( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN heard ) ( S ( NP-SBJ ( NP ( NNP California ) ( POS 's ) ) ( JJ property-tax-cutting ) ( NNP Proposition ) ( CD 13 ) ) ( VP ( VBN blamed ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN lot ) ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NNS years ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNP ABC ) ( POS 's ) ) ( NNP Ted ) ( NNP Koppel ) ) ( VP ( VBD came ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ new ) ( NN wrinkle ) ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NN earthquake ) ( NN coverage ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD asked ) ( NP ( NNP Democratic ) ( NNP Assemblyman ) ( NNP Richard ) ( NNP Katz ) ) ( SBAR ( IN if ) ( S ( NP-SBJ ( NNP Prop. ) ( CD 13 ) ) ( VP ( VBD had ) ( VP ( VBN withheld ) ( NP ( NP ( NN money ) ) ( VP ( VBN needed ) ( PP ( IN for ) ( NP ( NN road ) ( NN maintenance ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We 've heard California 's property-tax-cutting Proposition 13 blamed for a lot over the years but ABC 's Ted Koppel came up with a new wrinkle in his earthquake coverage last week when he asked Democratic Assemblyman Richard Katz if Prop. 13 had withheld money needed for road maintenance


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Katz ) ) ( ADVP-MNR ( RB happily ) ) ( VP ( VBD agreed ) ( S-ADV ( VP ( VBG sliding ) ( PP-CLR ( IN over ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNP California ) ( POS 's ) ) ( NNS roads ) ( CC and ) ( NNS bridges ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN funded ) ( PP ( PP ( IN by ) ( NP-LGS ( NN property ) ( NNS taxes ) ) ) ( CC but ) ( PP ( IN by ) ( NP-LGS ( UCP ( NN state ) ( CC and ) ( JJ federal ) ) ( NN gasoline ) ( NNS taxes ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Katz happily agreed sliding over the fact that California 's roads and bridges are n't funded by property taxes but by state and federal gasoline taxes


( S ( NP-SBJ-1 ( DT Both ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN raised ) ( NP-EXT ( QP ( IN at ) ( JJS least ) ( CD 30 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ( SBAR-TMP ( RB even ) ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NN gasoline ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN fallen ) ) ) ) ) ) ) ) )

Both have been raised at least 30 % in recent years even while the price of gasoline has fallen


( S ( S-NOM-SBJ ( VP ( VBG Dragging ) ( NP ( NNP Prop. ) ( CD 13 ) ) ( PP-CLR ( IN into ) ( NP ( DT this ) ( NN story ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( ADJP ( RB pretty ) ( JJ long ) ) ( NN stretch ) ) ) )

Dragging Prop. 13 into this story is a pretty long stretch


( S ( NP-SBJ ( NNP New ) ( NNP Canaan ) ( NNP Investments ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD closed ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP Carr-Lowrey ) ( NNP Glass ) ( NNP Co. ) ) ) ( PP ( IN from ) ( NP ( NP ( NNP Newell ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NAC-LOC ( NNP Freeport ) ( NNP Ill. ) ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ do-it-yourself ) ( NN home ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) )

New Canaan Investments Inc. said it closed the acquisition of Carr-Lowrey Glass Co. from Newell Co. a Freeport Ill. maker of do-it-yourself home products


( 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 Carr-Lowrey ) ) ( NP ( NP ( DT a ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( NN glass ) ( NNS bottles ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS cosmetics ) ( CC and ) ( NNS toiletries ) ( NNS industries ) ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( NNS sales ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP-1 ( IN of ) ( NP ( QP ( RB about ) ( CD 40 ) ( CD million ) ) ) ) ) )

Carr-Lowrey a maker of glass bottles for the cosmetics and toiletries industries had sales last year of about 40 million


( S ( NP-SBJ ( NNP New ) ( NNP Canaan ) ( NNP Investments ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB closely ) ( VBN held ) ) ( NN investment ) ( NN partnership ) ) ( PP ( IN with ) ( NP ( NP ( NNS interests ) ) ( PP-LOC ( ADVP ( RB primarily ) ) ( IN in ) ( NP ( DT the ) ( NN packaging ) ( NN industry ) ) ) ) ) ) ) )

New Canaan Investments is a closely held investment partnership with interests primarily in the packaging industry


( S ( PP-LOC ( IN At ) ( NP ( DT a ) ( JJ private ) ( NN dinner ) ) ) ( NP-TMP ( NNP Thursday ) ) ( NP-SBJ ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ( JJ chief ) ( NN executive ) ( NNP Frederick ) ( NNP Joseph ) ) ( VP ( VBD delivered ) ( NP ( NP ( DT a ) ( JJ sobering ) ( NN message ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN junk ) ( NN bond ) ( NN market ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS officials ) ) ( PP ( IN of ) ( NP ( NP ( NNP Prudential ) ( NNP Insurance ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ) ) ) )

At a private dinner Thursday Drexel Burnham Lambert Inc. chief executive Frederick Joseph delivered a sobering message about the junk bond market to officials of Prudential Insurance Co. of America


( S ( NP-SBJ ( NNP Mr. ) ( NNP Joseph ) ) ( VP ( VBD conceded ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN junk ) ( NN market ) ) ( VP ( VBD was ) ( PP-PRD ( IN in ) ( NP ( NN disarray ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN discussion ) ) ) ) ) ) ) ) ) ) ) )

Mr. Joseph conceded the junk market was in disarray according to people familiar with the discussion


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Drexel ) ) ( NP ( NP ( DT the ) ( JJ leading ) ( NN underwriter ) ) ( PP ( IN of ) ( NP ( JJ high-risk ) ( NN junk ) ( NNS bonds ) ) ) ) ) ( VP ( MD could ) ( ADVP-TMP ( RB no ) ( RB longer ) ) ( VP ( VB afford ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT any ) ( NN junk ) ( NNS offerings ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD might ) ( ADVP-TMP ( RB later ) ) ( VP ( VB become ) ( ADJP-PRD ( JJ troubled ) ) ) ) ) ) ) ) ) ( SBAR-TMP ( IN because ) ( S ( NP-SBJ-2 ( NNP Drexel ) ) ( VP ( VBD risked ) ( S ( VP ( VBG losing ) ( NP ( PRP$ its ) ( ADJP ( RB highly ) ( JJ lucrative ) ) ( NN junk ) ( NN franchise ) ) ) ) ) ) ) ) ) ) ) ) )

He said Drexel the leading underwriter of high-risk junk bonds could no longer afford to sell any junk offerings if they might later become troubled because Drexel risked losing its highly lucrative junk franchise


( S ( NP-SBJ ( DT The ) ( NN dinner ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ stark ) ( NN confirmation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( CD 1989 ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS worst ) ( NN year ) ( RB ever ) ) ( PP ( IN for ) ( NP ( DT the ) ( ADJP ( QP ( CD 200 ) ( CD billion ) ) ) ( NN junk ) ( NN market ) ) ) ) ) ) ) ) ) )

The dinner was a stark confirmation that 1989 is the worst year ever for the 200 billion junk market


( S ( CC And ) ( NP-SBJ ( NP ( NNS investors ) ( CC and ) ( NNS traders ) ) ( ADVP ( RB alike ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( JJ current ) ( NN turmoil ) ) ( VP ( MD could ) ( VP ( VB take ) ( NP ( NNS years ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB resolve ) ) ) ) ) ) ) ) ) )

And investors and traders alike say the current turmoil could take years to resolve


( S ( PP-LOC ( IN Amid ) ( NP ( DT the ) ( NN market ) ( NN disorder ) ) ) ( NP-SBJ ( NP ( RB even ) ( NNP Drexel ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( ADJP ( ADJP ( JJS widest ) ) ( CC and ) ( ADJP ( RBS most ) ( JJ loyal ) ) ) ( NN following ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NN bond ) ( NNS investors ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG pulling ) ( ADVP-DIR ( IN in ) ) ( NP ( PRP$ its ) ( NNS horns ) ) ) ) )

Amid the market disorder even Drexel which has the widest and most loyal following of junk bond investors is pulling in its horns


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( JJ big ) ( NN investment ) ( NN bank ) ) ( ADVP ( RB still ) ) ( VP ( VBZ dominates ) ( NP ( DT the ) ( NN junk ) ( NN market ) ) ) ) ) ( NP-SBJ-1 ( NNP Drexel ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB stem ) ( NP ( NP ( DT the ) ( NN fallout ) ) ( PP ( IN from ) ( NP ( NP ( VBG growing ) ( NN junk ) ( NN bond ) ( NNS defaults ) ) ( NP ( VBN withdrawn ) ( JJ new ) ( NNS offerings ) ) ( NP ( NP ( NNS redemptions ) ) ( PP ( IN by ) ( NP ( NP ( NNS shareholders ) ) ( PP ( IN in ) ( NP ( NN junk ) ( NN bond ) ( JJ mutual ) ( NNS funds ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN exodus ) ) ( PP ( IN of ) ( NP ( JJ once-devoted ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although the big investment bank still dominates the junk market Drexel has been unable to stem the fallout from growing junk bond defaults withdrawn new offerings redemptions by shareholders in junk bond mutual funds and an exodus of once-devoted investors


( S ( PP ( IN For ) ( NP ( JJ many ) ( NN money ) ( NNS managers ) ) ) ( NP-SBJ ( DT the ) ( JJ past ) ( CD four ) ( NNS months ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ humiliating ) ) ) ) )

For many money managers the past four months have been humiliating


( SINV ( S-TPC-1 ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS worst ) ( NN shakeout ) ) ( ADVP-TMP ( RB ever ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk ) ( NN market ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB take ) ( NP ( NNS years ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADVP-PRD ( RB over ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mark ) ( NNP Bachmann ) ) ( NP ( NP ( DT a ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NN Corp. ) ) ( NP ( DT a ) ( NN credit ) ( NN rating ) ( NN company ) ) ) ) ) ) )

This is the worst shakeout ever in the junk market and it could take years before it 's over says Mark Bachmann a senior vice president at Standard & Poor 's Corp. a credit rating company


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NN junk ) ( NNS bonds ) ) ( NP ( NP ( DT those ) ) ( PP ( IN with ) ( NP ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT an ) ( JJ investment-grade ) ( NN rating ) ) ) ) ) ) ) ( VP ( VBD showed ) ( NP ( JJ negative ) ( NNS returns ) ) ( NP-1 ( NP ( DT the ) ( JJ only ) ( JJ major ) ( NN sector ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bond ) ( NN market ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ( ADVP ( RB so ) ) ) ) ) ) ) ) )

In the third quarter for example junk bonds those with less than an investment-grade rating showed negative returns the only major sector of the bond market to do so


( S ( PP-TMP ( IN Since ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ( NP-SBJ-1 ( NN junk ) ( NNS bonds ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN outperformed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT all ) ( NNS categories ) ) ( PP ( IN of ) ( NP ( JJ investment-grade ) ( NNS bonds ) ) ) ( PP ( VBG including ) ( NP ( JJ ultra-safe ) ( NNP Treasury ) ( NNS securities ) ) ) ) ) ) ) ) )

Since the end of last year junk bonds have been outperformed by all categories of investment-grade bonds including ultra-safe Treasury securities


( S ( NP-SBJ ( NP ( DT The ) ( NN junk ) ( NN market ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD mushroomed ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 200 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 2 ) ( CD billion ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decade ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG declining ) ( PP-TMP ( IN for ) ( NP ( NNS months ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS issuers ) ) ( VP ( VBP have ) ( VP ( VBN stumbled ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NN weight ) ) ( PP ( IN of ) ( NP ( JJ hefty ) ( NN interest ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) )

The junk market which mushroomed to 200 billion from less than 2 billion at the start of the decade has been declining for months as issuers have stumbled under the weight of hefty interest payments


( S ( NP-SBJ ( DT The ) ( JJ fragile ) ( NN market ) ) ( VP ( VBD received ) ( NP ( PRP$ its ) ( JJS biggest ) ( NN jolt ) ( JJ last ) ( NN month ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Campeau ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD created ) ( NP ( PRP$ its ) ( NNP U.S. ) ( NN retailing ) ( NN empire ) ) ( PP ( IN with ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 3 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN junk ) ( NN financing ) ) ) ) ) ) ) ) ) ) ) )

The fragile market received its biggest jolt last month from Campeau Corp. which created its U.S. retailing empire with more than 3 billion in junk financing


( S ( NP-SBJ ( NNP Campeau ) ) ( VP ( VBD developed ) ( NP ( NP ( DT a ) ( NN cash ) ( NN squeeze ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD caused ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ tardy ) ( PP ( IN on ) ( NP ( DT some ) ( NN interest ) ( NNS payments ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB put ) ( NP ( PRP$ its ) ( JJ prestigious ) ( NP ( NNP Bloomingdale ) ( POS 's ) ) ( NN department ) ( NN store ) ( NN chain ) ) ( PRT ( RP up ) ) ( PP-CLR ( IN for ) ( NP ( NN sale ) ) ) ) ) ) ) ) ) ) ) ) )

Campeau developed a cash squeeze that caused it to be tardy on some interest payments and to put its prestigious Bloomingdale 's department store chain up for sale


( S ( PP-TMP ( IN At ) ( NP ( DT that ) ( NN point ) ) ) ( NP-SBJ ( DT the ) ( NN junk ) ( NN market ) ) ( VP ( VBD went ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( NN tailspin ) ) ) ( SBAR-TMP ( IN as ) ( S ( S ( NP-SBJ ( NNS buyers ) ) ( VP ( VBD disappeared ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNS investors ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ) ) ) ) )

At that point the junk market went into a tailspin as buyers disappeared and investors tried to sell


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( NN interview ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Joseph ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ his ) ( NN dinner ) ( NN discussion ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ Prudential ) ( NNS executives ) ) ) ) ( VP ( VBD acknowledged ) ( NP ( NP ( NNS problems ) ) ( PP ( IN for ) ( NP ( NN junk ) ) ) ) ) ) ) ) )

In an interview Mr. Joseph says his dinner discussion with the Prudential executives acknowledged problems for junk


( S ( S-TPC-3 ( SBAR-NOM-SBJ ( WHNP-2 ( WP What ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBG saying ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ troubled ) ) ( CC but ) ( ADJP ( RB still ) ( JJ viable ) ) ( CC and ) ( PRN ( ADVP ( RB appropriately ) ( RB enough ) ) ) ( ADVP ( RB quite ) ( JJ quality-conscious ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( ADVP ( IN at ) ( DT all ) ) ( JJ bad ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

What I thought I was saying is that the market is troubled but still viable and appropriately enough quite quality-conscious which is not at all bad he says


( S ( S ( NP-SBJ ( NN Nobody ) ) ( VP ( VBZ 's ) ( VP ( VBN been ) ( ADJP-PRD ( JJ perfect ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NN credit ) ( NNS judgments ) ) ) ( NP-TMP ( DT the ) ( JJ past ) ( JJ couple ) ( NNS years ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB make ) ( ADJP ( JJ sure ) ( SBAR ( S ( NP-SBJ-2 ( PRP$ our ) ( NN default ) ( NNS rates ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT the ) ( JJ acceptable ) ( NNS parameters ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nobody 's been perfect in their credit judgments the past couple years and we 're going to make sure our default rates are going to be in the acceptable parameters of the market


( S ( SBAR-NOM-SBJ ( WHNP-2 ( WP What ) ) ( S ( VP ( VBZ has ) ( VP ( VBN jolted ) ( NP ( JJ many ) ( NN junk ) ( NNS buyers ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( JJ sudden ) ( NN realization ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN junk ) ( NNS bonds ) ) ( VP ( MD can ) ( RB not ) ( ADVP ( RB necessarily ) ) ( VP ( VB be ) ( VP ( VBN bought ) ( CC and ) ( VBN sold ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NN ease ) ) ( PP ( IN of ) ( NP ( NP ( JJ common ) ( NNS stocks ) ) ( CC and ) ( NP ( JJ many ) ( JJ investment-grade ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) ) ) )

What has jolted many junk buyers is the sudden realization that junk bonds can not necessarily be bought and sold with the ease of common stocks and many investment-grade bonds


( S ( PP ( IN Unlike ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-3 ( NNS buyers ) ( CC and ) ( NNS sellers ) ) ( VP ( VBP are ) ( ADVP-MNR ( RB quickly ) ) ( VP ( VBN matched ) ) ) ) ) ) ) ( NP-SBJ-5 ( NP ( DT the ) ( NN junk ) ( NN market ) ) ( SBAR ( WHADVP-4 ( WRB where ) ) ( S ( NP-SBJ-1 ( JJ risky ) ( JJ corporate ) ( NNS loans ) ) ( VP ( VBP are ) ( VP ( VBN traded ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBN closed ) ( PP-PRP ( IN for ) ( NP ( NNS repairs ) ) ) ) ) )

Unlike the New York Stock Exchange where buyers and sellers are quickly matched the junk market where risky corporate loans are traded is sometimes closed for repairs


( S ( PP-LOC ( IN At ) ( NP ( ADJP ( RB closely ) ( VBN held ) ) ( NNP Deltec ) ( NNP Securities ) ( NNP Corp. ) ) ) ( NP-SBJ ( NN junk ) ( NN bond ) ( NN money ) ( NNS managers ) ( NX ( NX ( NNP Amy ) ( NNP K. ) ( NNP Minella ) ) ( CC and ) ( NX ( NNP Hannah ) ( NNP H. ) ( NNP Strasser ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS problems ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN junk ) ( NN market ) ) ) ) ( VP ( VBP go ) ( ADVP ( ADVP ( RBR deeper ) ) ( PP ( IN than ) ( NP ( DT a ) ( JJ temporary ) ( NN malaise ) ) ) ) ) ) ) ) )

At closely held Deltec Securities Corp. junk bond money managers Amy K. Minella and Hannah H. Strasser say the problems of the junk market go deeper than a temporary malaise


( S-1 ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS months ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ heavy ) ( NN selling ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ( PP ( IN by ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ traditional ) ( NNS investors ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( JJ new ) ( NNS buyers ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN materialized ) ( S-CLR ( VP ( TO to ) ( VP ( VB replace ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) )

In recent months they say there has been heavy selling of junk bonds by some of the market 's traditional investors while new buyers have n't materialized to replace them


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Wall ) ( NNP Street ) ( NNS securities ) ( NNS firms ) ) ( NP ( NP ( DT the ) ( JJ primary ) ( NN source ) ) ( PP ( IN of ) ( NP ( NN liquidity ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ high ) ( NN yield ) ( NN market ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ net ) ( NNS sellers ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NN trading ) ( NNS losses ) ) ) ) ) ) ( NP-SBJ ( NNP Deltec ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ recent ) ( JJ grim ) ( NN report ) ) ( PP ( TO to ) ( NP ( NNS customers ) ) ) ) ) ) )

Wall Street securities firms the primary source of liquidity for the high yield market have been net sellers of junk bonds because of trading losses Deltec said in a recent grim report to customers


( S ( S-TPC-1 ( NP-SBJ ( JJ Mutual ) ( NNS funds ) ) ( VP ( VBP have ) ( ADVP ( RB also ) ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ net ) ( NNS sellers ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( NN junk ) ( POS 's ) ) ( NX ( NX ( ADJP ( RB relatively ) ( JJ poor ) ) ( NN performance ) ) ( CC and ) ( NX ( JJ negative ) ( NN press ) ( NN coverage ) ) ) ) ( VP ( VBP have ) ( VP ( VBN produced ) ( NP ( NP ( JJ above-normal ) ( NNS redemptions ) ) ( PP ( IN by ) ( NP ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Deltec ) ) ( VP ( VBD said ) ) )

Mutual funds have also been net sellers of junk bonds as junk 's relatively poor performance and negative press coverage have produced above-normal redemptions by shareholders Deltec said


( S ( S ( NP-SBJ-2 ( NNS Investors ) ) ( S-ADV ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN cash ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN sold ) ( NP ( NP ( JJ large ) ( JJ liquid ) ( NNS issues ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP RJR ) ( NNP Holdings ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Kroger ) ( NNP Co. ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( NNS declines ) ) ( PP ( IN in ) ( NP ( DT these ) ( JJ benchmark ) ( NNS issues ) ) ) ) ( VP ( VBP have ) ( VP ( VBN contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN distress ) ) ) ) ) ) )

Investors trying to raise cash have sold large liquid issues such as RJR Holdings Corp. and Kroger Co. declines in these benchmark issues have contributed to the market 's distress


( S-3 ( CC And ) ( PRN ( S ( NP-SBJ ( NNP Deltec ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-1 ( NN buying ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP-MNR ( RB severely ) ) ( VP ( VBN reduced ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( NNS savings ) ( CC and ) ( NNS loans ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN restricted ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NN junk ) ( NNS purchases ) ) ) ( PP ( IN by ) ( NP-LGS ( ADJP ( RB recently ) ( VBN passed ) ) ( JJ congressional ) ( NN legislation ) ) ) ) ) ) ) ) ) ) ) )

And Deltec said buying has been severely reduced because savings and loans have been restricted in their junk purchases by recently passed congressional legislation


( S ( S-TPC-1 ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NNS savings ) ( CC and ) ( NNS loans ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS sellers ) ) ( PP ( IN of ) ( NP ( JJ high ) ( NN yield ) ( NNS holdings ) ) ) ) ( PP-TMP ( IN throughout ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ( NP-SBJ ( NNP Deltec ) ) ( VP ( VBD said ) ) )

In fact savings and loans were sellers of high yield holdings throughout the quarter Deltec said


( S ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Minella ) ) ( CC and ) ( NP ( NNP Ms. ) ( NNP Strasser ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG managing ) ( NP ( PRP$ their ) ( NN junk ) ( NNS portfolios ) ) ( ADVP-MNR ( RB defensively ) ) ( S-MNR ( VP ( VP ( VBG building ) ( NP ( NN cash ) ) ) ( CC and ) ( VP ( ADVP ( RB selectively ) ) ( VBG upgrading ) ( NP ( DT the ) ( JJ overall ) ( NN quality ) ) ) ) ) ) ) ) ) ) )

Ms. Minella and Ms. Strasser say they are managing their junk portfolios defensively building cash and selectively upgrading the overall quality


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNP Prudential ) ) ( NP ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN insurer ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJS biggest ) ( NN investor ) ) ( PP ( IN in ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN seen ) ( S ( NP-SBJ ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN junk ) ( NN bond ) ( NN portfolio ) ) ) ) ( VP ( VB drop ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 6.5 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 7 ) ( CD billion ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP August ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( VBG falling ) ( NN junk ) ( NNS prices ) ) ) ) ) ) ) )

Meanwhile Prudential the nation 's largest insurer and the biggest investor in junk bonds has seen the value of its junk bond portfolio drop to 6.5 billion from 7 billion since August because of falling junk prices


( SINV ( S-TPC-2 ( S ( NP-SBJ ( PRP We ) ) ( ADVP ( RB certainly ) ) ( VP ( VBP do ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NN liquidity ) ) ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN something ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( VBN concerned ) ( PP ( IN about ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP A. ) ( NNP Gregoire ) ) ( NP ( DT a ) ( NN managing ) ( NN director ) ) ) )

We certainly do have a lack of liquidity here and it 's something to be concerned about says James A. Gregoire a managing director


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( NP ( NP ( DT no ) ( NN reason ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( NNS things ) ) ( VP ( MD will ) ( VP ( VB get ) ( ADJP-PRD ( JJR worse ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT this ) ( NN market ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN knack ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG surprising ) ( NP ( PRP us ) ) ) ) ) ) ) ) )

I have no reason to think things will get worse but this market has a knack for surprising us


( S ( NP-SBJ ( DT This ) ( NN market ) ) ( VP ( VBZ teaches ) ( NP-1 ( PRP us ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ humble ) ) ) ) ) ) )

This market teaches us to be humble


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN junk ) ( NN market ) ( POS 's ) ) ( NN yield ) ( NNS hogs ) ) ( VP ( VBP are ) ( VP ( VBG learning ) ( NP ( DT a ) ( RB real ) ( JJ painful ) ( NN lesson ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

The junk market 's yield hogs are learning a real painful lesson he says


( SINV ( S-1 ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NP ( DT the ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NP ( NN junk ) ( NNS bonds ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ( VP ( NN show ) ( NP ( NP ( DT no ) ( NNS signs ) ) ( PP ( IN of ) ( NP ( NN default ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN downgraded ) ( NP ( JJ many ) ( NN junk ) ( NNS issues ) ) ( SBAR-ADV ( IN as ) ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NN trouble ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Stuart ) ( NNP Reese ) ) ( NP ( NP ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( NNP Aetna ) ( NNP Life ) ( CC & ) ( NNP Casualty ) ( NNP Insurance ) ( NNP Co. ) ( POS 's ) ) ( ADJP ( QP ( CD 17 ) ( CD billion ) ) ) ( JJ investment-grade ) ( JJ public ) ( NN bond ) ( NN portfolio ) ) ) ) ) )

Although the majority of junk bonds outstanding show no signs of default the market has downgraded many junk issues as if they were in trouble says Stuart Reese manager of Aetna Life & Casualty Insurance Co. 's 17 billion investment-grade public bond portfolio


( S ( CC But ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS risks ) ) ) ( VP ( VBP are ) ( ADVP-LOC-PRD ( RB there ) ) ( PP-1 ( IN for ) ( S-NOM ( NP-SBJ ( NNS things ) ) ( VP ( VBG getting ) ( NP ( DT a ) ( NN lot ) ( JJR worse ) ) ) ) ) ) ) ) ) )

But we think the risks are there for things getting a lot worse


( S ( S-TPC-1 ( CC And ) ( NP-SBJ ( DT the ) ( NNS risks ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ appropriate ) ( PP ( IN for ) ( NP ( PRP us ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

And the risks are n't appropriate for us he says


( S ( NP-SBJ ( DT The ) ( JJ big ) ( NN insurer ) ) ( PP ( IN unlike ) ( NP ( NNP Prudential ) ) ) ( VP ( VBZ owns ) ( NP ( NP ( QP ( RB only ) ( RB about ) ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( RB publicly ) ( VBN sold ) ) ( NN junk ) ( NNS bonds ) ) ) ) ) )

The big insurer unlike Prudential owns only about 150 million of publicly sold junk bonds


( S ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN string ) ) ( PP ( IN of ) ( NP ( NP ( JJ big ) ( NN junk ) ( NN bond ) ( NNS defaults ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN cause ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NNS problems ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ( ADVP ( RB probably ) ) ( VP ( MD will ) ( VP ( VB persist ) ) ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP say ) ) )

The string of big junk bond defaults which have been a major cause of the market 's problems this year probably will persist some analysts say


( SINV ( S-TPC-2 ( FRAG-ADV ( IN If ) ( NP ( NN anything ) ) ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( NNS defaults ) ) ( VP ( VB increase ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NN credit ) ( NNS ratings ) ) ( VP ( VBP have ) ( VP ( VBN declined ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Paul ) ( NNP Asquith ) ) ( NP ( NP ( JJ associate ) ( NN professor ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NP ( DT the ) ( NNP Massachusetts ) ( NNP Institute ) ) ( PP ( IN of ) ( NP ( NNP Technology ) ) ) ( POS 's ) ) ( NNP Sloan ) ( NNP School ) ) ( PP ( IN of ) ( NP ( NNP Management ) ) ) ) ) ) ) )

If anything we 're going to see defaults increase because credit ratings have declined says Paul Asquith associate professor at the Massachusetts Institute of Technology 's Sloan School of Management


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Asquith ) ) ( SBAR ( WHNP-2 ( WHNP ( WP$ whose ) ( NN study ) ) ( PP ( IN on ) ( NP ( NN junk ) ( NN bond ) ( NNS defaults ) ) ) ) ( S ( VP ( VBD caused ) ( NP ( DT a ) ( NN furor ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN disclosed ) ( NP-TMP ( JJ last ) ( NNP April ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN junk ) ( NN bond ) ( NNS defaults ) ) ( ADVP ( RB already ) ) ( VP ( VBP show ) ( NP ( NP ( DT a ) ( JJ high ) ( NN correlation ) ) ( PP ( IN with ) ( NP ( PRP$ his ) ( JJ own ) ( NNS findings ) ) ) ) ) ) ) ) )

Mr. Asquith whose study on junk bond defaults caused a furor on Wall Street when it was disclosed last April says this year 's junk bond defaults already show a high correlation with his own findings


( S ( NP-SBJ ( PRP$ His ) ( NN study ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN junk ) ( NNS bonds ) ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ cumulative ) ( NN default ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 34 ) ( NN % ) ) ) ) ) ) ) ) )

His study showed that junk bonds over time had a cumulative default rate of 34 %


( S-3 ( NP-SBJ ( NP ( CD One ) ( NN indication ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( VBG growing ) ( NN number ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS defaults ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Asquith ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( NP-SBJ ( NP ( QP ( IN about ) ( NN half ) ( IN of ) ( DT the ) ( CD 3 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ corporate ) ( NNS bonds ) ) ( ADJP ( JJ outstanding ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN lowered ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN default ) ( NN rating ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NN junk ) ( NNS bonds ) ) ( VP ( VBN sold ) ( PP-TMP ( IN during ) ( NP ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ big ) ( NN issue ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NP ( CD 1984 ) ) ( PP ( IN through ) ( NP ( CD 1986 ) ) ) ) ) ) ) ) ) ) ) ) ) )

One indication of a growing number of junk defaults Mr. Asquith says is that about half of the 3 billion of corporate bonds outstanding that have been lowered to a default rating by S&P this year are junk bonds sold during the market 's big issue years of 1984 through 1986


( S ( NP-SBJ ( NP ( DT These ) ( NNS bonds ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBN rated ) ( S ( ADJP-PRD ( JJ single-D ) ) ) ) ) ( VP ( VBP include ) ( NP ( NP ( NN junk ) ( NNS offerings ) ) ( PP ( IN by ) ( NP ( NP ( NNP AP ) ( NNP Industries ) ) ( NP ( NP ( NNP Columbia ) ( NNP Savings ) ) ( PRN ( NP-LOC ( NNP Colorado ) ) ) ) ( NP ( NNP First ) ( NNP Texas ) ( NNP Savings ) ( NNP Association ) ) ( NP ( NNP Gilbraltar ) ( NNP Financial ) ( NNP Corp. ) ) ( NP ( NNP Integrated ) ( NNP Resources ) ( NNP Inc. ) ) ( NP ( NNP Metropolitan ) ( NNP Broadcasting ) ( NNP Corp. ) ) ( NP ( NNP Resorts ) ( NNP International ) ( NNP Inc. ) ) ( NP ( NNP Southmark ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Vyquest ) ( NNP Inc ) ) ) ) ) ) )

These bonds now rated single-D include junk offerings by AP Industries Columbia Savings Colorado First Texas Savings Association Gilbraltar Financial Corp. Integrated Resources Inc. Metropolitan Broadcasting Corp. Resorts International Inc. Southmark Corp. and Vyquest Inc


( SINV ( S-TPC-2 ( ADVP ( RB Obviously ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD got ) ( NP ( NP ( ADJP ( NP-ADV ( DT a ) ( NN lot ) ) ( JJR more ) ) ( NN smoke ) ) ( PP ( IN than ) ( NP ( NN fire ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD told ) ( NP ( PRP us ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( RB so ) ( JJ risky ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Bradford ) ( NNP Cornell ) ) ( NP ( NP ( NN professor ) ) ( PP ( IN of ) ( NP ( NN finance ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NP ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP California ) ) ) ( POS 's ) ) ( NNP Anderson ) ( NNP Graduate ) ( NNP School ) ) ( PP ( IN of ) ( NP ( NNP Management ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) ) )

Obviously we got a lot more smoke than fire from the people who told us the market was n't so risky says Bradford Cornell professor of finance at University of California 's Anderson Graduate School of Management in Los Angeles


( S ( NP-SBJ ( NNP Mr. ) ( NNP Cornell ) ) ( VP ( VBZ has ) ( ADVP ( RB just ) ) ( VP ( VBN completed ) ( NP ( NP ( DT a ) ( NN study ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ finds ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS risks ) ( CC and ) ( NNS returns ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( ADJP ( JJR less ) ) ( PP ( IN than ) ( PP ( IN on ) ( NP ( JJ common ) ( NNS stocks ) ) ) ) ) ( CC but ) ( ADJP ( ADJP ( JJR more ) ) ( PP ( IN than ) ( PP ( IN on ) ( NP ( JJ investment-grade ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Cornell has just completed a study that finds that the risks and returns of junk bonds are less than on common stocks but more than on investment-grade bonds


( S ( NP-SBJ ( NNP Mr. ) ( NNP Cornell ) ) ( VP ( VBZ says ) ( S ( S ( NP-SBJ ( DT The ) ( NN junk ) ( NN market ) ) ( VP ( VBZ is ) ( NP-PRD ( DT no ) ( NN bonanza ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP Drexel ) ) ( VP ( VBD claimed ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( NN disaster ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNS doomsayers ) ) ( VP ( VBP say ) ) ) ) ) ) ) ) )

Mr. Cornell says The junk market is no bonanza as Drexel claimed but it also is n't a disaster as the doomsayers say


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( NN junk ) ( NN market ) ( POS 's ) ) ( NNS problems ) ) ) ( NP-SBJ-2 ( NNP Drexel ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB enjoy ) ( NP ( NP ( DT a ) ( NN loyalty ) ) ( PP-LOC ( IN among ) ( NP ( NN junk ) ( NN bond ) ( NNS investors ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP$ its ) ( NNP Wall ) ( NNP Street ) ( NNS rivals ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN found ) ) ) ) ) ) ) ) ) ) )

Despite the junk market 's problems Drexel continues to enjoy a loyalty among junk bond investors that its Wall Street rivals have n't found


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS weeks ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( NNP Drexel ) ) ( VP ( VBZ has ) ( VP ( VBN sold ) ( NP ( NP ( QP ( CD 1.3 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ new ) ( NN junk ) ( NNS bonds ) ) ( PP ( IN for ) ( NP ( NP ( NNP Turner ) ( NNP Broadcasting ) ( NNP Co. ) ) ( NP ( NNP Uniroyal ) ( NNP Chemical ) ) ( NP ( NNP Continental ) ( NNP Air ) ) ( CC and ) ( NP ( NNP Duff ) ( CC & ) ( NNP Phelps ) ) ) ) ) ) ) ) ) )

During the past three weeks for example Drexel has sold 1.3 billion of new junk bonds for Turner Broadcasting Co. Uniroyal Chemical Continental Air and Duff & Phelps


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NP ( DT the ) ( NN list ) ) ( PP ( IN of ) ( NP ( JJ troubled ) ( NNP Drexel ) ( NN bond ) ( NNS offerings ) ) ) ) ( VP ( VBZ dwarfs ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( NN firm ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( SINV ( VP ( VBZ does ) ) ( NP-SBJ ( PRP$ its ) ( JJ successful ) ( NNS offerings ) ) ) ) ) )

Still the list of troubled Drexel bond offerings dwarfs that of any firm on Wall Street as does its successful offerings


( S ( NP-SBJ ( JJ Troubled ) ( JJ Drexel-underwritten ) ( NNS issues ) ) ( VP ( VBP include ) ( NP ( NP ( NNP Resorts ) ( NNP International ) ) ( NP ( NNP Braniff ) ) ( NP ( NNP Integrated ) ( NNP Resources ) ) ( NP ( NNP SCI ) ( NN TV ) ) ( NP ( NNP Gillette ) ( NNP Holdings ) ) ( NP ( NNP Western ) ( NNP Electric ) ) ( CC and ) ( NP ( NNP Southmark ) ) ) ) )

Troubled Drexel-underwritten issues include Resorts International Braniff Integrated Resources SCI TV Gillette Holdings Western Electric and Southmark


( SINV ( S-TPC-2 ( NP-SBJ-1 ( JJ Quality ) ( NN junk ) ( NNS bonds ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB trade ) ( ADVP-MNR ( RB well ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Holland ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Asset ) ( NNP Management ) ( NNP Inc ) ) ) ) ) )

Quality junk bonds will continue to trade well says Michael Holland chairman of Salomon Brothers Asset Management Inc


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NNS deals ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB never ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN brought ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB now ) ) ( VP ( VBN become ) ( NP-PRD ( JJ nuclear ) ( NN waste ) ) ) ) )

But the deals that never should have been brought have now become nuclear waste


( S ( NP-SBJ-1 ( NNP Exxon ) ( NNP Corp. ) ) ( VP ( VBD filed ) ( NP ( NN suit ) ) ( PP-CLR ( IN against ) ( NP ( NP ( DT the ) ( NN state ) ) ( PP ( IN of ) ( NP ( NNP Alaska ) ) ) ) ) ( S-ADV ( VP ( VBG charging ) ( SBAR ( S ( NP-SBJ ( NN state ) ( NNS officials ) ) ( VP ( VBD interfered ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN oil ) ( NN company ) ( POS 's ) ) ( JJ initial ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB treat ) ( NP ( NP ( JJ last ) ( NN spring ) ( POS 's ) ) ( JJ giant ) ( NN oil ) ( NN spill ) ) ) ) ) ) ) ) ) ) ) ) ) )

Exxon Corp. filed suit against the state of Alaska charging state officials interfered with the oil company 's initial efforts to treat last spring 's giant oil spill


( S ( NP-SBJ ( DT The ) ( NN action ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN counterclaim ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN suit ) ) ( VP ( VBN filed ) ( PP ( IN by ) ( NP-LGS ( NNP Alaska ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( PP-CLR ( IN against ) ( NP ( NP ( NNP Exxon ) ) ( CC and ) ( NP ( CD six ) ( JJ other ) ( NN oil ) ( NNS companies ) ) ) ) ) ) ) ) ) )

The action is a counterclaim to a suit filed by Alaska in August against Exxon and six other oil companies


( S ( NP-SBJ ( NP ( DT The ) ( NN state ) ( POS 's ) ) ( NN suit ) ) ( VP ( VBZ alleges ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NP ( NNP Exxon ) ( POS 's ) ) ( NN response ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN spill ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NP ( NN contamination ) ) ( PP ( IN of ) ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NNS miles ) ) ) ( PP ( IN of ) ( NP ( NP ( NN shoreline ) ) ( PP-LOC ( IN along ) ( NP ( NNP Prince ) ( NNP William ) ( NNP Sound ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The state 's suit alleges that Exxon 's response to the spill failed to prevent contamination of hundreds of miles of shoreline along Prince William Sound


( S ( NP-SBJ-1 ( NP ( DT That ) ( NN suit ) ) ( CC and ) ( NP ( NP ( NNP Exxon ) ( POS 's ) ) ( NN countersuit ) ) ) ( VP ( VBD were ) ( VP ( VBN filed ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN state ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Anchorage ) ) ) ) ) ) ) )

That suit and Exxon 's countersuit were filed in a state court in Anchorage


( S ( NP-SBJ ( DT Neither ) ( NN suit ) ) ( VP ( VBZ lists ) ( NP ( JJ specific ) ( NN dollar ) ( NNS claims ) ) ( SBAR-PRP ( ADVP ( RB largely ) ) ( IN because ) ( S ( NP-SBJ-1 ( NN damage ) ( NN assessment ) ) ( VP ( VBZ has ) ( RB n't ) ( ADVP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN completed ) ) ) ) ) ) ) )

Neither suit lists specific dollar claims largely because damage assessment has n't yet been completed


( S ( NP-SBJ ( JJ Legal ) ( NNS strategists ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN damage ) ( NNS claims ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN oil ) ( NN giant ) ( CC and ) ( NNS others ) ) ) ) ( VP ( MD could ) ( ADVP ( RB well ) ) ( VP ( VB exceed ) ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ) ) ) ) ) )

Legal strategists say that damage claims against the oil giant and others could well exceed 1 billion


( S ( NP-SBJ-1 ( NN Litigation ) ) ( SBAR-ADV ( IN if ) ( S ( RB not ) ( VP ( VBN settled ) ( PP-MNR ( IN out ) ( PP ( IN of ) ( NP ( NN court ) ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB drag ) ( PRT ( RP on ) ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ) ) )

Litigation if not settled out of court could drag on for years


( S ( NP-SBJ ( NNP Exxon ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN suit ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB seek ) ( NP ( NP ( NN reimbursement ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN state ) ) ) ( PP ( IN for ) ( NP ( NP ( DT that ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN cleanup ) ( NNS costs ) ( CC and ) ( NN damage ) ( NNS claims ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ says ) ( SBAR ( S ( VP ( VBD resulted ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( NN conduct ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Exxon said in its suit that it will seek reimbursement from the state for that part of the cleanup costs and damage claims it says resulted from the state 's conduct


( S ( NP-SBJ ( DT The ) ( NN oil ) ( NN company ) ) ( VP ( VBZ claims ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ Alaskan ) ( NNS officials ) ) ( VP ( VBD prevented ) ( NP-1 ( NNP Exxon ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG spraying ) ( NP ( NN dispersant ) ) ( PP-CLR ( IN onto ) ( NP ( NP ( DT the ) ( QP ( RB almost ) ( CD 11 ) ( CD million ) ) ( NNS gallons ) ) ( PP ( IN of ) ( NP ( NN oil ) ) ) ( VP ( VBN dumped ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS tankers ) ) ) ) ( VP ( VBD ran ) ( PP-CLR ( IN into ) ( NP ( DT an ) ( JJ underwater ) ( NN reef ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The oil company claims that Alaskan officials prevented Exxon from spraying dispersant onto the almost 11 million gallons of oil dumped when one of its tankers ran into an underwater reef


( S ( NP-SBJ ( NP ( NNP Craig ) ( NNP Tillery ) ) ( NP ( DT an ) ( NNP Alaska ) ( JJ assistant ) ( NN attorney ) ( NN general ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ( NP-TMP ( JJ last ) ( NN night ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Exxon ) ( POS 's ) ) ( NNS accusations ) ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( JJ new ) ) ) ) ) ) )

Craig Tillery an Alaska assistant attorney general said in an interview last night that Exxon 's accusations are not new


( S ( NP-SBJ ( NNP Exxon ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( PRP them ) ) ( ADVP-TMP ( RB before ) ) ( SBAR-TMP ( WHPP-1 ( IN at ) ( WHNP ( WDT which ) ( NN point ) ) ) ( S ( NP-SBJ ( DT the ) ( NN state ) ) ( VP ( VBD demonstrated ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ untrue ) ) ) ) ) ) ) ) ) ) )

Exxon has made them before at which point the state demonstrated they were untrue


( S ( NP-SBJ ( DT The ) ( NN state ) ) ( VP ( MD will ) ( ADVP-MNR ( RB vigorously ) ) ( VP ( VB defend ) ( PP-CLR ( IN against ) ( NP ( DT any ) ( NN counterclaim ) ) ) ) ) )

The state will vigorously defend against any counterclaim


( S ( PP-TMP ( IN Since ) ( NP ( NP ( DT the ) ( NN spill ) ) ( NP-TMP ( JJ last ) ( NNP March ) ) ) ) ( NP-SBJ ( NP ( NNP Exxon ) ) ( CC and ) ( NP ( DT the ) ( NN state ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG wrangling ) ( PP-CLR ( IN over ) ( SBAR ( IN whether ) ( S ( S-NOM-SBJ-1 ( VP ( VBG spraying ) ( NP ( NN dispersant ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN oil ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NNS hours ) ) ( PP ( IN after ) ( NP ( DT the ) ( NN spill ) ) ) ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN weather ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ clear ) ( CC and ) ( JJ calm ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN helped ) ( S ( VP ( VB limit ) ( NP ( DT the ) ( JJ environmental ) ( NN damage ) ) ) ) ) ) ) ) ) ) ) ) ) )

Since the spill last March Exxon and the state have been wrangling over whether spraying dispersant on the oil in the first hours after the spill when the weather was clear and calm would have helped limit the environmental damage


( S ( NP-SBJ ( NNP Exxon ) ) ( VP ( VBZ claims ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( NNS dispersants ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP break ) ( NP ( DT an ) ( NN oil ) ( NN slick ) ) ( PP-CLR ( IN into ) ( NP ( JJ microscopic ) ( NNS droplets ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ crucial ) ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ immediate-response ) ( NN plan ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN state ) ( NNS officials ) ) ( VP ( VBD banned ) ( NP ( PRP$ their ) ( NN use ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( CD two ) ( NNS days ) ) ( PP ( IN of ) ( NP ( JJ fair ) ( NN weather ) ) ) ( PP-TMP ( VBG following ) ( NP ( DT the ) ( NN spill ) ) ) ) ) ) ) ) ) ) )

Exxon claims that use of dispersants which break an oil slick into microscopic droplets was a crucial part of its immediate-response plan and that state officials banned their use during the two days of fair weather following the spill


( S ( NP-SBJ ( DT The ) ( NN oil ) ( NN company ) ) ( VP ( VBZ claims ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NN permission ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Environmental ) ( NNP Protection ) ( NNP Agency ) ) ) ( ADVP-TMP ( RB prior ) ( PP ( TO to ) ( NP ( DT the ) ( NN spill ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB use ) ( NP ( NN dispersant ) ) ( PP-TMP ( IN during ) ( NP ( PDT such ) ( DT an ) ( NN incident ) ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN discretion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Coast ) ( NNP Guard ) ) ) ) ) ) ) ) ) ) ) ) )

The oil company claims that it had permission from the U.S. Environmental Protection Agency prior to the spill to use dispersant during such an incident at the discretion of the U.S. Coast Guard


( S-1 ( NP-SBJ ( NP ( NP ( DT The ) ( NN state ) ( POS 's ) ) ( NN opposition ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NNS dispersants ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Exxon ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBD caused ) ( S ( NP-SBJ-2 ( DT the ) ( NNP Coast ) ( NNP Guard ) ) ( VP ( TO to ) ( VP ( VB delay ) ( S ( VP ( VBG granting ) ( NP ( NN permission ) ) ) ) ) ) ) ) )

The state 's opposition to the use of dispersants Exxon says caused the Coast Guard to delay granting permission


( S ( NP-SBJ ( UCP ( JJ Alaskan ) ( CC and ) ( NNP Coast ) ( NNP Guard ) ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Exxon ) ( POS 's ) ) ( NNS charges ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ relevant ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( NNS tests ) ) ( VP ( VBN conducted ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( CD two ) ( NNS days ) ) ( PP-TMP ( VBG following ) ( NP ( DT the ) ( NN spill ) ) ) ) ) ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN dispersant ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBG working ) ( ADVP ( RB anyway ) ) ) ) ) ) ) ) ) ) ) ) ) )

Alaskan and Coast Guard officials say Exxon 's charges are n't relevant because tests conducted during the first two days following the spill showed that the dispersant was n't working anyway


( S ( S-TPC-3 ( NP-SBJ-1 ( NP ( NN Use ) ) ( PP ( IN of ) ( NP ( NNS dispersants ) ) ) ) ( VP ( VBD was ) ( VP ( VBN approved ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT a ) ( NN test ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( JJ third ) ( NN day ) ) ) ) ( VP ( VBD showed ) ( NP ( DT some ) ( JJ positive ) ( NNS results ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS officials ) ) ( VP ( VBD said ) ) )

Use of dispersants was approved when a test on the third day showed some positive results officials said


( S ( NP-SBJ ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Daiwa ) ( NNP Securities ) ( NNP Co. ) ) ( VP ( VBD named ) ( S ( NP-SBJ ( NNP Masahiro ) ( NNP Dozen ) ) ( NP-PRD ( NN president ) ) ) ) )

Japan 's Daiwa Securities Co. named Masahiro Dozen president


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( VP ( VBZ succeeds ) ( NP ( NP ( NNP Sadakane ) ( NNP Doi ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB become ) ( NP-PRD ( NN vice ) ( NN chairman ) ) ) ) ) ) ) ) )

Mr. Dozen succeeds Sadakane Doi who will become vice chairman


( S ( NP-SBJ ( NNP Yoshitoki ) ( NNP Chino ) ) ( VP ( VBZ retains ) ( NP ( NP ( PRP$ his ) ( NN title ) ) ( PP ( IN of ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Daiwa ) ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJ second-largest ) ( NNS securities ) ( NN firm ) ) ) ) ) ) ) ) )

Yoshitoki Chino retains his title of chairman of Daiwa Japan 's second-largest securities firm


( S ( PP-LOC ( IN In ) ( NP ( JJ Japanese ) ( NNS firms ) ) ) ( NP-SBJ ( DT the ) ( NN president ) ) ( ADVP ( RB usually ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( JJ day-to-day ) ( NNS operations ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( NN chairman ) ( POS 's ) ) ( NN role ) ) ( VP ( VBZ is ) ( ADVP ( RBR more ) ) ( NP-PRD ( DT a ) ( JJ ceremonial ) ( NN one ) ) ) ) ) ) )

In Japanese firms the president usually is in charge of day-to-day operations while the chairman 's role is more a ceremonial one


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN title ) ) ( PP ( IN of ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN used ) ) ) )

The title of chief executive officer is n't used


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( NP ( NNS people ) ) ( PP-LOC ( IN within ) ( NP ( NNP Daiwa ) ) ) ) ( NP ( RB particularly ) ( NNS internationalists ) ) ) ( VP ( VBD expected ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Dozen ) ) ( NP ( CD 52 ) ) ) ( VP ( MD would ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VB become ) ( NP-PRD ( NP ( NNP Daiwa ) ( POS 's ) ) ( NN president ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN speed ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN promotion ) ) ) ) ( VP ( VBD surprised ) ( NP ( JJ many ) ) ) )

While people within Daiwa particularly internationalists expected that Mr. Dozen 52 would eventually become Daiwa 's president the speed of his promotion surprised many


( S-CLF ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( ADVP ( RB only ) ) ( NP-PRD ( RBR earlier ) ( DT this ) ( NN year ) ) ( SBAR ( WHADVP-2 ( IN that ) ) ( S ( NP-SBJ-1 ( DT the ) ( JJ jovial ) ( JJ easygoing ) ( NN executive ) ) ( PRN ( S ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBZ likes ) ( S ( VP ( TO to ) ( VP ( VB joke ) ( PP ( IN with ) ( NP ( NNPS Americans ) ) ) ( PP-CLR ( IN about ) ( SBAR-NOM ( WHADVP-4 ( WRB how ) ) ( S ( NP-SBJ ( PRP$ his ) ( NN name ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ synonymous ) ( PP ( IN with ) ( NP ( CD twelve ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN appointed ) ( S ( NP-PRD ( JJ deputy ) ( NN president ) ) ) ) ) ) ) ) )

It was only earlier this year that the jovial easygoing executive he likes to joke with Americans about how his name is synonymous with twelve was appointed deputy president


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( VP ( VBZ is ) ( VP ( VBG taking ) ( PRT ( RP over ) ) ( NP ( NP ( DT the ) ( NNS reins ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NNS securities ) ( NN company ) ) ( SBAR ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ does ) ( ADVP-MNR ( RB very ) ( RB well ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ domestic ) ( NN market ) ) ) ) ) ) ( CC but ) ( SBAR ( WHNP-2 ( DT that ) ) ( S ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB realize ) ( NP ( PRP$ its ) ( NN potential ) ) ( PP-LOC ( IN in ) ( NP ( JJ global ) ( NX ( NX ( NN investment ) ( NN banking ) ) ( CC and ) ( NX ( NNS securities ) ( NN dealing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing


( S ( NP-SBJ ( NNP Daiwa ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJS largest ) ( NNS securities ) ( NNS firms ) ) ) ) ) )

Daiwa is one of the world 's largest securities firms


( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NNP March ) ( CD 31 ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Daiwa ) ( NN group ) ) ( VP ( VBD had ) ( NP ( NP ( NN shareholder ) ( NN equity ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 801.21 ) ( CD billion ) ) ( NN yen ) ) ( PRN ( NP ( QP ( CD 5.64 ) ( CD billion ) ) ) ) ) ) ) ) )

As of March 31 the Daiwa group had shareholder equity of 801.21 billion yen 5.64 billion


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( CD six ) ( NNS months ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( NP-SBJ ( NNP Daiwa ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ unconsolidated ) ( JJ parent ) ( NN company ) ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 79.03 ) ( CD billion ) ) ( NN yen ) ) ( PRN ( NP ( QP ( CD 556.5 ) ( CD million ) ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 332.38 ) ( CD billion ) ) ( NN yen ) ) ( PRN ( NP ( QP ( CD 2.34 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

For the six months ended Sept. 30 Daiwa reported unconsolidated parent company net income of 79.03 billion yen 556.5 million on revenue of 332.38 billion yen 2.34 billion


( S ( NP-SBJ ( DT Both ) ( NNS figures ) ) ( VP ( VBD were ) ( NP-PRD ( JJ record ) ( NNS highs ) ) ) )

Both figures were record highs


( S ( NP-SBJ ( JJ Several ) ( NNS observers ) ) ( VP ( VBD interpreted ) ( NP ( NP ( NNP Mr. ) ( NNP Dozen ) ( POS 's ) ) ( NN appointment ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN attempt ) ) ( PP ( IN by ) ( NP ( NNP Daiwa ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP$ its ) ( JJ international ) ( NNS operations ) ) ( ADJP-PRD ( RBR more ) ( JJ profitable ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG preparing ) ( NP ( DT the ) ( NN firm ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ continuing ) ( NN deregulation ) ) ( PP ( IN of ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJ domestic ) ( NNS markets ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD should ) ( VP ( VB mean ) ( NP ( JJ increased ) ( NN competition ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Several observers interpreted Mr. Dozen 's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan 's domestic markets which should mean increased competition


( S ( NP-SBJ ( NP ( DT All ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJ so-called ) ( NNP Big ) ( CD Four ) ( NNS securities ) ( NNS firms ) ) ( NP ( NP ( NP ( NNP Nomura ) ( NNP Securities ) ( NNP Co. ) ( NNP Ltd. ) ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJS largest ) ) ) ( NP ( NNP Nikko ) ( NNP Securities ) ( NNP Co. ) ( NNP Ltd. ) ) ( NP ( NNP Yamaichi ) ( NNP Securities ) ( NNP Co. ) ( NNP Ltd. ) ) ( CC and ) ( NP ( NNP Daiwa ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN suffered ) ( NP ( NNS setbacks ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS attempts ) ( S ( VP ( TO to ) ( VP ( VB break ) ( PP-CLR ( IN into ) ( NP ( JJ foreign ) ( NNS markets ) ) ) ) ) ) ) ) ) ) )

All of Japan 's so-called Big Four securities firms Nomura Securities Co. Ltd. the world 's largest Nikko Securities Co. Ltd. Yamaichi Securities Co. Ltd. and Daiwa have suffered setbacks in their attempts to break into foreign markets


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN moved ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN fore ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG underwriting ) ( NP ( JJ fixed-income ) ( NNS securities ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Eurobond ) ( NN market ) ) ) ( PP ( RB mostly ) ( IN for ) ( NP ( JJ Japanese ) ( NNS firms ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( RB only ) ( RB marginally ) ( JJ profitable ) ) ( PRN ( SBAR ( IN if ) ( FRAG ( ADVP ( IN at ) ( DT all ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) )

While they have moved to the fore in underwriting fixed-income securities in the Eurobond market mostly for Japanese firms they have been only marginally profitable if at all in the U.S.


( S ( NP-SBJ ( JJ American ) ( JJ institutional ) ( NNS investors ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ large ) ( NN appetite ) ) ( PP ( IN for ) ( NP ( JJ Japanese ) ( NNS equities ) ) ) ) ) ) )

American institutional investors have never had a large appetite for Japanese equities


( S ( CC And ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNPS Japanese ) ) ( VP ( VBP have ) ( VP ( VBN stepped ) ( PRT ( RP up ) ) ( NP ( NP ( PRP$ their ) ( NNS purchases ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS shares ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( JJ several ) ( NNS months ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN shown ) ( S ( NP-SBJ ( PRP themselves ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ( VP-1 ( TO to ) ( VP ( VB be ) ( NP-PRD ( JJ fickle ) ( NNS investors ) ) ) ) ) ) )

And while the Japanese have stepped up their purchases of U.S. shares in the past several months they have shown themselves in the past to be fickle investors


( S ( PP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( NP ( NNP Daiwa ) ) ( CC and ) ( NP ( PRP$ its ) ( NNS brethren ) ) ) ( VP ( VBP have ) ( VP ( VBN faced ) ( NP ( NP ( JJ stiff ) ( NN competition ) ) ( PP ( IN from ) ( NP ( NP ( JJ well-entrenched ) ( JJ American ) ( NNS competitors ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN prevented ) ( NP-2 ( PRP them ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG building ) ( NP ( NP ( JJ strong ) ( NNS links ) ) ( PP ( TO to ) ( NP ( NP ( NNP U.S. ) ( NNS corporations ) ) ( CC and ) ( NP ( JJ institutional ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At the same time Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( VP ( VBZ knows ) ( NP ( DT these ) ( NNS problems ) ) ( ADVP-MNR ( RB firsthand ) ) ) )

Mr. Dozen knows these problems firsthand


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD arrived ) ( PP-DIR-CLR ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1969 ) ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ eight-year ) ( NN tour ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBD tried ) ( S ( VP ( VBG selling ) ( NP ( ADJP ( JJ Japanese ) ( JJ yen-denominated ) ) ( NNS bonds ) ) ( PP-DTV ( TO to ) ( NP ( NNP U.S. ) ( NNS investors ) ) ) ) ) ) )

When he arrived in the U.S. in 1969 the start of an eight-year tour he tried selling Japanese yen-denominated bonds to U.S. investors


( SINV ( S-TPC-1 ( NP-SBJ-2 ( PRP He ) ) ( VP ( VBD made ) ( NP ( JJ desperate ) ( NNS efforts ) ) ( S-ADV ( VP ( VBG using ) ( NP ( NP ( DT the ) ( JJ yellow ) ( NNS pages ) ) ( PP ( PP ( IN from ) ( NP ( NN beginning ) ) ) ( PP ( TO to ) ( NP ( NN end ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Koji ) ( NNP Yoneyama ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NN Daiwa ) ( POS 's ) ) ( NNP U.S. ) ( NN unit ) ) ) ) ) )

He made desperate efforts using the yellow pages from beginning to end said Koji Yoneyama president of Daiwa 's U.S. unit


( S ( CC But ) ( NP-SBJ-1 ( NP ( RB not ) ( DT a ) ( JJ single ) ( NN piece ) ) ( PP ( IN of ) ( NP ( NN paper ) ) ) ) ( VP ( VBD was ) ( VP ( VBN sold ) ) ) )

But not a single piece of paper was sold


( S ( PP ( IN By ) ( NP ( PRP$ his ) ( JJ own ) ( NN account ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB do ) ( ADVP-MNR ( RB much ) ( RBR better ) ) ( PP-CLR ( IN with ) ( NP ( NNP U.S. ) ( NNS bonds ) ) ) ) ) )

By his own account Mr. Dozen did n't do much better with U.S. bonds


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( NN interview ) ) ) ( ADVP-TMP ( NP ( DT a ) ( JJ few ) ( NNS months ) ) ( RB ago ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD recalled ) ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( PP-TMP ( IN after ) ( NP ( NP ( DT some ) ( NN training ) ) ( PP-LOC ( IN at ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( ADVP-MNR ( RB successfully ) ) ( VP ( VBD bid ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( NNS portions ) ) ( PP ( IN of ) ( NP ( CD 20 ) ( NNP U.S. ) ( JJ corporate ) ( NN bond ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) ) ) )

In an interview a few months ago he recalled how after some training at Salomon Brothers Inc. he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB sell ) ( NP ( DT any ) ) ) ) )

But he could n't sell any


( S ( NP-SBJ ( JJ Japanese ) ( NN stock ) ( NNS salesmen ) ) ( VP ( VBG selling ) ( NP ( JJ American ) ( NNS bonds ) ) ) )

Japanese stock salesmen selling American bonds


( S ( S-TPC-1 ( ADVP ( RB Maybe ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ crazy ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Maybe it 's crazy he said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( ADVP ( RB even ) ) ( VP ( VBD related ) ( NP ( NP ( DT the ) ( NN indignity ) ) ( VP ( VBN suffered ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( CD two ) ( NNS colleagues ) ) ) ( VP ( VP ( VBD went ) ( PP-CLR ( IN on ) ( NP ( NP ( DT an ) ( JJ overnight ) ( NN fishing ) ( NN expedition ) ) ( PP-LOC ( IN off ) ( NP ( DT the ) ( NNP New ) ( NNP Jersey ) ( NN shore ) ) ) ) ) ) ( CC and ) ( VP ( VBD caught ) ( NP ( NN nothing ) ) ) ) ) ) ) ) ) )

Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing


( S ( S-TPC-2 ( PP-TMP ( IN Upon ) ( S-NOM ( VP ( VBG returning ) ( PP-DIR ( TO to ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ( S ( S-ADV ( ADJP-PRD ( JJ Exhausted ) ) ) ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD got ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( NN taxicab ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN woman ) ( NN driver ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( NNPS Americans ) ) ( VP ( VBP make ) ( NP ( JJR better ) ( NNS fishermen ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD recalled ) ) )

Upon returning to New York Exhausted I got into a taxicab and the woman driver said Americans make better fishermen he recalled


( S ( S-ADV ( ADJP-PRD ( JJ Undaunted ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Dozen ) ) ( VP ( VBD said ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( NNP Daiwa ) ( POS 's ) ) ( NN goal ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( DT a ) ( ADJP ( NN high-technology ) ( JJ oriented ) ) ( JJ international ) ( NN organization ) ) ( PP ( IN with ) ( ADVP ( RB maybe ) ) ( NP ( NP ( DT some ) ( JJ Japanese ) ( NN flavor ) ) ( PP ( TO to ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) )

Undaunted Mr. Dozen said that Daiwa 's goal is to build a high-technology oriented international organization with maybe some Japanese flavor to it


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB particularly ) ( JJ interested ) ( PP ( IN in ) ( S-NOM ( NP-SBJ ( PRP$ his ) ( NN firm ) ) ( VP ( VBG gaining ) ( NP ( NP ( NN expertise ) ) ( PP ( IN in ) ( NP ( NP ( NP ( NNS futures ) ) ( NP ( NNS options ) ) ( NP ( JJ mortgaged-backed ) ( NNS securities ) ) ( NP ( JJ computerized ) ( NN trading ) ) ( CC and ) ( NP ( NN investment ) ( NNS systems ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NNS mergers ) ( CC and ) ( NNS acquisitions ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said that he was particularly interested in his firm gaining expertise in futures options mortgaged-backed securities computerized trading and investment systems as well as mergers and acquisitions


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Daiwa ) ( POS 's ) ) ( NNS strengths ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( PRP$ its ) ( JJ large ) ( NN capital ) ( NN base ) ) ( NP ( NP ( PRP$ its ) ( JJ influential ) ( NN position ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Tokyo ) ( NN market ) ) ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NNS links ) ) ( PP ( TO to ) ( NP ( JJ Japanese ) ( NX ( NX ( NNS corporations ) ) ( CC and ) ( NX ( JJ institutional ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) )

Mr. Dozen said Daiwa 's strengths were its large capital base its influential position in the Tokyo market and its links to Japanese corporations and institutional investors


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( VP ( VBD joined ) ( NP ( NNP Daiwa ) ) ( PP ( IN upon ) ( NP ( NP ( PRP$ his ) ( NN graduation ) ) ( PP ( IN from ) ( NP ( NNP Kyoto ) ( NNP University ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1959 ) ) ) ) )

Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959


( S ( PP ( IN Like ) ( NP ( NP ( JJ many ) ( JJ young ) ( NNS recruits ) ) ( PP-LOC ( IN in ) ( NP ( JJ Japanese ) ( NNS securities ) ( NNS firms ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD began ) ( NP ( PRP$ his ) ( NN career ) ) ( S-MNR-CLR ( VP ( VBG peddling ) ( NP ( NN stock ) ) ( PP-CLR ( TO to ) ( NP ( JJ individual ) ( NNS investors ) ) ) ) ) ) )

Like many young recruits in Japanese securities firms he began his career peddling stock to individual investors


( S ( PP-LOC ( IN In ) ( NP ( NP ( PRP$ his ) ( NN climb ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN top ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( ADVP ( RB also ) ) ( VP ( VBD headed ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN stock-exchange ) ( NN division ) ) ( NP ( PRP$ its ) ( NN fixed-income ) ( NNS units ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ international ) ( NNS operations ) ) ) ) )

In his climb to the top Mr. Dozen also headed the company 's stock-exchange division its fixed-income units and its international operations


( SINV ( S-TPC-2 ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD was ) ( ADVP ( RB constantly ) ) ( VP ( VBG picking ) ( PRT ( RP up ) ) ( NP ( NP ( JJ new ) ( NNS things ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB fill ) ( PRT ( RP out ) ) ( NP ( PRP$ his ) ( NN experience ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ well-balanced ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Takuro ) ( NNP Isoda ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Daiwa ) ( POS 's ) ) ( NNP U.S. ) ( NN unit ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

He was constantly picking up new things to fill out his experience he is very well-balanced said Takuro Isoda chairman of Daiwa 's U.S. unit in New York


( X-CLF ( CC But ) ( NP-SBJ ( PRP it ) ) ( NP-PRD ( NP ( NP ( NNP Mr. ) ( NNP Dozen ) ( POS 's ) ) ( NN experience ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN salesman ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD enabled ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NP ( DT the ) ( JJ political ) ( NN support ) ) ( PP ( ADVP ( RB particularly ) ) ( IN from ) ( NP ( DT the ) ( JJ retail ) ( NNS sales ) ( NN force ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB accede ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN presidency ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But it Mr. Dozen 's experience as a salesman that enabled him to gain the political support particularly from the retail sales force to accede to the presidency


( S ( NP-SBJ ( NP ( NN Commission ) ( NN income ) ) ( PP ( IN from ) ( NP ( JJ domestic ) ( NN stock ) ( CC and ) ( NN bond ) ( NNS sales ) ( NNS accounts ) ) ) ) ( VP ( VBP form ) ( NP ( NP ( DT a ) ( JJ large ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( JJ Japanese ) ( NNS securities ) ( NNS companies ) ( POS ' ) ) ( NNS earnings ) ) ) ) ) )

Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies ' earnings


( SINV ( S-TPC-2 ( CC And ) ( NP-SBJ ( NP ( NN anybody ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD lacked ) ( NP ( NP ( DT the ) ( NN backing ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ retail ) ( NNS sales ) ( NN force ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ fragile ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NNP Daiwa ) ( NN executive ) ) )

And anybody who lacked the backing of the retail sales force would be fragile said a Daiwa executive


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Dozen ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( NN weakness ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( PRP$ his ) ( NN golf ) ( NN game ) ) ) ) )

If Mr. Dozen has a weakness it may be his golf game


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ digs ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN sand ) ) ) ( PP ( RB instead ) ( IN of ) ( S-NOM ( VP ( VBG hitting ) ( NP ( DT the ) ( NN ball ) ) ) ) ) ( PP-MNR ( IN like ) ( NP ( DT a ) ( NN farmer ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Yoneyama ) ) )

He digs in the sand instead of hitting the ball like a farmer said Mr. Yoneyama


( S ( NP-SBJ-1 ( NP ( NNP Cummins ) ( NNP Engine ) ( NNP Co. ) ) ( NP-LOC ( NP ( NNP Columbus ) ) ( NP ( NNP Ind. ) ) ) ) ( S-ADV ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN engine ) ( NNS orders ) ) ( PP ( IN from ) ( NP ( NN heavy-truck ) ( NNS makers ) ) ) ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ third-quarter ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 39.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4.12 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( RB essentially ) ( JJ flat ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 807.6 ) ( CD million ) ) ) ) ) ) ) ) )

Cummins Engine Co. Columbus Ind. hurt by a drop in engine orders from heavy-truck makers reported a third-quarter loss of 39.7 million or 4.12 a share on essentially flat sales of 807.6 million


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( JJ diesel ) ( NNS engines ) ) ( CC and ) ( NP ( NNS parts ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJR narrower ) ( NN deficit ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 17.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.84 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 808.3 ) ( CD million ) ) ) ) ) ) ) )

In the year-earlier period the maker of diesel engines and parts had a narrower deficit of 17.6 million or 1.84 a share with sales of 808.3 million


( S ( NP-SBJ ( DT A ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS shipments ) ) ( PP ( IN of ) ( NP ( NP ( NN truck ) ( NNS engines ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP provide ) ( NP ( NP ( DT a ) ( JJR higher ) ( NN margin ) ) ( PP ( IN than ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ other ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 16 ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

A spokeswoman said shipments of truck engines which provide a higher margin than most of the company 's other products declined 16 % from a year earlier


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NP ( NNP Cummins ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD stumbled ) ( NP-TMP ( JJ last ) ( NN month ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD projected ) ( NP ( DT a ) ( JJ substantial ) ( JJ third-period ) ( NN loss ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN stock ) ) ( ADVP ( RB also ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.125 ) ) ( PP-LOC ( IN in ) ( NP ( JJ composite ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-DIR ( TO to ) ( NP ( CD 51.75 ) ) ) ) )

Although Cummins 's stock stumbled last month after the company projected a substantial third-period loss the stock also fell 1.125 in composite New York Stock Exchange trading yesterday to 51.75


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD traded ) ( ADVP-CLR ( ADVP ( RB as ) ( JJ high ) ) ( PP ( IN as ) ( NP ( CD 64 ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN month ) ) ( RB ago ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( NN loss ) ( NN projection ) ) ) ) )

It traded as high as 64 a month ago before the loss projection


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( DT the ) ( JJS latest ) ( NN loss ) ) ( VP ( VBD trimmed ) ( NP ( JJ net ) ( NN income ) ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( CD 3.6 ) ( CD million ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN after ) ( NP ( NP ( NN payment ) ) ( PP ( IN of ) ( NP ( JJ preferred ) ( NNS dividends ) ) ) ) ) ( VP ( VBD represented ) ( NP ( NP ( DT a ) ( JJ 31-cent ) ( NN loss ) ) ( NP-ADV ( DT a ) ( JJ common ) ( NN share ) ) ) ) ) ) ) ) ) )

For the nine months the latest loss trimmed net income to 3.6 million which after payment of preferred dividends represented a 31-cent loss a common share


( S ( NP-SBJ ( DT The ) ( JJ year-before ) ( NN loss ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 8.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.36 ) ) ( NP-ADV ( DT a ) ( JJ common ) ( NN share ) ) ) ) ) )

The year-before loss was 8.4 million or 1.36 a common share


( S ( NP-SBJ ( NNP Enviropact ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD entered ) ( PP-DIR ( IN into ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN in ) ( NP ( NN principle ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( NN pump ) ( CC and ) ( NN tank ) ( NN division ) ) ( CC and ) ( NP ( NN drilling ) ( NN division ) ) ) ( PP-DTV ( TO to ) ( NP ( NNP GSX ) ( NNP Chemical ) ( NNP Services ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 4 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) )

Enviropact Inc. said it entered into an agreement in principle to sell its pump and tank division and drilling division to GSX Chemical Services for 4 million


( S ( NP-SBJ ( DT The ) ( JJ Miami-based ) ( JJ environmental ) ( NN engineering ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP GSX ) ( NNP Chemical ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB assume ) ( NP ( NP ( QP ( RB about ) ( CD 1.6 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN debt ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( DT those ) ( NNS divisions ) ) ) ) ) ) ) ) ) ) ) ) )

The Miami-based environmental engineering concern said GSX Chemical also will assume about 1.6 million in debt related to those divisions


( S ( S-TPC-1 ( ADVP ( RB Further ) ) ( NP-SBJ ( NNP GSX ) ) ( VP ( MD will ) ( VP ( VB buy ) ( NP ( NP ( QP ( CD 1 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Enviropact ) ( JJ common ) ( NN stock ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 2.625 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( CC plus ) ( NP ( DT an ) ( NN option ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT an ) ( JJ additional ) ( QP ( CD 1.5 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN common ) ) ) ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN price ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Further GSX will buy 1 million of Enviropact common stock at 2.625 a share plus an option to acquire an additional 1.5 million of common at the same price the company said


( S ( PP-LOC ( IN In ) ( NP ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Enviropact ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 3 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In American Stock Exchange composite trading yesterday Enviropact closed at 3 a share up 25 cents


( S ( NP-SBJ ( NNP Enviropact ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS divisions ) ) ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB about ) ( CD 8 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( QP ( CD 20 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ annual ) ( NN revenue ) ) ) ) ) ) ) ) ) ) ) )

Enviropact said the two divisions account for about 8 million of the company 's 20 million in annual revenue


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN transaction ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB close ) ( PP-TMP ( IN within ) ( NP ( QP ( RB about ) ( CD 20 ) ) ( NNS days ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD added ) ) )

The transaction is expected to close within about 20 days the company added


( S ( NP-SBJ ( NNP Enviropact ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS proceeds ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( UCP-CLR ( PP-MNR ( IN as ) ( NP ( NP ( JJ working ) ( NN capital ) ) ( PP ( IN for ) ( NP ( NN expansion ) ) ) ) ) ( CC and ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( PRP$ its ) ( JJ existing ) ( NN tax ) ( NN liability ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 1.5 ) ( CD million ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( JJ due ) ( NP-TMP ( NNP Sept. ) ( CD 15 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Enviropact said the proceeds will be used as working capital for expansion and to pay its existing tax liability of about 1.5 million that was due Sept. 15


( S ( NP-SBJ ( NNP GSX ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Laidlaw ) ( NNP Transportation ) ( NNP Ltd. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Burlington ) ) ( NP ( NNP Canada ) ) ) ) ) ) ) ) )

GSX is a unit of Laidlaw Transportation Ltd. of Burlington Canada


( S ( NP-SBJ-1 ( NP ( NNP GAF ) ) ( NP ( NNP Part ) ( NNP III ) ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB begin ) ( NP-TMP ( NN today ) ) ) ) ) ) ) )

GAF Part III is scheduled to begin today


( S ( PP-TMP ( IN After ) ( NP ( CD two ) ( NNS mistrials ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS stakes ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN stock ) ( NN manipulation ) ( NN trial ) ) ( PP ( IN of ) ( NP ( NP ( NNP GAF ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN vice ) ( NN chairman ) ) ( NP ( NNP James ) ( NNP T. ) ( NNP Sherwin ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN changed ) ( ADVP ( RB considerably ) ) ) ) )

After two mistrials the stakes in the stock manipulation trial of GAF Corp. and its vice chairman James T. Sherwin have changed considerably


( S ( NP-SBJ-1 ( DT The ) ( JJ first ) ( CD two ) ( NNP GAF ) ( NNS trials ) ) ( VP ( VBD were ) ( VP ( VBN watched ) ( ADVP-MNR ( RB closely ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN considered ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ important ) ( NNS tests ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB convince ) ( NP ( NP ( DT a ) ( NN jury ) ) ( PP ( IN of ) ( NP ( NP ( NNS allegations ) ) ( VP ( VBG stemming ) ( PP-CLR ( IN from ) ( NP ( PRP$ its ) ( NN insider-trading ) ( NNS investigations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The first two GAF trials were watched closely on Wall Street because they were considered to be important tests of the government 's ability to convince a jury of allegations stemming from its insider-trading investigations


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( JJ eight-count ) ( NN indictment ) ) ) ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBD charged ) ( NP-1 ( NP ( NP ( NNP GAF ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Wayne ) ( NNP N.J. ) ) ( NN chemical ) ( NN maker ) ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Sherwin ) ) ) ( PP-CLR ( IN with ) ( S-NOM ( ADVP ( RB illegally ) ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB manipulate ) ( NP ( NP ( DT the ) ( JJ common ) ( NN stock ) ) ( PP ( IN of ) ( NP ( NNP Union ) ( NNP Carbide ) ( NNP Corp. ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NN advance ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP GAF ) ( POS 's ) ) ( JJ planned ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ large ) ( NN block ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ( PP-TMP-3 ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) )

In an eight-count indictment the government charged GAF a Wayne N.J. chemical maker and Mr. Sherwin with illegally attempting to manipulate the common stock of Union Carbide Corp. in advance of GAF 's planned sale of a large block of the stock in 1986


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN government ) ( POS 's ) ) ( NN credibility ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP GAF ) ( NN case ) ) ) ) ( VP ( VBD depended ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( IN on ) ( NP ( NP ( PRP$ its ) ( JJ star ) ( NN witness ) ) ( NP ( NP ( NNP Boyd ) ( NNP L. ) ( NNP Jefferies ) ) ( NP ( NP ( DT the ) ( JJ former ) ( NNP Los ) ( NNP Angeles ) ( NN brokerage ) ( NN chief ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBD was ) ( VP ( VBN implicated ) ( PP ( IN by ) ( NP-LGS ( JJ former ) ( NN arbitrager ) ( NNP Ivan ) ( NNP Boesky ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( VBD pointed ) ( NP-CLR ( DT the ) ( NN finger ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NNP Mr. ) ( NNP Sherwin ) ) ( NP ( NN takeover ) ( NN speculator ) ( NNP Salim ) ( NNP B. ) ( NNP Lewis ) ) ( CC and ) ( NP ( JJ corporate ) ( NN raider ) ( NNP Paul ) ( NNP Bilzerian ) ) ) ) ) ) ) ) ) ) ) ) ) )

The government 's credibility in the GAF case depended heavily on its star witness Boyd L. Jefferies the former Los Angeles brokerage chief who was implicated by former arbitrager Ivan Boesky and then pointed the finger at Mr. Sherwin takeover speculator Salim B. Lewis and corporate raider Paul Bilzerian


( S ( NP-SBJ-1 ( DT The ) ( NNP GAF ) ( NNS trials ) ) ( VP ( VBD were ) ( VP ( VBN viewed ) ( PP-CLR ( IN as ) ( NP ( NP ( NNS previews ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN strength ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( NNS cases ) ) ( PP ( IN against ) ( NP ( NP ( NNP Mr. ) ( NNP Lewis ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Bilzerian ) ) ) ) ) ) ) ) ) ) ) ) )

The GAF trials were viewed as previews of the government 's strength in its cases against Mr. Lewis and Mr. Bilzerian


( S ( NP-SBJ-1 ( NP ( NP ( NNP Mr. ) ( NNP Jefferies ) ( POS 's ) ) ( NN performance ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN witness ) ) ) ) ( VP ( VBD was ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB affect ) ( NP ( PRP$ his ) ( NN sentencing ) ) ) ) ) ) ) )

Mr. Jefferies 's performance as a witness was expected to affect his sentencing


( S ( CC But ) ( NP-SBJ ( NP ( NNP GAF ) ( POS 's ) ) ( JJ bellwether ) ( NN role ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ short-lived ) ) ) )

But GAF 's bellwether role was short-lived


( S ( NP-SBJ ( DT The ) ( JJ first ) ( NNP GAF ) ( NN trial ) ) ( VP ( VBD ended ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( NN mistrial ) ) ) ( PP-TMP ( IN after ) ( NP ( CD four ) ( NNS weeks ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP U.S. ) ( NNP District ) ( NNP Judge ) ( NNP Mary ) ( NNP Johnson ) ( NNP Lowe ) ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN prosecutor ) ) ( ADVP-MNR ( RB improperly ) ( CC but ) ( RB unintentionally ) ) ( VP ( VBD withheld ) ( NP ( DT a ) ( NN document ) ) ) ) ) ) ) ) ) )

The first GAF trial ended in a mistrial after four weeks when U.S. District Judge Mary Johnson Lowe found that a prosecutor improperly but unintentionally withheld a document


( S ( S ( PP-TMP ( IN After ) ( NP ( NP ( CD 93 ) ( NNS hours ) ) ( PP ( IN of ) ( NP ( NN deliberation ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS jurors ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN trial ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB hopelessly ) ( JJ deadlocked ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT another ) ( NN mistrial ) ) ( VP ( VBD was ) ( VP ( VBN declared ) ( PP-TMP ( IN on ) ( NP ( NNP March ) ( CD 22 ) ) ) ) ) ) )

After 93 hours of deliberation the jurors in the second trial said they were hopelessly deadlocked and another mistrial was declared on March 22


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( DT a ) ( JJ federal ) ( NN jury ) ) ( VP ( VBD found ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bilzerian ) ) ( ADJP-PRD ( JJ guilty ) ( PP ( IN on ) ( NP ( NP ( NNS securities ) ( NN fraud ) ) ( CC and ) ( NP ( JJ other ) ( NNS charges ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) )

Meanwhile a federal jury found Mr. Bilzerian guilty on securities fraud and other charges in June


( S ( ADVP-TMP ( NP ( DT A ) ( NN month ) ) ( RB later ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Jefferies ) ) ( VP ( VBD was ) ( VP ( VBN spared ) ( NP ( DT a ) ( NN jail ) ( NN term ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ federal ) ( NN judge ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD praised ) ( NP-3 ( PRP him ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG helping ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ) ) ) ) ) )

A month later Mr. Jefferies was spared a jail term by a federal judge who praised him for helping the government


( S ( PP-TMP ( IN In ) ( NP ( NNP August ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lewis ) ) ( VP ( VBD pleaded ) ( ADJP ( JJ guilty ) ( PP ( TO to ) ( NP ( CD three ) ( NN felony ) ( NNS counts ) ) ) ) ) )

In August Mr. Lewis pleaded guilty to three felony counts


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( DT the ) ( NNS stakes ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( ADJP-PRD ( JJ high ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNS players ) ) ( VP ( ADVP-MNR ( RB directly ) ) ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NNP GAF ) ( NN case ) ) ) ) ) ) ) )

Nevertheless the stakes are still high for the players directly involved in the GAF case


( S ( NP-SBJ ( DT The ) ( NNS mistrials ) ) ( VP ( VBP have ) ( VP ( VBN left ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS reputations ) ) ( PP ( IN of ) ( NP ( NP ( NNP GAF ) ) ( NP ( NNP Mr. ) ( NNP Sherwin ) ) ( CC and ) ( NP ( NNP GAF ) ( NNP Chairman ) ( NNP Samuel ) ( NNP Heyman ) ) ) ) ) ( PP-PRD ( IN in ) ( NP ( NN limbo ) ) ) ) ) ) )

The mistrials have left the reputations of GAF Mr. Sherwin and GAF Chairman Samuel Heyman in limbo


( S ( PP ( IN For ) ( NP ( NNP Mr. ) ( NNP Sherwin ) ) ) ( NP-SBJ ( DT a ) ( NN conviction ) ) ( VP ( MD could ) ( VP ( VB carry ) ( NP ( NP ( NNS penalties ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD five ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN prison ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 250,000 ) ) ( JJ fine ) ) ( PP ( IN on ) ( NP ( DT each ) ( NN count ) ) ) ) ) ) ) ) ) )

For Mr. Sherwin a conviction could carry penalties of five years in prison and a 250,000 fine on each count


( S ( NP-SBJ ( NNP GAF ) ) ( VP ( VBZ faces ) ( NP ( NP ( JJ potential ) ( NNS fines ) ) ( PP ( IN of ) ( NP ( NP ( CD 500,000 ) ) ( PP ( IN for ) ( NP ( DT each ) ( NN count ) ) ) ) ) ) ) )

GAF faces potential fines of 500,000 for each count


( S ( NP-SBJ ( NP ( NNS Individuals ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN case ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S ( PP-TMP ( IN throughout ) ( NP ( NNP September ) ) ) ( NP-SBJ ( NN defense ) ( NNS attorneys ) ) ( VP ( VBD were ) ( VP ( VBG talking ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN government ) ) ) ( PP ( IN in ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( DT a ) ( NN trial ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN month ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS talks ) ) ( VP ( VBD had ) ( VP ( VBN ended ) ) ) ) ) ) ) )

Individuals familiar with the case said that throughout September defense attorneys were talking with the government in an effort to prevent a trial but by the end of the month the talks had ended


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ much ) ( NN speculation ) ) ( PP ( IN among ) ( NP ( NP ( NNS attorneys ) ) ( VP ( RB not ) ( VBN involved ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN strategy ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NP ( NNP GAF ) ( POS 's ) ) ( NN attorney ) ) ( NP ( NNP Arthur ) ( NNP Liman ) ) ) ( CC and ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Sherwin ) ( POS 's ) ) ( NN counsel ) ) ( NP ( NNP Stephen ) ( NNP Kaufman ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB include ) ( NP ( NP ( NN testimony ) ) ( PP ( IN by ) ( NP ( NP ( NNP Mr. ) ( NNP Sherwin ) ) ( CC or ) ( NP ( NNP Mr. ) ( NNP Heyman ) ) ) ) ) ) ) ) ) ) ) )

There is much speculation among attorneys not involved that the strategy of GAF 's attorney Arthur Liman and Mr. Sherwin 's counsel Stephen Kaufman will include testimony by Mr. Sherwin or Mr. Heyman


( S ( NP-SBJ ( DT Neither ) ) ( VP ( VBD testified ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ previous ) ( NNS trials ) ) ) ) )

Neither testified at the previous trials


( S ( PP-TMP ( IN For ) ( NP ( RB now ) ) ) ( NP-SBJ ( NN defense ) ( NNS attorneys ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ tight-lipped ) ( PP ( IN about ) ( NP ( PRP$ their ) ( NNS plans ) ) ) ) ) )

For now defense attorneys are tight-lipped about their plans


( S ( NP-SBJ ( NP ( NNP Max ) ( NNP Gitter ) ) ( NP ( DT another ) ( NNP GAF ) ( NN defense ) ( NN attorney ) ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP go ) ( ADVP-DIR ( IN in ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN time ) ) ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP Yogi ) ( NNP Berra ) ( POS 's ) ) ( JJ famous ) ( NN line ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ apt ) ) ( S-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NN deja ) ( NN vu ) ) ( ADVP-TMP ( RB all ) ( RB over ) ( RB again ) ) ) ) ) ) ) )

Max Gitter another GAF defense attorney said yesterday As we go in for the third time Yogi Berra 's famous line is apt It 's deja vu all over again


( S-HLN ( NP-SBJ-1 ( NNP DALKON ) ( NNP SHIELD ) ( NNS CLAIMANTS ) ) ( VP ( VBP hope ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( JJ reorganization-plan ) ( NN appeal ) ) ) ) ) ) )

DALKON SHIELD CLAIMANTS hope to stop reorganization-plan appeal


( S ( NP-SBJ ( NP ( NNS Attorneys ) ) ( PP ( IN for ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 18,000 ) ) ( NNS women ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP claim ) ( NP ( NP ( NNS injuries ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Dalkon ) ( NNP Shield ) ( JJ contraceptive ) ( NN device ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN asked ) ( NP-3 ( DT the ) ( NNP U.S. ) ( NNP Supreme ) ( NNP Court ) ) ( S ( VP ( TO to ) ( VP ( VB refuse ) ( S ( VP ( TO to ) ( VP ( VB hear ) ( NP ( NP ( DT an ) ( NN appeal ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN bankruptcy-law ) ( NN reorganization ) ( NN plan ) ) ( PP ( IN for ) ( NP ( NP ( NNP A.H. ) ( NNP Robins ) ( NNP Co. ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD manufactured ) ( NP ( DT the ) ( NN device ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Attorneys for more than 18,000 women who claim injuries from the Dalkon Shield contraceptive device have asked the U.S. Supreme Court to refuse to hear an appeal of the bankruptcy-law reorganization plan for A.H. Robins Co. which manufactured the device


( S ( NP-SBJ ( DT The ) ( NN dispute ) ) ( VP ( VBZ pits ) ( NP ( NP ( CD two ) ( NNS groups ) ) ( PP ( IN of ) ( NP ( NNS claimants ) ) ) ) ( PP-CLR ( IN against ) ( NP ( DT each ) ( JJ other ) ) ) ) )

The dispute pits two groups of claimants against each other


( S ( NP-SBJ ( NP ( NNP Baltimore ) ( NN attorney ) ( NNP Michael ) ( NNP A. ) ( NNP Pretl ) ) ( CC and ) ( NP ( NP ( CD 17 ) ( JJ other ) ( NNS attorneys ) ) ( VP ( VBG representing ) ( NP ( NP ( CD 18,136 ) ( NNS claimants ) ) ( UCP-LOC ( PP ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( CC and ) ( ADVP ( RB abroad ) ) ) ) ) ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN appeal ) ) ( VP ( MD would ) ( VP ( VP ( VB delay ) ) ( CC and ) ( VP ( ADVP ( RB perhaps ) ) ( ADVP ( RB even ) ) ( VB destroy ) ) ( NP-2 ( NP ( DT a ) ( ADJP ( QP ( CD 2.38 ) ( CD billion ) ) ) ( NN settlement ) ( NN fund ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN centerpiece ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN reorganization ) ( NN plan ) ) ) ) ) ) ) ) ) ) ) ) ) )

Baltimore attorney Michael A. Pretl and 17 other attorneys representing 18,136 claimants in the U.S. and abroad argue that the appeal would delay and perhaps even destroy a 2.38 billion settlement fund that is the centerpiece of the reorganization plan


( S ( NP-SBJ-1 ( DT The ) ( NN bankruptcy-court ) ( NN reorganization ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN challenged ) ( PP-LOC ( IN before ) ( NP ( DT the ) ( NNP Supreme ) ( NNP Court ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ dissident ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS claimants ) ) ) ) ) ( SBAR-TMP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ places ) ( NP ( DT a ) ( NN cap ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ total ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ( ADJP ( JJ available ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( NP ( NNS claims ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bankruptcy-court reorganization is being challenged before the Supreme Court by a dissident group of claimants because it places a cap on the total amount of money available to settle claims


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ bars ) ( NP ( NP ( JJ future ) ( NNS suits ) ) ( PP ( IN against ) ( NP ( NP ( NNP Robins ) ( NN company ) ( NNS officials ) ) ( NP ( NP ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Robins ) ( NN family ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NNP Robins ) ( POS 's ) ) ( JJ former ) ( NN insurer ) ) ( NP ( NNP Aetna ) ( NNP Life ) ( CC & ) ( NNP Casualty ) ( NNP Co ) ) ) ) ) ) ) )

It also bars future suits against Robins company officials members of the Robins family and Robins 's former insurer Aetna Life & Casualty Co


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( JJ latter ) ( NN provision ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB legally ) ( JJ unprecedented ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Alan ) ( NNP B. ) ( NNP Morrison ) ) ( NP ( NP ( DT a ) ( JJ public ) ( NN interest ) ( NN lawyer ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Washington ) ) ( NP ( NNP D.C. ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( VP ( VBG challenging ) ( NP ( DT the ) ( NN plan ) ) ( PP ( IN on ) ( NP ( NP ( NN behalf ) ) ( PP ( IN of ) ( NP ( CD 900 ) ( NNS claimants ) ) ) ) ) ) ) ) ) ) ) )

The latter provision is legally unprecedented said Alan B. Morrison a public interest lawyer in Washington D.C. who is challenging the plan on behalf of 900 claimants


( S ( NP-SBJ ( NP ( QP ( JJR More ) ( IN than ) ( CD 100,000 ) ) ( NNS claims ) ) ( PP ( IN against ) ( NP ( NNP Robins ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( VBG pending ) ) ) )

More than 100,000 claims against Robins are pending


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD made ) ( CC and ) ( VBD marketed ) ( NP ( DT the ) ( NNP Dalkon ) ( NNP Shield ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ early ) ( NNS 1970s ) ) ) ( PP ( IN amid ) ( NP ( VBG mounting ) ( NN evidence ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB cause ) ( NP ( JJ serious ) ( NNS injuries ) ) ) ) ) ) ) ) ) )

The company made and marketed the Dalkon Shield in the early 1970s amid mounting evidence that it could cause serious injuries