( S ( S-TPC-3 ( NP-SBJ-2 ( NP ( DT That ) ( NN conference ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD began ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( JJ such ) ( NNS matters ) ) ( PP ( IN as ) ( NP ( NP ( NN police ) ( NN training ) ) ( CC and ) ( NP ( NN extradition ) ( NNS agreements ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ Spanish ) ( NNS officials ) ) ( VP ( VBD said ) ) )

That conference which began yesterday was expected to cover such matters as police training and extradition agreements Spanish officials said


( S ( S-TPC-1 ( NP-SBJ ( NP ( CD Three ) ( JJ Soviet ) ( NN government ) ( NNS officials ) ) ( NP ( NP ( DT the ) ( NNS ministers ) ) ( PP ( PP ( IN of ) ( NP ( NNS railroads ) ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( JJ economic ) ( NNS relations ) ) ) ( CC and ) ( PP ( IN of ) ( NP ( JJ heavy-machine ) ( NN building ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB visit ) ( NP ( NNP Tehran ) ) ( NP-TMP ( JJ next ) ( NN month ) ) ( PP-PRP ( IN for ) ( NP ( NNS talks ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Iran ) ( POS 's ) ) ( JJ official ) ( NN news ) ( NN agency ) ) ( VP ( VBD reported ) ) )

Three Soviet government officials the ministers of railroads of foreign economic relations and of heavy-machine building will visit Tehran next month for talks Iran 's official news agency reported


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( VP ( VBN signed ) ( NP-TMP ( JJ last ) ( NNP June ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNPS Soviets ) ) ( VP ( MD will ) ( VP ( VB help ) ( NP ( NNP Iran ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN oil ) ( NN exploration ) ) ( CC and ) ( NP ( JJ other ) ( NNS areas ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN return ) ) ( PP ( IN for ) ( NP ( NP ( NNS exports ) ) ( PP ( IN of ) ( NP ( JJ Iranian ) ( JJ natural ) ( NN gas ) ) ) ) ) ) ) ) ) )

Under an agreement signed last June the Soviets will help Iran in oil exploration and other areas in return for exports of Iranian natural gas


( S ( CC And ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ( NP-SBJ ( NP ( NNP Mahmoud ) ( NNP Vaezi ) ) ( NP ( NP ( NP ( NNP Iran ) ( POS 's ) ) ( NN vice ) ( NN minister ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NNS affairs ) ) ) ) ) ( VP ( VBD began ) ( NP ( NP ( DT a ) ( JJ five-day ) ( NN visit ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( NP ( JJ such ) ( NNS matters ) ) ( PP ( IN as ) ( NP ( NP ( NN compensation ) ) ( PP ( TO to ) ( NP ( JJ French ) ( NNS enterprises ) ) ) ( PP ( IN for ) ( NP ( NP ( NNS contracts ) ) ( VP ( VBN broken ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Khomeini ) ( NN regime ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And in Paris Mahmoud Vaezi Iran 's vice minister of foreign affairs began a five-day visit to discuss such matters as compensation to French enterprises for contracts broken by the Khomeini regime


( S ( NP-SBJ ( NP ( NNP Toto ) ( NNP Co. ) ) ( NP ( DT a ) ( JJ Japanese ) ( NNS ceramics ) ( NN maker ) ) ) ( VP ( VBZ has ) ( VP ( VBN developed ) ( NP ( NP ( DT a ) ( NN toilet ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB check ) ( NP ( NP ( DT the ) ( NN user ) ( POS 's ) ) ( NN health ) ) ) ) ) ) ) ) ) )

Toto Co. a Japanese ceramics maker has developed a toilet that can check the user 's health


( S ( NP-SBJ ( DT A ) ( NNP Toto ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( DT the ) ( NN toilet ) ) ( ADVP ( RB not ) ( RB only ) ) ( VP ( VBZ tests ) ( NP ( NP ( NN blood ) ( NN pressure ) ) ( NP ( NN pulse ) ) ( CC and ) ( NP ( NN urine ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( VBZ stores ) ( NP ( DT the ) ( NNS data ) ) ( PP-TMP ( IN for ) ( NP ( QP ( IN up ) ( TO to ) ( CD 130 ) ) ( NNS days ) ) ) ) ) ) ) ) )

A Toto spokesman said the toilet not only tests blood pressure pulse and urine it also stores the data for up to 130 days


( S ( NP-SBJ-1 ( NP ( NNP Nippon ) ( NNP Telegraph ) ( CC & ) ( NNP Telephone ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Omron ) ( NNP Tateisi ) ( NNP Electronics ) ) ) ( VP ( VBP are ) ( VP ( VBN involved ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( NNP Toto ) ( POS 's ) ) ( JJ new ) ( NN product ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB go ) ( PP-DIR ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ( PP-TMP ( IN in ) ( NP ( QP ( RB about ) ( CD two ) ) ( NNS years ) ( NN time ) ) ) ) ) ) ) ) ) ) ) )

Nippon Telegraph & Telephone Corp. and Omron Tateisi Electronics are involved with Toto 's new product which will go on the market in about two years time


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ expensive ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN spokesman ) ) ( VP ( VBD warned ) ) )

It will be very expensive the spokesman warned


( S ( NP-SBJ ( DT The ) ( NN price ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( NP-PRD ( QP ( JJR less ) ( IN than ) ( CD 7,000 ) ) ) ) ) )

The price can not be less than 7,000


( S ( SBAR-TMP ( IN Since ) ( S ( NP-SBJ ( NNP Mexican ) ( NNP President ) ( NNP Carlos ) ( NNP Salinas ) ( NNP de ) ( NNP Gortari ) ) ( VP ( VBD took ) ( NP ( NN office ) ) ( NP-TMP ( JJ last ) ( NNP December ) ) ) ) ) ( NP-SBJ ( JJ special ) ( NNS agents ) ) ( VP ( VBP have ) ( VP ( VBN arrested ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 6,000 ) ) ( JJ federal ) ( NNS employees ) ) ( PP ( IN on ) ( NP ( NP ( NNS charges ) ) ( VP ( VBG ranging ) ( PP-DIR ( PP ( IN from ) ( NP ( NN extortion ) ) ) ( PP ( TO to ) ( NP ( NN tax ) ( NN evasion ) ) ) ) ) ) ) ) ) )

Since Mexican President Carlos Salinas de Gortari took office last December special agents have arrested more than 6,000 federal employees on charges ranging from extortion to tax evasion


( S ( NP-SBJ ( NP ( NNP Hector ) ( NNP Castaneda ) ( NNP Jimenez ) ) ( NP ( NP ( JJ chief ) ( NN prosecutor ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Attorney ) ( NNP General ) ( POS 's ) ) ( NN Office ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT an ) ( JJ estimated ) ( QP ( CD 82.8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN government ) ( NN property ) ) ( CC and ) ( NP ( JJ unpaid ) ( NNS taxes ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN recovered ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN campaign ) ( S ( VP ( TO to ) ( VP ( VB root ) ( PRT ( RP out ) ) ( NP ( JJ official ) ( NN corruption ) ) ) ) ) ) ) ) ) ) ) ) ) )

Hector Castaneda Jimenez chief prosecutor at the Attorney General 's Office said that an estimated 82.8 million in government property and unpaid taxes have been recovered in the campaign to root out official corruption


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Castaneda ) ( POS 's ) ) ( NN office ) ) ( VP ( MD will ) ( ADVP ( RB reportedly ) ) ( VP ( VB issue ) ( NP ( NP ( NNS warrants ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ next ) ( CD six ) ( NNS months ) ) ) ( PP-1 ( IN for ) ( NP ( NP ( DT the ) ( NN arrest ) ) ( PP ( IN of ) ( NP ( QP ( DT another ) ( CD 10,000 ) ) ( JJ federal ) ( NNS employees ) ) ) ) ) ) ) )

Mr. Castaneda 's office will reportedly issue warrants during the next six months for the arrest of another 10,000 federal employees


( S ( S-TPC-3 ( NP-SBJ-1 ( DT Those ) ( NNS employees ) ) ( VP ( VBP are ) ( VP ( VBN suspected ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( ADVP-MNR ( RB illegally ) ) ( VBG gaining ) ( NP ( DT an ) ( JJ estimated ) ( QP ( CD 376.8 ) ( CD million ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN prosecutor ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG saying ) ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Excelsior ) ( NN news ) ( NN service ) ) ) ) ) )

Those employees are suspected of illegally gaining an estimated 376.8 million the prosecutor was quoted as saying by the Excelsior news service


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ federal ) ( NNS agents ) ) ( VP ( VBP hope ) ( S ( VP ( TO to ) ( VP ( VB recover ) ( NP ( QP ( IN at ) ( JJS least ) ( PDT half ) ) ( DT that ) ( NN amount ) ) ) ) ) ) ) ) ) )

He added that federal agents hope to recover at least half that amount


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN rest ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( RB not ) ( VP ( VB be ) ( ADJP-PRD ( JJ recoverable ) ) ( ADVP ( CC either ) ) ( SBAR-PRP ( SBAR ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN statute ) ) ( PP ( IN of ) ( NP ( NNS limitations ) ) ) ) ( VP ( VBD expired ) ) ) ) ( CC or ) ( SBAR ( IN because ) ( S ( NP-SBJ-2 ( JJ many ) ) ( VP ( VBP prefer ) ( S ( VP ( TO to ) ( VP ( VP ( VB spend ) ( NP ( JJ additional ) ( NN time ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN jail ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( VP ( VB return ) ( NP ( DT the ) ( NN money ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN prosecutor ) ) ( VP ( VBD said ) ) )

The rest will probably not be recoverable either because the statute of limitations expired or because many prefer to spend additional time in jail rather than return the money the prosecutor said


( S ( NP-SBJ ( NP ( DT The ) ( NNP United ) ( NNP Nations ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBG distributing ) ( NP ( NN farm ) ( NNS tools ) ) ( PP-CLR ( TO to ) ( NP ( NP ( VBG returning ) ( NNS refugees ) ) ( PP-LOC ( IN in ) ( NP ( NNP Namibia ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG rethinking ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( NN hand ) ( PRT ( RP out ) ) ( NP ( NNS machetes ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( JJ tense ) ( JJ political ) ( NN climate ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NNS preparations ) ) ( PP ( IN for ) ( NP ( NP ( NN independence ) ) ( PP ( IN from ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ) ) ) ) ) ) )

The United Nations which is distributing farm tools to returning refugees in Namibia is rethinking a plan to hand out machetes because of the tense political climate during preparations for independence from South Africa


( SINV ( S-TPC-4 ( NP-SBJ ( DT The ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB distribute ) ( NP ( NP ( NNS machetes ) ) ) ( PP-TMP ( IN at ) ( NP ( DT this ) ( NN time ) ) ) ( SBAR-1 ( WHNP-3 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-CLR ( IN as ) ( NP ( NNS weapons ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN under ) ( NP ( NN review ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NNP U.N. ) ( NN spokesman ) ) )

The decision to distribute machetes at this time which could be used as weapons is under review said a U.N. spokesman


( S ( NP-SBJ ( NP ( NNS Sources ) ) ( ADVP-LOC ( RB close ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN family ) ) ( PP ( IN of ) ( NP ( NNP Pakistani ) ( NNP Prime ) ( NNP Minister ) ( NNP Benazir ) ( NNP Bhutto ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ is ) ( VP ( VBG expecting ) ( NP ( DT a ) ( JJ second ) ( NN child ) ) ( NP-TMP ( RB probably ) ( RB early ) ( JJ next ) ( NN year ) ) ) ) ) ) ) )

Sources close to the family of Pakistani Prime Minister Benazir Bhutto said she is expecting a second child probably early next year


( S ( PP ( IN For ) ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NN industry ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN watchword ) ) ( PP ( IN for ) ( NP ( DT the ) ( CD 1990s ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( S-PRD ( VP ( VP ( VB buy ) ) ( PP ( RBR more ) ( IN than ) ( VP ( VB build ) ) ) ) ) ) ) )

For the real estate industry a watchword for the 1990s will be buy more than build


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NN word ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( IN on ) ( NP ( NP ( DT the ) ( NNS lips ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( QP ( JJR more ) ( IN than ) ( CD 3,000 ) ) ( NX ( NX ( NNS developers ) ) ( NX ( NN pension-fund ) ( NNS advisers ) ) ( CC and ) ( NX ( JJ real ) ( NN estate ) ( NNS financiers ) ) ) ) ( VP ( VBN slated ) ( S ( VP ( TO to ) ( VP ( VB attend ) ( NP ( NP ( DT a ) ( JJ four-day ) ( NN conference ) ) ( VP ( VP ( VBG beginning ) ( ADVP-LOC ( RB here ) ) ( NP-TMP ( NN today ) ) ) ( VP ( VBN sponsored ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Urban ) ( NNP Land ) ( NNP Institute ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That 's the word expected to be on the lips of the more than 3,000 developers pension-fund advisers and real estate financiers slated to attend a four-day conference beginning here today sponsored by the Urban Land Institute


( S ( NP-SBJ ( DT The ) ( NNP ULI ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ non-profit ) ( NN research ) ( CC and ) ( NN education ) ( NN group ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Washington ) ) ( NP ( NNP D.C. ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( CD 14,000 ) ( NNS members ) ) ( ADVP-LOC ( RB nationwide ) ) ) ) ) ) )

The ULI is a non-profit research and education group based in Washington D.C. with 14,000 members nationwide


( S ( SBAR-ADV ( IN With ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( ADJP-PRD ( JJ overbuilt ) ) ) ) ( NP-SBJ ( NNS builders ) ) ( VP ( VBP are ) ( VP ( VBG finding ) ( NP ( NP ( JJ limited ) ( NNS opportunities ) ) ( CC and ) ( NP ( JJ increased ) ( NNS risks ) ) ) ) ) )

With the market overbuilt builders are finding limited opportunities and increased risks


( S ( NP-SBJ ( NP ( NNS Developers ) ) ( CC and ) ( NP ( NN money ) ( NNS managers ) ) ) ( VP ( VBP are ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS bargains ) ) ( PP-LOC ( IN among ) ( NP ( NP ( DT the ) ( NNS thousands ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB financially ) ( JJ troubled ) ) ( NNS properties ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) ) ) ) )

Developers and money managers are looking for bargains among the thousands of financially troubled properties around the country


( S ( NP-SBJ ( JJ Real ) ( NN estate ) ( NNS professionals ) ) ( ADVP-TMP ( RB now ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP bill ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN turnaround ) ( NNS experts ) ) ( CC and ) ( NP ( NN workout ) ( NNS specialists ) ) ) ) ) )

Real estate professionals now often bill themselves as turnaround experts and workout specialists


( S ( NP-SBJ-1 ( NN Conference ) ( NNS attendees ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG buzzing ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NNS workings ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RB recently ) ( VBN formed ) ) ( NNP Resolution ) ( NNP Trust ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( JJ federal ) ( NN agency ) ) ( VP ( VBN charged ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG disposing ) ( PP-CLR ( IN of ) ( NP ( NP ( DT an ) ( JJ estimated ) ( QP ( CD 200 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ real ) ( NN estate ) ) ( VP ( VBN dumped ) ( PP-DIR ( IN in ) ( NP ( NN government ) ( NNS hands ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ insolvent ) ( NNS savings ) ( CC and ) ( NNS loans ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Conference attendees are expected to be buzzing about the workings of the recently formed Resolution Trust Corp. a federal agency charged with disposing of an estimated 200 billion of real estate dumped in government hands by insolvent savings and loans


( S ( NP-SBJ ( NNS Developers ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( VP ( VBG eyeing ) ( NP ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NNS portfolios ) ) ( PP ( IN of ) ( NP ( JJ major ) ( NNS corporations ) ) ) ) ) ) )

Developers are also eyeing the real estate portfolios of major corporations


( S ( NP-SBJ-1 ( DT Some ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( NP ( JJ foreign ) ( NN development ) ( NNS ventures ) ) ( PP-LOC ( ADVP ( RB mostly ) ) ( IN in ) ( NP ( NNP Europe ) ) ) ) ) ) ) ) )

Some plan to pursue foreign development ventures mostly in Europe


( S ( CC And ) ( NP-SBJ ( JJ other ) ( NNS developers ) ) ( VP ( MD may ) ( VP ( VB shift ) ( PP-DIR ( IN from ) ( ADJP ( JJ commercial ) ) ) ( PP-DIR ( TO to ) ( NP ( JJ residential ) ( NN development ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) )

And other developers may shift from commercial to residential development in the U.S.


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( RB n't ) ( NP-PRD ( NP ( RB as ) ( JJ many ) ( ADJP ( RB economically ) ( JJ viable ) ) ( NNS alternatives ) ) ( PP ( IN for ) ( NP ( JJ real ) ( NN estate ) ( NNS developers ) ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN country ) ) ) ( PP ( IN as ) ( ADVP-TMP ( NP ( CD 10 ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Charles ) ( NNP Shaw ) ) ( NP ( DT a ) ( JJ Chicago-based ) ( JJ real ) ( NN estate ) ( NN developer ) ) ) )

There are n't as many economically viable alternatives for real estate developers in this country as 10 years ago says Charles Shaw a Chicago-based real estate developer


( S ( IN So ) ( NP-SBJ ( NNS developers ) ) ( VP ( VBP are ) ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB look ) ( PP-CLR ( IN into ) ( NP ( JJ distressed ) ( NNS properties ) ) ) ) ) ) ) ) ) )

So developers are saying they will look into distressed properties


( S ( NP-SBJ ( PRP They ) ) ( VP ( MD 'll ) ( VP ( VB go ) ( PP-DIR ( IN into ) ( NP ( NP ( NN someone ) ) ( RB else ) ( POS 's ) ( NN pasture ) ) ) ( ADVP ( ADVP ( RB as ) ( RB long ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( JJR greener ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN one ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( PP-PRD ( IN in ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They 'll go into someone else 's pasture as long as it 's greener than the one they 're in now


( S ( NP-SBJ ( NNP Developers ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( VP ( VBG forming ) ( NP ( NP ( RBR more ) ( JJ joint ) ( NNS ventures ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NN pension ) ( NNS funds ) ) ( CC and ) ( NP ( NN insurance ) ( NNS companies ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB finance ) ( NP ( JJ big ) ( NNS projects ) ) ) ) ) ) ) ) ) ) ) )

Developers are also forming more joint ventures with pension funds and insurance companies that can finance big projects


( S ( NP-SBJ-1 ( DT The ) ( NNS builders ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBR more ) ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VP ( VB give ) ( PRT ( RP up ) ) ( NP ( DT some ) ( NN equity ) ) ) ( CC and ) ( VP ( VB rely ) ( PP-CLR ( IN on ) ( NP ( NN management ) ( CC and ) ( NN consulting ) ( NNS fees ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB stay ) ( ADJP-PRD ( RB afloat ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ soft ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) )

The builders are more willing to give up some equity and rely on management and consulting fees to stay afloat in the soft market


( SINV ( S-TPC-2 ( NP-SBJ-1 ( NNP Developers ) ) ( VP ( VBP are ) ( VP ( VBG teaming ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NNS institutions ) ) ) ( S-ADV ( ADVP-TMP ( RB often ) ) ( VP ( VBG acting ) ( PP-CLR ( IN as ) ( NP ( NN project ) ( NNS managers ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Smedes ) ( NNP York ) ) ( NP ( NP ( NNP ULI ) ( NN president ) ) ( CC and ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP York ) ( NNP Properties ) ( NNP Inc. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Raleigh ) ) ( NP ( NNP N.C ) ) ) ) ) ) ) ) ) )

Developers are teaming up with institutions often acting as project managers says Smedes York ULI president and president of York Properties Inc. of Raleigh N.C


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( VP ( VBG growing ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ pragmatic ) ) ( PP ( IN about ) ( NP ( PRP$ their ) ( NN role ) ) ) ) ) ) )

They are growing more pragmatic about their role


( S ( NP-SBJ-1 ( JJ Real ) ( NN estate ) ( NNS firms ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( VP ( VBG using ) ( NP ( NP ( PRP$ their ) ( NNS alliances ) ) ( PP ( IN with ) ( NP ( JJ financial ) ( NNS institutions ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB amass ) ( NP ( NN acquisition ) ( NNS funds ) ) ) ) ) ) ) )

Real estate firms are also using their alliances with financial institutions to amass acquisition funds


( SINV ( SBARQ-TPC-3 ( WHADVP-2 ( WRB Why ) ) ( SQ ( MD should ) ( NP-SBJ-1 ( PRP you ) ) ( VP ( VP ( VB beat ) ( NP ( PRP$ your ) ( NNS brains ) ) ( PRT ( RP out ) ) ( S-ADV ( VP ( VP ( VBG fighting ) ( NP ( NP ( DT the ) ( NNS environmentalists ) ) ( NP ( DT the ) ( NN neighborhood ) ( NNS groups ) ) ) ) ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( NP ( NN traffic ) ( NN mitigation ) ) ( NP ( NNS sewers ) ) ) ) ) ( CC and ) ( VP ( VBG fighting ) ( NP ( NN city ) ( NN hall ) ) ) ) ) ) ( RB then ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB convince ) ( S ( NP-SBJ ( DT a ) ( NN lender ) ) ( VP ( TO to ) ( VP ( VB lend ) ( NP ( PRP you ) ) ( NP ( NN money ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( JJ overbuilt ) ( NN market ) ) ) ) ) ) ) ) ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VP ( VB get ) ( NP ( NN pension ) ( NN fund ) ( NN money ) ) ) ( VP ( VB buy ) ( NP ( DT a ) ( NN portfolio ) ) ) ( VP ( VB sell ) ( PRT ( RP off ) ) ( NP ( NNS pieces ) ) ( PP-CLR ( IN off ) ( NP ( PRP it ) ) ) ) ( CC and ) ( VP ( VB play ) ( NP ( PRP$ your ) ( JJ own ) ( NN game ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Rodman ) ) ( NP ( NP ( NN managing ) ( NN partner ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NN office ) ) ( PP ( IN of ) ( NP ( NP ( NNP Kenneth ) ( NNP Leventhal ) ( NNP Inc. ) ) ( NP ( DT a ) ( JJ national ) ( NN accounting ) ( NN firm ) ) ) ) ) ) ) ) )

Why should you beat your brains out fighting the environmentalists the neighborhood groups dealing with traffic mitigation sewers and fighting city hall then try to convince a lender to lend you money in an overbuilt market when you can get pension fund money buy a portfolio sell off pieces off it and play your own game says Jack Rodman managing partner of the Los Angeles office of Kenneth Leventhal Inc. a national accounting firm


( S ( CC But ) ( NP-SBJ ( NNS experts ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ comes ) ( PP-CLR ( TO to ) ( NP ( JJ distressed ) ( NNS properties ) ) ) ) ) ) ( S-NOM-SBJ ( VP ( VBG finding ) ( NP ( NNS diamonds ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ rough ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ easy ) ) ) ) ) ) )

But experts say that when it comes to distressed properties finding diamonds in the rough is n't easy


( SINV ( S-TPC-3 ( NP-SBJ ( NP ( DT The ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NNP RTC ) ( POS 's ) ) ( NNS properties ) ) ) ) ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJR greater ) ( SBAR ( IN than ) ( S ( VP ( VBN expected ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN come ) ( PP-DIR ( IN from ) ( NP ( NP ( JJR larger ) ( NNS companies ) ) ( SBAR ( IN than ) ( S ( ADVP-TMP ( RB initially ) ) ( VP ( VBN anticipated ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Stan ) ( NNP Ross ) ) ( NP ( NP ( NNP Leventhal ) ( POS 's ) ) ( JJ co-managing ) ( NN partner ) ) ) )

The level of interest in the RTC 's properties has been greater than expected and has come from larger companies than initially anticipated says Stan Ross Leventhal 's co-managing partner


( S-2 ( CC And ) ( S-PRP ( VP ( TO to ) ( VP ( VB succeed ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN turnaround ) ( NN business ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ-1 ( NNS developers ) ) ( VP ( MD may ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB put ) ( PRT ( RP in ) ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN money ) ( CC and ) ( NN time ) ) ) ) ) ) ) ) ) )

And to succeed in the turnaround business he says developers may have to put in a lot of money and time


( S ( S-NOM-SBJ ( VP ( VBG Finding ) ( NP ( NP ( NP ( NN pension ) ( NNS funds ) ) ( CC and ) ( NP ( JJ other ) ( NNS sources ) ) ) ( ADJP ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB invest ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ high ) ( NN priority ) ) ) )

Finding pension funds and other sources willing to invest is a high priority


( SINV ( VP ( VBZ Quips ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Shulman ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( JJ real ) ( NN estate ) ( NN research ) ) ) ( PP ( IN for ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ) ) ) ( S-1 ( NP-SBJ ( NP ( DT A ) ( NN theme ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Urban ) ( NNP Land ) ( NN conference ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( S-TTL-PRD ( VP ( VB take ) ( NP ( DT a ) ( NN pension ) ( NN fund ) ( NN manager ) ) ( PP-CLR ( TO to ) ( NP ( NN lunch ) ) ) ) ) ) ) ) )

Quips David Shulman director of real estate research for Salomon Brothers Inc. A theme of the Urban Land conference will be take a pension fund manager to lunch


( S ( NP-SBJ ( DT The ) ( NNP Bush ) ( NN administration ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG submitting ) ( NP ( NP ( DT a ) ( JJ comprehensive ) ( NN proposal ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG overhauling ) ( NP ( JJ agricultural ) ( NN trade ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB help ) ( VP ( VB break ) ( NP ( NP ( DT an ) ( NN impasse ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ current ) ( NN round ) ) ( PP ( IN of ) ( NP ( JJ multilateral ) ( NN trade ) ( NNS negotiations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Bush administration said it is submitting a comprehensive proposal for overhauling agricultural trade that could help break an impasse in the current round of multilateral trade negotiations


( S ( NP-SBJ ( DT The ) ( NN proposal ) ) ( VP ( VBZ reiterates ) ( NP ( DT the ) ( NNP U.S. ) ( NN desire ) ( S ( VP ( TO to ) ( VP ( VB scrap ) ( CC or ) ( VB reduce ) ( NP ( NP ( DT a ) ( NN host ) ) ( PP ( IN of ) ( NP ( NP ( JJ trade-distorting ) ( NNS subsidies ) ) ( PP ( IN on ) ( NP ( NN farm ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) )

The proposal reiterates the U.S. desire to scrap or reduce a host of trade-distorting subsidies on farm products


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB allow ) ( NP ( NP ( JJ considerable ) ( NN flexibility ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG determining ) ( SBAR ( WHADVP-2 ( WRB how ) ( CC and ) ( WRB when ) ) ( S ( NP-SBJ-1 ( DT these ) ( NNS goals ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN achieved ) ) ) ) ) ) ) ) ) ) ) ) )

But it would allow considerable flexibility in determining how and when these goals would be achieved


( S ( NP-SBJ-2 ( DT The ) ( NNP U.S. ) ( NN plan ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB ease ) ( NP ( NP ( DT the ) ( NN transition ) ) ( PP ( TO to ) ( NP ( JJR freer ) ( NN agriculture ) ( NN trade ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG allowing ) ( S ( NP-SBJ ( DT some ) ( NNS countries ) ) ( VP ( TO to ) ( VP ( VB convert ) ( NP ( JJ non-tariff ) ( NNS barriers ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NNS tariffs ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( S-ADV ( ADJP-PRD ( RB together ) ( PP ( IN with ) ( NP ( JJ existing ) ( NNS tariffs ) ) ) ) ) ( ADVP-TMP ( RB then ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN phased ) ( PRT ( RP out ) ) ( PP-TMP ( IN over ) ( NP ( CD 10 ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The U.S. plan also would ease the transition to freer agriculture trade by allowing some countries to convert non-tariff barriers into tariffs that together with existing tariffs then would be phased out over 10 years


( S ( NP-SBJ ( NP ( NNP Trade ) ( NNP Representative ) ( NNP Carla ) ( NNP Hills ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( PP ( IN along ) ( PP ( IN with ) ( NP ( NNP Agriculture ) ( NNP Secretary ) ( NNP Clayton ) ( NNP Yeutter ) ) ) ) ( VP ( VBD unveiled ) ( NP ( DT the ) ( NN proposal ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ confident ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB gain ) ( NP ( NP ( JJ considerable ) ( NN support ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( POS 's ) ) ( NN trading ) ( NNS partners ) ) ) ) ) ) ) ) ) ) ) ) ) )

Trade Representative Carla Hills who along with Agriculture Secretary Clayton Yeutter unveiled the proposal said she is confident it will gain considerable support from the U.S. 's trading partners


( S ( NP-SBJ-4 ( NNP Mr. ) ( NNP Yeutter ) ) ( S-ADV ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB allay ) ( NP ( NP ( JJ European ) ( NNS objections ) ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( JJR earlier ) ( NNP U.S. ) ( NN plan ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD called ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG eliminating ) ( NP ( DT all ) ( JJ farm-trade ) ( NNS barriers ) ) ( PP-TMP ( IN by ) ( NP ( DT the ) ( NN year ) ( CD 2000 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NNP U.S. ) ( NN proposal ) ) ( VP ( VP ( MD would ) ( RB n't ) ( VP ( VB put ) ( NP ( NNS farmers ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ) ) ( CC but ) ( VP ( MD would ) ( ADVP ( RB only ) ) ( VP ( VB encourage ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB grow ) ( NP ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NNS markets ) ) ( VP ( VBP desire ) ) ) ) ( CONJP ( RB instead ) ( IN of ) ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ wants ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Yeutter seeking to allay European objections to an earlier U.S. plan that called for eliminating all farm-trade barriers by the year 2000 said the new U.S. proposal would n't put farmers out of business but would only encourage them to grow what the markets desire instead of what the government wants


( S ( NP-SBJ-1 ( DT The ) ( NNP U.S. ) ) ( VP ( VBZ is ) ( VP ( VBG submitting ) ( NP ( DT the ) ( NN proposal ) ) ( NP-TMP ( NN today ) ) ( PP-LOC ( IN in ) ( NP ( NNP Geneva ) ) ) ( S-ADV ( VP ( VBG hoping ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN initiative ) ) ( VP ( MD will ) ( VP ( VB spur ) ( S ( NP-SBJ ( NP ( NNS members ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP General ) ( NNP Agreement ) ) ( PP ( IN on ) ( NP ( NNP Tariffs ) ( CC and ) ( NNP Trade ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( NN agreement ) ) ( PP ( IN on ) ( NP ( JJ new ) ( NN trade ) ( NNS rules ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP$ their ) ( JJ current ) ( NN negotiating ) ( NN round ) ) ( VP ( VBZ concludes ) ( PP-TMP ( IN in ) ( NP ( NNP December ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The U.S. is submitting the proposal today in Geneva hoping that the initiative will spur members of the General Agreement on Tariffs and Trade to reach agreement on new trade rules before their current negotiating round concludes in December 1990


( S ( NP-SBJ ( NP ( DT Another ) ( NNP U.S. ) ( NN proposal ) ) ( VP ( VBN filed ) ( NP-TMP ( NNP Monday ) ) ) ) ( VP ( VBZ urges ) ( NP ( NP ( JJR more ) ( JJ fair ) ( NN play ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS services ) ( NN trade ) ) ( PP ( VBG including ) ( NP ( NP ( ADJP ( JJ predictable ) ( CC and ) ( JJ clear ) ) ( NNS rules ) ) ( CC and ) ( NP ( NP ( NN equality ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN treatment ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ foreign ) ( CC and ) ( JJ domestic ) ) ( NN service ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) ) )

Another U.S. proposal filed Monday urges more fair play in services trade including predictable and clear rules and equality in the treatment of foreign and domestic service companies


( S ( PP ( IN Unlike ) ( NP ( NP ( DT the ) ( JJR earlier ) ( NNP U.S. ) ( JJ farm-trade ) ( NN proposal ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD struck ) ( NP ( JJ European ) ( NNS countries ) ) ( SBAR-CLR ( RB as ) ( S ( ADJP-PRD ( RB too ) ( JJ extreme ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJS latest ) ( NN plan ) ) ( VP ( MD would ) ( VP ( VB provide ) ( NP ( NP ( DT some ) ( NN room ) ) ( PP ( IN for ) ( NP ( NN maneuver ) ) ) ) ) ) )

Unlike the earlier U.S. farm-trade proposal which struck European countries as too extreme the latest plan would provide some room for maneuver


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( DT the ) ( JJ new ) ( NNP U.S. ) ( NN package ) ) ( VP ( VBZ makes ) ( S ( ADJP-PRD ( JJ clear ) ) ( SBAR-SBJ ( S ( NP-SBJ ( EX there ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN transition ) ( NN period ) ) ( SBAR ( WHPP-2 ( IN during ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( NNP GATT ) ( NNS members ) ) ( VP ( MD could ) ( VP ( VB use ) ( NP ( NP ( DT a ) ( NN combination ) ) ( PP ( IN of ) ( NP ( NNS tariffs ) ( CC and ) ( NNS quotas ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB cushion ) ( NP ( PRP$ their ) ( NNS farmers ) ) ( PP-CLR ( IN from ) ( NP ( JJ foreign ) ( NN competition ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For instance the new U.S. package makes clear there would be a transition period during which GATT members could use a combination of tariffs and quotas to cushion their farmers from foreign competition


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNS countries ) ) ( VP ( MD could ) ( ADVP-TMP ( RB temporarily ) ) ( VP ( VB raise ) ( NP ( NP ( NNS tariffs ) ) ( PP ( IN on ) ( NP ( JJ certain ) ( NNS products ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP experience ) ( NP ( NP ( DT an ) ( ADJP ( RB unusually ) ( JJ heavy ) ) ( NN volume ) ) ( PP ( IN of ) ( NP ( NNS imports ) ) ) ) ) ) ) ) ) ) ) ) )

It also says countries could temporarily raise tariffs on certain products if they experience an unusually heavy volume of imports


( S ( ADVP ( RB Instead ) ( PP ( IN of ) ( S-NOM ( VP ( VBG proposing ) ( NP ( NP ( DT a ) ( JJ complete ) ( NN elimination ) ) ( PP ( IN of ) ( NP ( NN farm ) ( NNS subsidies ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( JJR earlier ) ( NNP U.S. ) ( NN proposal ) ) ( VP ( VBD did ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( JJ new ) ( NN package ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN elimination ) ) ( PP ( IN of ) ( NP ( RB only ) ( DT the ) ( ADJP ( JJS most ) ( JJ tradedistorting ) ) ( NNS ones ) ) ) ) ) ) )

Instead of proposing a complete elimination of farm subsidies as the earlier U.S. proposal did the new package calls for the elimination of only the most tradedistorting ones


( S ( S ( NP-SBJ ( RBR Less ) ( JJ objectionable ) ( NNS ones ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ subject ) ( ADVP ( RB only ) ) ( PP ( TO to ) ( NP ( DT some ) ( NNS restraints ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( NNS others ) ) ( PP ( IN with ) ( NP ( DT a ) ( ADJP ( RB relatively ) ( JJ minor ) ) ( NN trade ) ( NN impact ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( PP-LOC ( IN under ) ( NP ( JJ certain ) ( NNS conditions ) ) ) ) ) ) ) ) ) ) )

Less objectionable ones would be subject only to some restraints and others with a relatively minor trade impact would be allowed to continue under certain conditions


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NNP U.S. ) ( NN plan ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB establish ) ( NP ( NP ( NNS procedures ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NNS countries ) ) ( PP ( IN from ) ( S-NOM ( VP ( VBG using ) ( NP ( NN health ) ( CC and ) ( NN sanitation ) ( NNS rules ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB impede ) ( NP ( NN trade ) ) ( ADVP-MNR ( RB arbitrarily ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The new U.S. plan also would establish procedures to prevent countries from using health and sanitation rules to impede trade arbitrarily


( S ( NP-SBJ ( DT The ) ( NN goal ) ) ( VP ( MD would ) ( VP ( VB be ) ( S-PRD ( VP ( TO to ) ( VP ( VB resolve ) ( NP ( NP ( NNS disputes ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( CD one ) ) ( VP ( VBN prompted ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP European ) ( NNP Community ) ( POS 's ) ) ( JJ current ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( NN bar ) ( NP ( NP ( NNS imports ) ) ( PP ( IN of ) ( NP ( NN beef ) ) ) ( PP ( IN from ) ( NP ( JJ hormone-treated ) ( NNP U.S. ) ( NNS cattle ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The goal would be to resolve disputes such as one prompted by the European Community 's current attempt to bar imports of beef from hormone-treated U.S. cattle


( S ( NP-SBJ ( DT The ) ( NNP U.S. ) ) ( VP ( VBZ contends ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS rules ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( VBN justified ) ) ( PP ( IN on ) ( NP ( NN health ) ( NNS grounds ) ) ) ) ) ) ) )

The U.S. contends that the rules are n't justified on health grounds


( S ( S-PRP ( VP ( TO To ) ( VP ( VB encourage ) ( NP ( NP ( JJR more ) ( NN competition ) ) ( PP-LOC ( IN among ) ( NP ( VBG exporting ) ( NNS countries ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP U.S. ) ) ( VP ( VBZ is ) ( VP ( VBG proposing ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NN export ) ( NNS subsidies ) ) ( PP ( VBG including ) ( NP ( NP ( NN tax ) ( NNS incentives ) ) ( PP ( IN for ) ( NP ( NNS exporters ) ) ) ) ) ) ( VP ( VB be ) ( VP ( VBN phased ) ( PRT ( RP out ) ) ( PP-TMP ( IN in ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ) ) ) ) )

To encourage more competition among exporting countries the U.S. is proposing that export subsidies including tax incentives for exporters be phased out in five years


( S ( NP-SBJ ( NNP Westinghouse ) ( NNP Electric ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB buy ) ( NP ( NNP Shaw-Walker ) ( NNP Co ) ) ) ) ) ) ) )

Westinghouse Electric Corp. said it will buy Shaw-Walker Co


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

Terms were n't disclosed


( S ( NP-SBJ ( NP ( NNP Shaw-Walker ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Muskegon ) ) ( NP ( NNP Mich. ) ) ) ) ) ) ( VP ( VBZ makes ) ( NP ( NP ( NP ( NN metal ) ( NNS files ) ) ( CC and ) ( NP ( NNS desks ) ) ) ( CC and ) ( NP ( NP ( NN seating ) ) ( CC and ) ( NP ( NN office ) ( NNS systems ) ( NN furniture ) ) ) ) ) )

Shaw-Walker based in Muskegon Mich. makes metal files and desks and seating and office systems furniture


( S ( NP-SBJ ( NNP Time ) ( NNP Warner ) ( NNP Inc. ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( JJ legal ) ( NN challenge ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Tele-Communications ) ( NNP Inc. ) ( POS 's ) ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NN half ) ) ( PP ( IN of ) ( NP ( NNP Showtime ) ( NNP Networks ) ( NNP Inc. ) ) ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN move ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB lead ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ all-out ) ( NN war ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NN cable ) ( NN industry ) ( POS 's ) ) ( CD two ) ( ADJP ( RBS most ) ( JJ powerful ) ) ( NNS players ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc. a move that could lead to all-out war between the cable industry 's two most powerful players


( S ( S-TPC-4 ( NP-SBJ-1 ( NNP Time ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG fighting ) ( NP ( DT the ) ( NN transaction ) ) ( PP-LOC ( IN on ) ( NP ( JJ other ) ( NNS fronts ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB discourage ) ( NP-3 ( JJ other ) ( NN cable ) ( NNS operators ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG joining ) ( NP ( NNP Tele-Communications ) ) ( PP ( IN as ) ( NP ( NP ( NNS investors ) ) ( PP ( IN in ) ( NP ( NNP Showtime ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN cable-TV ) ( NN industry ) ( NNS executives ) ) ( VP ( VBP say ) ) )

Time is also fighting the transaction on other fronts by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime cable-TV industry executives say


( S ( NP-SBJ-1 ( NNP Time ) ( NNS officials ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Time officials declined to comment


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ-2 ( NNP Tele-Communications ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NNP Viacom ) ( NNP Inc. ) ) ( NP ( QP ( CD 225 ) ( CD million ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( NNP Showtime ) ( NN subsidiary ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ distant ) ( NN second ) ) ( PP ( TO to ) ( NP ( NP ( NNP Time ) ( POS 's ) ) ( NNP Home ) ( NNP Box ) ( NNP Office ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN delivery ) ) ( PP ( IN of ) ( NP ( NN pay-TV ) ( NNS networks ) ) ) ( PP ( TO to ) ( NP ( NN cable ) ( NNS subscribers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Last week Tele-Communications agreed to pay Viacom Inc. 225 million for a 50 % stake in its Showtime subsidiary which is a distant second to Time 's Home Box Office in the delivery of pay-TV networks to cable subscribers


( S ( NP-SBJ ( NP ( NNP Tele-Communications ) ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( POS 's ) ) ( JJS largest ) ( NN cable ) ( NN company ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB seek ) ( NP ( NP ( JJ other ) ( NN cable ) ( NNS partners ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB join ) ( PP-CLR ( IN in ) ( NP ( PRP$ its ) ( NN investment ) ) ) ) ) ) ) ) ) ) ) ) ) )

Tele-Communications the U.S. 's largest cable company said it may seek other cable partners to join in its investment


( S ( S ( NP-SBJ ( NNP Tele-Communications ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP HBO ) ( POS 's ) ) ( JJS largest ) ( NN customer ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( CD two ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NN business ) ( NNS relationships ) ) ) ) ) ) )

Tele-Communications is HBO 's largest customer and the two have a number of other business relationships


( S ( S-TPC-1 ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN year ) ) ( NP-SBJ-2 ( NNP Time ) ) ( ADVP ( RB even ) ) ( VP ( VBD discussed ) ( S ( VP ( VBG bringing ) ( NP ( NNP Tele-Communications ) ) ( PRT ( RP in ) ) ( PP ( IN as ) ( NP ( NP ( DT an ) ( NN investor ) ) ( PP ( IN in ) ( NP ( NNP HBO ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS executives ) ) ( PP-LOC ( IN at ) ( NP ( DT both ) ( NNS companies ) ) ) ) ( VP ( VBD said ) ) )

Earlier this year Time even discussed bringing Tele-Communications in as an investor in HBO executives at both companies said


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Showtime ) ( NN stake ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ direct ) ( NN slap ) ) ( PP ( IN in ) ( NP ( PRP$ our ) ( NN face ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( JJ senior ) ( NNP Time ) ( NN executive ) ) )

The purchase of the Showtime stake is a direct slap in our face said one senior Time executive


( S ( NP-SBJ-1 ( NNP Time ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB mount ) ( NP ( DT a ) ( JJ legal ) ( NN challenge ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP U.S. ) ( NNP District ) ( NNP Court ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP New ) ( NNP York ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NNP Viacom ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ( VP ( VBD filed ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2.5 ) ( CD billion ) ) ) ( JJ antitrust ) ( NN suit ) ) ( VP ( VBG charging ) ( NP ( NNP Time ) ( CC and ) ( NNP HBO ) ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VP ( VBG monopolizing ) ( NP ( DT the ) ( NN pay-TV ) ( NN business ) ) ) ( CC and ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB crush ) ( NP ( NP ( NN competition ) ) ( PP ( IN from ) ( NP ( NNP Showtime ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Time is expected to mount a legal challenge in U.S. District Court in New York where Viacom in May filed a 2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime


( S ( NP-SBJ ( NP ( NNS Executives ) ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG plotting ) ( NP ( NP ( NN Time ) ( POS 's ) ) ( NN defense ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG preparing ) ( NP ( NP ( DT a ) ( NN countersuit ) ) ( VP ( VBG naming ) ( NP ( CC both ) ( NNP Viacom ) ( CC and ) ( NNP Tele-Communications ) ) ( PP-CLR ( IN as ) ( NP ( NNS defendants ) ) ) ) ) ) ) ) ) ) )

Executives involved in plotting Time 's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants


( S ( NP-SBJ ( DT The ) ( NNS executives ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-3 ( NNP Time ) ) ( VP ( VP ( MD may ) ( VP ( VB seek ) ( S ( VP ( TO to ) ( VP ( VB break ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN transaction ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN consummated ) ) ) ) ) ) ) ) ) ) ( CC or ) ( VP ( MD may ) ( VP ( VB seek ) ( NP ( NP ( NNS constraints ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB prevent ) ( NP-4 ( NNP Tele-Communications ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG dropping ) ( NP ( NNP HBO ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN cable ) ( NNS systems ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN favor ) ) ( PP ( IN of ) ( NP ( NNP Showtime ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The executives say Time may seek to break up the transaction after it is consummated or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime


( S ( NP-SBJ-1 ( NNP Viacom ) ( NNS officials ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Viacom officials declined to comment


( S ( NP-SBJ ( NP ( NNP Jerome ) ( NNP Kern ) ) ( NP ( NP ( NNP Tele-Communications ) ( POS ' ) ) ( JJ chief ) ( JJ outside ) ( NN counsel ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ aware ) ( PP ( IN of ) ( NP ( NP ( NN Time ) ( POS 's ) ) ( JJ legal ) ( NNS plans ) ) ) ) ) ) ) ) )

Jerome Kern Tele-Communications ' chief outside counsel said he was n't aware of Time 's legal plans


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT any ) ( NN effort ) ) ( PP ( IN by ) ( NP ( NNP Time ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB characterize ) ( NP ( NP ( DT the ) ( NNP Tele-Communications ) ( NN investment ) ) ( PP ( IN in ) ( NP ( NNP Showtime ) ) ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ anti-competitive ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN pot ) ) ( VP ( VBG calling ) ( S ( NP-SBJ ( DT the ) ( NN kettle ) ) ( ADJP-PRD ( NN black ) ) ) ) ) ) ) ) ) ) )

But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be the pot calling the kettle black


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ hard ) ) ( S-3 ( VP ( TO to ) ( VP ( VB see ) ( SBAR-NOM ( WHADVP-4 ( WRB how ) ) ( S ( NP-SBJ ( NP ( DT an ) ( NN investment ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( JJS largest ) ( PRN ( NN cable ) ( NN operator ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJR weaker ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD two ) ( NNS networks ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ anti-competitive ) ) ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-5 ( WRB when ) ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJR stronger ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD two ) ( NNS networks ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( ADJP ( RB second ) ( JJS largest ) ) ( NN cable ) ( NN operator ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Kern ) ) ( VP ( VBD said ) ) )

It 's hard to see how an investment by the largest cable operator in the weaker of the two networks is anti-competitive when the stronger of the two networks is owned by the second largest cable operator Mr. Kern said


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG owning ) ( NP ( NP ( NNP HBO ) ) ( PP ( IN with ) ( NP ( QP ( CD 22 ) ( CD million ) ) ( NNS subscribers ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Time ) ( NNP Warner ) ) ( VP ( ADVP-MNR ( RB separately ) ) ( VBZ operates ) ( NP ( NP ( NN cable-TV ) ( NN system ) ) ( VP ( VBG serving ) ( NP ( QP ( RB about ) ( CD 5.6 ) ( CD million ) ) ( NN cable-TV ) ( NNS subscribers ) ) ) ) ) )

In addition to owning HBO with 22 million subscribers Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers


( S ( S ( NP-SBJ ( NNP Tele-Communications ) ) ( VP ( VBZ controls ) ( NP ( QP ( RB close ) ( TO to ) ( CD 12 ) ( CD million ) ) ( NN cable ) ( NNS subscribers ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Viacom ) ) ( VP ( VBZ has ) ( NP ( RB about ) ( CD one ) ( CD million ) ) ) ) )

Tele-Communications controls close to 12 million cable subscribers and Viacom has about one million


( S ( PP-LOC ( IN In ) ( NP ( NP ( PRP$ its ) ( NN suit ) ) ( PP ( IN against ) ( NP ( NNP Time ) ) ) ) ) ( NP-SBJ ( NNP Viacom ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN ownership ) ) ( PP ( IN of ) ( NP ( CC both ) ( NP ( NN cable ) ( NNS systems ) ) ( CC and ) ( NP ( JJ cable-programming ) ( NNS networks ) ) ) ) ) ( VP ( VBZ gives ) ( NP ( DT the ) ( NN company ) ) ( NP ( ADJP ( RB too ) ( JJ much ) ) ( NN market ) ( NN power ) ) ) ) ) ) )

In its suit against Time Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power


( S ( NP-SBJ ( NNP Time ) ) ( VP ( VBZ argues ) ( SBAR ( IN that ) ( S ( PP ( IN in ) ( S-NOM ( VP ( VBG joining ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NNP Tele-Communications ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Viacom ) ) ( VP ( VBZ has ) ( NP ( ADJP ( RB potentially ) ( JJR more ) ) ( NN power ) ) ( SBAR-PRP ( ADVP ( RB particularly ) ) ( IN since ) ( S ( NP-SBJ ( NNP Viacom ) ) ( ADVP ( RB also ) ) ( VP ( VBZ owns ) ( NP ( NN cable ) ( NNS networks ) ( NNP MTV ) ( NNP VH-1 ) ( CC and ) ( NAC ( NNP Nick ) ( PP-TMP ( IN at ) ( NP ( NNP Nite ) ) ) ) ) ) ) ) ) ) ) ) )

Time argues that in joining up with Tele-Communications Viacom has potentially more power particularly since Viacom also owns cable networks MTV VH-1 and Nick at Nite


( S ( ADVP ( NNP Ironically ) ) ( NP-SBJ ( NNP Tele-Communications ) ( CC and ) ( NNP Time ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN worked ) ( ADVP-MNR ( RB closely ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN cable ) ( NN business ) ) ) ) ) )

Ironically Tele-Communications and Time have often worked closely in the cable business


( S ( S ( ADVP ( RB Together ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP control ) ( NP ( NP ( QP ( RB nearly ) ( CD 40 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Turner ) ( NNP Broadcasting ) ( NNP Systems ) ( NNP Inc. ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Tele-Communications ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( ADJP ( CD 21.8 ) ( NN % ) ) ( NN stake ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Time ) ( NNP Warner ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( ADJP ( CD 17.8 ) ( NN % ) ) ( NN stake ) ) ) ) ) ) ) )

Together they control nearly 40 % of Turner Broadcasting Systems Inc. Tele-Communications has a 21.8 % stake while Time Warner has a 17.8 % stake


( S ( CC But ) ( PP-TMP ( IN since ) ( NP ( NP ( NP ( NNP Time ) ( POS 's ) ) ( NN merger ) ) ( PP ( IN with ) ( NP ( NNP Warner ) ( NNP Communications ) ( NNP Inc. ) ) ) ) ) ( NP-SBJ ( NP ( NNS relations ) ) ( PP ( IN between ) ( NP ( DT the ) ( CD two ) ) ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( ADJP-PRD ( JJ strained ) ) ) ) )

But since Time 's merger with Warner Communications Inc. relations between the two have become strained


( S ( NP-SBJ ( DT Each ) ( NN company ) ) ( VP ( VBZ worries ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ other ) ) ( VP ( VBZ is ) ( VP ( VBG becoming ) ( ADJP-PRD ( ADJP ( RB too ) ( JJ powerful ) ) ( CC and ) ( ADJP ( RB too ) ( RB vertically ) ( JJ integrated ) ) ) ) ) ) ) ) )

Each company worries that the other is becoming too powerful and too vertically integrated


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( DT some ) ( JJ legal ) ( NNS observers ) ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNP Tele-Communications ) ( NN investment ) ) ( CC and ) ( NP ( JJ other ) ( NNS developments ) ) ) ( VP ( VBP are ) ( VP ( VBG weakening ) ( NP ( NP ( NP ( NNP Viacom ) ( POS 's ) ) ( JJ antitrust ) ( NN suit ) ) ( PP ( IN against ) ( NP ( NNP Time ) ) ) ) ) ) ) ) ) )

Meanwhile some legal observers say the Tele-Communications investment and other developments are weakening Viacom 's antitrust suit against Time


( S ( NP-SBJ ( NNP Viacom ) ) ( VP ( VBZ accuses ) ( NP-1 ( NNP Time ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN suit ) ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG refusing ) ( S ( VP ( TO to ) ( VP ( VB carry ) ( NP ( NP ( NNP Showtime ) ) ( CC or ) ( NP ( NP ( DT a ) ( JJ sister ) ( NN service ) ) ( NP ( DT The ) ( NNP Movie ) ( NNP Channel ) ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NP ( NNP Time ) ( POS 's ) ) ( NNP Manhattan ) ( NNP Cable ) ( NN TV ) ( NN system ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( JJ urban ) ( NNS systems ) ) ) ) ) ) ) ) ) ) ) ) ) )

Viacom accuses Time in its suit of refusing to carry Showtime or a sister service The Movie Channel on Time 's Manhattan Cable TV system one of the nation 's largest urban systems


( S ( CC But ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Manhattan ) ( NNP Cable ) ) ( VP ( VBD announced ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB launch ) ( NP ( NNP Showtime ) ) ( PP-TMP ( IN on ) ( NP ( NNP Nov. ) ( CD 1 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( IN over ) ( CD 230,000 ) ) ( NNS subscribers ) ) ) ) ) ) ) ) )

But yesterday Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers


( S ( NP-SBJ ( NNP Showtime ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN accused ) ( NP-1 ( NNP HBO ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG locking ) ( PRT ( RP up ) ) ( NP ( NP ( NP ( DT the ) ( NN lion ) ( POS 's ) ) ( NN share ) ) ( PP ( IN of ) ( NP ( NP ( NNP Hollywood ) ( POS 's ) ) ( NNS movies ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG signing ) ( NP ( NP ( JJ exclusive ) ( NNS contracts ) ) ( PP ( IN with ) ( NP ( PDT all ) ( DT the ) ( JJ major ) ( NNS studios ) ) ) ) ) ) ) ) ) ) ) ) )

Showtime has also accused HBO of locking up the lion 's share of Hollywood 's movies by signing exclusive contracts with all the major studios


( S ( CC But ) ( NP-SBJ-2 ( NNP Showtime ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN continued ) ( S ( VP ( TO to ) ( VP ( VB sign ) ( NP ( JJ new ) ( NNS contracts ) ) ( PP ( IN with ) ( NP ( NNP Hollywood ) ( NNS studios ) ) ) ) ) ) ) ) ( CC and ) ( VP ( NP-TMP ( NN yesterday ) ) ( VBD announced ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB buy ) ( NP ( NNS movies ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Columbia ) ( NNP Pictures ) ( NNP Entertainment ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ non-exclusive ) ( NN arrangement ) ) ( PP ( IN with ) ( NP ( NNP HBO ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But Showtime has continued to sign new contracts with Hollywood studios and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc. which currently has a non-exclusive arrangement with HBO


( S ( NP-SBJ ( NP ( NNP Boston ) ( NNP Co. ) ) ( NP ( NP ( DT the ) ( JJ upper-crust ) ( JJ financial ) ( NNS services ) ( NN concern ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN rocked ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN management ) ( NN scandal ) ) ) ( NP-TMP ( RB late ) ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( NP ( DT a ) ( JJ sharp ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN profitability ) ) ) ) ( SBAR-PRP ( ADVP ( RB mainly ) ) ( IN because ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ high-risk ) ( NN bet ) ) ( PP ( IN on ) ( NP ( NN interest ) ( NNS rates ) ) ) ) ( VP ( VBD backfired ) ) ) ) ) ) )

Boston Co. the upper-crust financial services concern that was rocked by a management scandal late last year has had a sharp drop in profitability mainly because a high-risk bet on interest rates backfired


( S ( NP-SBJ ( NP ( NP ( NNP Boston ) ( NNP Co. ) ( POS 's ) ) ( NN fall ) ) ( PP ( IN from ) ( NP ( NN grace ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ bad ) ( NN news ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( NN parent ) ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Holdings ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN relied ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN banking ) ( CC and ) ( NN money ) ( NN management ) ( NN unit ) ( POS 's ) ) ( NNS contributions ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ) ) ) ) )

Boston Co. 's fall from grace is bad news for its parent Shearson Lehman Hutton Holdings Inc. which has relied heavily on the banking and money management unit 's contributions in recent years


( S ( PP-TMP ( IN In ) ( NP ( CD 1988 ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( NNP Boston ) ( NNP Co. ) ) ( VP ( VBD had ) ( NP ( NP ( DT an ) ( JJ estimated ) ( JJ pretax ) ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 110 ) ( CD million ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Shearson ) ) ( VP ( VBD managed ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( QP ( RB just ) ( CD 96 ) ( CD million ) ) ) ) ) ) ) ) ) )

In 1988 for example Boston Co. had an estimated pretax profit of at least 110 million while Shearson managed net income of just 96 million


( S ( NP-SBJ ( NNP Shearson ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB break ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( NNS earnings ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS subsidiaries ) ) ) ) ) ) )

Shearson does n't break out the earnings of its subsidiaries


( S ( CC But ) ( NP-SBJ ( NP ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NP ( NNP Boston ) ( NNP Co. ) ( POS 's ) ) ( NN performance ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN unit ) ) ( VP ( VBD had ) ( NP ( NP ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( RB around ) ( CD 17 ) ( CD million ) ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( ADVP-MNR ( RB barely ) ) ( VBG breaking ) ( ADVP-CLR ( RB even ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ) ) ) ) ) ) ) ) )

But people familiar with Boston Co. 's performance say the unit had profit of around 17 million for the third quarter after barely breaking even for the first six months


( S ( NP-SBJ ( NNP Shearson ) ) ( ADVP-TMP ( RB meanwhile ) ) ( VP ( VBD posted ) ( NP ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( QP ( CD 106 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( ADVP ( RB down ) ( RB slightly ) ( PP ( IN from ) ( NP ( QP ( CD 110 ) ( CD million ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ) ) ) ) )

Shearson meanwhile posted net income of 106 million for the first nine months of the year down slightly from 110 million for the year-ago period


( S ( NP-SBJ-1 ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ( NNP Inc. ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD downgraded ) ( NP ( NP ( DT the ) ( JJ long-term ) ( NN deposit ) ( NN rating ) ) ( PP ( IN of ) ( NP ( NP ( NNP Boston ) ( NNP Co. ) ( POS 's ) ) ( NNP Boston ) ( NNP Safe ) ( NNP Deposit ) ( CC & ) ( NNP Trust ) ( NNP Co. ) ( NN subsidiary ) ) ) ) ( PP-CLR ( TO to ) ( ADJP ( JJ single-A-1 ) ) ) ( PP-CLR ( IN from ) ( ADJP ( JJ double-A-3 ) ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( NNS problems ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ) ( VBZ 's ) ( ADJP ( RB aggressively ) ( VBN managed ) ) ( NNS securities ) ( NN portfolio ) ) ) ) ) ) ) )

Moody 's Investors Service Inc. last week downgraded the long-term deposit rating of Boston Co. 's Boston Safe Deposit & Trust Co. subsidiary to single-A-1 from double-A-3 citing problems in the company 's aggressively managed securities portfolio


( S ( NP-SBJ ( NP ( NNP John ) ( NNP Kriz ) ) ( NP ( NP ( DT a ) ( NNP Moody ) ( POS 's ) ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Boston ) ( NNP Safe ) ( NNP Deposit ) ( POS 's ) ) ( NN performance ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN hurt ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN mismatch ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS maturities ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS assets ) ( CC and ) ( NNS liabilities ) ) ) ) ) ) ) ) ) ) ) ) ) )

John Kriz a Moody 's vice president said Boston Safe Deposit 's performance has been hurt this year by a mismatch in the maturities of its assets and liabilities


( S ( S-TPC-2 ( S ( NP-SBJ ( DT The ) ( NN mismatch ) ) ( VP ( VBD exposed ) ( NP ( DT the ) ( NN company ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ high ) ( NN degree ) ) ( PP ( IN of ) ( NP ( NN interest-rate ) ( NN risk ) ) ) ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS rates ) ) ( VP ( VBD moved ) ( ADVP ( RB unfavorably ) ) ( PRN ( S-TMP ( VP ( VP ( VBG beginning ) ( NP-TMP ( RB late ) ( JJ last ) ( NN year ) ) ) ( CC and ) ( VP ( VBG continuing ) ( PP-DIR ( IN into ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD cost ) ( NP ( PRP them ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Kriz ) ) ( VP ( VBD said ) ) )

The mismatch exposed the company to a high degree of interest-rate risk and when rates moved unfavorably beginning late last year and continuing into this year it cost them Mr. Kriz said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kriz ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NNP Boston ) ( NNP Safe ) ( NNP Deposit ) ) ( VP ( VBZ has ) ( VP ( VBN taken ) ( NP ( DT some ) ( NNS actions ) ( S ( VP ( TO to ) ( VP ( VP ( ADVP-MNR ( RBR better ) ) ( VB control ) ( NP ( JJ asset-liability ) ( NN management ) ) ) ( CC and ) ( VP ( VB improve ) ( NP ( NNS controls ) ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-1 ( DT these ) ) ( VP ( MD will ) ( VP ( VB serve ) ( S ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NN credit ) ( NN quality ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Kriz noted that Boston Safe Deposit has taken some actions to better control asset-liability management and improve controls in general and we think these will serve to improve credit quality


( S ( S-TPC-3 ( SBAR-TMP ( IN As ) ( S ( S ( NP-SBJ ( DT some ) ( NNS securities ) ) ( VP ( VBP mature ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NNS proceeds ) ) ( VP ( VBP are ) ( VP ( VBN reinvested ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NNS problems ) ) ( VP ( MD ought ) ( S ( VP ( TO to ) ( VP ( VB ease ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

As some securities mature and the proceeds are reinvested the problems ought to ease he said


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( ADVP ( RB also ) ) ( VP ( VBD cited ) ( NP ( NP ( NNS concerns ) ) ( PP ( IN over ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN mortgage ) ( NN exposure ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ troubled ) ( NNP New ) ( NNP England ) ( JJ real ) ( NN estate ) ( NN market ) ) ) ) ) ) ) )

But he also cited concerns over the company 's mortgage exposure in the troubled New England real estate market


( S ( NP-SBJ-1 ( NNP Boston ) ( NNP Co. ) ( NNS officials ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( PP ( IN on ) ( NP ( NP ( NNP Moody ) ( POS 's ) ) ( NN action ) ) ) ( CC or ) ( PP ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN unit ) ( POS 's ) ) ( JJ financial ) ( NN performance ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN except ) ( S ( VP ( TO to ) ( VP ( VB deny ) ( NP ( DT a ) ( JJ published ) ( NN report ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ outside ) ( NNS accountants ) ) ( VP ( VBD had ) ( VP ( VBN discovered ) ( NP ( NP ( NN evidence ) ) ( PP ( IN of ) ( NP ( NP ( JJ significant ) ( JJ accounting ) ( NNS errors ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD three ) ( NNS quarters ) ( POS ' ) ) ( NNS results ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Boston Co. officials declined to comment on Moody 's action or on the unit 's financial performance this year except to deny a published report that outside accountants had discovered evidence of significant accounting errors in the first three quarters ' results


( S ( NP-SBJ ( NP ( DT An ) ( NN accounting ) ( NN controversy ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ) ( VP ( VBD forced ) ( S ( NP-SBJ ( NNP Boston ) ( NNP Co. ) ) ( VP ( TO to ) ( VP ( VB admit ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN overstated ) ( NP ( JJ pretax ) ( NNS profits ) ) ( PP-MNR ( IN by ) ( NP ( QP ( RB some ) ( CD 44 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )

An accounting controversy at the end of last year forced Boston Co. to admit it had overstated pretax profits by some 44 million


( S ( NP-SBJ ( DT The ) ( VBG resulting ) ( NN scandal ) ) ( VP ( VBD led ) ( PP-DIR ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN firing ) ) ( PP ( IN of ) ( NP ( NNP James ) ( NNP N. ) ( NNP von ) ( NNP Germeten ) ) ) ( PP ( IN as ) ( NP ( NP ( NNP Boston ) ( NNP Co. ) ( POS 's ) ) ( NN president ) ) ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS resignations ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NX ( NX ( JJ chief ) ( JJ financial ) ( NN officer ) ) ( CC and ) ( NX ( NN treasurer ) ) ) ) ) ) ) ) ) )

The resulting scandal led to the firing of James N. von Germeten as Boston Co. 's president and to the resignations of the company 's chief financial officer and treasurer


( S ( NP-SBJ-1 ( DT The ) ( NNS executives ) ) ( VP ( VBD were ) ( VP ( VBN accused ) ( PP-CLR ( IN of ) ( NP ( S-NOM ( VP ( ADVP-MNR ( RB improperly ) ) ( VBG deferring ) ( NP ( NNS expenses ) ) ) ) ( CC and ) ( S-NOM ( VP ( VBG booking ) ( NP ( NN revenue ) ) ( ADVP-TMP ( RB early ) ) ( PP ( IN in ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VP ( VB dress ) ( PRT ( RP up ) ) ( NP ( NNS results ) ) ) ( CC and ) ( VP ( ADVP ( RB perhaps ) ) ( VB bolster ) ( NP ( JJ performance-related ) ( NNS bonuses ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The executives were accused of improperly deferring expenses and booking revenue early in an effort to dress up results and perhaps bolster performance-related bonuses


( S ( NP-SBJ ( NNP Mr. ) ( NNP von ) ( NNP Germeten ) ) ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VP ( VBD attributed ) ( NP ( DT the ) ( NN controversy ) ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ judgmental ) ( NNS errors ) ) ( PP ( IN by ) ( NP ( NNS accountants ) ) ) ) ) ) ( CC and ) ( VP ( VBD accused ) ( NP-1 ( NNP Shearson ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG conducting ) ( NP ( DT a ) ( NN witch ) ( NN hunt ) ) ) ) ) ) ) )

Mr. von Germeten in turn attributed the controversy to judgmental errors by accountants and accused Shearson of conducting a witch hunt


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Kriz ) ) ( PP ( IN of ) ( NP ( NP ( NNP Moody ) ( POS 's ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS problems ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS securities ) ( NN portfolio ) ) ) ) ( VP ( NN stem ) ( ADVP-MNR ( RB largely ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS positions ) ) ( VP ( VBN taken ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) )

Mr. Kriz of Moody 's said the problems in the securities portfolio stem largely from positions taken last year


( S ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( JJ current ) ( NN management ) ) ( VP ( VBD found ) ( S ( NP-SBJ-1 ( PRP itself ) ) ( VP ( VBN locked ) ( PP-CLR ( IN into ) ( NP ( DT this ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The company 's current management found itself locked into this he said


( S ( NP-SBJ ( NNP Johnson ) ( CC & ) ( NNP Johnson ) ) ( VP ( VBD reported ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ) ( PP ( IN on ) ( NP ( DT a ) ( CD 12 ) ( NN % ) ( NNS sales ) ( NN increase ) ) ) ) ( NP ( NP ( NNS results ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VBN driven ) ( PP ( ADVP ( RB particularly ) ) ( IN by ) ( NP-LGS ( NP ( JJ new ) ( NNS products ) ) ( PP ( VBG including ) ( NP ( NP ( NNS pharmaceuticals ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ professional ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) ) )

Johnson & Johnson reported a 10 % rise in third-quarter net income on a 12 % sales increase results that were driven particularly by new products including pharmaceuticals and the company 's professional operations


( S ( NP-SBJ ( NP ( NN Net ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NP ( NP ( NNP New ) ( NNP Brunswick ) ) ( NP ( NNP N.J. ) ) ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN health-care ) ( NNS products ) ) ) ) ) ) ( VP ( VBD climbed ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 265 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 80 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NP ( QP ( CD 240 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 71 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) )

Net for the New Brunswick N.J. maker of health-care products climbed to 265 million or 80 cents a share from 240 million or 71 cents a share in the year-earlier period


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.45 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.2 ) ( CD billion ) ) ) ) ) )

Sales rose to 2.45 billion from 2.2 billion


( S ( NP-SBJ-1 ( DT The ) ( JJ year-ago ) ( JJ per-share ) ( NNS earnings ) ) ( VP ( VBP are ) ( VP ( VBN adjusted ) ( S ( VP ( TO to ) ( VP ( VB reflect ) ( NP ( NP ( DT a ) ( JJ 2-for-1 ) ( NN stock ) ( VBD split ) ) ( NP-TMP ( JJ last ) ( NNP May ) ) ) ) ) ) ) ) )

The year-ago per-share earnings are adjusted to reflect a 2-for-1 stock split last May


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN statement ) ) ) ( NP-SBJ ( NP ( NNP Ralph ) ( NNP S. ) ( NNP Larsen ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ pleased ) ( PP ( IN with ) ( NP ( PRP$ its ) ( JJ third-quarter ) ( NNS sales ) ( NN performance ) ) ) ) ( PP ( ADVP ( RB especially ) ) ( IN in ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( RB extremely ) ( JJ competitive ) ( NN environment ) ) ( PP-LOC ( IN in ) ( NP ( JJ domestic ) ( NN consumer ) ( NNS markets ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ negative ) ( NN impact ) ) ( PP ( IN of ) ( NP ( NP ( JJ unfavorable ) ( NN exchange ) ( NNS rates ) ) ( NP-TMP ( DT this ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a statement Ralph S. Larsen chairman and chief executive officer said the company was pleased with its third-quarter sales performance especially in light of the extremely competitive environment in domestic consumer markets and the negative impact of unfavorable exchange rates this quarter


( S ( NP-SBJ ( NP ( NNP David ) ( NNP J. ) ( NNP Lothson ) ) ( NP ( NP ( DT an ) ( NN industry ) ( NN analyst ) ) ( PP ( IN for ) ( NP ( NNP PaineWebber ) ( NNP Group ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Johnson ) ( CC & ) ( NNP Johnson ) ( POS 's ) ) ( NNS results ) ) ( VP ( ADVP-EXT ( RB slightly ) ) ( VBD exceeded ) ( NP ( NP ( PRP$ his ) ( NNS expectations ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) )

David J. Lothson an industry analyst for PaineWebber Group Inc. said Johnson & Johnson 's results slightly exceeded his expectations for the third quarter


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN composite ) ( VBG trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Johnson ) ( CC & ) ( NNP Johnson ) ( NNS shares ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 37.5 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 54.625 ) ) ) ) )

In New York Stock Exchange composite trading yesterday Johnson & Johnson shares fell 37.5 cents to 54.625


( S ( NP-SBJ ( NNP Mr. ) ( NNP Larsen ) ) ( VP ( VBD noted ) ( NP ( NP ( JJ substantial ) ( NNS sales ) ( NN growth ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( ADJP ( RB recently ) ( VBN introduced ) ) ( NNP Acuvue ) ( JJ disposable ) ( NN contact ) ( NN lens ) ) ( CC and ) ( NP ( NP ( NNP Hismanal ) ) ( NP ( DT a ) ( JJ once-a-day ) ( NN antihistamine ) ) ) ) ) ) ) )

Mr. Larsen noted substantial sales growth for the recently introduced Acuvue disposable contact lens and Hismanal a once-a-day antihistamine


( S ( S-TPC-2 ( NP-SBJ ( NP ( NP ( NNP Eprex ) ) ( VP ( VBN used ) ( PP ( IN by ) ( NP-LGS ( NP ( NN dialysis ) ( NNS patients ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( JJ anemic ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN Prepulsid ) ) ( NP ( DT a ) ( JJ gastro-intestinal ) ( NN drug ) ) ) ) ( VP ( VBD did ) ( ADVP-MNR ( RB well ) ) ( ADVP-LOC ( RB overseas ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Eprex used by dialysis patients who are anemic and Prepulsid a gastro-intestinal drug did well overseas he said


( S ( S-TPC-3 ( PP ( IN Despite ) ( NP ( NP ( NN health-care ) ( NN cost ) ( NNS controls ) ) ( CC and ) ( NP ( NP ( NNS programs ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB hold ) ( PRT ( RP down ) ) ( NP ( NN inventory ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ professional ) ( NN division ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( NP ( NP ( NNS products ) ) ( PP ( VBG including ) ( NP ( NP ( NNS sutures ) ) ( CC and ) ( NP ( JJ surgical ) ( NN stapling ) ( NN equipment ) ) ) ) ) ) ) ) ) ( VP ( VBD achieved ) ( NP ( JJ solid ) ( NN growth ) ) ) ) ( NP-SBJ ( NNP Johnson ) ( CC & ) ( NNP Johnson ) ) ( VP ( VBD said ) ) )

Despite health-care cost controls and programs to hold down inventory the professional division which makes products including sutures and surgical stapling equipment achieved solid growth Johnson & Johnson said


( S ( CC But ) ( NP-SBJ ( JJ domestic ) ( NN consumer ) ( NNS sales ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 1.2 ) ( NN % ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 490 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 496 ) ( CD million ) ) ) ) ) )

But domestic consumer sales slipped 1.2 % for the quarter to 490 million from 496 million


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD cited ) ( NP ( NP ( NP ( NN softness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ retail ) ( NN health ) ( CC and ) ( NN beauty ) ( NNS aids ) ( NN category ) ) ) ) ( RB as ) ( RB well ) ( IN as ) ( NP ( NP ( DT the ) ( JJ intense ) ( NN competition ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ sanitary ) ( NN protection ) ( NN product ) ( NN line ) ) ) ) ) ) )

The company cited softness in the retail health and beauty aids category as well as the intense competition in the company 's sanitary protection product line


( S ( S-TPC-2 ( NP-SBJ ( JJ Overseas ) ( NNS sales ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJR stronger ) ) ( PP-PRP ( ADVP ( RB principally ) ) ( IN because ) ( IN of ) ( NP ( NP ( DT a ) ( NN rebound ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Brazil ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( JJ economic ) ( NN turmoil ) ) ( VP ( VBD had ) ( VP ( VBN hurt ) ( NP ( JJ year-earlier ) ( NNS results ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Johnson ) ( CC & ) ( NNP Johnson ) ) ( VP ( VBD said ) ) )

Overseas sales were stronger principally because of a rebound in Brazil where economic turmoil had hurt year-earlier results Johnson & Johnson said


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Lothson ) ) ( PP ( IN of ) ( NP ( NNP PaineWebber ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS sales ) ( NN pace ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG picking ) ( PRT ( RP up ) ) ( SBAR-PRP ( ADVP ( RB largely ) ) ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN effect ) ) ( PP ( IN of ) ( NP ( JJ unfavorable ) ( NN exchange ) ( NNS rates ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG easing ) ( NP-ADV ( NP ( DT a ) ( NN pattern ) ) ( VP ( VBG continuing ) ( NP-TMP ( DT this ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Lothson of PaineWebber said the company 's sales pace has been picking up largely because the effect of unfavorable exchange rates has been easing a pattern continuing this quarter


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD cautioned ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ tough ) ( NN tax-rate ) ( NN comparison ) ) ( VP ( MD may ) ( VP ( VB slow ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS earnings ) ( NN growth ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ current ) ( NN quarter ) ) ) ) ) ) ) ) ) )

He cautioned however that a tough tax-rate comparison may slow the company 's earnings growth for the current quarter


( S ( S-TPC-1 ( PP ( IN For ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( JJ fourth ) ( NN quarter ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN tax ) ( NN rate ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( JJR less ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

For last year 's fourth quarter the company 's tax rate was less than 20 % he said


( S-2 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( JJ third ) ( NN period ) ) ( VP ( VBD contained ) ( NP ( DT no ) ( JJ major ) ( NNS surprises ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lothson ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( DT the ) ( NNS results ) ) ( VP ( VBP show ) ( SBAR ( WHADJP-1 ( WRB how ) ( JJ sensitive ) ) ( S ( NP-SBJ ( DT the ) ( NNS multinationals ) ) ( VP ( MD can ) ( VP ( VB be ) ( PP ( TO to ) ( NP ( NP ( NNS developments ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ single ) ( NN country ) ) ( JJ such ) ( IN as ) ( NP ( NNP Brazil ) ) ) ) ) ) ) ) ) ) ) )

While the third period contained no major surprises Mr. Lothson said the results show how sensitive the multinationals can be to developments in a single country such as Brazil


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD questioned ) ( SBAR ( IN whether ) ( S ( NP-SBJ-1 ( NP ( JJ recent ) ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN country ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN sustained ) ) ) ) ) ) ) )

He also questioned whether recent gains in that country can be sustained


( S ( NP-SBJ-4 ( DT The ) ( JJ following ) ( NNS issues ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBN filed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) )

The following issues were recently filed with the Securities and Exchange Commission


( NP ( NP ( NNP Bergen ) ( NNP Brunswig ) ( NNP Corp. ) ) ( NP ( NP ( JJ proposed ) ( NN offering ) ) ( PP ( IN of ) ( NP ( JJ liquid ) ( NN yield ) ( NN option ) ( NNS notes ) ) ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ) )

Bergen Brunswig Corp. proposed offering of liquid yield option notes via Merrill Lynch Capital Markets


( NP ( NP ( NNP Columbia ) ( NNP Gas ) ( NNP System ) ( NNP Inc. ) ) ( NP ( NP ( NN shelf ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS debentures ) ) ) ) ) ) )

Columbia Gas System Inc. shelf offering of up to 200 million of debentures


( NP ( NP ( NNP Laserscope ) ) ( NP ( NP ( JJ initial ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( CD 1,656,870 ) ( JJ common ) ( NNS shares ) ) ( SBAR ( WHPP-2 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( S ( NP-SBJ-3 ( NP ( CD 1,455,000 ) ( NNS shares ) ) ) ( VP ( VBP are ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-4 ( IN by ) ( NP-LGS ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=3 ( NP ( CD 201,870 ) ) ) ( PP=4 ( IN by ) ( NP-LGS ( NNS holders ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Alex ) ( NNP Brown ) ( CC & ) ( NNP Sons ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Volpe ) ( NNP Covington ) ( CC & ) ( NNP Welty ) ) ) ) ) )

Laserscope initial offering of 1,656,870 common shares of which 1,455,000 shares are to be sold by the company and 201,870 by holders via Alex Brown & Sons Inc. and Volpe Covington & Welty


( NP ( NP ( NNP TeleVideo ) ( NNP Systems ) ( NNP Inc. ) ) ( NP ( NP ( JJ proposed ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( CD 1,853,735 ) ( JJ common ) ( NNS shares ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN by ) ( NP-LGS ( NNS holders ) ) ) ) ) ) ) ) ) ) ) )

TeleVideo Systems Inc. proposed offering of 1,853,735 common shares to be sold by holders


( NP ( NP ( NNP Western ) ( NNP Gas ) ( NNP System ) ( NNP Inc. ) ) ( NP ( NP ( JJ initial ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( CD 3,250,000 ) ( JJ common ) ( NNS shares ) ) ( SBAR ( WHPP-1 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-3 ( NP ( CD 3,040,000 ) ( NNS shares ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-2 ( IN by ) ( NP-LGS ( DT the ) ( NN company ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=3 ( NP ( CD 210,000 ) ) ) ( PP=2 ( IN by ) ( NP ( DT a ) ( NN holder ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Prudential-Bache ) ( NNP Capital ) ( NNP Funding ) ) ( NP ( NNP Smith ) ( NNP Barney ) ) ( NP ( NNP Harris ) ( NNP Upham ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Hanifen ) ( NNP Imhoff ) ( NNP Inc ) ) ) ) ) )

Western Gas System Inc. initial offering of 3,250,000 common shares of which 3,040,000 shares will be sold by the company and 210,000 by a holder via Prudential-Bache Capital Funding Smith Barney Harris Upham & Co. and Hanifen Imhoff Inc


( S ( NP-SBJ ( NNP Manville ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD offered ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ convertible ) ( JJ preferred ) ( NN stock ) ) ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP Manville ) ( NNP Personal ) ( NNP Injury ) ( NNP Settlement ) ( NNP Trust ) ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN move ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VP ( VB improve ) ( NP ( NP ( DT the ) ( NN trust ) ( POS 's ) ) ( NN liquidity ) ) ) ( CC and ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( JJ potential ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNP Manville ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Manville Corp. said it offered to buy 500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust 's liquidity and reduce the potential number of Manville shares outstanding


( S ( NP-SBJ ( NNP Manville ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD made ) ( NP ( DT the ) ( NN offer ) ) ( PP-TMP ( IN within ) ( NP ( DT the ) ( JJ past ) ( JJ several ) ( NNS weeks ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NN shareholder ) ( NN value ) ) ) ) ) ) ) ) ) ) ) ) ) )

Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB purchase ) ( NP ( DT the ) ( NN stock ) ) ( PP ( IN at ) ( NP ( NN market ) ( NN price ) ) ) ) ) ) ) ) )

It said it would purchase the stock at market price


( S ( NP-SBJ ( NP ( NNP Manville ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN trust ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( DT the ) ( CD two ) ) ( VP ( VBP are ) ( VP ( VBG discussing ) ( NP ( DT the ) ( NN proposal ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT a ) ( NN decision ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN made ) ) ) ) ) ) ) ) )

Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision has n't been made


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( VP ( VBG considering ) ( NP ( NP ( DT that ) ( NN offer ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( DT all ) ( JJ other ) ( NNS alternatives ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN trust ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) )

We are considering that offer along with all other alternatives the trust spokeswoman said


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP need ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN at ) ( SBAR-NOM ( WHADVP-2 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB maximize ) ( NP ( PRP$ our ) ( NN cash ) ( NN flow ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( NP ( PRP$ our ) ( NNS beneficiaries ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We need to look at how to maximize our cash flow to pay our beneficiaries


( S ( NP-SBJ-2 ( DT The ) ( NN trust ) ) ( S-ADV ( VP ( VBN created ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( NN bankruptcy-law ) ( NN reorganization ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB compensate ) ( NP ( NP ( NNS victims ) ) ( PP ( IN of ) ( NP ( JJ asbestos-related ) ( NNS diseases ) ) ) ) ) ) ) ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD 7.2 ) ( CD million ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Series ) ( NNP A ) ( JJ convertible ) ( JJ preferred ) ( NNS shares ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( DT each ) ( ADJP-PRD ( JJ convertible ) ( PP ( IN into ) ( NP ( CD 10 ) ( NNP Manville ) ( JJ common ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) )

The trust created as part of Manville 's bankruptcy-law reorganization to compensate victims of asbestos-related diseases owns 7.2 million of the Series A convertible preferred shares which are each convertible into 10 Manville common shares


( S ( NP-SBJ ( DT The ) ( NN trust ) ) ( ADVP ( RB also ) ) ( VP ( VBZ owns ) ( NP ( NP ( NN half ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( QP ( CD 48 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) )

The trust also owns half of Manville 's 48 million common shares outstanding


( S ( PP ( VBN Based ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( NN closing ) ( NN price ) ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN of ) ( NP ( NP ( CD 9.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Manville ) ( POS 's ) ) ( NN offer ) ) ( VP ( MD would ) ( VP ( VB purchase ) ( NP ( NP ( NP ( QP ( RB about ) ( CD 5.4 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ preferred ) ( NNS shares ) ) ) ) ( CC or ) ( NP ( NP ( QP ( RB about ) ( CD 75 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN trust ) ( POS 's ) ) ( JJ preferred ) ( NN stock ) ( NN holding ) ) ) ) ) ) ) )

Based on Manville 's closing price yesterday of 9.25 a share Manville 's offer would purchase about 5.4 million of its preferred shares or about 75 % of the trust 's preferred stock holding


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN stock ) ) ( CC and ) ( NP ( NP ( CD 20 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( NNS profits ) ) ( PP-TMP ( VBG beginning ) ( PP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN trust ) ) ( VP ( VBZ is ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB receive ) ( NP ( QP ( CD 2.5 ) ( CD billion ) ) ) ( PP-TMP ( IN over ) ( NP ( PRP$ its ) ( JJ 27-year ) ( NN life ) ) ) ) ) ) ) ) )

In addition to the stock and 20 % of Manville 's profits beginning in 1992 the trust is supposed to receive 2.5 billion over its 27-year life


( S ( CC But ) ( NP-SBJ-1 ( PRP it ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VP ( VBD was ) ( VP ( VBN funded ) ( PP ( IN with ) ( NP ( QP ( RB about ) ( CD 765 ) ( CD million ) ) ) ) ) ) ( CC and ) ( VP ( MD may ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB face ) ( NP ( DT a ) ( NN cash ) ( NN crunch ) ) ) ) ) )

But it initially was funded with about 765 million and may soon face a cash crunch


( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NNP June ) ( CD 30 ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN settled ) ( NP ( NP ( QP ( RB about ) ( CD 15,000 ) ( IN of ) ( CD 81,000 ) ) ( NNS claims ) ) ( VP ( VBN filed ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ its ) ( JJ unpaid ) ( NNS claims ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 136 ) ( CD million ) ) ) ( NP ( NP ( DT a ) ( JJ large ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( QP ( CD 268 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN cash ) ) ( CC and ) ( NP ( JJ marketable ) ( NNS securities ) ) ) ) ) ) ) ) ) ) )

As of June 30 it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled 136 million a large portion of its 268 million in cash and marketable securities


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ-1 ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS assets ) ) ) ) ( VP ( VBP are ) ( VP ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Manville ) ) ( NP ( DT a ) ( NN forest ) ( CC and ) ( NN building ) ( NNS products ) ( NN concern ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN trust ) ) ( VP ( MD might ) ( ADVP ( RB also ) ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB diversify ) ( NP ( PRP$ its ) ( NNS holdings ) ) ) ) ) ) ) )

Since most of its assets are tied to Manville a forest and building products concern the trust might also want to diversify its holdings


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN offer ) ) ) ) ) ( NP-SBJ ( NNP Manville ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD requested ) ( NP ( NP ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT some ) ( NNS covenants ) ) ( PP ( IN between ) ( NP ( NP ( PRP it ) ) ( CC and ) ( NP ( DT the ) ( NN trust ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNP Manville ) ) ( VP ( TO to ) ( VP ( VB reflect ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ typical ) ) ( JJ corporate ) ( NN ownership ) ( CC and ) ( JJ financial ) ( NN structure ) ) ) ) ) ) ) ) ) ) ) ) )

As part of its offer Manville said it requested changes in some covenants between it and the trust to allow Manville to reflect a more typical corporate ownership and financial structure


( S ( NP-SBJ ( DT A ) ( NNP Manville ) ( NN spokesman ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB elaborate ) ( PP ( IN on ) ( NP ( DT the ) ( JJ proposed ) ( NNS changes ) ) ) ) ) )

A Manville spokesman would n't elaborate on the proposed changes


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( PP-EXT ( TO to ) ( NP ( DT a ) ( JJ large ) ( NN degree ) ) ) ( VP ( NN housekeeping ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( DT some ) ) ( VP ( MD may ) ( VP ( VB generate ) ( NP ( DT some ) ( NN disagreement ) ) ) ) ) ) ) ) ) ) ) ) )

But he said they are to a large degree housekeeping although some may generate some disagreement


( S ( NP-SBJ ( NNP Manville ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ-2 ( NP ( DT the ) ( NNS shares ) ) ( VP ( VBN issued ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN trust ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN needed ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Manville ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NN right ) ) ( PP ( IN of ) ( NP ( JJ first ) ( NN refusal ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT those ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) )

Manville said the shares issued to the trust were intended to be sold as needed and that Manville has the right of first refusal to buy those shares


( S ( NP-SBJ ( NP ( NNP ALBERTA ) ( NNP ENERGY ) ( NNP Co. ) ) ( NP-LOC ( NNP Calgary ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD filed ) ( NP ( NP ( DT a ) ( JJ preliminary ) ( NN prospectus ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN offering ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NNS shares ) ) ) ) ) ) ) ) ) ) )

ALBERTA ENERGY Co. Calgary said it filed a preliminary prospectus for an offering of common shares


( S ( NP-SBJ ( DT The ) ( JJ natural ) ( NNS resources ) ( NN development ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NNS proceeds ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB repay ) ( NP ( NP ( JJ long-term ) ( NN debt ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD stood ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD 598 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 510.6 ) ( CD million ) ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The natural resources development concern said proceeds will be used to repay long-term debt which stood at 598 million Canadian dollars 510.6 million at the end of 1988


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( QP ( IN between ) ( CD 75 ) ( CD million ) ( CC and ) ( CD 100 ) ( CD million ) ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN offering ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN spokeswoman ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Richardson ) ( NNP Greenshields ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ( NNP Ltd. ) ) ) ) ( NP ( JJ lead ) ( NN underwriter ) ) ) ) ) ) ) ) )

The company plans to raise between 75 million and 100 million from the offering according to a spokeswoman at Richardson Greenshields of Canada Ltd. lead underwriter


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNS shares ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN priced ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( NNP November ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

The shares will be priced in early November she said


( S ( NP-SBJ ( NNP Apogee ) ( NNP Enterprises ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN profit ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( VP ( VBG ending ) ( NP-TMP ( NNP Dec. ) ( CD 2 ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB fall ) ( PP-DIR ( IN below ) ( NP ( DT the ) ( JJ year-earlier ) ( NNS results ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT an ) ( JJ after-tax ) ( NN charge ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.9 ) ( CD million ) ) ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN project ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN guaranteed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Apogee Enterprises Inc. said profit for the third quarter ending Dec. 2 will fall below the year-earlier results because of an after-tax charge of 1.9 million related to a project that was guaranteed by the company


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB ago ) ) ( NP-SBJ ( DT the ) ( NNP Minneapolis ) ( NN glass ) ( NNS products ) ( CC and ) ( NN aluminum ) ( NN window ) ( NN maker ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 30 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 114 ) ( CD million ) ) ) ) ) ) ) )

A year ago the Minneapolis glass products and aluminum window maker earned 4 million or 30 cents a share on revenue of 114 million


( S ( NP-SBJ ( NNP Apogee ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN charge ) ) ( VP ( VBZ stems ) ( PP-DIR ( IN from ) ( NP ( NP ( DT a ) ( NN building ) ( NN supply ) ( NN contract ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD guaranteed ) ( NP ( NP ( DT a ) ( NN contractor ) ( POS 's ) ) ( NN performance ) ) ) ) ) ) ) ) ) ) ) )

Apogee said the charge stems from a building supply contract in which the company guaranteed a contractor 's performance


( S ( NP-SBJ ( NNP Apogee ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT a ) ( NN subcontractor ) ) ( VP ( VP ( VBD had ) ( NP ( JJ severe ) ( NN cost ) ( NNS overruns ) ) ) ( CC and ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB fulfill ) ( NP ( DT the ) ( NN contract ) ( NNS terms ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( JJ own ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ necessary ) ) ( SBAR-4 ( IN for ) ( S ( NP-SBJ-3 ( NNP Apogee ) ) ( VP ( TO to ) ( VP ( VB advance ) ( NP ( NN cash ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB ensure ) ( NP ( NP ( NN completion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Apogee said a subcontractor had severe cost overruns and was unable to fulfill the contract terms on its own making it necessary for Apogee to advance cash to ensure completion of the project


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( PRP$ its ) ( JJ core ) ( NNS businesses ) ) ( VP ( VBP have ) ( VP ( VBN performed ) ( ADVP-MNR ( RB well ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ-1 ( PRP them ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB do ) ( ADVP-MNR ( RB so ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN remainder ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said its core businesses have performed well and it expects them to continue to do so in the remainder of the fiscal year


( SBARQ ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNS bluebloods ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB pay ) ( NP ( JJ high ) ( NNS prices ) ) ( PP-CLR ( IN for ) ( NP ( NNS racehorses ) ) ) ( ADVP-TMP ( RB anymore ) ) ) ) ) ) ( WHNP-1 ( WP who ) ) ( S ( VP ( MD will ) ) ) )

If bluebloods wo n't pay high prices for racehorses anymore who will


( S ( NP-SBJ ( NNS Breeders ) ) ( VP ( VBP are ) ( VP ( VBG betting ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ common ) ( NN folk ) ) ) ) ) )

Breeders are betting on the common folk