( S ( SBAR-ADV-TPC-1 ( IN If ) ( S ( NP-SBJ ( NNS profits ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB improve ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Whitten ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD may ) ( VP ( VB quit ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) ) ) )

If profits do n't improve Mr. Whitten says he may quit the exchange


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NN competition ) ) ( PP ( IN from ) ( NP ( NP ( NNS rivals ) ) ( ADJP ( JJ unencumbered ) ( PP ( IN by ) ( NP ( NN history ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG intensifying ) ) ) )

Meanwhile competition from rivals unencumbered by history is intensifying


( S ( NP-SBJ-1 ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN squeezed ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NP ( ADJP ( ADJP ( JJ low-margin ) ) ( CC but ) ( ADJP ( ADVP ( RBR more ) ( RB consistently ) ) ( JJ profitable ) ) ) ( NN product ) ( NNS lines ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ primary ) ( NN property ) ) ( CC and ) ( NP ( JJ marine ) ( NN insurance ) ) ) ) ) ) ) ) ) ) )

Lloyd 's is being squeezed out of low-margin but more consistently profitable product lines such as primary property and marine insurance


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( JJ past ) ( NN decade ) ) ) ( NP-SBJ ( NNS competitors ) ) ( VP ( VBP have ) ( VP ( VBN chipped ) ( PRT ( RP away ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN share ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 2.5 ) ( CD billion ) ) ) ( JJ marine ) ( NN market ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP London ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( PDT half ) ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( NNS ships ) ) ( VP ( VBP are ) ( VP ( VBN insured ) ) ) ) ) ) ) ) ) ) ) ) ) )

Over the past decade competitors have chipped away at the exchange 's share of the 2.5 billion marine market in London where half the world 's ships are insured


( S ( NP-SBJ ( NP ( NP ( NNP Lloyd ) ( POS 's ) ) ( ADJP ( CD 66 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN market ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN shrunk ) ( PP-DIR ( TO to ) ( NP ( CD 50 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT that ) ( NN period ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( NN official ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NNP Institute ) ) ( PP ( IN of ) ( NP ( NNP London ) ( NNP Underwriters ) ) ) ) ( NP ( DT a ) ( NP ( NNP Lloyd ) ( POS 's ) ) ( NN competitor ) ) ) ) ) ) ) ) ) )

Lloyd 's 66 % stake in that market has shrunk to 50 % in that period according to an official at the Institute of London Underwriters a Lloyd 's competitor


( S ( NP-SBJ-1 ( DT The ) ( NN official ) ) ( VP ( VBD asked ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN named ) ) ) ) ) ) )

The official asked not to be named


( S ( NP-SBJ ( NP ( JJ Much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN business ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN gone ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN institute ) ) ( NP ( NP ( DT an ) ( NN association ) ) ( PP ( IN of ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 100 ) ) ( NNS insurers ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Cigna ) ( NNP Corp. ) ) ( NP ( NP ( NNP Allianz ) ( NNP Versicherungs ) ( NNP AG ) ) ( PP ( IN of ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ( CC and ) ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( NNP Commercial ) ( NNP Union ) ( NNP Assurance ) ( NNP PLC ) ) ) ) ) ) ) ) ) ) ) )

Much of the business has gone to the institute an association of more than 100 insurers including Cigna Corp. Allianz Versicherungs AG of West Germany and Britain 's Commercial Union Assurance PLC


( S ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBZ has ) ( VP ( VBN endured ) ( NP ( NP ( NNS decades ) ) ( PP ( IN of ) ( NP ( JJ genteel ) ( NN decline ) ) ) ) ) ) )

Lloyd 's has endured decades of genteel decline


( S ( PP-TMP ( IN At ) ( NP ( NP ( DT the ) ( NN peak ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN power ) ( CC and ) ( VB influence ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN century ) ) ( RB ago ) ) ) ) ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBD dominated ) ( NP ( DT the ) ( NN insurance ) ( NN world ) ) ( PP ( IN with ) ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ) ) )

At the peak of its power and influence a century ago Lloyd 's dominated the insurance world with a 50 % stake


( S ( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB virtually ) ) ( VP ( VBD dictated ) ( SBAR ( WHADVP-3 ( WRB how ) ) ( S ( NP-SBJ-2 ( NNS ships ) ) ( VP ( VBD were ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN built ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD monitored ) ( NP ( NN commerce ) ) ( PP-MNR ( IN through ) ( NP ( DT a ) ( JJ unrivaled ) ( NN intelligence ) ( NN network ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS ports ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN globe ) ) ) ) ) ) ) )

It virtually dictated how ships were to be built and it monitored commerce through a unrivaled intelligence network in ports around the globe


( S ( NP-TMP ( NN Today ) ) ( NP-SBJ ( NP ( NP ( NNP Lloyd ) ( POS 's ) ) ( NN share ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN world ) ( NN market ) ) ) ( PP ( VBG excluding ) ( NP ( NN life ) ( NN insurance ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( RB about ) ( CD 2 ) ) ( NN % ) ) ) )

Today Lloyd 's share of the world market excluding life insurance is about 2 %


( S ( NP-SBJ ( PRP$ Its ) ( NN stake ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB even ) ( JJR smaller ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NN life ) ( NN insurance ) ) ( VP ( VBZ is ) ( VP ( VBN included ) ) ) ) ) ) )

Its stake is even smaller if life insurance is included


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( JJR Bigger ) ( NNS rivals ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Aetna ) ( CC and ) ( NNP Allianz ) ) ) ) ( S-ADV ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS armies ) ) ( PP ( IN of ) ( NP ( NP ( NNS statisticians ) ) ( VP ( VBG using ) ( NP ( NNS computers ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NNS branches ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBP operate ) ( ADVP-MNR ( RBR more ) ( RB efficiently ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB often ) ) ( MD can ) ( VP ( VB offer ) ( NP ( JJR lower ) ( NNS rates ) ) ) ) ) ) ( NP-SBJ ( NNS brokers ) ) ( VP ( VBP say ) ) )

Bigger rivals such as Aetna and Allianz backed by armies of statisticians using computers in hundreds of branches operate more efficiently and often can offer lower rates brokers say


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBD pioneered ) ( NP ( NP ( JJ such ) ( JJ now-standard ) ( NNS policies ) ) ( PP ( IN as ) ( NP ( NP ( NP ( NN worker ) ( POS 's ) ) ( NN compensation ) ( NN insurance ) ) ( NP ( NP ( NN burglary ) ( NN insurance ) ) ( PP ( IN for ) ( NP ( NNS homeowners ) ( CC and ) ( NNS businesses ) ) ) ) ( CC and ) ( NP ( NP ( NNS bankers ) ( POS ' ) ) ( NN liability ) ( NN insurance ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS competitors ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP underwrite ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN business ) ) ) ) ) )

Though Lloyd 's pioneered such now-standard policies as worker 's compensation insurance burglary insurance for homeowners and businesses and bankers ' liability insurance competitors now underwrite most of that business


( S ( PP ( IN Beyond ) ( NP ( DT that ) ) ) ( NP-SBJ-1 ( JJ many ) ( JJ big ) ( UCP ( NN oil ) ( NN chemical ) ( CC and ) ( NN airline ) ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG siphoning ) ( PRT ( RP off ) ) ( NP ( NP ( JJ big ) ( NNS chunks ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG insuring ) ( NP ( PRP themselves ) ) ( PP-MNR ( IN through ) ( NP ( NP ( JJ captive ) ( JJ offshore ) ( NNS companies ) ) ( PP ( IN for ) ( NP ( JJ industry-specific ) ( NN coverage ) ) ) ) ) ) ) ) ) ) )

Beyond that many big oil chemical and airline companies are siphoning off big chunks of the market by insuring themselves through captive offshore companies for industry-specific coverage


( S ( NP-SBJ-1 ( NP ( RB Even ) ( NP ( NNP Lloyd ) ( POS 's ) ) ( NN specialty ) ) ( NP ( RB unusually ) ( JJ risky ) ( NNS ventures ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN challenged ) ) ) ) )

Even Lloyd 's specialty unusually risky ventures is being challenged


( S ( ADVP-TMP ( NP ( RB Only ) ( CD 10 ) ( NNS years ) ) ( RB ago ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ pre-eminent ) ( NN insurer ) ) ( PP ( IN of ) ( NP ( JJ thoroughbred ) ( NNS horses ) ) ) ) ) )

Only 10 years ago for instance Lloyd 's was the pre-eminent insurer of thoroughbred horses


( S ( CC But ) ( PP-TMP ( IN since ) ( NP ( CD 1981 ) ) ) ( NP-SBJ ( NP ( NNP Kirk ) ( NNP Horse ) ( NNP Insurance ) ( NNP Inc. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Lexington ) ) ( NP ( NNP Ky. ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN grabbed ) ( NP ( NP ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) )

But since 1981 Kirk Horse Insurance Inc. of Lexington Ky. has grabbed a 20 % stake of the market


( S ( NP-SBJ ( NP ( NNP Ronald ) ( NNP Kirk ) ) ( NP ( NN president ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBZ has ) ( VP ( VBN suffered ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ ( PRP$ its ) ( NN structure ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNS underwriters ) ) ( VP ( TO to ) ( VP ( VB deal ) ( ADVP-MNR ( RB directly ) ) ( PP-CLR ( IN with ) ( NP ( NNS clients ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNS brokers ) ) ( VP ( VBP are ) ( NP-PRD ( VBN required ) ( NNS intermediaries ) ) ) ) ) ) ) ) ) ) ) )

Ronald Kirk president says Lloyd 's has suffered because its structure does n't allow underwriters to deal directly with clients brokers are required intermediaries


( S-1 ( ADVP ( RB Thus ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ asserts ) ) ) ) ( NP-SBJ ( NP ( NNP Lloyd ) ( POS 's ) ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB react ) ( ADVP-MNR ( RB quickly ) ) ( PP-CLR ( TO to ) ( NP ( NN competition ) ) ) ) ) )

Thus he asserts Lloyd 's ca n't react quickly to competition


( S ( S-TPC-1 ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBZ has ) ( VP ( VBN lost ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Lloyd 's has lost control of the situation he says


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG controlling ) ( NP ( PRP$ their ) ( NN destiny ) ) ( SBAR-MNR ( IN like ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD used ) ( S ( VP ( TO to ) ) ) ) ) ) ) ) )

They are n't controlling their destiny like they used to


( S ( NP-SBJ ( NP ( NNP Murray ) ( NNP Lawrence ) ) ( NP ( NP ( NNP Lloyd ) ( POS 's ) ) ( NN chairman ) ) ) ( VP ( VBZ agrees ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( VBZ faces ) ( NP ( JJ big ) ( NNS challenges ) ) ) ) ) ) )

Murray Lawrence Lloyd 's chairman agrees the exchange faces big challenges


( S ( S-TPC-2 ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ watershed ) ( NN time ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB plot ) ( NP ( PRP$ our ) ( NN way ) ) ( ADVP-DIR ( RB ahead ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

This is a watershed time and we are trying to plot our way ahead he says


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ great ) ( NN market ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG inventing ) ( NP ( NP ( NNS risks ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( JJ other ) ( NNS people ) ) ( ADVP ( RB then ) ) ( VP ( VP ( VBP take ) ) ( VP ( VBP copy ) ) ( CC and ) ( VP ( VBP cut ) ( NP ( NNS rates ) ) ) ) ) ) ) ) ) ) ) ) ) )

We have been a great market for inventing risks which other people then take copy and cut rates


( S-2 ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN cut ) ( PRT ( RP off ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ vast ) ( NN body ) ) ( PP ( IN of ) ( NP ( NN premium ) ) ) ( ADVP-LOC ( IN down ) ( PP ( IN at ) ( NP ( DT the ) ( NN bottom ) ( NN end ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ acts ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ steadying ) ( NN influence ) ) ( PP ( IN against ) ( NP ( JJ catastrophic ) ( NNS losses ) ) ) ) ) ) ) ) ) ) ) ) )

Lloyd 's he says is cut off from the vast body of premium down at the bottom end which acts as a steadying influence against catastrophic losses


( S ( PP ( IN By ) ( NP ( DT that ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ means ) ( NP ( NP ( ADJP ( JJ low-margin ) ( CC but ) ( JJ low-risk ) ) ( NNS products ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ certain ) ( NNS types ) ) ( PP ( IN of ) ( NP ( JJ primary ) ( NN property ) ( NN insurance ) ) ) ) ) ) ) )

By that he means low-margin but low-risk products such as certain types of primary property insurance


( S-1 ( NP-SBJ ( DT The ) ( NN exchange ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( MD must ) ( VP ( VB find ) ( NP ( NP ( JJ new ) ( NNS products ) ) ( CC and ) ( NP ( JJ new ) ( NNS markets ) ) ) ) ) )

The exchange he says must find new products and new markets


( S ( NP-SBJ ( DT That ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( JJ easy ) ( NN task ) ) ) ) )

That wo n't be an easy task


( S ( NP-SBJ ( NN Tradition ) ) ( VP ( VBZ is ) ( NP-PRD ( NN dictator ) ) ( PP-LOC ( IN at ) ( NP ( NNP Lloyd ) ( POS 's ) ) ) ) )

Tradition is dictator at Lloyd 's


( S ( ADVP-TMP ( NP ( CD Three ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( VBD took ) ( PRT ( RP up ) ) ( NP ( NN residence ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ space-age ) ( NN tower ) ) ( PP ( IN of ) ( NP ( NN steel ) ( CC and ) ( NN glass ) ) ) ( ADJP ( JJ evocative ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN kind ) ) ( PP ( IN of ) ( NP ( JJ modern ) ( NN architecture ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( NNP Prince ) ( NNP Charles ) ) ( VP ( VBZ has ) ( VP ( VBN denounced ) ) ) ) ) ) ) ) ) ) ) )

Three years ago the exchange took up residence in a space-age tower of steel and glass evocative of the kind of modern architecture that Britain 's Prince Charles has denounced


( S ( NP-SBJ ( DT Some ) ( NN exchange ) ( NNS wags ) ) ( VP ( VBP call ) ( S ( NP-SBJ ( DT the ) ( NN building ) ) ( NP-PRD ( DT the ) ( NN oil ) ( NN rig ) ) ) ) )

Some exchange wags call the building the oil rig


( S ( CC But ) ( ADVP ( IN along ) ( PP ( IN with ) ( NP ( NP ( JJ such ) ( JJ treasured ) ( NNS artifacts ) ) ( PP ( IN as ) ( NP ( NP ( NNP Lord ) ( NNP Nelson ) ( POS 's ) ) ( NN spyglass ) ) ) ) ) ) ( NP-SBJ ( NNP Lloyd ) ( VBZ 's ) ) ( ADVP ( RB also ) ) ( VP ( VBD brought ) ( NP ( NP ( PRP$ its ) ( JJ outmoded ) ( NNS ways ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG doing ) ( NP ( NN business ) ) ) ) ) ) ) )

But along with such treasured artifacts as Lord Nelson 's spyglass Lloyd 's also brought its outmoded ways of doing business


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NP ( NNP Lloyd ) ( POS 's ) ) ( NN market ) ) ( ADVP-MNR ( RB actively ) ) ( VP ( VBZ underwrites ) ( NP ( NN insurance ) ) ( NP-TMP ( NP ( QP ( RB just ) ( CD 4 ) ( CD 1\/2 ) ) ( NNS hours ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ( NP-SBJ ( NNS brokers ) ) ( VP ( VBP say ) ) )

The Lloyd 's market actively underwrites insurance just 4 1\/2 hours a day brokers say


( S ( NP-SBJ ( NN Underwriting ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB get ) ( PP-PRD ( IN under ) ( NP ( NN way ) ) ) ( PP-TMP ( IN until ) ( PP ( IN after ) ( NP ( NP ( NN morning ) ( NN tea ) ) ( PP-TMP ( IN at ) ( NP ( CD 10 ) ( RB a.m ) ) ) ) ) ) ) ) )

Underwriting does n't get under way until after morning tea at 10 a.m


( S ( NP-SBJ ( DT A ) ( JJ two-hour ) ( NN lunch ) ( NN break ) ) ( VP ( VBZ follows ) ) )

A two-hour lunch break follows


( S ( NP-SBJ ( NNS Things ) ) ( VP ( VBP wind ) ( PRT ( RP down ) ) ( PP-TMP ( IN at ) ( NP ( RB about ) ( CD 4:30 ) ( RB p.m. ) ) ) ( PP ( RB just ) ( IN in ) ( NP ( NP ( NN time ) ) ( PP ( IN for ) ( NP ( NN afternoon ) ( NN tea ) ) ) ) ) ) )

Things wind down at about 4:30 p.m. just in time for afternoon tea


( S ( NP-SBJ ( NP ( NNP Lloyd ) ( POS 's ) ) ( JJ vast ) ( NN trading ) ( NN hall ) ) ( VP ( VBZ houses ) ( NP ( NP ( DT a ) ( NN warren ) ) ( PP ( IN of ) ( NP ( JJ well-polished ) ( NNS desks ) ) ) ) ) )

Lloyd 's vast trading hall houses a warren of well-polished desks


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN hall ) ( POS 's ) ) ( JJ few ) ( NNS computers ) ) ( VP ( VBP are ) ( VP ( VBN used ) ( ADVP ( RB mostly ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB send ) ( NP ( NNS messages ) ) ) ) ) ) ) )

The hall 's few computers are used mostly to send messages


( S ( S-ADV ( VP ( VBN Sandwiched ) ( PP-LOC ( IN between ) ( NP ( NNS desks ) ) ) ) ) ( NP-SBJ-1 ( NNS underwriters ) ) ( VP ( VBP sit ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS benches ) ) ( VP ( VBN surrounded ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS stacks ) ) ( PP ( IN of ) ( NP ( NNS policies ) ) ) ) ) ) ) ) ) )

Sandwiched between desks underwriters sit on benches surrounded by stacks of policies


( S ( NP-SBJ-1 ( NP ( NNS Brokers ) ) ( VP ( VBG clutching ) ( NP ( JJ thick ) ( NNS folders ) ) ) ) ( VP ( VBP stand ) ( PP-CLR ( IN in ) ( NP ( NNS lines ) ) ) ( S-ADV ( VP ( VBG waiting ) ( NP ( NP ( PRP$ their ) ( NN turn ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB speak ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNS underwriters ) ) ) ) ) ) ) ) ) ) ) )

Brokers clutching thick folders stand in lines waiting their turn to speak to the underwriters


( S ( NP-SBJ-2 ( DT A ) ( NN broker ) ) ( VP ( MD may ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB approach ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 20 ) ) ( NNS underwriters ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP insure ) ( NP ( DT the ) ( NNS endeavors ) ) ( PP ( IN on ) ( NP ( NP ( NN behalf ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS syndicates ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A broker may have to approach as many as 20 underwriters who insure the endeavors on behalf of the syndicates


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD could ) ( VP ( VB take ) ( NP-EXT ( CD six ) ( NNS months ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ-1 ( DT a ) ( NN claim ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN paid ) ) ) ) ) ) ) ) )

It could take six months for a claim to be paid


( S-2 ( NP-SBJ ( DT The ) ( NN system ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Nicholas ) ( NNP Samengo-Turner ) ) ( NP ( NP ( NP ( DT a ) ( NN Lloyd ) ( POS 's ) ) ( NN broker ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD left ) ( NP ( DT the ) ( NN exchange ) ) ( PP-TMP ( IN in ) ( NP ( CD 1985 ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( RB ludicrously ) ( JJ unprofessional ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ drives ) ( NP ( PRP you ) ( JJ mad ) ) ) ) ) ) ) )

The system says Nicholas Samengo-Turner a Lloyd 's broker who left the exchange in 1985 is so ludicrously unprofessional it drives you mad


( S ( NP-SBJ ( DT Some ) ) ( VP ( VBP maintain ) ( SBAR ( S ( NP-SBJ ( NNS underwriters ) ) ( ADVP ( RB also ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ inept ) ) ) ) ) ) ) )

Some maintain underwriters also have been inept


( S ( NP-SBJ ( NP ( NNP John ) ( NNP Wetherell ) ) ( NP ( NP ( DT a ) ( NNP Lloyd ) ( POS 's ) ) ( NN underwriter ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( PRP$ his ) ( JJ fellow ) ( NNS underwriters ) ) ) ( VP ( VBD underestimated ) ( PP-EXT ( IN by ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 50 ) ) ( NN % ) ) ) ( NP ( NP ( DT the ) ( NNS premiums ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN charged ) ( PP-CLR ( IN for ) ( NP ( NN property ) ( NNS risks ) ) ) ( PP-TMP ( PP ( IN from ) ( NP ( CD 1980 ) ) ) ( PP ( TO to ) ( NP ( CD 1985 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

John Wetherell a Lloyd 's underwriter says he and his fellow underwriters underestimated by as much as 50 % the premiums they should have charged for property risks from 1980 to 1985


( S ( SBAR-TPC-2 ( SBAR ( WHADJP-1 ( WRB How ) ( JJ unprofessional ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD must ) ( VP ( VB have ) ( VP ( VBN appeared ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ outside ) ( NN world ) ) ) ) ) ) ) ) ( PRN ( FRAG ( WHADJP ( WRB how ) ( JJ incompetent ) ( PP ( IN at ) ( NP ( NN risk ) ( NN assessment ) ( CC and ) ( NN evaluation ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

How unprofessional we must have appeared to the outside world how incompetent at risk assessment and evaluation he says


( S ( NP-SBJ-1 ( NP ( NNP Lloyd ) ( POS 's ) ) ( NNS officials ) ) ( VP ( VBP decline ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN matter ) ) ) ) ) ) ) )

Lloyd 's officials decline to comment on the matter


( S ( ADVP-TMP ( RBR More ) ( RB recently ) ) ( NP-SBJ ( NN property ) ( NNS rates ) ) ( VP ( VBP have ) ( VP ( VBN increased ) ) ) )

More recently property rates have increased


( S ( NP-SBJ ( NP ( JJ Many ) ) ( PP-LOC ( IN at ) ( NP ( NNP Lloyd ) ( POS 's ) ) ) ) ( VP ( VBP expect ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN earthquake ) ) ( VP ( MD will ) ( VP ( VB cause ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NNS rates ) ) ( ADVP-EXT ( RB even ) ( RBR further ) ) ) ) ) ) ) ) ) ) )

Many at Lloyd 's expect the San Francisco earthquake will cause the industry to boost rates even further


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NNS years ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN whether ) ( S ( NP-SBJ ( JJR higher ) ( NNS rates ) ) ( VP ( MD will ) ( VP ( VB offset ) ( NP ( NP ( DT the ) ( NNS payouts ) ) ( PP ( IN for ) ( NP ( JJ such ) ( NNS disasters ) ) ) ) ) ) ) ) ) ) ) ) ) )

But it will be years before it is clear whether higher rates will offset the payouts for such disasters


( S ( NP-SBJ ( NP ( DT The ) ( NN magnitude ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NNS problems ) ) ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB become ) ( ADJP-PRD ( VBN known ) ) ( PP-TMP ( IN for ) ( NP ( DT some ) ( NN time ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( NNP Lloyd ) ( POS 's ) ) ( NN practice ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG leaving ) ( S ( NP-SBJ ( DT the ) ( NNS books ) ) ( ADJP-PRD ( JJ open ) ) ) ( PP-TMP ( IN for ) ( NP ( CD three ) ( NNS years ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB allow ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN settlement ) ) ( PP ( IN of ) ( NP ( NNS claims ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The magnitude of the exchange 's problems may not become known for some time because of Lloyd 's practice of leaving the books open for three years to allow for the settlement of claims


( S ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( ADVP-TMP ( RB only ) ( RB recently ) ) ( VP ( VBD reported ) ( NP ( NP ( PRP$ its ) ( JJ financial ) ( NNS results ) ) ( PP ( IN for ) ( NP ( CD 1986 ) ) ) ) ) )

Lloyd 's only recently reported its financial results for 1986


( S ( NP-TMP ( DT That ) ( NN year ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD posted ) ( NP ( NP ( NP ( JJ record ) ( JJ pretax ) ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( CD 650 ) ( CD million ) ) ) ) ) ( NP ( NP ( DT a ) ( NN gain ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ attributes ) ( PP-CLR ( TO to ) ( NP ( NP ( JJR higher ) ( NNS rates ) ) ( CC and ) ( NP ( JJR fewer ) ( NNS claims ) ) ) ) ) ) ) ) ) ) )

That year it posted record pretax profit of 650 million a gain it attributes to higher rates and fewer claims


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Lawrence ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( JJ reported ) ( NN profit ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADVP-PRD ( RB down ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ( CD 1988 ) ( CC and ) ( CD 1989 ) ) ) ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ declines ) ( S ( VP ( TO to ) ( VP ( VB specify ) ( SBAR ( WHADJP-2 ( WRB how ) ( JJ steep ) ) ( S ( NP-SBJ ( DT the ) ( NN decline ) ) ( VP ( MD will ) ( VP ( VB be ) ) ) ) ) ) ) ) ) ) ) ) )

But Mr. Lawrence says reported profit will be down in 1987 1988 and 1989 though he declines to specify how steep the decline will be


( S ( NP-SBJ ( NN Insurance ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN downturn ) ) ( PP-LOC ( IN in ) ( NP ( NN profitability ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN aggravated ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 600 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN aviation ) ( NNS losses ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( CD 1988 ) ( NNP Pan ) ( NNP Am ) ( NN airline ) ( NN disaster ) ) ( PP-LOC ( IN over ) ( NP ( NP ( NNP Lockerbie ) ) ( NP ( NNP Scotland ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ still-uncalculated ) ( NN chunk ) ) ( PP ( IN of ) ( NP ( NP ( NNS claims ) ) ( PP ( IN from ) ( NP ( NP ( NNP September ) ( POS 's ) ) ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Insurance analysts say the exchange 's downturn in profitability is likely to be aggravated by more than 600 million in aviation losses including the 1988 Pan Am airline disaster over Lockerbie Scotland and a still-uncalculated chunk of claims from September 's Hurricane Hugo


( S ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNS departures ) ) ( PP ( IN of ) ( NP ( NNS names ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB hurt ) ( NP ( NP ( PRP$ its ) ( NN underwriting ) ( NN capacity ) ) ( RRC ( ADVP-TMP ( RB currently ) ) ( NP ( QP ( RB about ) ( CD 11 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) )

Lloyd 's says the departures of names is n't likely to hurt its underwriting capacity currently about 11 billion


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lawrence ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN drain ) ) ( PP ( IN of ) ( NP ( NNS funds ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS investments ) ) ( PP ( IN by ) ( NP ( DT the ) ( VBG remaining ) ( NNS names ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Lawrence says the drain of funds has been offset by an increase in investments by the remaining names


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ-1 ( DT the ) ( NN exchange ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB lower ) ( NP ( NNS costs ) ) ) ) ) ) ) ) )

Meanwhile the exchange has been trying to lower costs


( S ( NP-SBJ ( PRP It ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD cut ) ( NP ( PRP$ its ) ( NN work ) ( NN force ) ) ( PP-EXT ( IN by ) ( NP ( NP ( CD 9 ) ( NN % ) ) ( CC or ) ( NP ( CD 213 ) ) ) ) ) )

It recently cut its work force by 9 % or 213


( S ( CC But ) ( NP-SBJ-1 ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBZ is ) ( VP ( VBN hampered ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB overhaul ) ( NP ( NNS operations ) ) ) ) ) ) ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( NN reluctance ) ( S ( VP ( TO to ) ( VP ( VB embrace ) ( NP ( JJ modern ) ( NN technology ) ) ) ) ) ) ) ) ) )

But Lloyd 's is hampered in its efforts to overhaul operations by its reluctance to embrace modern technology


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Wetherell ) ) ( NP ( DT the ) ( NN underwriter ) ) ) ( VP ( VBZ reckons ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NN half ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN business ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN transacted ) ( PP-MNR ( IN by ) ( NP ( NN computer ) ) ) ( S-ADV ( VP ( VBG cutting ) ( NP ( NNS costs ) ) ( NP-EXT ( QP ( IN at ) ( JJS least ) ( CD 10 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) )

Mr. Wetherell the underwriter reckons half of his business could be transacted by computer cutting costs at least 10 %


( S ( SBAR-ADV ( NNP Though ) ( S ( NP-SBJ-1 ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBZ has ) ( VP ( VBN talked ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ( PP-CLR ( IN about ) ( S-NOM ( VP ( VBG computerizing ) ( NP ( NN underwriting ) ( NNS transactions ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN effort ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN gotten ) ( ADVP ( RB very ) ( RB far ) ) ) ) )

Though Lloyd 's has talked for years about computerizing underwriting transactions the effort has n't gotten very far


( S ( NP-SBJ ( NP ( NN Competition ) ) ( PP-LOC ( IN among ) ( NP ( NNS underwriters ) ( CC and ) ( NNS brokers ) ) ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ-1 ( PRP them ) ) ( ADJP-PRD ( JJ loath ) ( S ( VP ( TO to ) ( VP ( VB centralize ) ( NP ( NN price ) ( CC and ) ( NN policy ) ( NN information ) ) ) ) ) ) ) ) )

Competition among underwriters and brokers makes them loath to centralize price and policy information


( S ( NP-SBJ ( DT Both ) ( NNS groups ) ) ( VP ( VBP cling ) ( PP-CLR ( TO to ) ( NP ( JJ traditional ) ( JJ face-to-face ) ( NNS dealings ) ) ) ( PP ( RB even ) ( IN for ) ( NP ( JJ routine ) ( NNS policies ) ) ) ) )

Both groups cling to traditional face-to-face dealings even for routine policies


( S ( NP-SBJ ( NP ( NNP Lloyd ) ( POS 's ) ) ( JJ overblown ) ( NN bureaucracy ) ) ( ADVP ( RB also ) ) ( VP ( VBZ hampers ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB update ) ( NP ( NN marketing ) ( NNS strategies ) ) ) ) ) ) ) )

Lloyd 's overblown bureaucracy also hampers efforts to update marketing strategies


( S ( NP-SBJ-1 ( DT Some ) ( NNS underwriters ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG pressing ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ( S ( VP ( TO to ) ( VP ( VB tap ) ( NP ( DT the ) ( JJ low-margin ) ( NN business ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( DT some ) ( NNS policies ) ) ( ADVP-MNR ( RB directly ) ) ( PP-DTV ( TO to ) ( NP ( NNS consumers ) ) ) ) ) ) ) ) ) ) ) ) )

Some underwriters have been pressing for years to tap the low-margin business by selling some policies directly to consumers


( S ( S ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( ADVP-TMP ( RB presently ) ) ( VP ( VBZ sells ) ( NP ( JJ only ) ( NN auto ) ( NN insurance ) ) ( ADVP-MNR ( RB directly ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NN public ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( JJ such ) ( NNS policies ) ) ( VP ( VBP are ) ( VP ( VBN sold ) ( PP-LOC ( RB only ) ( IN in ) ( NP ( NP ( JJ limited ) ( NNS markets ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT the ) ( NNP U.K. ) ) ( CC and ) ( NP ( NNP Canada ) ) ) ) ) ) ) ) ) )

Lloyd 's presently sells only auto insurance directly to the public and such policies are sold only in limited markets such as the U.K. and Canada


( S ( CC But ) ( NP-SBJ-2 ( JJ such ) ( NNS changes ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN cleared ) ( PP ( IN by ) ( NP-LGS ( NP ( CD four ) ( JJ internal ) ( NNS committees ) ) ( CC and ) ( NP ( NP ( NNS dozens ) ) ( PP ( IN of ) ( NP ( NNS underwriters ) ( NNS brokers ) ( CC and ) ( NNS administrators ) ) ) ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN implemented ) ) ) ) ) ) ) ) )

But such changes must be cleared by four internal committees and dozens of underwriters brokers and administrators before being implemented


( S ( NP-SBJ ( DT The ) ( NN proposal ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( ADVP-MNR ( RB directly ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN public ) ) ) ) ) ) ) ( VP ( VBZ remains ) ( ADJP ( VBN mired ) ( PP-LOC ( IN in ) ( NP ( JJ bureaucratic ) ( NN quicksand ) ) ) ) ) )

The proposal to sell directly to the public remains mired in bureaucratic quicksand


( S ( NP-SBJ ( NNP Lloyd ) ( POS 's ) ) ( VP ( VBZ is ) ( VP ( VBG moving ) ( ADVP-DIR ( RB forward ) ) ( PP-LOC ( IN on ) ( NP ( DT some ) ( NNS fronts ) ) ) ( ADVP ( RB though ) ) ) ) )

Lloyd 's is moving forward on some fronts though


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lawrence ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN exchange ) ) ( VP ( VBZ is ) ( VP ( VBG updating ) ( NP ( DT some ) ( NNS procedures ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( JJR speedier ) ( NNS payments ) ) ( PP ( IN on ) ( NP ( NNS claims ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Lawrence says the exchange is updating some procedures to make speedier payments on claims


( S ( PP-TMP ( IN By ) ( NP ( JJ next ) ( NN year ) ) ) ( NP-SBJ-1 ( DT all ) ( NNS underwriters ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN linked ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NNS communications ) ( NN network ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB reduce ) ( NP ( NP ( NN paper ) ( NN work ) ) ( PP ( IN on ) ( NP ( NNS claims ) ) ) ) ) ) ) ) ) ) ) ) ) )

By next year all underwriters will be linked to a communications network that could reduce paper work on claims


( S ( NP-SBJ ( NP ( NP ( NNP Moody ) ( POS 's ) ) ) ( NNP Investors ) ( NNP Service ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD lowered ) ( NP ( NP ( DT the ) ( NN debt ) ( NNS ratings ) ) ( PP ( IN of ) ( NP ( NP ( JJ certain ) ( JJ long-term ) ( NN debt ) ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( DT this ) ( NN company ) ) ) ) ) ) ) ) ) ) ) )

Moody 's Investors Service Inc. said it lowered the debt ratings of certain long-term debt held by this company


( S ( NP-SBJ-1 ( DT The ) ( JJ debt-rating ) ( NN concern ) ) ( VP ( VBD cited ) ( NP ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NN move ) ) ( PP ( IN into ) ( NP ( DT the ) ( NNP Texas ) ( NN market ) ) ) ) ( S-ADV ( VP ( VBG noting ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN profitability ) ( CC and ) ( NN capital ) ( NN adequacy ) ( NNS measurements ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ depressed ) ) ( ADVP ( JJ relative ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( JJ past ) ( NN performance ) ) ) ) ) ) ) ) ) ) ) )

The debt-rating concern cited the bank 's move into the Texas market noting its profitability and capital adequacy measurements will be depressed relative to the bank 's past performance


( S ( NP-SBJ ( NNP Moody ) ( POS 's ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD raised ) ( NP ( NP ( PRP$ its ) ( NN rating ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NNP Deposit ) ( NNP Insurance ) ( NNP Bridge ) ( NNP Bank ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NP ( NNP Bank ) ( CD One ) ) ( NP ( NNP Texas ) ( NNP N.A. ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NP ( DT the ) ( NN support ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NN banking ) ( NNS affiliates ) ) ) ) ( CC and ) ( NP ( NP ( JJ substantial ) ( NN assistance ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP FDIC ) ) ) ) ) ) ) ) ) ) ) )

Moody 's also said it raised its rating on the Deposit Insurance Bridge Bank now known as Bank One Texas N.A. reflecting the support of other banking affiliates and substantial assistance for the FDIC


( S ( NP-SBJ ( NP ( NNS Officials ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( JJ bank-holding ) ( NN company ) ) ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ available ) ( PP ( IN for ) ( NP ( NP ( NN comment ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ debt-rating ) ( NNS changes ) ) ) ) ) ) ) )

Officials at the New York bank-holding company were n't available for comment on the debt-rating changes


( S ( NP-SBJ ( NP ( DT A ) ( NN group ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( NNP Gene ) ( NNP E. ) ( NNP Phillips ) ) ( NP ( NP ( JJ former ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Southmark ) ( NNP Corp. ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP William ) ( NNP S. ) ( NNP Friedman ) ) ( NP ( NP ( JJ former ) ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Southmark ) ) ) ) ) ) ) ) ( VP ( VBD lowered ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dallas ) ( JJ real ) ( NN estate ) ( NN concern ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 7.7 ) ( NN % ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN filing ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) )

A group including Gene E. Phillips former chairman of Southmark Corp. and William S. Friedman former vice chairman of Southmark lowered its stake in the Dallas real estate concern to 7.7 % according to a filing with the Securities and Exchange Commission


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sold ) ( NP ( CD 455,410 ) ( NNP Southmark ) ( JJ common ) ( NNS shares ) ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Sept. ) ( CD 5 ) ) ) ( PP ( TO to ) ( NP ( NNP Oct. ) ( CD 5 ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( CD 18.75 ) ( NNS cents ) ) ( PP ( TO to ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

The group said it sold 455,410 Southmark common shares from Sept. 5 to Oct. 5 for 18.75 cents to 25 cents a share


( S ( NP-SBJ ( DT The ) ( NN filing ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN group ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB hold ) ( NP ( CD 3,481,887 ) ( VBG remaining ) ( NNS shares ) ) ) ) ) ) ) ) ) )

The filing said the group continues to hold 3,481,887 remaining shares


( S-HLN ( NP-SBJ ( NP ( NN Chip ) ( POS 's ) ) ( NN Memory ) ) ( VP ( VP ( VBZ Is ) ( ADVP-LOC-PRD-1 ( RB Here ) ) ( NP-TMP-2 ( NN Today ) ) ) ( VP ( ADVP-LOC-PRD=1 ( RB Here ) ) ( NP-TMP=2 ( NN Tomorrow ) ) ) ) )

Chip 's Memory Is Here Today Here Tomorrow


( S ( NP-SBJ-2 ( CD TWO ) ( NNS COMPANIES ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB market ) ( NP ( NP ( DT a ) ( JJ new ) ( NN chip ) ) ( PP ( IN with ) ( NP ( NP ( JJ ceramic ) ( NNS circuits ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBP store ) ( NP ( NNS data ) ) ( SBAR-TMP ( WHADVP-3 ( RB even ) ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN power ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB off ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

TWO COMPANIES plan to market a new chip with ceramic circuits that store data even when the power is off


( S ( NP-SBJ ( NP ( NN Today ) ( POS 's ) ) ( ADJP ( ADVP ( RBS most ) ( RB widely ) ) ( VBN used ) ) ( JJ data-storing ) ( NNS chips ) ) ( VP ( VBP have ) ( NP ( NP ( JJ volatile ) ( NNS memories ) ) ( S ( S ( NP-SBJ ( PRP$ their ) ( NNS data ) ) ( VP ( VBP disappear ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN fed ) ( NP ( NP ( DT a ) ( JJ steady ) ( NN diet ) ) ( PP ( IN of ) ( NP ( NN electricity ) ) ) ) ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP need ) ( NP ( JJ external ) ( NN power ) ( NNS supplies ) ) ) ) ) ) ) )

Today 's most widely used data-storing chips have volatile memories their data disappear if they are n't fed a steady diet of electricity so they need external power supplies


( S ( NP-SBJ-2 ( NP ( NNP National ) ( NNP Semiconductor ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN start-up ) ) ( VP ( VBN named ) ( S ( NP-PRD ( NNP Ramtron ) ( NNP Corp. ) ) ) ) ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB start ) ( S ( VP ( VBG shipping ) ( NP ( NP ( JJ so-called ) ( JJ ferroelectric ) ( NNS memories ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD can ) ( VP ( VB remember ) ( NP ( NNS data ) ) ( PP-TMP ( IN for ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 10 ) ) ( NNS years ) ) ) ( PP-MNR ( IN without ) ( NP ( NP ( DT any ) ( NN current ) ) ( VP ( VBG flowing ) ( PP-CLR ( TO to ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

National Semiconductor Corp. and a start-up named Ramtron Corp. plan to start shipping so-called ferroelectric memories which can remember data for at least 10 years without any current flowing to them


( S ( NP-SBJ-2 ( DT The ) ( NNS chips ) ) ( VP ( VBP use ) ( NP ( NP ( NNS materials ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN lead ) ( NN zirconate ) ( NN titanate ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB form ) ( NP ( NP ( JJ microscopic ) ( NNS switches ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP retain ) ( NP ( PRP$ their ) ( NNS data ) ) ( PP-MNR ( IN without ) ( NP ( NN electricity ) ) ) ) ) ) ) ) ) ) ) )

The chips use materials such as lead zirconate titanate to form microscopic switches that retain their data without electricity


( S ( NP-SBJ ( NNS Developers ) ) ( VP ( VBP caution ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ broad ) ( NNS applications ) ) ( VP ( VBP are ) ( ADVP-PRD ( NP ( JJ several ) ( NNS years ) ) ( RB away ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( DT the ) ( NN technology ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP ( RB fully ) ) ( VP ( VBN refined ) ) ) ) ) ) ) ) ) )

Developers caution that broad applications are several years away because the technology is n't fully refined


( S ( CC But ) ( NP-SBJ-1 ( NP ( NNP Ramtron ) ) ( PP ( IN of ) ( NP ( NP ( NNP Colorado ) ( NNP Springs ) ) ( NP ( NNP Colo. ) ) ) ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB start ) ( S ( VP ( VBG shipping ) ( NP ( NP ( JJ commercial ) ( NNS quantities ) ) ( PP ( IN of ) ( NP ( JJ simple ) ( JJ ferroelectric ) ( NNS chips ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP December ) ) ) ) ) ) ) )

But Ramtron of Colorado Springs Colo. plans to start shipping commercial quantities of simple ferroelectric chips in December


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ-2 ( DT the ) ( NNS chips ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-CLR ( IN in ) ( NP ( NP ( NNS devices ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP mimic ) ( NP ( NP ( DT a ) ( JJ whole ) ( NN range ) ) ( PP ( IN of ) ( NP ( NN computer ) ( NN memory ) ( NN equipment ) ) ) ( PP ( VBG including ) ( NP ( ADJP ( NN floppy-disk ) ( CC and ) ( NN hard-disk ) ) ( NNS drives ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company expects the chips eventually to be used in devices that mimic a whole range of computer memory equipment including floppy-disk and hard-disk drives


( S ( NP-SBJ ( NNP National ) ( NNP Semiconductor ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( NP ( JJ ferroelectric ) ( NN technology ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Krysalis ) ( NNP Corp. ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Albuquerque ) ) ( NP ( NNP N.M ) ) ) ) ) ) ) ) )

National Semiconductor is getting ferroelectric technology from Krysalis Corp. in Albuquerque N.M


( S ( NP-SBJ ( NNP National ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( NNP Krysalis ) ( POS 's ) ) ( NNS assets ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB start ) ( S ( VP ( VBG shipping ) ( NP ( NP ( JJ commercial ) ( NNS quantities ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( NNS chips ) ) ( PP ( VBG including ) ( NP ( DT a ) ( JJ 4-kilobit ) ( NN memory ) ) ) ) ) ) ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) )

National says it agreed to acquire Krysalis 's assets and will start shipping commercial quantities of its first chips including a 4-kilobit memory next year


( S ( SBAR-TMP ( IN Once ) ( S ( NP-SBJ-1 ( NN production ) ( NNS hurdles ) ) ( VP ( VBP are ) ( VP ( VBN overcome ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS chips ) ) ( VP ( MD could ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( NP ( DT a ) ( JJ significant ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) )

Once production hurdles are overcome the chips could take over a significant part of the market


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( RB not ) ( VBG needing ) ( NP ( DT an ) ( JJ outside ) ( NN power ) ( NN source ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( ADVP ( RB potentially ) ) ( ADJP-PRD ( JJR cheaper ) ( S ( VP ( TO to ) ( VP ( VB make ) ) ) ) ) ( SBAR-TMP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP require ) ( NP ( NP ( JJR fewer ) ( NN manufacturing ) ( NNS steps ) ) ( PP ( IN than ) ( NP ( JJ conventional ) ( NNS chips ) ) ) ) ) ) ) ) )

In addition to not needing an outside power source they are potentially cheaper to make because they require fewer manufacturing steps than conventional chips


( S-1 ( NP-SBJ ( JJ Military ) ( NNS buyers ) ) ( VP ( VBP have ) ( VP ( VBN shown ) ( NP ( NN interest ) ) ( PRN ( S ( NP-SBJ ( JJ National ) ) ( VP ( VBZ says ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( JJ ferroelectric ) ( NNS chips ) ) ( VP ( VBP resist ) ( NP ( JJ atomic ) ( NN radiation ) ) ) ) ) ) ) )

Military buyers have shown interest National says because ferroelectric chips resist atomic radiation


( S ( CC And ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-1 ( NP ( NP ( NN today ) ( POS 's ) ) ( JJ non-volatile ) ( NNS chips ) ) ( PP ( JJ such ) ( IN as ) ( NP ( ADJP ( RB electronically ) ( JJ erasable ) ) ( JJ programmable ) ( JJ read-only ) ( NN memory ) ( NNS chips ) ) ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN computer ) ( POS 's ) ) ( JJ central ) ( NN memory ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP learn ) ( NP ( NNS data ) ) ( ADVP-MNR ( RB slowly ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ ferroelectric ) ( NNS chips ) ) ( VP ( VBP accept ) ( NP ( NNS data ) ) ( PP-TMP ( IN at ) ( NP ( RB very ) ( JJ high ) ( NNS speeds ) ) ) ) )

And while today 's non-volatile chips such as electronically erasable programmable read-only memory chips ca n't be used in a computer 's central memory because they learn data slowly ferroelectric chips accept data at very high speeds


( S-HLN ( VP ( VBG Showing ) ( PRT ( RP Up ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN Court ) ) ) ( PP-MNR ( IN Without ) ( S-NOM ( VP ( VBG Being ) ( ADVP-LOC-PRD ( RB There ) ) ) ) ) ) )

Showing Up in Court Without Being There


( S ( NP-SBJ-1 ( DT AN ) ( NAC-LOC ( NNP AUSTIN ) ( NNP Texas ) ) ( NN company ) ) ( VP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ easy ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ-3 ( PRP you ) ) ( VP ( VB show ) ( PRT ( RP up ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN court ) ) ) ( ADVP-LOC ( NP ( DT a ) ( CD thousand ) ( NNS miles ) ) ( RB away ) ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( VBG leaving ) ( NP ( NN town ) ) ) ) ) ) ) ) ) ) ) ) ) )

AN AUSTIN Texas company plans to make it easy for you show up in court a thousand miles away without leaving town


( S ( NP-SBJ-1 ( NNS Witnesses ) ) ( ADVP-TMP ( RB often ) ) ( VP ( MD must ) ( VP ( VB travel ) ( NP ( JJ long ) ( NNS distances ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB give ) ( NP ( JJ face-to-face ) ( NNS depositions ) ) ( PP-LOC ( IN before ) ( NP ( NP ( NNS lawyers ) ) ( CC and ) ( NP ( NN court ) ( NNS reporters ) ) ) ) ) ) ) ) ) )

Witnesses often must travel long distances to give face-to-face depositions before lawyers and court reporters


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( NP ( JJ huge ) ( NN travel ) ( NNS bills ) ) ) )

That means huge travel bills


( S ( CC And ) ( NP-SBJ ( NN telephone ) ( CC or ) ( NN videotape ) ( NNS depositions ) ) ( ADVP ( RB just ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB match ) ( NP ( JJ physical ) ( NNS encounters ) ) ) ) )

And telephone or videotape depositions just do n't match physical encounters


( S ( NP-SBJ ( DT That ) ) ( VP ( MD could ) ( VP ( VB change ) ( NP-ADV ( NP ( NNS thanks ) ) ( PP ( TO to ) ( NP ( NP ( JJR lower ) ( JJ long-distance ) ( NNS rates ) ) ( CC and ) ( NP ( JJR cheaper ) ( NNS electronics ) ) ) ) ) ) ) )

That could change thanks to lower long-distance rates and cheaper electronics


( S ( NP-SBJ-2 ( NP ( NNP Video ) ( NNP Telecom ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ markets ) ( NP ( NN videoconferencing ) ( NNS systems ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG working ) ( PP ( IN with ) ( NP ( NN court ) ( NNS reporters ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB wire ) ( NP ( NP ( DT a ) ( JJ nationwide ) ( NN network ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB allow ) ( NP ( NP ( NNS depositions ) ) ( PP ( IN by ) ( NP ( JJ live ) ( NN television ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Video Telecom Corp. which markets videoconferencing systems is working with court reporters to wire a nationwide network to allow depositions by live television


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD installed ) ( NP ( NP ( DT a ) ( NN prototype ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ connects ) ( NP ( NNP Dallas ) ) ( PP-CLR ( IN with ) ( NP ( NNP Miami ) ) ) ( PP-MNR ( IN over ) ( NP ( JJ digital ) ( NN phone ) ( NNS lines ) ) ) ) ) ) ) ) )

The company installed a prototype system that connects Dallas with Miami over digital phone lines


( S ( CC And ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG preparing ) ( S ( VP ( TO to ) ( VP ( VB set ) ( PRT ( RP up ) ) ( NP ( NN shop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNP Chicago ) ) ( NP ( NNP New ) ( NNP York ) ) ( CC and ) ( NP ( CD 10 ) ( JJ other ) ( NNS cities ) ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( JJ court-reporting ) ( NNS agencies ) ) ( VP ( MD can ) ( VP ( VB tie ) ( NP ( NN conference ) ( NNS rooms ) ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN network ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And it is preparing to set up shop in Chicago New York and 10 other cities where court-reporting agencies can tie conference rooms into the network


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NNS lawyers ) ) ( VP ( VBD arranged ) ( NP ( JJ individual ) ( NNS tie-ups ) ) ( ADVP-TMP ( RB before ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ formal ) ( NN network ) ) ( PP ( IN of ) ( NP ( NN court ) ( NNS reporters ) ) ) ) ( VP ( MD should ) ( VP ( VB make ) ( S ( NP-SBJ ( NNS things ) ) ( ADJP-PRD ( JJR easier ) ( CC and ) ( JJR cheaper ) ) ) ) ) )

While lawyers arranged individual tie-ups before the formal network of court reporters should make things easier and cheaper


( S ( NP-SBJ-1 ( DT An ) ( NN attorney ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( DT the ) ( NN network ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT an ) ( JJ hourly ) ( NN fee ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN between ) ( CD 200 ) ( CC and ) ( CD 400 ) ) ) ( PP ( NP ( VBG depending ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN quality ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN picture ) ) ) ) ) ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB take ) ( NP ( NNS depositions ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS witnesses ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ connected ) ( NNS cities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An attorney will be able to use the network for an hourly fee of between 200 and 400 depending on the quality of the picture to take depositions from witnesses in any of the connected cities


( S-HLN ( NP-SBJ ( NNPS Japanese ) ) ( VP ( VBP Reverse ) ( NP ( NN Tack ) ) ( PP ( IN On ) ( NP ( NN Patent ) ( NN Protection ) ) ) ) )

Japanese Reverse Tack On Patent Protection


( S ( NP-SBJ ( NP ( NP ( NNP JAPAN ) ( POS 'S ) ) ( NNP MISUSE ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS patents ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ sore ) ( NN point ) ) ( PP ( IN for ) ( NP ( JJ American ) ( NN chip ) ( NNS makers ) ) ) ) ) ) )

JAPAN 'S MISUSE of U.S. patents has been a sore point for American chip makers


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( QP ( IN at ) ( JJS least ) ( CD one ) ) ( JJ Japanese ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG turning ) ( NP-PRD ( DT the ) ( NN courtroom ) ( NNS tables ) ) ) ) )

Now at least one Japanese company is turning the courtroom tables


( S ( PP-TMP ( IN Until ) ( NP ( RB now ) ) ) ( NP-SBJ ( JJS most ) ( JJ Japanese ) ( NNS charges ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( NNS responses ) ) ( PP ( TO to ) ( NP ( NP ( NNS suits ) ) ( PP ( IN against ) ( NP ( PRP them ) ) ) ) ) ) ) ) )

Until now most Japanese charges have been responses to suits against them


( S ( CC But ) ( NP-TMP ( JJ last ) ( NN year ) ) ( NP-SBJ ( NNP Hitachi ) ( NNP Ltd. ) ) ( VP ( VBD surprised ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN electronics ) ( NN industry ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD accused ) ( NP-1 ( NP ( NNP Korea ) ( POS 's ) ) ( NNP Samsung ) ( NNP Electronics ) ( NNP Co. ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG using ) ( NP ( NNP Hitachi ) ( NN technology ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ dynamic ) ( JJ random-access ) ( NN memory ) ( NNS chips ) ) ) ) ) ) ) ) ) ) ) ) )

But last year Hitachi Ltd. surprised Japan 's electronics industry when it accused Korea 's Samsung Electronics Co. of using Hitachi technology to make dynamic random-access memory chips


( S ( NP-SBJ-1 ( DT A ) ( NN settlement ) ) ( VP ( VP ( VBD was ) ( VP ( VBN reached ) ) ) ( CC but ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ public ) ) ) ) ) ) )

A settlement was reached but was n't made public


( S ( CC And ) ( NP-SBJ ( NNP Hitachi ) ) ( VP ( VBD went ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN offensive ) ) ) ( PP-CLR ( IN against ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( POS 's ) ) ( NNP Motorola ) ( NNP Inc. ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT a ) ( NN suit ) ) ( VP ( VBG charging ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Motorola ) ( POS 's ) ) ( JJ new ) ( NNP MC88200 ) ( NN chip ) ) ( VP ( VBZ infringes ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( NNP Hitachi ) ( NN patent ) ) ) ) ) ) ) ) ) ) )

And Hitachi went on the offensive against the U.S. 's Motorola Inc. earlier this month with a suit charging that Motorola 's new MC88200 chip infringes on a Hitachi patent


( S ( NP-SBJ ( DT Another ) ( JJ recent ) ( NNP Hitachi ) ( NN suit ) ) ( VP ( VP ( VBZ accuses ) ( NP-1 ( NNP Motorola ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( ADVP ( RB reverse ) ) ( VBG engineering ) ( NP ( DT a ) ( NNP Hitachi ) ( NN technology ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN turnabout ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( NN nation ) ) ( PP ( IN of ) ( NP ( JJ champion ) ( JJ reverse ) ( NNS engineers ) ) ) ) ) ) ) )

Another recent Hitachi suit accuses Motorola of reverse engineering a Hitachi technology a turnabout from a nation of champion reverse engineers


( S ( NP-SBJ ( DT The ) ( NNS moves ) ) ( VP ( VBP illustrate ) ( NP ( NP ( DT the ) ( ADJP ( RBR more ) ( JJ aggressive ) ) ( NN attitude ) ) ( PP ( IN toward ) ( NP ( NN patent ) ( NN protection ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( JJ patent ) ( NNS experts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( NNP Japan ) ) ( VP ( VBZ is ) ( VP ( VBG starting ) ( S ( VP ( TO to ) ( VP ( VB take ) ) ) ) ) ) ) ) ) ) ) ) ) )

The moves illustrate the more aggressive attitude toward patent protection that patent experts say Japan is starting to take


( S ( NP-SBJ ( NNP Hitachi ) ) ( VP ( VBD made ) ( NP ( DT the ) ( NN reverse-engineering ) ( NNS charges ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NN amendment ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN counterclaim ) ) ( VP ( VBN filed ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ federal ) ( JJ district ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Motorola ) ) ( VP ( VBD sued ) ( NP ( NNP Hitachi ) ) ( PP-CLR ( IN for ) ( NP ( NN patent ) ( NN violation ) ) ) ) ) ) ) ) ) ) ) ) )

Hitachi made the reverse-engineering charges in an amendment to a counterclaim filed in a federal district court in Texas after Motorola sued Hitachi for patent violation


( S ( NP-SBJ ( NNP Hitachi ) ) ( VP ( VBZ charges ) ( SBAR ( S ( NP-SBJ ( NNP Motorola ) ) ( VP ( VBZ has ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( ADJP ( JJ fraudulent ) ( CC and ) ( JJ inequitable ) ) ( NN conduct ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN procurement ) ) ( PP ( IN of ) ( NP ( NP ( JJ certain ) ( NNP Motorola ) ( NNS patents ) ) ( VP ( VBN used ) ( PP-CLR ( IN in ) ( NP ( NP ( NNP Motorola ) ( POS 's ) ) ( NNP MC68030 ) ( NN microprocessor ) ( NN chip ) ) ) ) ) ) ) ) ) ) ) ) ) )

Hitachi charges Motorola has engaged in fraudulent and inequitable conduct in the procurement of certain Motorola patents used in Motorola 's MC68030 microprocessor chip


( FRAG ( NP ( NN Translation ) ) ( S-4 ( NP-SBJ-3 ( NNP Motorola ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VP ( VBN taken ) ( NP ( NP ( DT a ) ( NNP Hitachi ) ( NN technology ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBN patented ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Hitachi ) ) ( VP ( VBZ says ) ) ) ) ( CC and ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VB look ) ( PP-CLR ( IN like ) ( NP ( DT a ) ( JJ new ) ( NN technology ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Translation Motorola appears to have taken a Hitachi technology that is patented in the U.S. Hitachi says and tried to make it look like a new technology


( S ( NP-SBJ ( NNP Motorola ) ) ( VP ( CC either ) ( VP ( VP ( VBN denied ) ) ( CC or ) ( VP ( MD would ) ( RB n't ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ) ) ) ( NP-1 ( DT the ) ( JJ various ) ( NNS charges ) ) ) ) )

Motorola either denied or would n't comment on the various charges


( NP-HLN ( NNS Odds ) ( CC and ) ( NNS Ends ) )

Odds and Ends


( S ( NP-SBJ-1 ( NP ( NN COMPUTER ) ( NNS chips ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP simulate ) ( NP ( JJ human ) ( NN vision ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN developed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Sharp ) ( NNP Corp ) ) ) ) ) ) )

COMPUTER chips that simulate human vision have been developed by Japan 's Sharp Corp


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP mimic ) ( NP ( DT the ) ( NN brain ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( DT an ) ( NN image ) ) ) ) ( VP ( VBG extracting ) ( NP ( NP ( DT the ) ( NNS fundamentals ) ) ( NP ( NNS boundaries ) ( NNS corners ) ( CC and ) ( NNS lines ) ) ) ) ( CC and ) ( VP ( VBG translating ) ( NP ( PRP them ) ) ( PP-CLR ( IN into ) ( NP ( NN computer ) ( NNS data ) ) ) ) ) ) ) ) )

They mimic the brain by looking at an image extracting the fundamentals boundaries corners and lines and translating them into computer data


( S ( NP-SBJ ( NNP Sharp ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN set ) ) ( PP ( IN of ) ( NP ( NNS chips ) ) ) ) ( VP ( MD could ) ( VP ( VB improve ) ( NP ( NP ( NN fax ) ( NNS machines ) ) ( NP ( NNS graphics ) ( NNS computers ) ) ( CC or ) ( NP ( NP ( NN identification ) ( NNS systems ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP recognize ) ( NP ( JJ facial ) ( NNS features ) ) ) ) ) ) ) ) ) ) ) ) )

Sharp says the set of chips could improve fax machines graphics computers or identification systems that recognize facial features


( S ( NP-SBJ ( DT An ) ( NNP N.V ) ( NNP Philips ) ( NN unit ) ) ( VP ( VBZ has ) ( VP ( VBN created ) ( NP ( NP ( DT a ) ( NN computer ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ processes ) ( NP ( NN video ) ( NNS images ) ) ( ADVP-MNR ( ADVP ( NP ( CD 3,000 ) ( NNS times ) ) ( RBR faster ) ) ( PP ( IN than ) ( NP ( JJ conventional ) ( NNS systems ) ) ) ) ) ) ) ) ) ) )

An N.V Philips unit has created a computer system that processes video images 3,000 times faster than conventional systems


( S ( S-MNR ( VP ( VBG Using ) ( NP ( NP ( ADJP ( JJ reduced ) ( NN instruction-set ) ) ( NN computing ) ( PRN ( CC or ) ( NP ( NNP RISC ) ) ) ( NNS chips ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Intergraph ) ) ( PP ( IN of ) ( NP ( NP ( NNP Huntsville ) ) ( NP ( NNP Ala. ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN system ) ) ( VP ( VBZ splits ) ( NP ( NP ( DT the ) ( NN image ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ sees ) ) ) ) ) ( PP-CLR ( IN into ) ( NP ( NP ( CD 20 ) ( JJ digital ) ( NNS representations ) ) ( NP ( NP ( DT each ) ) ( VP ( VBN processed ) ( PP ( IN by ) ( NP-LGS ( CD one ) ( NN chip ) ) ) ) ) ) ) ) )

Using reduced instruction-set computing or RISC chips made by Intergraph of Huntsville Ala. the system splits the image it sees into 20 digital representations each processed by one chip


( S ( NP-SBJ ( NNP Cray ) ( NNP Research ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sold ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( ADJP ( JJS newest ) ( CC and ) ( JJS largest ) ) ( NN computer ) ( NNS systems ) ) ( NP ( DT the ) ( NNP Cray ) ( NNP Y-MP\/832 ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NNP United ) ( NNP Kingdom ) ( NNP Meteorological ) ( NNP Office ) ) ) ) ) ) ) )

Cray Research Inc. said it sold one of its newest and largest computer systems the Cray Y-MP\/832 to the United Kingdom Meteorological Office


( S ( NP-SBJ ( DT The ) ( NN system ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-MNR ( IN through ) ( NP ( NP ( DT the ) ( JJ joint ) ( NN marketing ) ( NN agreement ) ) ( PP ( IN between ) ( NP ( NP ( NNP Cray ) ) ( CC and ) ( NP ( NNP Control ) ( NNP Data ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) )

The system is the first to be sold through the joint marketing agreement between Cray and Control Data Corp


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN supercomputer ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ lists ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 18.5 ) ( CD million ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN installed ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( JJ meteorological ) ( NN office ) ( POS 's ) ) ( NN headquarters ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Bracknell ) ) ( NP ( NNP England ) ) ) ) ) ) ) ) ) )

The supercomputer which lists for 18.5 million will be installed in the first quarter of 1990 in the meteorological office 's headquarters in Bracknell England


( S ( NP-SBJ-1 ( NNP Tandy ) ( NNP Corp. ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( JJ sluggish ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ consumer-electronics ) ( NNS goods ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 3.3 ) ( NN % ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ) ) ) )

Tandy Corp. citing sluggish sales of consumer-electronics goods said net income dropped 3.3 % for the first quarter ended Sept. 30


( S ( NP-SBJ ( NP ( DT The ) ( NNS results ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD represented ) ( NP ( NP ( DT the ) ( JJ fifth ) ( JJ consecutive ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( JJ flat-to-lower ) ( NNS earnings ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ big ) ( NN electronics ) ( NN retailer ) ) ) ) ) ) ) ) ( VP ( VBD disappointed ) ( NP ( NNS analysts ) ( CC and ) ( NNS traders ) ) ) )

The results which represented the fifth consecutive quarter of flat-to-lower earnings for the big electronics retailer disappointed analysts and traders


( S ( NP-SBJ-1 ( NP ( NNP Tandy ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD 1.375 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 44 ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) )

Tandy 's stock fell 1.375 a share to close at 44 in New York Stock Exchange composite trading


( S ( NP-SBJ ( NP ( NN Net ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 62.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 73 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 64.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 72 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) )

Net for the quarter was 62.8 million or 73 cents a share down from 64.9 million or 72 cents a share a year earlier


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS earnings ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN increased ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN been ) ( VP ( VP ( ADVP-MNR ( RB actively ) ) ( VBG repurchasing ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ( ADVP ( RB thus ) ) ( VP ( VP ( VBG increasing ) ( NP ( PRP$ its ) ( NN interest ) ( NN expense ) ) ) ( CC and ) ( VP ( VBG reducing ) ( NP ( PRP$ its ) ( NN interest ) ( NN income ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said earnings would have increased if it had n't been actively repurchasing its shares thus increasing its interest expense and reducing its interest income


( S ( NP-SBJ ( NNP Tandy ) ) ( VP ( VBD had ) ( NP ( NP ( QP ( CD 86.3 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( PP-TMP ( IN at ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ( ADVP-1 ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 90 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) )

Tandy had 86.3 million shares outstanding at Sept. 30 down from 90 million a year earlier


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 986 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 937 ) ( CD million ) ) ) ) ) )

Revenue rose 5 % to 986 million from 937 million


( S ( NP-SBJ ( NNP Tandy ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN consumer ) ( NN electronics ) ( NNS sales ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNP Radio ) ( NNP Shack ) ( NNS stores ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ slow ) ) ( PP-PRP ( RB partly ) ( IN because ) ( IN of ) ( NP ( NP ( DT a ) ( NN lack ) ) ( PP ( IN of ) ( NP ( JJ hot ) ( JJ new ) ( NNS products ) ) ) ) ) ) ) ) ) ) )

Tandy said consumer electronics sales at its Radio Shack stores have been slow partly because of a lack of hot new products


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NNP Radio ) ( NNP Shack ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ lackluster ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Dennis ) ( NNP Telzrow ) ) ( NP ( NP ( NN analyst ) ) ( PP ( IN with ) ( NP ( NP ( NNP Eppler ) ( NNP Guerin ) ( CC & ) ( NNP Turner ) ) ( PP-LOC ( IN in ) ( NP ( NNP Dallas ) ) ) ) ) ) ) )

Radio Shack continues to be lackluster said Dennis Telzrow analyst with Eppler Guerin & Turner in Dallas


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ-2 ( NNP Tandy ) ) ( VP ( VBZ has ) ( VP ( VBN done ) ( NP ( DT a ) ( JJ decent ) ( NN job ) ) ( S-CLR ( VP ( VBG increasing ) ( NP ( NNS sales ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG manufacturing ) ( NP ( NNS computers ) ) ( PP-BNF ( IN for ) ( NP ( NNS others ) ) ) ) ( CC and ) ( VP ( VBG expanding ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNP Grid ) ( NNP Systems ) ( NNP Corp. ) ( NN subsidiary ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ sells ) ( NP ( NNS computers ) ) ( PP-DTV ( TO to ) ( NP ( JJR bigger ) ( NNS businesses ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( RB not ) ( ADJP-PRD ( NN enough ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NP ( DT the ) ( NNS problems ) ) ( PP-LOC ( IN at ) ( NP ( NNP Radio ) ( NNP Shack ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said Tandy has done a decent job increasing sales by manufacturing computers for others and expanding sales of its Grid Systems Corp. subsidiary which sells computers to bigger businesses but it 's not enough to offset the problems at Radio Shack


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Sales ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Radio ) ( NNP Shack ) ( NNS stores ) ) ( RRC ( ADJP ( JJ open ) ) ( NP-TMP ( QP ( RBR more ) ( IN than ) ( DT a ) ) ( NN year ) ) ) ) ) ) ( VP ( VBD grew ) ( NP ( QP ( RB only ) ( CD 2 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP ( IN from ) ( NP ( DT a ) ( NN year ) ( RBR earlier ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Sales at Radio Shack stores open more than a year grew only 2 % in the quarter from a year earlier he said


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Telzrow ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD cut ) ( NP ( NP ( PRP$ his ) ( JJ fiscal ) ( CD 1990 ) ( JJ per-share ) ( NNS earnings ) ( NN estimate ) ) ( PP ( IN for ) ( NP ( NNP Tandy ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 4.05 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 4.20 ) ) ) ) ) ) ) )

As a result Mr. Telzrow said he cut his fiscal 1990 per-share earnings estimate for Tandy to 4.05 from 4.20


( S ( NP-SBJ ( NNP Tandy ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 88.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.64 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP June ) ( CD 30 ) ) ) ) ) ) )

Tandy earned 88.8 million or 3.64 a share in the year ended June 30


( S ( NP-SBJ ( NP ( NNP Barry ) ( NNP Bryant ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Tandy ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( VP ( VBN suffered ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ lethargic ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNS computers ) ) ( VP ( VBN aimed ) ( PP-DIR ( IN at ) ( NP ( DT the ) ( ADJP ( NN home ) ( CC and ) ( JJ small-office ) ) ( NN market ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJ less-advanced ) ( CC and ) ( JJR cheaper ) ) ( PP ( IN than ) ( NP ( NP ( NNS computers ) ) ( VP ( VBN aimed ) ( PP-DIR ( IN at ) ( NP ( DT the ) ( JJ corporate ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Barry Bryant an analyst with Drexel Burnham Lambert Inc. said Tandy also has suffered from lethargic sales of its computers aimed at the home and small-office market which are less-advanced and cheaper than computers aimed at the corporate market


( S ( NP-SBJ ( NNP Tandy ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN added ) ( NP ( NP ( JJ several ) ( JJ new ) ( NNS products ) ) ) ( PP-CLR ( TO to ) ( NP ( DT that ) ( NN line ) ) ) ( PP-3 ( VBG including ) ( NP ( NP ( DT a ) ( JJ laptop ) ( NN computer ) ) ( VP ( VBN priced ) ( PP-CLR ( IN around ) ( NP ( CD 1,000 ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBG focusing ) ( NP ( PRP$ its ) ( NN advertising ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ easy-to-use ) ( NN software ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBN packaged ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( NNS machines ) ) ) ) ) ) ) ) ) ) ) ) )

Tandy has added several new products to that line including a laptop computer priced around 1,000 and is focusing its advertising on the easy-to-use software that is packaged with its machines


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Bryant ) ) ( CC and ) ( NP ( JJ other ) ( NNS analysts ) ) ) ( VP ( VBP hope ) ( SBAR ( S ( NP-SBJ-1 ( DT all ) ( DT those ) ( NNS moves ) ) ( VP ( MD will ) ( VP ( VB combine ) ( S ( VP ( TO to ) ( VP ( VB help ) ( S ( NP-SBJ ( NP ( NNP Tandy ) ( POS 's ) ) ( NNS results ) ) ( VP ( VB improve ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ important ) ( NNP Christmas ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Bryant and other analysts hope all those moves will combine to help Tandy 's results improve in the important Christmas quarter


( S ( S-TPC-2 ( NP-SBJ ( PRP They ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( VP ( VBG promising ) ( NP ( NP ( ADJP ( QP ( CD 13 ) ( NN % ) ( TO to ) ( CD 15 ) ( NN % ) ) ) ( NN growth ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ strategic ) ( NNS moves ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBN made ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

They 've been promising 13 % to 15 % growth based on the strategic moves they 've made he said


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( DT the ) ( NNS earnings ) ( NN acceleration ) ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP-CLR ( NN place ) ) ) ) ) ) ) ) ( NP-SBJ ( WDT that ) ) ( VP ( MD should ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( NN quarter ) ) ) ) )

If the earnings acceleration is to take place that should be the quarter


( S ( NP-SBJ ( NP ( NNP AEG ) ( NNP AG ) ) ( CC and ) ( NP ( NNP Siemens ) ( NNP AG ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB launch ) ( NP ( NP ( PRP$ their ) ( ADJP ( RB previously ) ( VBN announced ) ) ( JJ joint ) ( NN venture ) ) ( PP ( IN for ) ( NP ( NN power ) ( NNS semiconductors ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ) ) ) ) ) ) ) )

AEG AG and Siemens AG said they will launch their previously announced joint venture for power semiconductors in January


( S ( NP-SBJ ( DT The ) ( CD two ) ( ADJP ( JJ West ) ( JJ German ) ) ( NN electronics ) ( NNS concerns ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN set ) ( PRT ( RP up ) ) ( NP ( NNP European ) ( NNP Power ) ( NNP Semiconductor ) ( NNP Co. ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB merge ) ( NP ( NP ( PRP$ their ) ( NNS activities ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN field ) ) ) ) ) ) ) ) ) ) ) ) )

The two West German electronics concerns said they have set up European Power Semiconductor Co. to merge their activities in the field


( S ( NP-SBJ ( NNP AEG ) ( CC and ) ( NNP Siemens ) ) ( DT each ) ( VP ( MD will ) ( VP ( VB hold ) ( NP ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN venture ) ) ) ) ) ) )

AEG and Siemens each will hold a 50 % stake in the venture


( S ( NP-SBJ ( DT The ) ( JJ joint ) ( NN venture ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( NP ( JJ nominal ) ( NN capital ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 50 ) ( CD million ) ) ( NNS marks ) ) ( PRN ( NP ( QP ( CD 26.9 ) ( CD million ) ) ) ) ) ) ) ( CC and ) ( NP ( CD 700 ) ( NNS employees ) ) ) ) ) )

The joint venture will have nominal capital of 50 million marks 26.9 million and 700 employees


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB develop ) ( VB produce ) ( CC and ) ( VB market ) ( NP ( JJ high-performance ) ( JJ electronic ) ( NNS parts ) ) ) ) )

It will develop produce and market high-performance electronic parts


( S ( NP-SBJ ( NNP Siemens ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ( JJS largest ) ( NN electronics ) ( NN group ) ) ) )

Siemens is West Germany 's largest electronics group


( S ( NP-SBJ-1 ( NNP AEG ) ) ( VP ( VBZ is ) ( NP-EXT ( CD 80 ) ( NN % ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Daimler-Benz ) ( NNP AG ) ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( JJS biggest ) ( JJ industrial ) ( NN concern ) ) ) ) ) ) )

AEG is 80 % owned by Daimler-Benz AG the country 's biggest industrial concern


( S ( NP-SBJ-1 ( NNP Manville ) ) ( S-ADV ( VP ( VBG having ) ( VP ( VBN rid ) ( NP ( PRP itself ) ) ( PP-CLR ( IN of ) ( NP ( NN asbestos ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ sells ) ( NP ( NP ( NNS fiberglass ) ) ( NP ( NN forest ) ( NNS products ) ) ( NP ( NNS minerals ) ) ( CC and ) ( NP ( JJ industrial ) ( NNS goods ) ) ) ) )

Manville having rid itself of asbestos now sells fiberglass forest products minerals and industrial goods


( S ( NP-PRD-TPC-1 ( JJ Heady ) ( NN stuff ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( RB not ) ) )

Heady stuff it 's not


( S ( CC But ) ( S ( NP-SBJ ( NP ( NNP Manville ) ( POS 's ) ) ( NN ownership ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unusual ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN caught ) ( NP ( NP ( DT the ) ( NN eye ) ) ( PP ( IN of ) ( NP ( DT some ) ( ADJP ( ADJP ( JJ canny ) ) ( PRN ( CC and ) ( ADJP ( JJ patient ) ) ) ) ( NNS investors ) ) ) ) ) ) ) )

But Manville 's ownership is unusual and it has caught the eye of some canny and patient investors


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ Denver-based ) ( NN concern ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD emerged ) ( PP-CLR ( IN from ) ( NP ( NN bankruptcy-law ) ( NNS proceedings ) ) ) ( NP-TMP ( RB late ) ( JJ last ) ( NN year ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Manville ) ( NNP Personal ) ( NNP Injury ) ( NNP Settlement ) ( NNP Trust ) ) ) ) ) )

The Denver-based concern which emerged from bankruptcy-law proceedings late last year is controlled by the Manville Personal Injury Settlement Trust


( S ( NP-SBJ ( NP ( DT The ) ( NN trust ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( CD 80 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( NN stock ) ) ) ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( ADJP ( RB fully ) ( VBN diluted ) ) ( NN basis ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ separate ) ( JJ legal ) ( NN entity ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBG settling ) ( NP ( NNS claims ) ) ( PP-CLR ( IN with ) ( NP ( NN asbestos ) ( NNS victims ) ) ) ) ) ) ) ) ) )

The trust which owns 80 % of Manville 's stock on a fully diluted basis is a separate legal entity that is settling claims with asbestos victims


( S ( SBAR-ADV ( UCP ( WHADVP-2 ( WRB When ) ) ( CC and ) ( IN if ) ) ( S ( NP-SBJ ( DT the ) ( NN trust ) ) ( VP ( VP ( VBZ runs ) ( PRT ( RP out ) ) ( PP-CLR ( IN of ) ( NP ( NN cash ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ seems ) ( ADJP-PRD ( RB increasingly ) ( JJ likely ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB convert ) ( NP ( PRP$ its ) ( NNP Manville ) ( NN stock ) ) ( PP-CLR ( TO to ) ( NP ( NN cash ) ) ) ) ) ) ) ) )

When and if the trust runs out of cash which seems increasingly likely it will need to convert its Manville stock to cash


( S ( CC But ) ( PP ( IN as ) ( NP ( DT an ) ( ADJP ( CD 80 ) ( NN % ) ) ( NN owner ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN stock ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( ADVP ( RB likely ) ) ( VP ( VB depress ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ) ) ) )

But as an 80 % owner if it tried to sell much of its stock in the market it would likely depress the price of its shares


( S ( NP-SBJ ( DT Some ) ( NNS investors ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ good ) ( NN chance ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT the ) ( NN trust ) ) ( VP ( NN will ) ( ADVP ( RB instead ) ) ( VP ( VB seek ) ( S ( VP ( TO to ) ( VP ( VB convert ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS shares ) ) ( PP-CLR ( TO to ) ( NP ( NN cash ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( DT some ) ( NN sort ) ) ( PP ( IN of ) ( NP ( NP ( JJ friendly ) ( NN restructuring ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( RB n't ) ( VP ( VB involve ) ( S ( ADVP ( RB just ) ) ( VP ( VBG dumping ) ( NP ( NN stock ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some investors say there is a good chance that the trust will instead seek to convert the company 's shares to cash in some sort of friendly restructuring that would n't involve just dumping stock on the market


( SINV ( S-TPC-3 ( NP-SBJ ( PRP$ Their ) ( JJ principal ) ( NN asset ) ) ( VP ( VBZ is ) ( NP-PRD ( NNP Manville ) ( JJ common ) ( NN stock ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Jeffrey ) ( NNP Halis ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( NP ( NNP Sabre ) ( NNP Associates ) ) ( NP ( NP ( DT an ) ( NN investment ) ( NN fund ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ owns ) ( NP ( NNP Manville ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) )

Their principal asset is Manville common stock says Jeffrey Halis who runs Sabre Associates an investment fund that owns Manville shares


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD 'd ) ( VP ( VB be ) ( VP ( VBG chasing ) ( NP ( PRP$ their ) ( JJ own ) ( NN tail ) ) ) ) ) )

If they tried to sell they 'd be chasing their own tail


( S ( SBAR-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ makes ) ( NP ( DT the ) ( JJS most ) ( NN sense ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( NN someone ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VP ( VB buy ) ( NP ( DT the ) ( JJ whole ) ( NN company ) ) ) ( CC or ) ( VP ( VB cause ) ( NP ( NP ( DT a ) ( NN recapitalization ) ) ( PP ( IN of ) ( NP ( DT all ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

What makes the most sense is to find someone who wants to buy the whole company or cause a recapitalization of all shares


( S ( NP-SBJ ( DT The ) ( NN trust ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG commenting ) ( PP-CLR ( IN on ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD might ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB liquefy ) ( NP ( PRP$ its ) ( NNP Manville ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) )

The trust is n't commenting on when it might need to liquefy its Manville stock


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NN trust ) ( POS 's ) ) ( NN cash ) ( NN flow ) ) ( PP ( IN from ) ( NP ( NNS investments ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB far ) ( RB short ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNS payments ) ) ( PP ( TO to ) ( NP ( NN asbestos ) ( NNS victims ) ) ) ) ) ) ) )

However the trust 's cash flow from investments is far short of its payments to asbestos victims


( S ( NP-SBJ ( PRP$ Its ) ( NN cash ) ( CC and ) ( JJ liquid ) ( NNS securities ) ) ( VP ( VBD fell ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 338 ) ( CD million ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) )

Its cash and liquid securities fell by 338 million in the first six months of 1989


( S ( NP-SBJ ( DT The ) ( NN trust ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( QP ( CD 75 ) ( CD million ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ( PP-TMP ( VBG starting ) ( PP ( IN in ) ( NP ( CD 1991 ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN bond ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ holds ) ) ) ) ( PP ( IN from ) ( NP ( NNP Manville ) ) ) ) ) ) ) )

The trust also will receive 75 million a year starting in 1991 on a bond it holds from Manville


( S ( CC And ) ( PP-TMP ( VBG beginning ) ( PP ( IN in ) ( NP ( CD 1992 ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( NN claim ) ) ( PP ( IN on ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( JJ annual ) ( JJ net ) ( NN income ) ) ) ) ) ) ) ) )

And beginning in 1992 it will have a claim on as much as 20 % of Manville 's annual net income


( S ( ADVP ( RB Even ) ( RB so ) ) ( NP-SBJ-1 ( DT the ) ( NN trust ) ) ( VP ( MD would ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG facing ) ( NP ( DT a ) ( NN cash ) ( NN crunch ) ) ) ) ) ) ) ) )

Even so the trust would seem to be facing a cash crunch


( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NNP June ) ( CD 30 ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN settled ) ( NP ( NP ( QP ( RB only ) ( RB about ) ( CD 15,000 ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 81,000 ) ( VBN received ) ( NNS claims ) ) ( PP ( IN from ) ( NP ( NN asbestos ) ( NNS victims ) ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( CD 40,424 ) ) ( NP-ADV ( DT each ) ) ) ) ) ) ) ) )

As of June 30 it had settled only about 15,000 of the 81,000 received claims from asbestos victims for an average of 40,424 each


( S ( NP-SBJ ( DT The ) ( NN average ) ) ( VP ( MD should ) ( VP ( VB drop ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ-1 ( DT the ) ( ADJP ( RBS most ) ( JJ expensive ) ) ( NNS claims ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN settled ) ( ADVP-TMP ( RB first ) ) ) ) ) ) ) ) ) )

The average should drop over time since the most expensive claims are being settled first


( S ( CC And ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NN midyear ) ) ) ) ( NP-SBJ ( ADJP ( JJ settled ) ( CC but ) ( JJ unpaid ) ) ( NNS claims ) ) ( VP ( VBD amounted ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( CD 136 ) ( CD million ) ) ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( PDT half ) ) ( NP ( DT the ) ( NN trust ) ( POS 's ) ) ( NN total ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 268 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN cash ) ) ( CC and ) ( NP ( JJ marketable ) ( NNS securities ) ) ) ) ) ) ) ) ) ) )

And as of midyear settled but unpaid claims amounted to 136 million more than half the trust 's total of 268 million in cash and marketable securities


( S ( S-TPC-1 ( PP-TMP ( IN At ) ( NP ( DT some ) ( NN point ) ) ) ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB need ) ( NP ( NP ( DT an ) ( NN infusion ) ) ( PP ( IN of ) ( NP ( NNS funds ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN person ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN trust ) ) ) ) ) ( VP ( VBZ says ) ) )

At some point we 're going to need an infusion of funds a person close to the trust says


( S ( PP-TMP ( RB Even ) ( IN before ) ( NP ( RB then ) ) ) ( NP-SBJ-1 ( DT the ) ( NN trust ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ eager ) ( S ( VP ( TO to ) ( VP ( VB unload ) ( NP ( NNP Manville ) ( NN stock ) ) ) ) ) ) ) ) )

Even before then the trust may be eager to unload Manville stock


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB pay ) ( NP ( DT a ) ( NN dividend ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT this ) ( NN trust ) ) ( VP ( VBZ needs ) ( NP ( NN income ) ) ) ) )

It does n't pay a dividend and this trust needs income


( S ( ADVP ( RB Moreover ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ-1 ( NP ( CD 88 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS assets ) ) ) ) ( VP ( VBN tied ) ( PRT ( RP up ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Manville ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN trust ) ) ( VP ( VBZ is ) ( PP-PRD ( ADVP ( RB badly ) ) ( IN in ) ( NP ( NP ( NN need ) ) ( PP ( IN of ) ( NP ( NN diversification ) ) ) ) ) ) )

Moreover with 88 % of its assets tied up in Manville the trust is badly in need of diversification


( S ( S-TPC-1 ( ADVP ( RB Obviously ) ) ( NP-SBJ ( DT a ) ( JJ diversified ) ( NN portfolio ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( JJR less ) ( NN risk ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN person ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN trust ) ) ) ) ) ( VP ( VBZ says ) ) )

Obviously a diversified portfolio would have less risk the person close to the trust says


( S ( NP-SBJ ( NP ( NNP Manville ) ) ( NP ( PRP itself ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB rule ) ( PRT ( RP out ) ) ( NP ( DT a ) ( NN restructuring ) ) ) ) )

Manville itself does n't rule out a restructuring


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( NP ( DT the ) ( NN ink ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB barely ) ( JJ dry ) ) ( PP-LOC-2 ( IN on ) ( NP ( PRP$ its ) ( JJ new ) ( JJ post-bankruptcy ) ( NN law ) ( NN structure ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Bill ) ( NNP Bullock ) ) ( NP ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( NN head ) ) ( PP ( IN of ) ( NP ( NN investor ) ( NNS relations ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB continually ) ) ( VP ( VBG pondering ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJR better ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN structured ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Though the ink is barely dry on its new post-bankruptcy law structure Bill Bullock Manville 's head of investor relations says the company is continually pondering whether there is a better way to be structured


( S ( S-TPC-3 ( NP-SBJ ( PRP We ) ) ( VP ( VBP understand ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN trust ) ) ( VP ( VBZ is ) ( ADVP ( RB ultimately ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

We understand that the trust is ultimately going to need to sell some of our shares he says


( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ ( CD one ) ( NN option ) ) ( VP ( MD would ) ( VP ( VB be ) ( SBAR-PRD ( IN for ) ( S ( NP-SBJ ( NNP Manville ) ) ( VP ( TO to ) ( VP ( VP ( VB buy ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( NN trust ) ( POS 's ) ) ( NNS shares ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB do ) ( NP ( JJ little ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB benefit ) ( NP ( JJ public ) ( NNS stockholders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Of course one option would be for Manville to buy out the trust 's shares which would do little to benefit public stockholders


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( NN trust ) ) ( PP-LOC ( IN in ) ( NP ( JJS most ) ( NNS cases ) ) ) ( VP ( VBZ is ) ( VP ( VBN forbidden ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG seeking ) ( NP ( NP ( DT a ) ( NN buyer ) ) ( PP ( IN for ) ( NP ( RB only ) ( PRP$ its ) ( NNS shares ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NNP November ) ( CD 1993 ) ) ) ) ) ) ) ) )

But the trust in most cases is forbidden from seeking a buyer for only its shares before November 1993


( S ( CC And ) ( NP-SBJ-1 ( CC both ) ( NP ( DT the ) ( NN trust ) ) ( CC and ) ( NP ( NNP Manville ) ) ) ( VP ( VBP are ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( DT the ) ( JJ bad ) ( NN publicity ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN asbestos ) ( NN era ) ) ) ( VP ( VBD tarred ) ( NP ( DT the ) ( NNP Manville ) ( NN name ) ) ) ) ) ) ) ) ) ) ) )

And both the trust and Manville are seeking to avoid the bad publicity that in the asbestos era tarred the Manville name


( S-2 ( ADVP ( RB Thus ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN trust ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unlikely ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NP ( NN anything ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB hurt ) ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( JJ other ) ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) ) )

Thus analysts say the trust is unlikely to do anything that would hurt Manville 's other shareholders


( S ( S-TPC-2 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ rare ) ( NN case ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN company ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ big ) ( NN majority ) ( NN holder ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VB act ) ( PP-MNR ( IN in ) ( NP ( NP ( DT the ) ( NNS interests ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN minority ) ( NNS holders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( CD one ) ( NN investor ) ) ( VP ( VBZ says ) ) )

This is a rare case of a company with a big majority holder which will probably act in the interests of the minority holders one investor says


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( DT no ) ( NN restructuring ) ) ) ) ) ( NP-SBJ-1 ( NNP Manville ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ attractive ) ) ( ADVP-TMP ( RB long-term ) ) ) ) ) ) )

Even if there is no restructuring Manville seems to be attractive long-term


( S ( NP-SBJ ( PRP$ Its ) ( NN stock ) ) ( PP ( IN at ) ( NP ( CD 9 ) ( CD 5\/8 ) ) ) ( VP ( VBZ trades ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( RB about ) ( CD 8 ) ( CD 1\/2 ) ( NNS times ) ) ( JJ estimated ) ( CD 1989 ) ( NNS earnings ) ) ( NP ( NP ( DT an ) ( RB appropriately ) ( JJ low ) ( NN multiple ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN company ) ) ( PP ( IN with ) ( NP ( JJ recession-sensitive ) ( NNS customers ) ) ) ) ) ) ) ) ) )

Its stock at 9 5\/8 trades at about 8 1\/2 times estimated 1989 earnings an appropriately low multiple for a company with recession-sensitive customers


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bullock ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NP ( CD 45 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS revenues ) ) ) ) ( VP ( VBP are ) ( VP ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( NN construction ) ) ) ) ) ) ) ) )

Mr. Bullock says 45 % of revenues are tied to construction


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP predict ) ( NP ( JJ little ) ( CC or ) ( DT no ) ( JJ near-term ) ( NN growth ) ) ) )

Analysts predict little or no near-term growth


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( ADVP ( RB nonetheless ) ) ( ADJP-PRD ( RB high ) ( PP ( IN on ) ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( NN management ) ) ) ) ) )

They are nonetheless high on Manville 's management


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJS best ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN business ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Salomon ) ( NNP Brothers ) ( NN analyst ) ( NNP Stephen ) ( NNP Dobi ) ) )

It 's one of the best in the business says Salomon Brothers analyst Stephen Dobi


( S ( CC And ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNP Manville ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( JJ financial ) ( NN flexibility ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( JJ other ) ( NNS companies ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( ADJP ( JJS best ) ( JJ possible ) ) ( NN moment ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( JJ other ) ( JJ construction-related ) ( NNS firms ) ) ( VP ( VBP are ) ( VP ( VP ( VBG hurting ) ) ( CC and ) ( VP ( VBG selling ) ( ADVP ( JJ cheap ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And he says Manville has the financial flexibility to buy other companies at the best possible moment when other construction-related firms are hurting and selling cheap


( S ( PP ( IN With ) ( NP ( NP ( NP ( DT a ) ( JJ conservative ) ( JJ debt-to-equity ) ( NN ratio ) ) ( PP ( IN of ) ( NP ( JJ 1-to-1 ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 329 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ) ) ( NP-SBJ ( NNP Manville ) ) ( VP ( VBZ is ) ( ADVP ( RB indeed ) ) ( PP-PRD ( ADVP-MNR ( RB actively ) ) ( IN on ) ( NP ( DT the ) ( NN prowl ) ) ) ) )

With a conservative debt-to-equity ratio of 1-to-1 and 329 million in cash Manville is indeed actively on the prowl


( S ( ADVP-TMP ( RB So ) ( RB far ) ) ( PP ( IN as ) ( NP ( DT a ) ( JJ price-conscious ) ( NN shopper ) ) ) ( NP-SBJ ( NNP Manville ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD bought ) ( NP ( JJ much ) ) ) ) )

So far as a price-conscious shopper Manville has n't bought much


( S ( NP-SBJ ( NP ( NNP Paul ) ( NNP Kleinaitis ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Duff ) ( CC & ) ( NNP Phelps ) ) ) ) ) ( VP ( VBZ says ) ( S ( SBAR-ADV ( RB Even ) ( IN though ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( NP ( NN borrowing ) ( NN power ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN disciplined ) ( PP-CLR ( IN about ) ( NP ( NNS acquisitions ) ) ) ) ) ) ) ) )

Paul Kleinaitis an analyst at Duff & Phelps says Even though they have borrowing power they have been disciplined about acquisitions


( S ( CC And ) ( NP-SBJ ( NNP Mr. ) ( NNP Kleinaitis ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( PP ( IN with ) ( NP ( NP ( CD 80 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN stock ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ friendly ) ( NNS hands ) ) ) ) ) ( NP-SBJ ( NNP Manville ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ rare ) ( ADJP ( RB publicly ) ( VBN traded ) ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VP ( VB ignore ) ( NP ( JJ short-term ) ( NN stock ) ( NNS fluctuations ) ) ) ( CC and ) ( VP ( NN plan ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJ long ) ( NN haul ) ) ) ) ) ) ) ) ) ) ) ) ) )

And Mr. Kleinaitis says that with 80 % of its stock in friendly hands Manville is the rare publicly traded company that can ignore short-term stock fluctuations and plan for the long haul


( NP ( NP ( NNP Manville ) ) ( PRN ( NP ( NP ( NNP NYSE ) ) ( NP ( NP ( NN Symbol ) ) ( NP ( NNP MVL ) ) ) ) ) )

Manville NYSE Symbol MVL


( NP ( NP ( NN Business ) ) ( NP ( NP ( NN Forest ) ( NNS products ) ) ( CC and ) ( NP ( NN roofing ) ) ) )

Business Forest products and roofing


( NP ( NP-TMP ( NP ( NN Year ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Dec. ) ( CD 31 ) ( CD 1988 ) ) ) ) ( NP ( NP ( NP ( NNS Sales ) ) ( NP ( QP ( CD 2.06 ) ( NNS billions ) ) ) ) ( NP ( NP ( JJ Net ) ( NN loss ) ) ( NP ( QP ( CD 1.30 ) ( CD billion ) ) ) ( X ( SYM \* ) ) ) ) )

Year ended Dec. 31 1988 Sales 2.06 billions Net loss 1.30 billion \*


( NP ( NP-TMP ( NP ( JJ Third ) ( NN quarter ) ) ( NP ( NNP Sept. ) ( CD 30 ) ( CD 1989 ) ) ) ( NP ( NP ( JJ Per-share ) ( NNS earnings ) ) ( NP ( NP ( CD 30 ) ( NNS cents ) ) ( PP ( JJ vs. ) ( NP ( CD 44 ) ( NNS cents ) ) ) ( X ( SYM \*\* ) ) ) ) )

Third quarter Sept. 30 1989 Per-share earnings 30 cents vs. 44 cents \*\*


( NP ( NP ( JJ Average ) ( JJ daily ) ( NN trading ) ( NN volume ) ) ( NP ( CD 74,351 ) ( NNS shares ) ) )

Average daily trading volume 74,351 shares


( NP ( NP ( NP ( JJ Common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( NP ( QP ( CD 120 ) ( CD million ) ) ) )

Common shares outstanding 120 million


( FRAG ( X ( SYM \* ) ) ( VP ( VBZ Includes ) ( NP ( CD 1.29 ) ( CD billion ) ( JJ extraordinary ) ( NN charge ) ) ) )

\* Includes 1.29 billion extraordinary charge


( S ( X ( SYM \*\* ) ) ( NP-SBJ-1 ( ADJP ( NN Year ) ( RB ago ) ) ( NN figure ) ) ( VP ( VBZ is ) ( VP ( VBN restated ) ) ) )

\*\* Year ago figure is restated