP ( DT The ) ( JJ prime ) ( NN minister ) ( POS 's ) ) ( NN insistence ) ) ( PP ( IN on ) ( S-NOM ( VP ( VBG keeping ) ( NP ( NP ( DT a ) ( JJ private ) ( NN coterie ) ) ( PP ( IN of ) ( NP ( NNS advisers ) ) ) ( PRN ( PP ( VBG including ) ( NP ( NP ( DT an ) ( JJ economic ) ( NN guru ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( ADVP-MNR ( RB openly ) ) ( VBD criticized ) ( NP ( NAC ( JJ former ) ( NNP Chancellor ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP Nigel ) ( NNP Lawson ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD confused ) ( NP ( DT the ) ( JJ financial ) ( NN community ) ) ) )

The prime minister 's insistence on keeping a private coterie of advisers including an economic guru who openly criticized former Chancellor of the Exchequer Nigel Lawson confused the financial community


( S ( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ ( NP ( DT the ) ( NN strategy ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG playing ) ( NP ( DT the ) ( CD two ) ( NNS experts ) ) ( PP-CLR ( IN off ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) ) ( VP ( VBD blew ) ( PRT ( IN up ) ) ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lawson ) ) ( VP ( VBP quit ) ( PP ( IN in ) ( NP ( NN exasperation ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Sir ) ( NNP Alan ) ( NNP Walters ) ) ( NP ( DT the ) ( NN adviser ) ) ) ( VP ( VBD announced ) ( NP ( PRP$ his ) ( NN resignation ) ) ( PP-TMP ( IN within ) ( NP ( DT an ) ( NN hour ) ) ) ) ) )

Last week the strategy of playing the two experts off each other blew up Mr. Lawson quit in exasperation and Sir Alan Walters the adviser announced his resignation within an hour


( S ( NP-SBJ ( DT The ) ( NN confusion ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( JJ costly ) ) ) ) )

The confusion could be costly


( S ( NP-SBJ ( NP ( NN Currency ) ( NNS traders ) ) ( VP ( VBG suspecting ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Major ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB defend ) ( NP ( DT the ) ( NN pound ) ) ( ADVP-MNR ( RB strenuously ) ) ) ) ) ) ) ) ( VP ( VBD sent ) ( S ( NP-SBJ ( DT the ) ( JJ British ) ( NN currency ) ) ( ADJP-PRD ( RB sharply ) ( JJR lower ) ) ( NP-TMP ( NNP Friday ) ) ( PP-1 ( IN against ) ( NP ( DT the ) ( NX ( NX ( NN dollar ) ) ( CC and ) ( NX ( ADJP ( JJ West ) ( JJ German ) ) ( NN mark ) ) ) ) ) ) ) )

Currency traders suspecting Mr. Major wo n't defend the pound strenuously sent the British currency sharply lower Friday against the dollar and West German mark


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP expect ) ( NP ( JJ further ) ( NNS jitters ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) )

Analysts expect further jitters this week


( S ( NP-SBJ ( NP ( DT A ) ( VBG continuing ) ( NN slide ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN pound ) ) ) ) ( VP ( MD could ) ( VP ( VB force ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( TO to ) ( VP ( VB push ) ( PP-CLR ( IN through ) ( NP ( NP ( DT another ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN base ) ( NN rate ) ) ( NP ( ADVP-TMP ( RB currently ) ) ( CD 15 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

A continuing slide in the pound could force the government to push through another rise in the base rate currently 15 %


( S ( NP-SBJ ( DT That ) ) ( VP ( MD could ) ( VP ( VB shove ) ( NP ( DT a ) ( JJ weak ) ( NN economy ) ) ( PP-CLR ( IN into ) ( NP ( NN recession ) ) ) ) ) )

That could shove a weak economy into recession


( S ( S ( NP-SBJ ( NNS Economists ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG anticipating ) ( NP ( DT a ) ( NN slump ) ) ( PP-TMP ( IN for ) ( NP ( NNS months ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( JJR deeper ) ( CC and ) ( JJR longer ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN thought ) ) ) ) ) ) ) ) ) ) ) ) )

Economists have been anticipating a slump for months but they now say it will be deeper and longer than they had thought


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( NN economy ) ) ( VP ( VBZ is ) ( VP ( VBG developing ) ( ADVP-MNR ( RB rapidly ) ) ( PP-DIR ( IN toward ) ( NP ( NN no-growth ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP J. ) ( NNP Paul ) ( NNP Horne ) ) ( NP ( NP ( JJ international ) ( NN economist ) ) ( PP ( IN with ) ( NP ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ) ) ) ) )

Britain 's economy is developing rapidly toward no-growth says J. Paul Horne international economist with Smith Barney Harris Upham Co. in Paris


( S-1 ( NP-SBJ ( DT A ) ( JJ mild ) ( NN slowdown ) ) ( ADVP ( RB probably ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN run ) ( NP ( PRP$ its ) ( NN course ) ) ( PP-TMP ( IN by ) ( NP ( JJ early ) ( CD 1991 ) ) ) ( PRN ( S ( NP-SBJ ( NNS economists ) ) ( VP ( VBP say ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( VBG grueling ) ( NN downturn ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBN expected ) ) ) ( VP ( MD could ) ( VP ( VB stretch ) ( PP-DIR ( IN into ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) )

A mild slowdown probably would have run its course by early 1991 economists say while the grueling downturn now expected could stretch into 1992


( S ( NP-SBJ-1 ( NN Recovery ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN hampered ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( JJ major ) ( VBG trading ) ( NNS partners ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBG enjoying ) ( NP ( JJ robust ) ( JJ economic ) ( NN activity ) ) ) ) ) ) ) ( VP ( VBP cool ) ( ADVP-CLR ( RB off ) ) ( SBAR-ADV ( RB as ) ( S ( VP ( VBN expected ) ( PP-TMP ( IN in ) ( JJ late ) ( CD 1990 ) ( CC and ) ( CD 1991 ) ) ) ) ) ) ) ) ) ) ) )

Recovery could be hampered if Britain 's major trading partners in Europe which are enjoying robust economic activity cool off as expected in late 1990 and 1991


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB leave ) ( NP ( NNP Mrs. ) ( NNP Thatcher ) ) ( NP ( NP ( JJ little ) ( NN room ) ) ( PP ( IN for ) ( NP ( NN maneuver ) ) ) ) ) ) )

That would leave Mrs. Thatcher little room for maneuver


( S ( SBAR-ADV ( IN For ) ( S ( NP-SBJ ( DT the ) ( NNPS Tories ) ) ( VP ( TO to ) ( VP ( VB win ) ( NP ( DT the ) ( JJ next ) ( NN election ) ) ) ) ) ) ( NP-SBJ-1 ( NNS voters ) ) ( VP ( MD will ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB sense ) ( NP ( JJ economic ) ( NN improvement ) ) ( PP-TMP ( IN for ) ( ADVP ( NP ( QP ( IN about ) ( DT a ) ) ( NN year ) ) ( RB beforehand ) ) ) ) ) ) ) ) )

For the Tories to win the next election voters will need to sense economic improvement for about a year beforehand


( S ( SBAR-ADV ( NNP Though ) ( S ( NP-SBJ-1 ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB call ) ( NP ( DT an ) ( NN election ) ) ( PP-TMP ( IN until ) ( NP ( NNP June ) ( CD 1992 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP she ) ) ( VP ( MD would ) ( VP ( VB prefer ) ( S ( VP ( VBG doing ) ( ADVP-PRD ( RB so ) ) ( PP-TMP ( IN in ) ( NP ( JJ late ) ( CD 1991 ) ) ) ) ) ) ) )

Though Mrs. Thatcher does n't need to call an election until June 1992 she would prefer doing so in late 1991


( SINV ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ shows ) ( NP ( NP ( DT no ) ( NN sign ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG turning ) ( ADVP-CLR ( RB around ) ) ( PP-TMP ( IN in ) ( NP ( NP ( IN about ) ( NN year ) ( POS 's ) ) ( NN time ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ vulnerable ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Barnes ) ) ( NP ( NP ( DT a ) ( NN lecturer ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP London ) ( NNP School ) ) ( PP ( IN of ) ( NP ( NNP Economics ) ) ) ) ) ) ) )

If the economy shows no sign of turning around in about year 's time she will be very vulnerable says John Barnes a lecturer at the London School of Economics


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT an ) ( ADJP ( RB equally ) ( VBG pressing ) ) ( NN deadline ) ) ( SBAR-ADV ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( TO to ) ( VP ( VB define ) ( NP ( NP ( PRP$ its ) ( ADJP ( JJ monetary ) ( CC and ) ( JJ economic ) ) ( NNS ties ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP European ) ( NNP Community ) ) ) ) ) ) ) ) ) ) ) )

There 's an equally pressing deadline for the government to define its monetary and economic ties to the rest of the European Community


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( VP ( VBN sent ) ( NP ( NP ( VBN mixed ) ( NNS signals ) ) ( PP ( IN about ) ( NP ( PRP$ its ) ( NN willingness ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP-CLR ( NN part ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN exchange-rate ) ( NN mechanism ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP European ) ( NNP Monetary ) ( NNP System ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ links ) ( NP ( DT the ) ( JJ major ) ( NNP EC ) ( NNS currencies ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It has sent mixed signals about its willingness to take part in the exchange-rate mechanism of the European Monetary System which links the major EC currencies


( S ( PP-LOC ( IN At ) ( NP ( DT a ) ( NNP June ) ( NNP EC ) ( NN summit ) ) ) ( NP-SBJ-1 ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBD appeared ) ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NP ( PRP$ her ) ( NN opposition ) ) ( PP ( TO to ) ( NP ( JJ full ) ( NNP EMS ) ( NN membership ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( NNP Britain ) ) ( VP ( MD would ) ( VP ( VB join ) ( SBAR-TMP ( RB once ) ( S ( S ( NP-SBJ ( PRP$ its ) ( NN inflation ) ( NN rate ) ) ( VP ( VBD fell ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP EC ) ) ( VP ( VBD liberalized ) ( NP ( NN capital ) ( NNS movements ) ) ) ) ) ) ) ) ) ) ) ) ) )

At a June EC summit Mrs. Thatcher appeared to ease her opposition to full EMS membership saying Britain would join once its inflation rate fell and the EC liberalized capital movements


( S ( PP-TMP ( IN Since ) ( NP ( RB then ) ) ) ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBN left ) ( S ( NP-SBJ ( NNS observers ) ) ( VP ( VBG wondering ) ( SBAR ( IN if ) ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBD meant ) ( S ( VP ( TO to ) ( VP ( VB join ) ) ) ) ) ) ) ) ) ) ) )

Since then the government has left observers wondering if it ever meant to join


( S ( NP-SBJ ( NNP Sir ) ( NNP Alan ) ) ( VP ( VBD assailed ) ( NP ( DT the ) ( JJ monetary ) ( NN arrangement ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ half-baked ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NN article ) ) ( VP ( VBG being ) ( VP ( VBN published ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( JJ American ) ( NNS economics ) ( NN journal ) ) ) ) ) ) ) ) )

Sir Alan assailed the monetary arrangement as half-baked in an article being published in an American economics journal


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD produced ) ( NP ( NP ( JJ little ) ( NN reaction ) ) ( PP ( IN from ) ( NP ( PRP$ his ) ( NN boss ) ) ) ) ( S-ADV ( VP ( VBG reinforcing ) ( NP ( NN speculation ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( MD would ) ( VP ( VB use ) ( NP ( PRP$ its ) ( CD two ) ( NNS conditions ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN pretext ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG avoiding ) ( NP ( JJ full ) ( NNP EMS ) ( NN membership ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That produced little reaction from his boss reinforcing speculation the government would use its two conditions as a pretext for avoiding full EMS membership


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( NN departure ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Lawson ) ) ( CC and ) ( NP ( NNP Sir ) ( NNP Alan ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN tug-of-war ) ) ( PP ( IN over ) ( NP ( DT the ) ( NNP EMS ) ) ) ) ( VP ( MD could ) ( VP ( VB continue ) ) ) )

Despite the departure of Mr. Lawson and Sir Alan the tug-of-war over the EMS could continue


( S ( NP-SBJ ( NP ( NNP Sir ) ( NNP Geoffrey ) ( NNP Howe ) ) ( NP ( NP ( JJ deputy ) ( JJ prime ) ( NN minister ) ) ( CC and ) ( NP ( NP ( DT a ) ( NNP Lawson ) ( NN ally ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP EMS ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN signaled ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( VBG pressing ) ( PP-CLR ( IN for ) ( NP ( JJ early ) ( NN membership ) ) ) ) ) ) ) ) ) ) ) )

Sir Geoffrey Howe deputy prime minister and a Lawson ally on the EMS has signaled he will continue pressing for early membership


( SINV ( PP-TPC-1 ( IN Of ) ( NP ( JJ immediate ) ( NN concern ) ) ) ( VP ( VBZ is ) ) ( SBAR-SBJ ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NNP Thatcher ) ( NN government ) ) ( VP ( MD will ) ( VP ( VB continue ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Lawson ) ( POS 's ) ) ( NN policy ) ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG tracking ) ( NP ( NP ( DT the ) ( JJ monetary ) ( NNS policies ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( NNP West ) ( NNP German ) ) ( NNP Bundesbank ) ) ) ) ) ( CC and ) ( VP ( VBG responding ) ( PP-MNR ( IN in ) ( NP ( NN kind ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Frankfurt ) ( NNS authorities ) ) ( VP ( VBP move ) ( NP ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Of immediate concern is whether the Thatcher government will continue Mr. Lawson 's policy of tracking the monetary policies of the West German Bundesbank and responding in kind when the Frankfurt authorities move interest rates


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB like ) ( S ( VP ( VBG taking ) ( NP ( NNS orders ) ) ( PP-CLR ( IN from ) ( NP ( NNS foreigners ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Tim ) ( NNP Congdon ) ) ( NP ( NP ( NN economist ) ) ( PP ( IN with ) ( NP ( NNP Gerrard ) ( CC & ) ( NNP National ) ( NNP Holding ) ( NNP PLC ) ) ) ) ) )

Mrs. Thatcher does n't like taking orders from foreigners says Tim Congdon economist with Gerrard & National Holding PLC


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( NNPS Conservatives ) ) ( VP ( VBP rally ) ( PP-CLR ( IN around ) ( NP ( NNP Mrs. ) ( NNP Thatcher ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN crisis ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ) ( VP ( VBP harbor ) ( NP ( NNS hopes ) ( SBAR ( S ( NP-SBJ ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN debacle ) ) ( VP ( MD will ) ( VP ( VB prompt ) ( NP ( NN change ) ) ) ) ) ) ) ) )

As Conservatives rally around Mrs. Thatcher during the crisis many harbor hopes last week 's debacle will prompt change


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT any ) ( JJR more ) ) ( PP ( IN of ) ( NP ( DT this ) ( JJ wayward ) ( NN behavior ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Sir ) ( NNP Peter ) ( NNP Hordern ) ) ( NP ( NP ( DT a ) ( JJ backbench ) ( NNP Tory ) ( NN member ) ) ( PP ( IN of ) ( NP ( NNP Parliament ) ) ) ) ) )

We wo n't have any more of this wayward behavior says Sir Peter Hordern a backbench Tory member of Parliament


( S ( NP-SBJ ( DT The ) ( NN party ) ) ( VP ( VBZ is ) ( VP ( VBN fed ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS sackings ) ) ( PP ( IN of ) ( NP ( JJ good ) ( NNS people ) ) ) ) ) ) ) )

The party is fed up with sackings of good people


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT an ) ( JJ unrealistic ) ( NN expectation ) ) ) )

It 's an unrealistic expectation


( S ( ADVP-TMP ( ADVP ( ADVP ( RB As ) ( RB long ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN decade ) ) ) ) ( IN ago ) ) ( NP-SBJ ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBD declared ) ( SBAR ( S ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB want ) ( NP ( NN debate ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ her ) ( NN cabinet ) ) ) ) ) ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD wanted ) ( NP ( JJ strong ) ( NN government ) ) ) ) ) ) ) )

As long as a decade ago Mrs. Thatcher declared she did n't want debate in her cabinet she wanted strong government


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( NN weekend ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB intend ) ( S ( VP ( TO to ) ( VP ( VB change ) ( NP ( PRP$ her ) ( NN style ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD denied ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ authoritarian ) ) ) ) ) ) ) )

Over the weekend she said she did n't intend to change her style and denied she is authoritarian


( S ( NP-TPC-1 ( NN Nonsense ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD told ) ( NP ( DT an ) ( NN interviewer ) ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( NNP London ) ( NNP Weekend ) ( NNP Television ) ) ) ) )

Nonsense she told an interviewer yesterday on London Weekend Television


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP am ) ( VP ( VBG staying ) ( NP-PRD ( PRP$ my ) ( JJ own ) ( JJ sweet ) ( JJ reasonable ) ( NN self ) ) ) ) )

I am staying my own sweet reasonable self


( S ( NP-SBJ ( NNP Air ) ( CC & ) ( NNP Water ) ( NNPS Technologies ) ( NNP Corp. ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( NNP Falcon ) ( NNPS Associates ) ( NNP Inc. ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Bristol ) ( NNP Pa. ) ) ( NN asbestos-abatement ) ( NN concern ) ) ) ) ( PP ( IN for ) ( NP ( NP ( QP ( CD 25 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ) ) )

Air & Water Technologies Corp. completed the acquisition of Falcon Associates Inc. a Bristol Pa. asbestos-abatement concern for 25 million of stock


( S ( NP-SBJ ( NP ( NNP Air ) ( CC & ) ( NNP Water ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ provides ) ( NP ( JJ environmental ) ( NNS services ) ( CC and ) ( NNS systems ) ) ) ) ) ) ( VP ( VBD paid ) ( NP ( NP ( QP ( IN about ) ( CD 1.4 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NNP Falcon ) ) ) ) )

Air & Water which provides environmental services and systems paid about 1.4 million of its shares for Falcon


( S ( PP-LOC ( IN In ) ( NP ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP Air ) ( CC & ) ( NNP Water ) ) ( VP ( VBD closed ) ( ADJP ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( CD 17.50 ) ) ) ) )

In American Stock Exchange composite trading Friday Air & Water closed unchanged at 17.50


( S ( PP-TMP ( IN At ) ( NP ( NNP July ) ( CD 31 ) ) ) ( NP-SBJ ( NNP Air ) ( CC & ) ( NNP Water ) ) ( VP ( VBD had ) ( NP ( NP ( QP ( RB nearly ) ( CD 10 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

At July 31 Air & Water had nearly 10 million shares outstanding


( S ( NP-SBJ ( NNP Waxman ) ( NNPS Industries ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNS holders ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 6,542,000 ) ) ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( ADJP ( QP ( CD 6 ) ( CD 1\/4 ) ) ( NN % ) ) ( JJ convertible ) ( VBN subordinated ) ( NNS debentures ) ) ( ADJP ( JJ due ) ( NP-TMP ( NP ( NNP March ) ( CD 15 ) ) ( NP ( CD 2007 ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN elected ) ( S ( VP ( TO to ) ( VP ( VB convert ) ( NP ( DT the ) ( NN debt ) ) ( PP-CLR ( IN into ) ( NP ( QP ( IN about ) ( CD 683,000 ) ) ( JJ common ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) )

Waxman Industries Inc. said holders of 6,542,000 face amount of its 6 1\/4 % convertible subordinated debentures due March 15 2007 have elected to convert the debt into about 683,000 common shares


( S ( NP-SBJ ( DT The ) ( NN conversion ) ( NN price ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD 9.58 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) )

The conversion price is 9.58 a share


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS holders ) ) ( VP ( VBP represent ) ( NP ( NP ( CD 52 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS debentures ) ) ) ) ) ) ) ) ) ) )

The company said the holders represent 52 % of the face amount of the debentures


( S ( NP-SBJ ( NNP Waxman ) ) ( VP ( VBZ sells ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NP ( NN hardware ) ( NNS products ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN home ) ( NN repair ) ( NN market ) ) ) ) ) ) ) )

Waxman sells a variety of hardware products for the home repair market


( S ( NP-SBJ-1 ( JJ Japanese ) ( NNS companies ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN been ) ( VP ( VBN accused ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG sacrificing ) ( NP ( NN profit ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NNS sales ) ) ) ) ) ) ) ) ) ) ) )

Japanese companies have long been accused of sacrificing profit to boost sales


( S ( CC But ) ( NP-SBJ ( NNP Fujitsu ) ( NNP Ltd. ) ) ( VP ( VBZ has ) ( VP ( VBN taken ) ( NP ( DT that ) ( NN practice ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ new ) ( NN extreme ) ) ) ) ) )

But Fujitsu Ltd. has taken that practice to a new extreme


( S ( NP-SBJ-1 ( NP ( NNP Japan ) ( POS 's ) ) ( JJS biggest ) ( NN computer ) ( NN maker ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD undercut ) ( NP ( CD seven ) ( NNS competitors ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB win ) ( NP ( DT a ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB design ) ( NP ( NP ( DT a ) ( NN mapping ) ( NN system ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN city ) ) ( PP ( IN of ) ( NP ( NNP Hiroshima ) ) ) ( POS 's ) ) ( NN waterworks ) ) ) ) ) ) ) ) ) ) ) ) )

Japan 's biggest computer maker last week undercut seven competitors to win a contract to design a mapping system for the city of Hiroshima 's waterworks


( NP ( NP ( PRP$ Its ) ( NN bid ) ) ( NP ( NP ( CD one ) ( NN yen ) ) ( CC or ) ( NP ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT a ) ( NNP U.S. ) ( NN penny ) ) ) ) ) )

Its bid one yen or less than a U.S. penny


( S ( NP-SBJ ( DT The ) ( NN bid ) ) ( VP ( VBD created ) ( NP ( NP ( PDT such ) ( DT a ) ( NN furor ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Fujitsu ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG offering ) ( S ( VP ( TO to ) ( VP ( VB withdraw ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bid created such a furor that Fujitsu said it is now offering to withdraw from the project


( S ( S-TPC-1 ( PP ( IN From ) ( NP ( DT a ) ( JJ common-sense ) ( NN viewpoint ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB not ) ( ADJP-PRD ( RB socially ) ( JJ acceptable ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Fujitsu ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ) )

From a common-sense viewpoint it was not socially acceptable a Fujitsu spokeswoman said yesterday


( S ( NP-SBJ-1 ( NNP Hiroshima ) ( NN city ) ( NNS officials ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB find ) ( PRT ( RP out ) ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD would ) ( VP ( VB drop ) ( NP ( NP ( NNP Fujitsu ) ( POS 's ) ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) )

Hiroshima city officials could n't be reached to find out whether they would drop Fujitsu 's bid


( S ( NP-SBJ ( NNP Fujitsu ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD issued ) ( NP ( DT the ) ( JJ low ) ( NN bid ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD wanted ) ( NP ( NP ( DT a ) ( NN foot ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN door ) ) ( PP ( IN of ) ( NP ( DT a ) ( ADJP ( RB potentially ) ( JJ lucrative ) ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fujitsu said it issued the low bid because it wanted a foot in the door of a potentially lucrative market


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( ADVP-MNR ( RB desperately ) ) ( VBD wanted ) ( NP ( DT the ) ( NN contract ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP want ) ( NP ( NP ( NN experience ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN field ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Fujitsu ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) )

We desperately wanted the contract because we want experience in the field the Fujitsu spokeswoman said


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP expect ) ( NP ( DT a ) ( JJ big ) ( NN market ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ( SBAR-PRP ( RB so ) ( S ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ long ) ( NN term ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ profitable ) ) ) ) ) ) ) )

We expect a big market in the future so in the long term it will be profitable


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN kind ) ) ( PP ( IN of ) ( NP ( DT an ) ( NN investment ) ) ) ) ) )

It 's a kind of an investment


( S ( NP-SBJ ( NP ( NNP Hiroshima ) ( POS 's ) ) ( NN waterworks ) ( NN bureau ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ municipal ) ( NN government ) ) ( VP ( VBD had ) ( VP ( VBN budgeted ) ( NP ( NP ( QP ( IN about ) ( CD 11 ) ( CD million ) ) ( NN yen ) ) ( PRN ( NP ( CD 77,500 ) ) ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ) )

Hiroshima 's waterworks bureau said the municipal government had budgeted about 11 million yen 77,500 for the project


( S ( S-TPC-2 ( NP-SBJ-3 ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBN flabbergasted ) ) ) ) ( NP-SBJ-1 ( NP ( NNP Tatsuhara ) ( NNP Yamane ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bureau ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP ( IN by ) ( NP-LGS ( NNP Kyodo ) ( NN news ) ( NN service ) ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG saying ) ) ) ) ) ) )

I was flabbergasted Tatsuhara Yamane head of the bureau was quoted by Kyodo news service as saying


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP understand ) ( NP ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN enthusiasm ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG getting ) ( NP ( DT the ) ( NN deal ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PDT such ) ( DT a ) ( JJ large ) ( NN company ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( ADVP-PRD ( JJR better ) ( IN off ) ( S ( VP ( VBG showing ) ( NP ( ADJP ( NP-ADV ( DT a ) ( JJ little ) ) ( JJR more ) ) ( NN discretion ) ) ) ) ) ) ) ) ) )

I understand the firm 's enthusiasm in getting the deal but such a large company would have been better off showing a little more discretion


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NNP Fujitsu ) ( NNS officials ) ) ( VP ( VBD admitted ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( NP-ADV ( DT a ) ( RB little ) ) ( JJ overzealous ) ) ) ) ) ) ) ) )

Indeed Fujitsu officials admitted they may have been a little overzealous


( S ( NP-SBJ ( DT The ) ( NNP Fujitsu ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ headquarter ) ( NNS officials ) ) ( VP ( VP ( VBD did ) ( RB n't ) ( VP ( VB approve ) ( NP ( DT the ) ( NN bid ) ) ( PP-TMP ( IN in ) ( NP ( NN advance ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( NNS measures ) ) ( SBAR-PRP ( RB so ) ( S ( NP-SBJ ( NP ( DT this ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN thing ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB happen ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Fujitsu spokeswoman said headquarter officials did n't approve the bid in advance and will take measures so this kind of thing does n't happen in the future


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ contrary ) ( PP ( TO to ) ( NP ( JJ common ) ( NN sense ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD added ) ) )

It 's contrary to common sense she added


( S ( ADVP ( RB Specifically ) ) ( NP-SBJ ( NNP Fujitsu ) ) ( VP ( VBD won ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB design ) ( NP ( NP ( DT the ) ( NNS specifications ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN computerized ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB show ) ( NP ( NP ( NN water ) ( NNS lines ) ) ( PP-LOC ( IN throughout ) ( NP ( DT the ) ( NN city ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Specifically Fujitsu won the right to design the specifications for a computerized system that will show water lines throughout the city


( S ( NP-SBJ-1 ( DT The ) ( NN system ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( NN fire ) ( CC or ) ( NN earthquake ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB locate ) ( NP ( NNS problems ) ) ) ) ) ( PP ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ) ) ) )

The system could be used in a fire or earthquake to locate problems among other things


( S ( NP-SBJ ( DT A ) ( NN waterworks ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Fujitsu ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB design ) ( NP ( DT the ) ( NN system ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ compatible ) ( PP ( IN with ) ( NP ( NP ( JJ other ) ( NNS makers ) ( POS ' ) ) ( NN equipment ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A waterworks official said Fujitsu will have to design the system so it would be compatible with other makers ' equipment


( S ( CC But ) ( NP-SBJ ( NN industry ) ( NNS officials ) ) ( VP ( VBD expressed ) ( NP ( NN concern ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ initial ) ( NN project ) ) ( VP ( MD might ) ( VP ( VB give ) ( NP ( NNP Fujitsu ) ) ( NP ( NP ( DT an ) ( NN edge ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG winning ) ( NP ( ADJP ( JJR more ) ( JJ lucrative ) ) ( NNS contracts ) ) ( ADVP-TMP ( RB later ) ) ) ) ) ) ) ) ) ) ) ) )

But industry officials expressed concern that the initial project might give Fujitsu an edge in winning more lucrative contracts later


( S ( NP-SBJ ( NNP Fujitsu ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ hopes ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Hiroshima ) ( NN contract ) ) ( VP ( MD will ) ( VP ( VB help ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VB secure ) ( NP ( NP ( NNS pacts ) ) ( PP ( IN with ) ( NP ( JJ other ) ( NNS municipalities ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fujitsu said it hopes the Hiroshima contract will help it secure pacts with other municipalities


( S ( S ( NP-SBJ-1 ( JJ Japanese ) ( JJ local ) ( NNS governments ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB invest ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( IN in ) ( NP ( NN computer ) ( NNS systems ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS years ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ many ) ( NNS companies ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( DT that ) ( NN field ) ) ( VP ( TO to ) ( VP ( VB provide ) ( NP ( JJ substantial ) ( NN revenue ) ) ) ) ) ) ) )

Japanese local governments are expected to invest heavily in computer systems over the next few years and many companies expect that field to provide substantial revenue


( S ( S-TPC-1 ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ near ) ( NN future ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ big ) ( NN market ) ) ( PP ( RB not ) ( PP ( ADVP ( RB just ) ) ( IN for ) ( NP ( NN waterworks ) ) ) ( CC but ) ( PP ( IN for ) ( NP ( DT all ) ( NN mapping ) ( NNS systems ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Fujitsu ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) )

In the near future it will be a big market not just for waterworks but for all mapping systems the Fujitsu spokeswoman said


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD can ) ( VP ( VB expect ) ( NP ( DT a ) ( JJ hundreds-of-billions-of-yen ) ( NN market ) ) ) ) )

We can expect a hundreds-of-billions-of-yen market


( S ( NP-SBJ ( DT No ) ( JJ foreign ) ( NNS companies ) ) ( VP ( VBP bid ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP Hiroshima ) ( NN project ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN bureau ) ) ) ) ) )

No foreign companies bid on the Hiroshima project according to the bureau


( S ( CC But ) ( NP-SBJ-1 ( NP ( DT the ) ( JJ Japanese ) ( NN practice ) ) ( PP ( IN of ) ( NP ( JJ deep ) ( NN discounting ) ) ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBZ is ) ( VP ( VBN cited ) ( PP ( IN by ) ( NP-LGS ( NNPS Americans ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ classic ) ( NN barrier ) ) ( PP ( TO to ) ( NP ( NN entry ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN market ) ) ) ) ) ) ) )

But the Japanese practice of deep discounting often is cited by Americans as a classic barrier to entry in Japan 's market


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN year ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBD complained ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Japan ) ( POS 's ) ) ( NN supercomputer ) ( NNS makers ) ) ( VP ( VBD were ) ( ADVP ( RB effectively ) ) ( VP ( VBG closing ) ( PRT ( RP out ) ) ( NP ( JJ foreign ) ( NNS competitors ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG slashing ) ( NP ( NNS prices ) ) ( NP-ADV ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 90 ) ) ( NN % ) ) ( PP ( IN for ) ( NP ( NNS universities ) ) ) ) ) ) ) ) ) ) ) )

Earlier this year the U.S. complained that Japan 's supercomputer makers were effectively closing out foreign competitors by slashing prices as much as 90 % for universities


( S ( NP-SBJ ( NNP Fujitsu ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN company ) ) ( ADJP ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB sacrifice ) ( NP ( NN profit ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ) ) )

Fujitsu was n't the only company willing to sacrifice profit on the project


( S ( NP-SBJ ( CD Three ) ( NNS competitors ) ) ( VP ( VBD bid ) ( PP ( IN between ) ( NP ( NP ( CD 300,000 ) ( NN yen ) ) ( CC and ) ( NP ( CD 500,000 ) ( NN yen ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Hiroshima ) ( NN government ) ( NN office ) ) ) ) ) )

Three competitors bid between 300,000 yen and 500,000 yen according to the Hiroshima government office


( S ( NP-SBJ ( JJ Other ) ( NNS bids ) ) ( VP ( VBD ranged ) ( PP-DIR ( PP ( IN from ) ( NP ( QP ( IN about ) ( CD 10 ) ( CD million ) ) ( NN yen ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 29 ) ( CD million ) ) ( NN yen ) ) ) ) ) )

Other bids ranged from about 10 million yen to 29 million yen


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( DT a ) ( NN TV ) ( NN weatherman ) ) ( VP ( VBZ gets ) ( NP ( NNS butterflies ) ) ( S-ADV ( VP ( VBG facing ) ( NP ( DT the ) ( NN camera ) ) ( ADVP-TMP ( RB again ) ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( JJ questionable ) ( NN forecast ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Donald ) ( NNP H. ) ( NNP Straszheim ) ) ( ADVP ( RB surely ) ) ( VP ( VBZ understands ) ) )

If a TV weatherman gets butterflies facing the camera again after a questionable forecast Donald H. Straszheim surely understands


( S ( NP-SBJ ( NP ( DT The ) ( NN chief ) ( NN economist ) ) ( PP ( IN of ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ) ) ( VP ( VBZ finds ) ( S ( NP-SBJ ( PRP himself ) ) ( PP-LOC-PRD ( IN in ) ( NP ( PDT such ) ( DT a ) ( NN position ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ buzzes ) ( NP ( DT the ) ( NN Midwest ) ) ( PP ( IN on ) ( NP ( NP ( PRP$ his ) ( JJ first ) ( NN road ) ( NN trip ) ) ( PP-TMP ( IN since ) ( S-NOM ( VP ( VBG backpedaling ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ major ) ( NN prediction ) ) ) ) ) ) ) ) ) ) ) ) )

The chief economist of Merrill Lynch & Co. finds himself in such a position as he buzzes the Midwest on his first road trip since backpedaling on a major prediction


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBZ expects ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( DT some ) ( NN heat ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ right ) ) ) ) )

Mr. Straszheim expects he will take some heat and he 's right


( S ( PP-TMP ( IN Since ) ( NP ( NP ( DT the ) ( JJ last ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD traveled ) ( NP ( DT this ) ( NN way ) ) ( ADVP-TMP ( NP ( JJ several ) ( NNS months ) ) ( IN ago ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN recanted ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NP ( JJ bold ) ( NNS forecasts ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ) )

Since the last time he traveled this way several months ago he has recanted a series of bold forecasts of a recession


( S ( PP-TMP ( IN In ) ( NP ( NNP February ) ( CD 1988 ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NNP Merrill ) ( NNP Lynch ) ( POS 's ) ) ( JJ weekly ) ( NN commentary ) ) ( VP ( VBD announced ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN economy ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB fall ) ( PP-CLR ( IN into ) ( NP ( NN recession ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) )

In February 1988 for example Merrill Lynch 's weekly commentary announced that the economy is likely to fall into recession in early 1989


( S ( S ( NP-SBJ ( DT The ) ( NNS forecasts ) ) ( VP ( VBD were ) ( VP ( ADVP-MNR ( RB widely ) ) ( VBN disseminated ) ) ) ) ( CC and ) ( S ( PP ( IN in ) ( NP ( NP ( DT a ) ( JJ splashy ) ( NN ad ) ( NN campaign ) ) ( VP ( VBN launched ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN summer ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( VP ( VBD urged ) ( NP-1 ( NNS investors ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS bonds ) ) ) ) ) ) ) )

The forecasts were widely disseminated and in a splashy ad campaign launched in the summer of 1988 Merrill Lynch urged investors to buy bonds


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ long-term ) ( NN interest ) ( NNS rates ) ) ( PP-LOC ( ADVP ( RB then ) ) ( IN above ) ( NP ( CD 9 ) ( NN % ) ) ) ) ( VP ( MD could ) ( VP ( VB drop ) ( PP-DIR ( TO to ) ( NP ( CD 7 ) ( NN % ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ( SBAR-ADV ( IN so ) ( S ( NP-SBJ ( NP ( NNS bonds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP benefit ) ( PP-CLR ( IN from ) ( NP ( VBG falling ) ( NNS rates ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ good ) ( NN buy ) ) ) ) ) ) ) ) ) ) ) )

It said long-term interest rates then above 9 % could drop to 7 % by the end of 1989 so bonds which benefit from falling rates would be a good buy


( S ( NP-SBJ ( DT The ) ( NN firm ) ) ( ADVP ( RB also ) ) ( VP ( VBD raised ) ( NP ( NP ( DT the ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN model ) ( NN portfolio ) ) ) ) ( PP-CLR ( IN from ) ( NP ( CD 40 ) ( NN % ) ) ) ( PP-CLR ( PP ( TO to ) ( NP ( CD 45 ) ( NN % ) ) ) ( CC and ) ( PP ( ADVP-TMP ( RB later ) ) ( TO to ) ( NP ( CD 55 ) ( NN % ) ) ) ) ) )

The firm also raised the percentage of bonds in its model portfolio from 40 % to 45 % and later to 55 %


( S ( CC But ) ( NP-TMP ( DT this ) ( NNP September ) ) ( PRN ( SBAR-TMP ( WHADVP-3 ( RB just ) ( WRB when ) ) ( S ( NP-SBJ ( JJ many ) ( NN market ) ( NNS economists ) ) ( PP ( VBG including ) ( NP ( NP ( DT some ) ) ( PP-LOC ( IN at ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) ) ) ( VP ( VBD believed ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBD was ) ( VP ( IN about ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN proved ) ( S ( ADJP-PRD ( RB right ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD took ) ( NP ( NP ( DT a ) ( NN detour ) ) ( CONJP ( IN if ) ( RB not ) ) ( NP ( DT a ) ( NN U-turn ) ) ) ) )

But this September just when many market economists including some at Merrill Lynch believed that Mr. Straszheim was about to be proved right he took a detour if not a U-turn


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD softened ) ( NP ( NP ( DT the ) ( NN talk ) ) ( PP ( IN about ) ( NP ( DT a ) ( NN recession ) ) ) ) ) )

He softened the talk about a recession


( S ( ADVP-TMP ( RB Now ) ) ( PP ( IN in ) ( NP ( NN fact ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBG predicting ) ( NP ( NP ( NP ( JJ economic ) ( NN growth ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 2.9 ) ( NN % ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ( CC and ) ( NP ( NP ( CD 2.1 ) ( NN % ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ( NP ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ optimistic ) ) ( NN outlook ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN consensus ) ) ( PP ( IN of ) ( NP ( NP ( QP ( DT some ) ( CD four ) ( NN dozen ) ) ( NN top ) ( NNS forecasters ) ) ( VP ( VBN surveyed ) ( PP ( IN by ) ( NP-LGS ( NNP Blue ) ( NNP Chip ) ( NNP Economic ) ( NNPS Indicators ) ( NN newsletter ) ) ) ) ) ) ) ) ) ) ) ) )

Now in fact he is predicting economic growth of 2.9 % this year and 2.1 % next year a more optimistic outlook than the consensus of some four dozen top forecasters surveyed by Blue Chip Economic Indicators newsletter


( S ( CC And ) ( ADVP-TMP ( RB just ) ( RB recently ) ) ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( VP ( VBD cut ) ( NP ( DT the ) ( VBN recommended ) ( NNS bondholdings ) ) ( ADVP-CLR ( RB back ) ( PP ( TO to ) ( NP ( CD 50 ) ( NN % ) ) ) ) ) )

And just recently Merrill Lynch cut the recommended bondholdings back to 50 %


( S ( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( JJ such ) ( NNS changes ) ) ( VP ( MD might ) ( VP ( VB sound ) ( ADJP-PRD ( JJ minor ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( RB n't ) ) ) ( S ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( VP ( VBZ manages ) ( CC or ) ( VBZ oversees ) ( NP ( NP ( QP ( DT some ) ( CD 300 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ retail ) ( NNS accounts ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NN everything ) ) ( PP ( PP ( IN from ) ( NP ( JJ mutual ) ( NNS funds ) ) ) ( PP ( TO to ) ( NP ( JJ individual ) ( NNS annuities ) ) ) ) ) ) ) ) ) ) ) ) ) )

While such changes might sound minor they are n't Merrill Lynch manages or oversees some 300 billion in retail accounts that include everything from mutual funds to individual annuities


( S ( NP-SBJ ( NP ( CD Two ) ( JJ well-known ) ( NNS colleagues ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB right ) ) ( NP-TMP ( DT the ) ( JJ first ) ( NN time ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP David ) ( NNP Bostian ) ( NNP Jr. ) ) ( CC and ) ( NP ( NNP A. ) ( NNP Gary ) ( NNP Shilling ) ) ) ( SBAR ( WHNP-2 ( NP ( DT both ) ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VBP run ) ( NP ( PRP$ their ) ( JJ own ) ( NNP New ) ( NNP York ) ( NN research ) ( NNS firms ) ) ) ) ) ) ) )

Two well-known colleagues who believe Mr. Straszheim was right the first time are David Bostian Jr. and A. Gary Shilling both of whom run their own New York research firms


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bostian ) ) ( VP ( VBD said ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ his ) ( JJ macroeconomic ) ( NN index ) ) ( VP ( VBD signaled ) ( NP ( NN recession ) ) ) ) ) ) )

Mr. Bostian said in August that his macroeconomic index signaled recession


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Shilling ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( NP-PRD ( NP ( NNP Merrill ) ( NNP Lynch ) ( POS 's ) ) ( NN chief ) ( NN economist ) ) ( PP-TMP ( PP ( IN from ) ( NP ( CD 1967 ) ) ) ( PP ( TO to ) ( NP ( CD 1971 ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN heralded ) ( NP ( DT a ) ( NN recession ) ) ( PP-TMP ( IN for ) ( NP ( NNS months ) ) ) ) ) )

Mr. Shilling who was Merrill Lynch 's chief economist from 1967 to 1971 has heralded a recession for months


( S ( S-TPC-1 ( NP-SBJ ( PRP$ My ) ( JJ own ) ( JJ personal ) ( NN opinion ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NNP Don ) ) ( VP ( VBD threw ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN towel ) ) ) ( PP-TMP ( ADVP ( RB just ) ) ( IN about ) ( NP ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN doubled ) ( NP ( PRP$ his ) ( NN bet ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

My own personal opinion is that Don threw in the towel just about the time he should have doubled his bet he says


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NP ( DT a ) ( JJ rocky ) ( NN stock ) ( NN market ) ) ( CC and ) ( NP ( JJ weak ) ( JJ corporate ) ( NNS profits ) ) ) ( VP ( MD may ) ( ADVP ( RB further ) ) ( VP ( VB threaten ) ( NP ( DT the ) ( NN economy ) ) ) ) )

Now a rocky stock market and weak corporate profits may further threaten the economy


( S ( CC And ) ( NP-SBJ ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBD conceded ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( JJ recent ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( VBG manufacturing ) ( NNS jobs ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( PRP it ) ) ) ( VP ( MD may ) ( VP ( VB prove ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( NN case ) ) ) ) ) ( SBAR-3 ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBD got ) ( VP ( VBN whipsawed ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD pulled ) ( NP ( DT the ) ( NN recession ) ( NN forecast ) ) ( PP-TMP ( IN at ) ( NP ( RB just ) ( DT the ) ( JJ wrong ) ( NN time ) ) ) ) ) ) ) ) ) ) ) ) )

And Mr. Straszheim conceded after a recent drop in manufacturing jobs that it may prove to be the case that we got whipsawed that we pulled the recession forecast at just the wrong time


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ adds ) ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT the ) ( NN forecasting ) ( NN business ) ) ) ) ) )

He adds That 's the forecasting business


( S ( SBAR-ADV ( WHADJP-1 ( WRB However ) ( JJ risky ) ) ( S ( NP-SBJ ( DT the ) ( NN business ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ brisk ) ) ( NP-TMP ( DT these ) ( NNS days ) ) ) )

However risky the business it 's brisk these days


( S ( S-ADV ( VP ( VP ( VBN Pestered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS bosses ) ) ( NP ( NNS brokers ) ) ( NP ( NNS clients ) ) ( CC and ) ( NP ( NNS media ) ( NNS people ) ) ) ) ) ( CC and ) ( VP ( VBN pushed ) ( PP ( IN by ) ( NP-LGS ( PRP$ their ) ( JJ own ) ( NNS egos ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Wall ) ( NNP Street ) ( NNS economists ) ) ( VP ( VBP are ) ( VP ( VBG forecasting ) ( PP-CLR ( IN about ) ( NP ( NP ( NN everything ) ) ( PP ( PP ( IN from ) ( NP ( JJ broad ) ( JJ economic ) ( NNS trends ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJS dinkiest ) ( JJ monthly ) ( NN indicator ) ) ) ) ) ) ) ) )

Pestered by bosses brokers clients and media people and pushed by their own egos Wall Street economists are forecasting about everything from broad economic trends to the dinkiest monthly indicator


( S ( CC But ) ( NP-SBJ ( DT the ) ( ADJP ( RB surprisingly ) ( JJ durable ) ) ( JJ seven-year ) ( JJ economic ) ( NN expansion ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP-CLR ( NN mincemeat ) ) ( PP-CLR ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD one ) ) ( NN forecast ) ) ) ) ) )

But the surprisingly durable seven-year economic expansion has made mincemeat of more than one forecast


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( JJ quiet ) ( JJ economic ) ( NN science ) ) ( VP ( VBN practiced ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS universities ) ) ) ) ) ) )

This is n't the quiet economic science practiced in the universities


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( JJ commercial ) ( NN version ) ) ) )

This is the commercial version


( S ( S-ADV ( VP ( VBG Carrying ) ( NP ( DT the ) ( JJ new ) ( NN message ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN road ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBZ meets ) ( NP ( NP ( NN confrontation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB often ) ) ( VP ( VBZ occurs ) ( PP-MNR ( IN in ) ( NP ( NP ( JJ inverse ) ( NN proportion ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN client ) ) ) ) ) ) ) ) ) ) ) ) )

Carrying the new message on the road Mr. Straszheim meets confrontation that often occurs in inverse proportion to the size of the client


( S ( NP-SBJ ( DT No ) ( JJ sophisticated ) ( NN professional ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNS economists ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB right ) ) ( NP-TMP ( PDT all ) ( DT the ) ( NN time ) ) ) ) ) ) )

No sophisticated professional expects economists to be right all the time


( S ( NP-SBJ-1 ( DT Some ) ( JJR smaller ) ( NNS clients ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB notice ) ( NP ( PRP$ his ) ( NN switch ) ) ) ) ) ) ) )

Some smaller clients do n't seem to notice his switch


( S ( CC But ) ( PP ( IN with ) ( NP ( DT some ) ( NNS clients ) ) ) ( NP-SBJ ( DT the ) ( NN talk ) ) ( VP ( MD can ) ( VP ( VB heat ) ( PRT ( RP up ) ) ( NP-ADV ( DT a ) ( NN bit ) ) ) ) )

But with some clients the talk can heat up a bit


( S ( NP-SBJ-1 ( NP ( NNP Dennis ) ( NNP O'Brien ) ) ( NP ( NP ( DT the ) ( NN treasurer ) ) ( PP ( IN of ) ( NP ( NP ( NNP Commonwealth ) ( NNP Edison ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) ( VP ( VBZ adopts ) ( NP ( DT a ) ( JJ polite ) ( NN approach ) ) ( S-ADV ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB ask ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( NN forecast ) ) ) ) ) ) ) ) ) ) ) )

Dennis O'Brien the treasurer of Commonwealth Edison Co. in Chicago adopts a polite approach waiting for an opportunity to ask about the forecast


( S ( NP-TMP ( NP ( DT A ) ( JJ good ) ( NN half-hour ) ) ( PP ( IN into ) ( NP ( NP ( NN breakfast ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Palmer ) ( NNP House ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP O'Brien ) ) ( VP ( VBZ looks ) ( PRT ( RP up ) ) ( PP-CLR ( IN from ) ( NP ( PRP$ his ) ( NN plate ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBZ says ) ( NP ( NP ( NN something ) ) ( PP ( IN about ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ-2 ( NN interest ) ( NNS rates ) ) ( VP ( VBP are ) ( VP ( IN about ) ( S ( VP ( TO to ) ( VP ( JJ nosedive ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A good half-hour into breakfast at the Palmer House Mr. O'Brien looks up from his plate after Mr. Straszheim says something about people who believe interest rates are about to nosedive


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( PRP them ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP hope ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ) ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 6 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN debt ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNS books ) ) ) ) ) ) ) ) ) )

I 'm one of them who hope they will with 6 billion in debt on the books


( S ( SQ-TPC-1 ( VBZ Is ) ( NP-SBJ ( IN that ) ) ( NP-PRD ( DT the ) ( NN forecast ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP O'Brien ) ) ( VP ( VBZ asks ) ( S-ADV ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB pin ) ( PRT ( RP down ) ) ( NP ( DT the ) ( NN economist ) ) ) ) ) ) ) ) )

Is that the forecast Mr. O'Brien asks trying to pin down the economist


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( ADVP-MNR ( RB fully ) ) ( VB succeed ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBZ lists ) ( NP ( NP ( DT an ) ( NN array ) ) ( PP ( IN of ) ( NP ( NN interest-rate ) ( NNS scenarios ) ) ) ) ) ) ) ) ) )

He does n't fully succeed although Mr. Straszheim lists an array of interest-rate scenarios


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( JJ chilly ) ( NN conference ) ( NN room ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Alliance ) ( NNP Capital ) ( NNP Management ) ) ( PP-LOC ( IN in ) ( NP ( NNP Minneapolis ) ) ) ) ) ) ) ( PP ( IN in ) ( NP ( NN contrast ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN money ) ( NNS managers ) ) ( VP ( VBP seem ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB pin ) ( NP ( NNP Mr. ) ( NNP Straszheim ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN wall ) ) ) ) ) ) ) ) )

In a chilly conference room at Alliance Capital Management in Minneapolis in contrast the firm 's money managers seem ready to pin Mr. Straszheim to the wall


( S ( S ( NP-SBJ ( NP ( NNP Alfred ) ( NNP Harrison ) ) ( NP ( DT the ) ( NN manager ) ) ) ( VP ( VBZ shoves ) ( NP ( NP ( NNP Mr. ) ( NNP Straszheim ) ( POS 's ) ) ( NN handout ) ) ( ADVP-CLR ( RB back ) ) ( PP-CLR ( IN at ) ( NP ( PRP him ) ) ) ) ) ( SQ ( VBP Do ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-CLR ( IN through ) ( NP ( DT this ) ) ) ) ) ) ) ) )

Alfred Harrison the manager shoves Mr. Straszheim 's handout back at him Do we want to go through this


( SQ ( CC Or ) ( MD can ) ( NP-SBJ ( PRP we ) ) ( VP ( VB ask ) ( NP ( PRP you ) ) ( SBAR ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD changed ) ( NP ( PRP$ your ) ( NN forecast ) ) ( SBAR-TMP ( WHADVP ( RB just ) ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( IN about ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ right ) ) ) ) ) ) ) ) ) ) ) ) ) )

Or can we ask you why you changed your forecast just when it 's about to be right


( S ( S-ADV ( VP ( VBG Swiveling ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NN chair ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBZ replies ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT the ) ( JJ new ) ( NN outlook ) ) ( SBAR-ADV ( IN though ) ( S ( ADJP-PRD ( ADVP-TMP ( RB still ) ) ( JJ weak ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB justify ) ( S ( VP ( VBG calling ) ( NP ( DT a ) ( NN recession ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ) ) ) ) ) ) )

Swiveling in his chair Mr. Straszheim replies that the new outlook though still weak does n't justify calling a recession right now


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( PP-PRD ( DT all ) ( IN in ) ( NP ( NP ( DT this ) ( NN handout ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN at ) ) ) ) ) ) ) ) ) ) ) ) )

It 's all in this handout you do n't want to look at


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD could ) ( ADVP-TMP ( RB still ) ) ( VP ( VB have ) ( NP ( DT a ) ( NN recession ) ) ( PP-TMP ( IN at ) ( NP ( DT some ) ( NN point ) ) ) ) ) )

We could still have a recession at some point


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Straszheim ) ( POS 's ) ) ( VBG recurring ) ( NNS themes ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN state ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN economy ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( JJ simple ) ( JJ black ) ( CC or ) ( JJ white ) ) ) ) ) ) )

One of Mr. Straszheim 's recurring themes is that the state of the economy is n't a simple black or white


( S ( ADVP-TMP ( RB Sometimes ) ) ( PP ( IN like ) ( ADVP-TMP ( RB now ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ gray ) ) ) )

Sometimes like now it 's gray


( S ( NP-SBJ ( DT This ) ( JJ somewhat-ambiguous ) ( NN assessment ) ) ( VP ( VBZ moves ) ( S ( NP-SBJ ( CD one ) ( NNP Alliance ) ( NN portfolio ) ( NN manager ) ) ( VP ( TO to ) ( VP ( VB ask ) ( SBARQ ( RB So ) ( WHNP-1 ( WP what ) ) ( SQ ( VP ( VBZ is ) ( NP-PRD ( DT this ) ) ( FRAG ( NP ( DT a ) ( NNP Stealth ) ( NN recession ) ) ) ) ) ) ) ) ) ) )

This somewhat-ambiguous assessment moves one Alliance portfolio manager to ask So what is this a Stealth recession


( S ( NP-SBJ ( DT Another ) ) ( VP ( VBZ challenges ) ( NP ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( POS 's ) ) ( NN bond ) ( NN recommendation ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) )

Another challenges Merrill Lynch 's bond recommendation last year


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBG running ) ( NP ( DT that ) ( NN ad ) ( NN campaign ) ) ( ADVP-TMP ( DT any ) ( JJR more ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBZ snaps ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ rare ) ( NN show ) ) ( PP ( IN of ) ( NP ( NN irritation ) ) ) ) ) ) )

We 're not running that ad campaign any more Mr. Straszheim snaps in a rare show of irritation


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ adds ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( ADJP ( RB fairly ) ( JJ decent ) ) ( NN call ) ) ) ) ) ) ) ) )

He adds I think it was a fairly decent call


( S ( S-ADV ( VP ( VBG Explaining ) ( NP ( NP ( PRP$ his ) ( NN change ) ) ( PP ( IN of ) ( NP ( NN mind ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBZ says ) ( ADVP-TMP ( RB later ) ) ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ hard ) ) ( S-1 ( VP ( TO to ) ( VP ( VB pin ) ( NP ( DT this ) ) ( PP-CLR ( IN on ) ( NP ( CD one ) ( NN factor ) ) ) ) ) ) ) ) ) )

Explaining his change of mind Mr. Straszheim says later It 's hard to pin this on one factor


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( S ( NP-SBJ ( NP ( DT the ) ( NN economy ) ) ( CC and ) ( NP ( ADVP ( RB especially ) ) ( DT the ) ( NN employment ) ( NNS numbers ) ) ) ( VP ( VBP look ) ( ADJP-PRD ( ADJP ( RB much ) ( RB better ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD expected ) ) ) ) ) ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP have ) ( ADVP ( RB generally ) ) ( VP ( VBN declined ) ) ) ) ( S ( NP-SBJ ( NN inflation ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VB run ) ( ADVP-CLR ( RB amok ) ) ) ) ) ) ) ) )

He says the economy and especially the employment numbers look much better than he expected interest rates have generally declined inflation has n't run amok


( S ( S-TPC-1 ( NP-SBJ ( PRP$ Our ) ( NN business ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB constantly ) ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( PDT all ) ( DT these ) ( NNS things ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Our business is constantly looking at all these things he says


( S ( NP-SBJ ( PRP$ His ) ( JJ new ) ( NN forecast ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ soft ) ( NN landing ) ) ) ) ) )

His new forecast calls for a soft landing


( S ( CC And ) ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ right ) ) ( S-ADV ( VP ( VBG judging ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN report ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ inflation-adjusted ) ( JJ gross ) ( JJ national ) ( NN product ) ) ( VP ( VBD rose ) ( PP-MNR ( IN at ) ( NP ( DT a ) ( ADJP ( CD 2.5 ) ( NN % ) ) ( JJ annual ) ( NN rate ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) )

And it may be right judging from last week 's report that inflation-adjusted gross national product rose at a 2.5 % annual rate in the third quarter


( S ( NP-SBJ ( NNP Mr. ) ( NNP Shilling ) ) ( VP ( VBZ understands ) ( NP ( NP ( NNP Mr. ) ( NNP Straszheim ) ( POS 's ) ) ( NNS problems ) ) ) )

Mr. Shilling understands Mr. Straszheim 's problems


( S ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( JJ unbelievable ) ( NN pressure ) ) ( PP ( IN on ) ( NP ( NNS economists ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB forecast ) ( NP ( DT these ) ( NNS numbers ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

There 's unbelievable pressure on economists to forecast these numbers he says


( S ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP make ) ( NP ( DT a ) ( NN forecast ) ) ) ) ( CC and ) ( RB then ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP become ) ( NP-PRD ( PRP$ its ) ( NN prisoner ) ) ) ) )

You make a forecast and then you become its prisoner


( S ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADVP ( RB indeed ) ) ( ADJP-PRD ( JJ hard ) ) ( S-2 ( VP ( TO to ) ( VP ( VB back ) ( ADVP-DIR ( RB away ) ( PP ( IN from ) ( NP ( DT a ) ( ADJP ( RB widely ) ( VBN publicized ) ) ( NN forecast ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Straszheim ) ) ( VP ( VBZ is ) ( VP ( VBG fidgeting ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS handcuffs ) ) ) ( PP-LOC ( IN on ) ( NP ( DT this ) ( NN trip ) ) ) ) ) ) )

It is indeed hard to back away from a widely publicized forecast and Mr. Straszheim is fidgeting with the handcuffs on this trip


( S ( NP-SBJ ( NP ( PRP$ His ) ( NN approach ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN recantation ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ direct ) ( CC but ) ( JJ low-key ) ) ) )

His approach to the recantation is direct but low-key


( S ( PP-TMP ( IN For ) ( NP ( DT some ) ( NN time ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD had ) ( VP ( VBN forecast ) ( NP ( JJ negative ) ( ADJP ( JJ third ) ( CC and ) ( NN fourth-quarter ) ) ( NN growth ) ) ) ) )

For some time we had forecast negative third and fourth-quarter growth


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD pulled ) ( NP ( DT that ) ( NN forecast ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ begins ) ( ADVP ( RB matter-of-factly ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( PP ( IN with ) ( NP ( NNP Piper ) ( NNP Jaffray ) ( CC & ) ( NNP Hopwood ) ( NNP Inc. ) ( NNS officials ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Minneapolis ) ) ( NP ( DT the ) ( JJ first ) ( NN stop ) ) ) ) ) ) ) )

We pulled that forecast he begins matter-of-factly in a meeting with Piper Jaffray & Hopwood Inc. officials in Minneapolis the first stop


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN seat ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ( VP ( VBD was ) ( VP ( VBN sold ) ( PP-CLR ( IN for ) ( NP ( CD 416,000 ) ) ) ( ADVP ( RB down ) ( NP ( CD 36,000 ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ previous ) ( NN sale ) ) ( NP-TMP ( NNP Oct ) ) ) ) ) ) )

A seat on the Chicago Mercantile Exchange was sold for 416,000 down 36,000 from the previous sale Oct


( S ( NP-SBJ-1 ( NNS Seats ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP are ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 410,000 ) ) ( VP ( NN bid ) ) ) ( NP ( NP ( CD 425,000 ) ) ( VP ( VBN asked ) ) ) ) ) ) ) )

Seats currently are quoted at 410,000 bid 425,000 asked


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN record ) ( NN price ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ full ) ( NN membership ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 550,000 ) ) ( S-ADV ( VP ( VBN set ) ( NP-TMP ( NP ( NNP March ) ( CD 9 ) ) ( NP ( CD 1989 ) ) ) ) ) ) )

The record price for a full membership on the exchange is 550,000 set March 9 1989


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT this ) ( NN battle ) ) ( VP ( VBD were ) ( NP-PRD ( DT a ) ( NN movie ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS producers ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBG fighting ) ( PP-CLR ( IN over ) ( NP ( NP ( CD two ) ( NNS scripts ) ) ( PP ( IN with ) ( NP ( NP ( NN nothing ) ) ( PP ( CC but ) ( NP ( DT an ) ( JJ opening ) ( NN scene ) ) ) ( PP ( IN in ) ( NP ( NN common ) ) ) ) ) ) ) ) ) ) )

If this battle were a movie the producers would be fighting over two scripts with nothing but an opening scene in common


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN opener ) ) ) ( NP-SBJ-1 ( NNP Sony ) ( NNP Corp. ) ) ( VP ( MD would ) ( VP ( VB agree ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP Columbia ) ( NNPS Pictures ) ( NNP Entertainment ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN transaction ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( RB close ) ( TO to ) ( CD 5 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) )

In the opener Sony Corp. would agree to buy Columbia Pictures Entertainment Inc. in a transaction valued at close to 5 billion


( S ( PP-TMP ( ADVP ( RB Shortly ) ) ( IN after ) ( NP ( DT that ) ) ) ( NP-SBJ-1 ( NNP Sony ) ) ( VP ( MD would ) ( VP ( VP ( VB offer ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP Guber-Peters ) ( NNP Entertainment ) ( NNP Co. ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 200 ) ( CD million ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VB offer ) ( NP ( NP ( PRP$ its ) ( NNS co-chairmen ) ) ( NP ( NP ( NNP Peter ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Jon ) ( NNP Peters ) ) ) ) ( NP ( DT the ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB run ) ( NP ( NNP Columbia ) ) ) ) ) ) ) ) ) )

Shortly after that Sony would offer to buy Guber-Peters Entertainment Co. for 200 million and offer its co-chairmen Peter Guber and Jon Peters the chance to run Columbia


( S ( NP-SBJ ( NNP Mr. ) ( NNP Peters ) ) ( VP ( MD would ) ( VP ( VB fly ) ( PP-DIR ( TO to ) ( NP ( NNP New ) ( NNP York ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN intention ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG telling ) ( NP ( NNP Warner ) ( NNPS Communications ) ( NNP Inc. ) ( NNP Chairman ) ( NNP Steven ) ( NNP J. ) ( NNP Ross ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Guber-Peters ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB end ) ( NP ( PRP$ its ) ( JJ five-year ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NNS movies ) ) ( PP-CLR ( ADVP ( RB exclusively ) ) ( IN for ) ( NP ( NNP Warner ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Peters would fly to New York with the intention of telling Warner Communications Inc. Chairman Steven J. Ross that Guber-Peters planned to end its five-year contract to produce movies exclusively for Warner


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-LOC-PRD ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS scripts ) ) ( VP ( MD would ) ( VP ( VB diverge ) ) ) ) ) ) )

That 's where the two scripts would diverge


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNS affidavits ) ) ( VP ( VBN filed ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ( NNP Superior ) ( NNP Court ) ) ) ( PP ( IN in ) ( NP ( NP ( NN connection ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 1 ) ( CD billion ) ) ) ( JJ breach-of-contract ) ( NN suit ) ) ( SBAR ( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VBD brought ) ( PP-CLR ( IN against ) ( NP-2 ( NNP Sony ) ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG hiring ) ( NP ( DT the ) ( CD two ) ( NNS producers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ( VP ( VBP tell ) ( NP ( CD one ) ( NN story ) ) ) )

In affidavits filed in Los Angeles Superior Court in connection with the 1 billion breach-of-contract suit Warner brought against Sony for hiring the two producers Mr. Guber and Mr. Peters tell one story


( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VBZ tells ) ( NP ( DT another ) ) ) )

Warner tells another


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNS affidavits ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Peters ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( ADJP-PRD ( VBN shocked ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Ross ) ) ( VP ( VP ( VBD refused ) ( NP ( DT a ) ( NN meeting ) ) ) ( CC and ) ( VP ( VBD made ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-2 ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( VB stop ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In the affidavits Mr. Peters says he was shocked when Mr. Ross refused a meeting and made it clear he would stop them


( S ( NP-SBJ ( NNP Mr. ) ( NNP Peters ) ) ( VP ( VBZ claims ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD reminded ) ( NP ( NNP Mr. ) ( NNP Ross ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Robert ) ( NNP Daly ) ) ( CC and ) ( NP ( NNP Terry ) ( NNP Semel ) ) ) ( NP ( NP ( DT the ) ( JJ top ) ( NNS executives ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Warner ) ( NNPS Brothers ) ( NN studio ) ) ) ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB repeatedly ) ) ( VP ( VBN agreed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD had ) ( NP ( DT every ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( NP ( DT an ) ( NN offer ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Sony ) ( POS 's ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Peters claims he reminded Mr. Ross that Robert Daly and Terry Semel the top executives of the Warner Brothers studio had repeatedly agreed that we had every right to accept an offer such as Sony 's


( S-1 ( PP ( IN In ) ( NP ( NN response ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Peters ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Ross ) ) ( VP ( VP ( VBD referred ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ his ) ( NNS colleagues ) ) ( PP-LOC ( IN at ) ( NP ( NNP Warner ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( DT an ) ( NN obscenity ) ) ) ) ( CC and ) ( VP ( VBD said ) ( S ( VP ( VB Tell ) ( NP ( PRP them ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT a ) ( NN job ) ) ) ) ) ) ) ) ) ) )

In response Mr. Peters says Mr. Ross referred to his colleagues at Warner with an obscenity and said Tell them that they do n't have a job


( S ( NP-SBJ ( PRP You ) ) ( VP ( MD can ) ( VP ( VB take ) ( NP ( PRP them ) ) ( PP ( IN with ) ( NP ( PRP you ) ) ) ) ) )

You can take them with you


( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VP ( VBZ denies ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Ross ) ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBD said ) ( NP ( DT any ) ( JJ such ) ( NN thing ) ) ) ) ) ) ( CC and ) ( VP ( PRN ( PP ( IN in ) ( NP ( NN fact ) ) ) ) ( VBZ denies ) ( NP ( NP ( RB virtually ) ( NN everything ) ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ( VP ( VBP say ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS affidavits ) ) ) ) ) ) ) ) ) )

Warner denies Mr. Ross ever said any such thing and in fact denies virtually everything Mr. Guber and Mr. Peters say in their affidavits


( S ( S-TPC-2 ( NP-TMP ( NN Tomorrow ) ) ( NP-SBJ ( NNP Warner ) ) ( VP ( MD will ) ( VP ( VB file ) ( NP ( NP ( DT another ) ( NN batch ) ) ( PP ( IN of ) ( NP ( NP ( NNS documents ) ) ( VP ( VBG contending ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN essence ) ) ( PP ( IN of ) ( NP ( NP ( NN everything ) ) ( SBAR ( S ( NP-SBJ ( DT these ) ( NNS guys ) ) ( VP ( VBP are ) ( VP ( VBG saying ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB basically ) ) ( NP-PRD ( NNS lies ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NP ( NNP Warner ) ( POS 's ) ) ( NN chief ) ( JJ outside ) ( NN counsel ) ) ( NP ( NNP Stuart ) ( NNP Rabinowitz ) ) ) )

Tomorrow Warner will file another batch of documents contending that the essence of everything these guys are saying is basically lies says Warner 's chief outside counsel Stuart Rabinowitz


( S ( NP-TMP ( NNP Thursday ) ) ( NP-SBJ-1 ( DT a ) ( NN judge ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB rule ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( NNP Warner ) ( POS 's ) ) ( NN motion ) ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP-2 ( DT the ) ( NNP Guber-Peters ) ( NN duo ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG going ) ( PP-DIR ( TO to ) ( NP ( NNP Columbia ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Thursday a judge is scheduled to rule on Warner 's motion seeking to block the Guber-Peters duo from going to Columbia


( S ( NP-SBJ ( NP ( DT The ) ( NN battery ) ) ( PP ( IN of ) ( NP ( NP ( JJ legal ) ( NNS documents ) ) ( VP ( VBN filed ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( NN week ) ) ) ( PP ( IN in ) ( NP ( NP ( NN connection ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN suit ) ) ) ) ) ) ) ) ) ( VP ( VBP provide ) ( NP ( NP ( DT a ) ( NN peek ) ) ( PP ( IN into ) ( NP ( NP ( DT the ) ( JJ inner ) ( NNS workings ) ) ( PP ( IN of ) ( NP ( DT this ) ( NNP Hollywood ) ( NN dogfight ) ) ) ) ) ) ) )

The battery of legal documents filed in the past week in connection with the suit provide a peek into the inner workings of this Hollywood dogfight


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( ADVP ( RB also ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ first ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ-2 ( DT a ) ( NN judge ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB decide ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( SBAR-NOM ( WHNP-4 ( WHNP ( WDT which ) ( PRN ( PP ( IN if ) ( NP ( DT any ) ) ) ) ( NN version ) ) ( PP ( IN of ) ( NP ( NP ( NNS events ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN morass ) ) ) ) ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NN fiction ) ) ) ) ) ( CC and ) ( SBAR-NOM ( WHNP-5 ( WDT which ) ) ( S ( NP-PRD ( NN fact ) ) ) ) ) ) ) ) ) ) )

But they also make it clear that the first thing a judge will have to decide is which if any version of events in this morass is fiction and which fact


( S ( NP-SBJ-1 ( DT The ) ( NN matter ) ) ( VP ( MD may ) ( ADVP-TMP ( RB never ) ) ( ADVP ( RB even ) ) ( VP ( VB be ) ( VP ( VBN tried ) ( PP-LOC ( IN in ) ( NP ( NN court ) ) ) ) ) ) )

The matter may never even be tried in court


( S ( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( SBAR-NOM-SBJ ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB really ) ) ( VP ( VBZ wants ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNS producers ) ) ( VP ( TO to ) ( VP ( VB fulfill ) ( NP ( PRP$ their ) ( JJ contractual ) ( NNS obligations ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN bitterness ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN battle ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS accusations ) ) ( VP ( VBG flying ) ( PP-LOC ( IN on ) ( NP ( DT both ) ( NNS sides ) ) ) ) ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ unlikely ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ decade-long ) ( NN relationship ) ) ( PP ( IN between ) ( NP ( NP ( NNP Warner ) ) ( CC and ) ( NP ( PRP$ its ) ( CD two ) ( JJS most ) ( JJ prolific ) ( NNS producers ) ) ) ) ) ( VP ( MD can ) ( ADVP-TMP ( RB ever ) ) ( VP ( VB be ) ( VP ( VBN repaired ) ) ) ) ) ) ) ) ) )

Warner says that what it really wants is for the producers to fulfill their contractual obligations but the bitterness of this battle and the accusations flying on both sides make it unlikely that the decade-long relationship between Warner and its two most prolific producers can ever be repaired


( S ( NP-SBJ ( NP ( NNP Warner ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN process ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG merging ) ( PP-CLR ( IN with ) ( NP ( NNP Time ) ( NNP Warner ) ( NNP Inc. ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( NP ( DT the ) ( NN matter ) ) ( PP-LOC ( IN out ) ( PP ( IN of ) ( NP ( NN court ) ) ) ) ) ) ) ) ) ) ) ) )

Warner which is in the process of merging with Time Warner Inc. says it is willing to settle the matter out of court


( S ( ADVP-TMP ( IN So ) ( RB far ) ) ( ADVP ( RB however ) ) ( NP-SBJ-1 ( NNP Sony ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( PRP$ its ) ( JJ considerable ) ( JJ financial ) ( NNS demands ) ) ) ) ) ) ) ) )

So far however Sony has n't been willing to meet its considerable financial demands


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( RB much ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB gain ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( JJ protracted ) ( NN battle ) ) ) ) ) ) ) ) ) ) )

Mr. Guber and Mr. Peters do n't have much to gain from a protracted battle


( S ( NP-SBJ-1 ( NNP Sony ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN part ) ) ) ( VP ( MD could ) ( VP ( VB decide ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT a ) ( NX ( NX ( NNP Warner ) ( NN settlement ) ) ( CC or ) ( NX ( NN court ) ( NN fight ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB too ) ( JJ high ) ) ) ) ) ( S-ADV ( VP ( VBG choosing ) ( ADVP ( RB instead ) ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( NN someone ) ( RB else ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB run ) ( NP ( NNP Columbia ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( DT that ) ) ( ADVP ( RB too ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ costly ) ) ( PP ( VBN given ) ( NP ( NP ( DT the ) ( JJ financial ) ( NN arrangement ) ) ( VP ( ADVP-TMP ( RB already ) ) ( VBN guaranteed ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Mr. ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sony for its part could decide that the cost of a Warner settlement or court fight is too high choosing instead to find someone else to run Columbia although that too would be costly given the financial arrangement already guaranteed to Mr. Guber and Mr. Peters


( S ( PP-LOC ( IN In ) ( NP ( DT that ) ( NN case ) ) ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ( VP ( MD might ) ( RB not ) ( VP ( VB suffer ) ( ADVP-MNR ( RB financially ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN left ) ( PP-CLR ( PP ( IN without ) ( NP ( NP ( PRP$ their ) ( NN dream ) ( NN job ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG running ) ( NP ( DT a ) ( NN studio ) ) ) ) ) ) ) ( CC and ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( RB considerably ) ( VBN scarred ) ( NN relationship ) ) ( PP ( IN with ) ( NP ( NNP Warner ) ) ) ) ) ) ) ) ) ) )

In that case Mr. Guber and Mr. Peters might not suffer financially but they would be left without their dream job of running a studio and with a considerably scarred relationship with Warner


( S ( SINV ( PP-LOC-PRD-TPC-1 ( IN At ) ( NP ( NP ( DT the ) ( NN center ) ) ( PP ( IN of ) ( NP ( DT any ) ( NN court ) ( NN fight ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ) ) ( NP-SBJ ( NP ( DT the ) ( VBG differing ) ( NNS interpretations ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBN written ) ( NN contract ) ) ( PP ( IN between ) ( NP ( NP ( NNP Warner ) ) ( CC and ) ( NP ( DT the ) ( CD two ) ( NNS producers ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ other ) ( JJR murkier ) ( NNS issues ) ) ( VP ( MD will ) ( VP ( VB play ) ( NP ( DT a ) ( JJ big ) ( NN role ) ) ) ) ) )

At the center of any court fight will be the differing interpretations of the written contract between Warner and the two producers but other murkier issues will play a big role


( S ( NP-SBJ ( NP ( NNP Sony ) ) ( CC and ) ( NP ( DT the ) ( NNP Guber-Peters ) ( NN team ) ) ) ( VP ( VBP are ) ( VP ( VBG hanging ) ( NP ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN case ) ) ) ) ( PP-CLR ( PP ( IN on ) ( NP ( NP ( NP ( NNP Warner ) ( POS 's ) ) ( NN willingness ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( S-2 ( VP ( TO to ) ( VP ( VB release ) ( NP ( DT the ) ( NNS producers ) ) ( PP-CLR ( IN from ) ( NP ( DT another ) ( NN contract ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( NP ( DT an ) ( JJ oral ) ( NN agreement ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ( SBAR ( S ( VP ( VBN allowed ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB terminate ) ( NP ( DT the ) ( JJ current ) ( VBN written ) ( NN contract ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB run ) ( NP ( DT a ) ( JJ major ) ( NN studio ) ) ) ) ) ) ( VP ( VBD came ) ( PRT ( IN up ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sony and the Guber-Peters team are hanging much of their case on Warner 's willingness last year to release the producers from another contract and on an oral agreement they say allowed them to terminate the current written contract if the opportunity to run a major studio came up


( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VP ( VBZ denies ) ( SBAR ( S ( NP-SBJ-1 ( PDT such ) ( DT an ) ( NN agreement ) ) ( VP ( VBD was ) ( VP ( VBN made ) ) ) ) ) ) ( CC and ) ( VP ( VBZ disputes ) ( NP ( NP ( DT the ) ( NNP Guber-Peters ) ( NN version ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB virtually ) ( DT every ) ) ( NX ( NX ( NN telephone ) ( NN call ) ) ( CC and ) ( NX ( VBG meeting ) ) ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS sides ) ) ( VP ( VBD had ) ( PP ( IN on ) ( NP ( DT the ) ( NN matter ) ) ) ) ) ) ) ) ) ) ) )

Warner denies such an agreement was made and disputes the Guber-Peters version of virtually every telephone call and meeting the two sides had on the matter


( S ( SBAR-SBJ ( WHADJP-1 ( RB Just ) ( WRB how ) ( JJ rancorous ) ) ( S ( NP-SBJ ( DT the ) ( NN relationship ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ clear ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( VBG differing ) ( NNS versions ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD two ) ( NNS sides ) ( POS ' ) ) ( JJ current ) ( NN business ) ( NNS dealings ) ) ) ) ) ) )

Just how rancorous the relationship has become is clear from the differing versions of the two sides ' current business dealings


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Guber ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ( VP ( VBP say ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS affidavits ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Warner ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ is ) ( VP ( VBG taking ) ( NP ( NNS steps ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB freeze ) ( NP-CLR ( PRP them ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NP ( NP ( PRP$ their ) ( NNS projects ) ) ( PP-LOC ( IN at ) ( NP ( NNP Warner ) ) ) ) ( ADVP ( RB notably ) ) ( NP ( NP ( DT the ) ( NNP Sylvester ) ( NNP Stallone ) ( NN film ) ) ( NP-TTL ( NNP Tango ) ( CC and ) ( NNP Cash ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Guber and Mr. Peters say in their affidavits that Warner already is taking steps to freeze them out of their projects at Warner notably the Sylvester Stallone film Tango and Cash


( S ( NP-SBJ ( NNP Mr. ) ( NNP Peters ) ) ( VP ( VBZ says ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NN affidavit ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN movie ) ( POS 's ) ) ( NN staff ) ) ( VP ( VBD was ) ( VP ( VBN told ) ( NP-TMP ( JJ last ) ( NN week ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VBD was ) ( VP ( VBG taking ) ( PRT ( RP over ) ) ( NP ( DT the ) ( NN picture ) ) ) ) ) ) ( CC and ) ( SBAR ( S ( NP-SBJ ( DT another ) ( NN producer ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBG giving ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS orders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Peters says in his affidavit that the movie 's staff was told last week that Warner was taking over the picture and another producer would be giving all of the orders


( S-3 ( PP ( IN Over ) ( NP ( PRP$ his ) ( NNS objections ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Peters ) ) ( VP ( VBZ says ) ) ) ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN film ) ( POS 's ) ) ( NN release ) ( NN date ) ) ( VP ( VBD was ) ( VP ( VBN moved ) ( PRT ( RP up ) ) ( PP-MNR ( IN by ) ( NP ( JJ many ) ( NNS months ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP December ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( NNS plans ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN soundtrack ) ) ( ADJP ( JJ worth ) ( NP ( NP ( NNS millions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN dropped ) ) ) ) )

Over his objections Mr. Peters says the film 's release date was moved up by many months to December and plans for a soundtrack worth millions of dollars were dropped


( S ( NP-SBJ ( NP ( NNP Hubert ) ( NNP de ) ( NNP la ) ( NNP Bouillaire ) ) ( NP ( NP ( DT an ) ( NN editor ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN film ) ) ) ) ) ( VP ( VBZ backs ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ separate ) ( VBN sworn ) ( NN declaration ) ) ) ) )

Hubert de la Bouillaire an editor on the film backs Mr. Peters in a separate sworn declaration


( S ( NP-SBJ ( NNP Mr. ) ( NNP de ) ( NNP la ) ( NNP Bouillaire ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNP Warner ) ( NNPS Brothers ) ( NN production ) ( NN president ) ( NNP Mark ) ( NNP Canton ) ) ( VP ( VP ( VBD called ) ( NP ( PRP him ) ) ( NP-TMP ( NNP Oct. ) ( CD 19 ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Peters ) ) ( VP ( VBZ is ) ( PP-PRD ( IN off ) ( NP ( DT the ) ( NN picture ) ) ) ) ) ) ) ) ) ) ) )

Mr. de la Bouillaire says Warner Brothers production president Mark Canton called him Oct. 19 and said Mr. Peters is off the picture


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ calls ) ( NP ( PRP you ) ) ( PRT ( IN up ) ) ) ) ) ( ADVP ( RB just ) ) ( VP ( VB tell ) ( NP ( PRP him ) ) ( SBAR ( S ( NP-SBJ ( NN everything ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ fine ) ) ) ) ) ) )

If he calls you up just tell him everything is fine


( S ( NP-SBJ ( DT The ) ( NN editor ) ) ( ADVP ( RB also ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( DT the ) ( JJ new ) ( NN producer ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN film ) ) ) ) ( NP ( NNP Bruce ) ( NNP Baird ) ) ) ( VP ( VBD told ) ( NP-1 ( NNS editors ) ) ( S ( VP ( TO to ) ( VP ( VB screen ) ( NP ( DT the ) ( NN picture ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG telling ) ( NP ( NP ( NNS stars ) ( NX ( NX ( NNP Sylvester ) ( NNP Stallone ) ) ( CC and ) ( NX ( NNP Kurt ) ( NNP Russell ) ) ) ) ( CC or ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ) ) ) ) ) ) ) ) ) ) )

The editor also says the new producer on the film Bruce Baird told editors to screen the picture without telling stars Sylvester Stallone and Kurt Russell or Mr. Peters


( S ( SBAR-ADV ( X ( DT The ) ( JJS less ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP know ) ) ) ) ( X ( DT the ) ( JJR easier ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( PP ( IN for ) ( NP ( PRP us ) ) ) ) )

The less they know the easier it is for us


( S ( S-TPC-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NN someone ) ) ( VP ( VBZ asks ) ) ) ) ( ADVP ( RB just ) ) ( VP ( VP ( VB lie ) ) ( CC and ) ( VP ( VB tell ) ( NP ( PRP them ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN done ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP de ) ( NNP la ) ( NNP Bouillaire ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Baird ) ) ( VP ( VBD told ) ( NP ( PRP them ) ) ) ) ) ) )

If someone asks just lie and tell them it will be done Mr. de la Bouillaire says Mr. Baird told them


( S-1 ( NP-SBJ ( IN That ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Warner ) ( POS 's ) ) ( NNP Mr. ) ( NNP Rabinowitz ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ total ) ( ADJP ( CD 100 ) ( NN % ) ) ( NN lie ) ) ) )

That says Warner 's Mr. Rabinowitz is a total 100 % lie


( S-1 ( NP-SBJ ( DT The ) ( NN movie ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( PRP$ its ) ( NN post-production ) ( NNS stages ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG cleaning ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN film ) ) ) ) ) ) ) ) )

The movie he says is in its post-production stages of cleaning up the film


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Peters ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Guber ) ) ) ( PP ( IN as ) ( NP ( NP ( DT the ) ( JJ contractual ) ( NNS producers ) ) ( PP ( IN with ) ( NP ( NN consultation ) ( NNS rights ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN invited ) ( UCP ( PP-CLR ( TO to ) ( NP ( NNS screenings ) ) ) ( CC and ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( NP ( PRP$ their ) ( NN input ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN film ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He says Mr. Peters and Mr. Guber as the contractual producers with consultation rights have been invited to screenings and to give their input on the film


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Dozens ) ) ( PP ( IN of ) ( NP ( NNP Guber-Peters ) ( NNS staffers ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VP ( VBG working ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Warner ) ( NN lot ) ) ) ) ( CC and ) ( VP ( VBG consulting ) ( PP-CLR ( IN on ) ( NP ( JJ various ) ( NNS projects ) ) ) ( PP-TMP ( IN on ) ( NP ( DT a ) ( JJ daily ) ( NN basis ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN attorney ) ) ( VP ( VBZ says ) ) )

Dozens of Guber-Peters staffers are still working on the Warner lot and consulting on various projects on a daily basis the attorney says


( S ( NP-SBJ ( NNP Mr. ) ( NNP Guber ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NN affidavit ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD advised ) ( NP ( NNP Warner ) ( NNP President ) ( NNP Terry ) ( NNP Semel ) ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NNP Sony ) ( NN offer ) ) ) ( PP-LOC ( IN at ) ( NP ( NN lunch ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Sept. ) ( CD 25 ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Semel ) ) ( VP ( VP ( VBD hugged ) ( CC and ) ( VBD congratulated ) ( NP ( PRP me ) ) ) ( CC and ) ( VP ( VBD expressed ) ( NP ( NN joy ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB finally ) ) ( VP ( VBN realized ) ( NP ( NP ( PRP$ our ) ( JJ long-term ) ( NN ambition ) ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG running ) ) ( CC and ) ( VP ( VBG having ) ( NP ( NP ( DT an ) ( NN equity ) ( NN position ) ) ( PP-LOC ( IN in ) ) ) ) ( NP-1 ( DT a ) ( JJ major ) ( NN entertainment ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Guber in his affidavit says that when he advised Warner President Terry Semel of the Sony offer at lunch on Sept. 25 Mr. Semel hugged and congratulated me and expressed joy that we had finally realized our long-term ambition of running and having an equity position in a major entertainment company


( S ( NP-SBJ ( NNP Mr. ) ( NNP Guber ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD brought ) ( PP-CLR ( TO to ) ( NP ( NN lunch ) ) ) ( NP ( NP ( DT a ) ( NN release ) ( NN document ) ) ( SBAR ( S ( NP-SBJ ( NNP Warner ) ) ( VP ( VBD had ) ( VP ( VBN agreed ) ( PP ( TO to ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1988 ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ( VP ( VBD made ) ( NP ( DT an ) ( JJ aborted ) ( NN bid ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NNP MGM\/UA ) ( NNP Entertainment ) ( NNP Co. ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB run ) ( NP ( DT the ) ( NNP MGM ) ( NN studio ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Guber says he brought to lunch a release document Warner had agreed to in 1988 when he and Mr. Peters made an aborted bid to buy part of MGM\/UA Entertainment Co. to run the MGM studio


( S ( NP-SBJ ( NNP Mr. ) ( NNP Guber ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD had ) ( VP ( VP ( VBN crossed ) ( PRT ( RP out ) ) ( NP ( NNP MGM ) ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( JJ red ) ( NN pen ) ) ) ) ( CC and ) ( VP ( VBN written ) ( PRT ( RP in ) ) ( NP ( NNP Columbia ) ) ) ( S-ADV ( VP ( VBG giving ) ( NP ( DT the ) ( NN document ) ) ( PP-DTV ( TO to ) ( NP ( NNP Mr. ) ( NNP Semel ) ) ) ) ) ) ) ) ) ) )

Mr. Guber says he had crossed out MGM with a red pen and written in Columbia giving the document to Mr. Semel


( S ( S-TPC-1 ( NP-SBJ ( NNP Mr. ) ( NNP Semel ) ) ( VP ( VBD said ) ( NP ( NP ( RB absolutely ) ( NN nothing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB indicate ) ( SBAR ( S ( NP-SBJ ( NNP Warner ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( DT any ) ( NN objection ) ) ( PP ( TO to ) ( S-NOM ( NP-SBJ ( PRP$ our ) ) ( VP ( VBG assuming ) ( NP ( NN management ) ( NNS positions ) ) ( PP-LOC ( IN at ) ( NP ( NNP Columbia ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Guber ) ) ( VP ( VBZ says ) ) )

Mr. Semel said absolutely nothing to indicate Warner would have any objection to our assuming management positions at Columbia Mr. Guber says


( S ( NP-SBJ ( NNP Mr. ) ( NNP Semel ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NN affidavit ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB mention ) ( NP ( DT any ) ( NN hugging ) ( CC or ) ( NN congratulating ) ) ) ) )

Mr. Semel in his affidavit does n't mention any hugging or congratulating


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD told ) ( NP ( NNP Mr. ) ( NNP Guber ) ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB sign ) ( NP ( DT any ) ( NNS documents ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN deal ) ) ( SBAR-ADV ( IN although ) ( S ( ADVP ( RB apparently ) ) ( NP-PRD ( NP ( DT a ) ( JJ good ) ( CD one ) ) ( PP ( IN for ) ( NP ( NP ( PRP him ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Peters ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( RB very ) ( JJ negative ) ( NN impact ) ) ( PP ( IN on ) ( NP ( NNP Warner ) ) ) ) ) ) ) ) ) ) ) ) ) )

He says he told Mr. Guber he could n't sign any documents and that the deal although apparently a good one for him and Mr. Peters would have a very negative impact on Warner