( S ( S ( NP-SBJ ( DT The ) ( JJ 13-week ) ( NNS bills ) ) ( VP ( VBP mature ) ( NP-TMP ( NNP Jan. ) ( CD 25 ) ( CD 1990 ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ 26-week ) ( NNS bills ) ) ( VP ( VBP mature ) ( NP-TMP ( NNP April ) ( CD 26 ) ( CD 1990 ) ) ) ) )

The 13-week bills mature Jan. 25 1990 and the 26-week bills mature April 26 1990


( NP-HLN ( JJ Corporate ) ( NNS Issues ) )

Corporate Issues


( S ( NP-SBJ ( JJ Investment-grade ) ( NNS corporates ) ) ( VP ( VBD closed ) ( ADVP-CLR ( NP ( QP ( RB about ) ( CD 1\/4 ) ) ( NN point ) ) ( JJR higher ) ) ( PP-LOC ( IN in ) ( NP ( JJ quiet ) ( NN trading ) ) ) ) )

Investment-grade corporates closed about 1\/4 point higher in quiet trading


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN junk ) ( NN bond ) ( NN market ) ) ) ( NP-SBJ-1 ( NP ( NP ( NNP Imo ) ( NNP Industries ) ( POS ' ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( JJ 12-year ) ( NNS debentures ) ) ) ( VP ( VBN considered ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ high-quality ) ( NNS credits ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 12 ) ( NN % ) ) ) ) ) ) ) )

In the junk bond market Imo Industries ' issue of 12-year debentures considered to be one of the market 's high-quality credits was priced at par to yield 12 %


( S ( NP-SBJ ( NP ( NNP Peter ) ( NNP Karches ) ) ( NP ( NP ( NN managing ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NN underwriter ) ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN issue ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ oversubscribed ) ) ) ) ) ) )

Peter Karches managing director at underwriter Morgan Stanley & Co. said the issue was oversubscribed


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ segmented ) ( NN market ) ) ) ) ( CC and ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP have ) ( NP ( DT a ) ( JJ good ) ( JJ strong ) ( NN credit ) ) ) ) ) ( NP-SBJ ( NNS people ) ) ( VP ( VBP have ) ( NP ( DT an ) ( NN appetite ) ) ( PP ( IN for ) ( NP ( PRP it ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

It 's a segmented market and if you have a good strong credit people have an appetite for it he said


( S ( NP-SBJ-1 ( NNP Morgan ) ( NNP Stanley ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB price ) ( NP ( NP ( DT another ) ( NN junk ) ( NN bond ) ( NN deal ) ) ( NP ( NP ( QP ( CD 350 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( JJ subordinated ) ( NNS debentures ) ) ) ( PP ( IN by ) ( NP ( NNP Continental ) ( NNP Cablevision ) ( NNP Inc. ) ) ) ) ) ( NP-TMP ( JJ next ) ( NNP Tuesday ) ) ) ) ) ) ) )

Morgan Stanley is expected to price another junk bond deal 350 million of senior subordinated debentures by Continental Cablevision Inc. next Tuesday


( S ( PP ( IN In ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN skittishness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ high-yield ) ( NN market ) ) ) ) ) ) ) ( NP-SBJ ( NN junk ) ( NN bond ) ( NNS analysts ) ( CC and ) ( NNS traders ) ) ( VP ( VBP expect ) ( S ( NP-SBJ-2 ( JJ other ) ( JJ high-yield ) ( VBZ deals ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sweetened ) ( CC or ) ( VBN restructured ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN offered ) ( PP-DTV ( TO to ) ( NP ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) )

In light of the recent skittishness in the high-yield market junk bond analysts and traders expect other high-yield deals to be sweetened or restructured before they are offered to investors


( S ( PP ( IN In ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( NNP Beatrice ) ) ) ) ) ( NP-SBJ-1 ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( S ( VP ( VBG restructuring ) ( NP ( NP ( DT the ) ( JJ reset ) ( NN mechanism ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 200 ) ( CD million ) ) ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offering ) ) ) ) ) ) ) ) ) ) )

In the case of Beatrice Salomon Brothers Inc. is considering restructuring the reset mechanism on the 200 million portion of the offering


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( ADJP ( RB originally ) ( VBN contemplated ) ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offering ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS notes ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VB reset ) ( ADVP-TMP ( RB annually ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( JJ fixed ) ( NN spread ) ) ( PP ( IN above ) ( NP ( NNPS Treasurys ) ) ) ) ) ) ) ) ) )

Under the originally contemplated terms of the offering the notes would have been reset annually at a fixed spread above Treasurys


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( JJ new ) ( NN plan ) ) ( VP ( VBG being ) ( VP ( VBN considered ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS notes ) ) ( VP ( MD would ) ( VP ( VB reset ) ( ADVP-TMP ( RB annually ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN rate ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( DT a ) ( NN market ) ( NN value ) ) ( PP ( IN of ) ( NP ( CD 101 ) ) ) ) ) ) ) ) ) ) ) ) )

Under the new plan being considered the notes would reset annually at a rate to maintain a market value of 101


( S ( NP-SBJ ( NN Price ) ( NN talk ) ) ( VP ( VBZ calls ) ( SBAR ( IN for ) ( S ( NP-SBJ-1 ( DT the ) ( JJ reset ) ( NNS notes ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN yield ) ) ( PP ( IN of ) ( NP ( QP ( IN between ) ( CD 13 ) ( CD 1\/4 ) ( NN % ) ( CC and ) ( CD 13 ) ( CD 1\/2 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) )

Price talk calls for the reset notes to be priced at a yield of between 13 1\/4 % and 13 1\/2 %


( NP-HLN ( JJ Mortgage-Backed ) ( NNS Securities ) )

Mortgage-Backed Securities


( S ( NP-SBJ ( NP ( NN Activity ) ) ( PP-LOC ( IN in ) ( NP ( JJ derivative ) ( NNS markets ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ strong ) ) ( PP ( IN with ) ( NP ( NP ( NP ( CD four ) ( JJ new ) ( JJ real ) ( NN estate ) ( NN mortgage ) ( NN investment ) ( NNS conduits ) ) ( VP ( VBN announced ) ) ) ( CC and ) ( NP ( NP ( NN talk ) ) ( PP ( IN of ) ( NP ( JJ several ) ( JJR more ) ( NNS deals ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NN session ) ) ) ) ) ) ) )

Activity in derivative markets was strong with four new real estate mortgage investment conduits announced and talk of several more deals in today 's session


( S ( S ( NP-SBJ ( DT The ) ( NNP Federal ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ) ( VP ( VBD offered ) ( NP ( NP ( QP ( CD 1.2 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NNP Remic ) ( NNS securities ) ) ) ) ( PP-MNR ( IN in ) ( NP ( CD three ) ( NNS issues ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Mortgage ) ( NNP Corp. ) ) ( VP ( VBD offered ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 250 ) ( CD million ) ) ) ( NNP Remic ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( ADJP ( CD 9 ) ( NN % ) ) ( JJ 15-year ) ( NNS securities ) ) ) ) ) ) ) )

The Federal National Mortgage Association offered 1.2 billion of Remic securities in three issues and the Federal Home Loan Mortgage Corp. offered a 250 million Remic backed by 9 % 15-year securities


( S ( NP-SBJ ( NP ( NN Part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN reason ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ heavy ) ( NN activity ) ) ( PP-LOC ( IN in ) ( NP ( JJ derivative ) ( NNS markets ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NNS underwriters ) ) ( VP ( VBP are ) ( VP ( VBG repackaging ) ( NP ( NP ( NN mortgage ) ( NNS securities ) ) ( VP ( VBG being ) ( VP ( VBN sold ) ( PP ( IN by ) ( NP-LGS ( NNS thrifts ) ) ) ) ) ) ) ) ) ) ) )

Part of the reason for the heavy activity in derivative markets is that underwriters are repackaging mortgage securities being sold by thrifts


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS thrifts ) ) ( VP ( VBP have ) ( VP ( VBN stepped ) ( PRT ( RP up ) ) ( NP ( PRP$ their ) ( NN mortgage ) ( NNS securities ) ( NNS sales ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN bond ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN risen ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS weeks ) ) ) ) ) ) ) ) ) ) ) ) )

Traders said thrifts have stepped up their mortgage securities sales as the bond market has risen in the past two weeks


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN mortgage ) ( JJ pass-through ) ( NN sector ) ) ) ( NP-SBJ ( JJ active ) ( NNS issues ) ) ( VP ( VP ( VBD rose ) ) ( CC but ) ( VP ( VBD trailed ) ( NP ( NP ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Treasury ) ( NN market ) ) ) ) ) ) )

In the mortgage pass-through sector active issues rose but trailed gains in the Treasury market


( S ( S ( NP-SBJ-1 ( NP ( NNP Government ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( PP ( IN for ) ( NP ( NNP November ) ( NN delivery ) ) ) ) ( VP ( VBD were ) ( VP ( VBN quoted ) ( ADVP-TMP ( RB late ) ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( CD 98 ) ( CD 10\/32 ) ) ) ( ADVP ( RB up ) ( NP ( CD 10\/32 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Freddie ) ( NNP Mac ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( VP ( VBD were ) ( PP-PRD ( IN at ) ( NP ( CD 97 ) ( CD 1\/2 ) ) ) ( ADVP ( RB up ) ( NP ( CD 1\/4 ) ) ) ) ) )

Government National Mortgage Association 9 % securities for November delivery were quoted late yesterday at 98 10\/32 up 10\/32 and Freddie Mac 9 % securities were at 97 1\/2 up 1\/4


( S ( NP-SBJ ( DT The ) ( NNP Ginnie ) ( NNP Mae ) ( CD 9 ) ( NN % ) ( NN issue ) ) ( VP ( VBD was ) ( VP ( VBG yielding ) ( NP ( CD 8.36 ) ( NN % ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ 12-year ) ( JJ average ) ( NN life ) ( NN assumption ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN spread ) ) ( PP ( IN above ) ( NP ( DT the ) ( NNP Treasury ) ( JJ 10-year ) ( NN note ) ) ) ) ( VP ( VBD widened ) ( ADVP-EXT ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( CD 1.46 ) ( NN percentage ) ( NNS points ) ) ) ) ) ) ) ) )

The Ginnie Mae 9 % issue was yielding 8.36 % to a 12-year average life assumption as the spread above the Treasury 10-year note widened slightly to 1.46 percentage points


Municipals


( S ( NP-SBJ ( DT A ) ( ADJP ( QP ( CD 575 ) ( CD million ) ) ) ( NAC-LOC ( NNP San ) ( NNP Antonio ) ( NNP Texas ) ) ( JJ electric ) ( CC and ) ( NN gas ) ( NN system ) ( NN revenue ) ( NN bond ) ( NN issue ) ) ( VP ( VBD dominated ) ( NP ( DT the ) ( JJ new ) ( NN issue ) ( NN sector ) ) ) )

A 575 million San Antonio Texas electric and gas system revenue bond issue dominated the new issue sector


( S ( NP-SBJ ( NP ( DT The ) ( JJ refunding ) ( NN issue ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NNS wings ) ) ) ( PP-TMP ( IN for ) ( NP ( CD two ) ( NNS months ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ chief ) ( NNS offerings ) ) ( VP ( VP ( VBG overhanging ) ( NP ( DT the ) ( NN market ) ) ) ( CC and ) ( VP ( VBG limiting ) ( NP ( NN price ) ( NN appreciation ) ) ) ) ) ) ) ) )

The refunding issue which had been in the wings for two months was one of the chief offerings overhanging the market and limiting price appreciation


( S ( CC But ) ( S-NOM-SBJ-1 ( VP ( VBG alleviating ) ( NP ( DT that ) ( NN overhang ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB stimulate ) ( NP ( JJ much ) ( NN activity ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( RB off ) ( CD 1\/8 ) ( TO to ) ( RB up ) ( CD 3\/8 ) ) ( NN point ) ) ) ) ) ) ) ) ) ) ) )

But alleviating that overhang failed to stimulate much activity in the secondary market where prices were off 1\/8 to up 3\/8 point


( S ( NP-SBJ ( NP ( DT An ) ( NN official ) ) ( PP ( IN with ) ( NP ( JJ lead ) ( NN underwriter ) ( NNP First ) ( NNP Boston ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS orders ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP San ) ( NNP Antonio ) ( NNS bonds ) ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( JJ slow ) ( NN side ) ) ) ) ) ) ) )

An official with lead underwriter First Boston said orders for the San Antonio bonds were on the slow side


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD attributed ) ( NP ( DT that ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN issue ) ( POS 's ) ) ( NX ( NX ( JJ aggressive ) ( NN pricing ) ) ( CC and ) ( NX ( JJ large ) ( NN size ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT the ) ( JJ general ) ( NN lethargy ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ municipal ) ( NN marketplace ) ) ) ) ) ) ) )

He attributed that to the issue 's aggressive pricing and large size as well as the general lethargy in the municipal marketplace


( S-1 ( PP ( IN In ) ( NP ( NN addition ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD noted ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN issue ) ) ( VP ( MD would ) ( ADVP ( RB normally ) ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN type ) ) ( VP ( VBN purchased ) ( PP ( IN by ) ( NP-LGS ( NN property ) ( CC and ) ( NN casualty ) ( NNS insurers ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( JJ recent ) ( NNS disasters ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ( CC and ) ( NP ( DT the ) ( NNP Northern ) ( NNP California ) ( NN earthquake ) ) ) ) ) ( VP ( VBP have ) ( VP ( VP ( VBN stretched ) ( NP ( NP ( NNS insurers ) ( POS ' ) ) ( NNS resources ) ) ) ( CC and ) ( VP ( VBP damped ) ( NP ( NP ( PRP$ their ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NNS bonds ) ) ) ) ) ) ) ) )

In addition he noted the issue would normally be the type purchased by property and casualty insurers but recent disasters such as Hurricane Hugo and the Northern California earthquake have stretched insurers ' resources and damped their demand for bonds


( S ( NP-SBJ-1 ( DT A ) ( ADJP ( QP ( CD 137.6 ) ( CD million ) ) ) ( NNP Maryland ) ( NNP Stadium ) ( NNP Authority ) ( NNS sports ) ( NNS facilities ) ( NN lease ) ( NN revenue ) ( NN bond ) ( NN issue ) ) ( VP ( VBD appeared ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-PRD ( IN off ) ( PP ( TO to ) ( NP ( DT a ) ( JJ good ) ( NN start ) ) ) ) ) ) ) ) )

A 137.6 million Maryland Stadium Authority sports facilities lease revenue bond issue appeared to be off to a good start


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBD was ) ( UCP-PRD ( ADJP-PRD ( JJ oversubscribed ) ) ( CC and ) ( VP ( VBG doing ) ( ADVP-MNR ( RB very ) ( RB well ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( NN official ) ) ( PP ( IN with ) ( NP ( JJ lead ) ( NN underwriter ) ( NNP Morgan ) ( NNP Stanley ) ) ) ) ) ) ) )

The issue was oversubscribed and doing very well according to an official with lead underwriter Morgan Stanley


( S ( NP-SBJ ( NN Activity ) ) ( VP ( VBD quieted ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP City ) ( NN bond ) ( NN market ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( JJ heavy ) ( NN investor ) ( NN selling ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD drove ) ( NP ( NP ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN issuer ) ( POS 's ) ) ( UCP ( JJ full ) ( NN faith ) ( CC and ) ( NN credit ) ( VBN backed ) ) ( NNS bonds ) ) ) ) ( ADVP-DIR ( RB up ) ) ( ADVP-EXT ( RB as ) ( JJ much ) ( PP ( IN as ) ( NP ( CD 0.50 ) ( NN percentage ) ( NN point ) ) ) ) ) ) ) ) ) ) )

Activity quieted in the New York City bond market where heavy investor selling last week drove yields on the issuer 's full faith and credit backed bonds up as much as 0.50 percentage point


Foreign Bonds


( S ( NP-SBJ ( JJ Japanese ) ( NN government ) ( NNS bonds ) ) ( VP ( VBD ended ) ( ADVP ( JJR lower ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD rose ) ( ADVP-EXT ( RB modestly ) ) ( PP-CLR ( IN against ) ( NP ( DT the ) ( NN yen ) ) ) ) ) ) ) )

Japanese government bonds ended lower after the dollar rose modestly against the yen


( S ( NP-SBJ ( NP ( DT The ) ( NN turnaround ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN dollar ) ) ) ) ( VP ( VBD fueled ) ( NP ( NP ( JJ bearish ) ( NN sentiment ) ) ( PP ( IN about ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN bond ) ( NN market ) ) ) ) ) )

The turnaround in the dollar fueled bearish sentiment about Japan 's bond market


( S ( NP-SBJ ( NP ( DT The ) ( JJ benchmark ) ( NNP No. ) ( CD 111 ) ( ADJP ( CD 4.6 ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1998 ) ) ) ) ( VP ( VBN ended ) ( PP ( IN on ) ( NP ( NP ( NNS brokers ) ( POS ' ) ) ( NNS screens ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 95.39 ) ) ) ) ) ( ADVP ( RB off ) ( NP ( CD 0.28 ) ) ) ) )

The benchmark No. 111 4.6 % bond due 1998 ended on brokers ' screens at a price of 95.39 off 0.28


( S ( NP-SBJ ( DT The ) ( NN yield ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 5.38 ) ( NN % ) ) ) ) )

The yield rose to 5.38 %


( S ( NP-SBJ ( ADJP ( JJ West ) ( JJ German ) ) ( NN bond ) ( NNS prices ) ) ( VP ( VBD ended ) ( ADVP ( JJR lower ) ) ( PP ( IN after ) ( NP ( NP ( DT a ) ( NN day ) ) ( PP ( IN of ) ( NP ( JJ aimless ) ( NN trading ) ) ) ) ) ) )

West German bond prices ended lower after a day of aimless trading


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ benchmark ) ( ADJP ( CD 7 ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP October ) ( CD 1999 ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 0.20 ) ( NN point ) ) ( PP-DIR ( TO to ) ( NP ( CD 99.80 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.03 ) ( NN % ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( ADJP ( QP ( CD 6 ) ( CD 3\/4 ) ) ( NN % ) ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP July ) ( CD 1994 ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 0.10 ) ) ( PP-DIR ( TO to ) ( NP ( CD 97.65 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.34 ) ( NN % ) ) ) ) ) ) ) ) ) )

The benchmark 7 % bond due October 1999 fell 0.20 point to 99.80 to yield 7.03 % while the 6 3\/4 % notes due July 1994 fell 0.10 to 97.65 to yield 7.34 %


( S ( NP-SBJ ( JJ British ) ( NN government ) ( NNS bonds ) ) ( VP ( VBD ended ) ( ADVP ( RB slightly ) ( JJR higher ) ) ( PP-LOC ( IN in ) ( NP ( JJ quiet ) ( NN trading ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD looked ) ( ADVP-DIR ( RB ahead ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NN today ) ( POS 's ) ) ( JJ British ) ( NN trade ) ( NN report ) ) ) ) ) ) ) )

British government bonds ended slightly higher in quiet trading as investors looked ahead to today 's British trade report


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ benchmark ) ( ADJP ( QP ( CD 11 ) ( CD 3\/4 ) ) ( NN % ) ) ( NNP Treasury ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2003\/2007 ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 111 ) ( CD 21\/32 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 10.11 ) ( NN % ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( ADJP ( CD 12 ) ( NN % ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( CD 1995 ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3\/32 ) ) ( PP-DIR ( TO to ) ( NP ( CD 103 ) ( CD 23\/32 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 11.01 ) ( NN % ) ) ) ) ) ) ) ) ) )

The benchmark 11 3\/4 % Treasury bond due 2003\/2007 rose 1\/8 to 111 21\/32 to yield 10.11 % while the 12 % issue of 1995 rose 3\/32 to 103 23\/32 to yield 11.01 %


( S ( NP-SBJ ( DT The ) ( JJ following ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NNS offerings ) ( CC and ) ( NNS pricings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ non-U.S. ) ) ( NN capital ) ( NNS markets ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS terms ) ) ( CC and ) ( NP ( NN syndicate ) ( NN manager ) ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN compiled ) ( PP ( IN by ) ( NP-LGS ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNP Markets ) ( NNP Report ) ) ) ) ) ) ) )

The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets with terms and syndicate manager as compiled by Dow Jones Capital Markets Report


( NP ( NP ( NNP Imo ) ( NNP Industries ) ( NNP Inc. ) ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( JJ subordinated ) ( NNS debentures ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2001 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 12 ) ( NN % ) ) ) ) ) ) ) )

Imo Industries Inc. 150 million of senior subordinated debentures due 2001 priced at par to yield 12 %


( S ( NP-SBJ-1 ( DT The ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-MNR ( IN through ) ( NP ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co ) ) ) ) ) ) )

The issue will be sold through Morgan Stanley & Co


( S ( NP-SBJ ( JJ Other ) ( NNS details ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ available ) ) ) )

Other details were n't available


( NP ( NP ( NP ( NNP San ) ( NNP Antonio ) ) ( NP ( NNP Texas ) ) ) ( NP ( NP ( QP ( CD 575 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ electric ) ( CC and ) ( NN gas ) ( NN system ) ( NN revenue ) ( JJ refunding ) ( NNS bonds ) ) ) ( NP ( NNP Series ) ( NNP 1989 ) ( NNP 1989A ) ( CC and ) ( NNP 1989B ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ( NN group ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.15 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1991 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.30 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2009 ) ) ) ) ) ) ) ) ) ) ) )

San Antonio Texas 575 million of electric and gas system revenue refunding bonds Series 1989 1989A and 1989B tentatively priced by a First Boston Corp. group to yield from 6.15 % in 1991 to 7.30 % in 2009


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBZ includes ) ( NP ( NP ( NP ( JJ current ) ( NN interest ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1991-2000 ) ( CD 2009 ) ( CD 2012 ) ( CD 2014 ) ( CC and ) ( CD 2016 ) ) ) ) ( CC and ) ( NP ( NP ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2001-2005 ) ) ) ) ) ) )

The issue includes current interest bonds due 1991-2000 2009 2012 2014 and 2016 and capital appreciation bonds due 2001-2005


( S ( NP-SBJ-1 ( DT The ) ( JJ current ) ( NN interest ) ( NN serial ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.15 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1991 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.10 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2000 ) ) ) ) ) ) ) ) ) ) ) )

The current interest serial bonds are priced to yield from 6.15 % in 1991 to 7.10 % in 2000


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( QP ( RB about ) ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 7 ) ( NN % ) ) ( NN term ) ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2009 ) ) ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( CD 7.30 ) ( NN % ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN issue ) ( POS 's ) ) ( JJ high ) ( NN yield ) ) ) ) ) ) ) ) ) ) ) ) )

There are about 100 million of 7 % term bonds due 2009 priced to yield 7.30 % which is the issue 's high yield


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( NP ( QP ( RB about ) ( CD 124 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 6 ) ( CD 1\/2 ) ) ( NN % ) ) ( NNS bonds ) ) ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.25 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2012 ) ) ) ) ) ) ) ) ( NP ( NP ( QP ( RB about ) ( CD 97 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 6 ) ( NN % ) ) ( NNS bonds ) ) ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.20 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2014 ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( RB about ) ( CD 26.5 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 5 ) ( NN % ) ) ( NNS bonds ) ) ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.15 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2016 ) ) ) ) ) ) ) ) ) ) )

There are also about 124 million of 6 1\/2 % bonds priced to yield 7.25 % in 2012 about 97 million of 6 % bonds priced to yield 7.20 % in 2014 and about 26.5 million of 5 % bonds priced to yield 7.15 % in 2016


( S ( NP-SBJ ( NP ( DT All ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN term ) ( NNS bonds ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( JJ original ) ( NN issue ) ( NN discount ) ( NNS bonds ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( JJ lead ) ( NN underwriter ) ) ) ) ) )

All of the term bonds are original issue discount bonds according to the lead underwriter


( S ( NP-SBJ-1 ( DT The ) ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADVP-MNR ( RB tentatively ) ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP-TMP ( TO to ) ( NP ( NN maturity ) ) ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2001 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.10 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2003-2005 ) ) ) ) ) ) ) ) ) ) ) )

The capital appreciation bonds are tentatively priced to yield to maturity from 7 % in 2001 to 7.10 % in 2003-2005


( S ( NP-SBJ-1 ( DT The ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VBN rated ) ( S ( ADJP-PRD ( JJ double-A ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ( NNP Inc. ) ) ( CC and ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP Corp ) ) ) ) ) ) )

The bonds are rated double-A by Moody 's Investors Service Inc. and Standard & Poor 's Corp


( NP ( NP ( NNP Maryland ) ( NNP Stadium ) ( NNP Authority ) ) ( NP ( NP ( QP ( CD 137.6 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS sports ) ( NNS facilities ) ( NN lease ) ( NN revenue ) ( NNS bonds ) ) ) ( NP ( NNP Series ) ( NNP 1989 ) ( NNP D ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1992-1999 ) ( CD 2004 ) ( CD 2009 ) ( CC and ) ( CD 2019 ) ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP Morgan ) ( NNP Stanley ) ( NN group ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.35 ) ( NN % ) ) ( PP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.60 ) ( NN % ) ) ( PP ( IN in ) ( NP ( CD 2019 ) ) ) ) ) ) ) ) ) ) ) )

Maryland Stadium Authority 137.6 million of sports facilities lease revenue bonds Series 1989 D due 1992-1999 2004 2009 and 2019 tentatively priced at par by a Morgan Stanley group to yield from 6.35 % in 1992 to 7.60 % in 2019


( S ( NP-SBJ-1 ( JJ Serial ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( QP ( TO to ) ( CD 7.10 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1999 ) ) ) ) ) ) ) ) )

Serial bonds are priced to yield to 7.10 % in 1999


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( CD 15,845,000 ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 7 ) ( CD 3\/8 ) ) ( NN % ) ) ( NNS bonds ) ) ) ) ( UCP ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ( CC and ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2004 ) ) ) ) ) ( NP ( NP ( CD 22,985,000 ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 7 ) ( CD 1\/2 ) ) ( NN % ) ) ( NNS bonds ) ) ( UCP ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ( CC and ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2009 ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 82.6 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 7.60 ) ( NN % ) ) ( NNS bonds ) ) ( UCP ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ( CC and ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2019 ) ) ) ) ) ) ) ) ) )

There are 15,845,000 of 7 3\/8 % bonds priced at par and due 2004 22,985,000 of 7 1\/2 % bonds priced at par and due 2009 and 82.6 million of 7.60 % bonds priced at par and due 2019


( S ( NP-SBJ-3 ( DT The ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VP ( VBN rated ) ( S ( ADJP-PRD-1 ( JJ double-A ) ) ) ( PP-2 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=1 ( JJ double-A-minus ) ) ( PP=2 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) )

The bonds are rated double-A by Moody 's and double-A-minus by S&P


( S ( NP-SBJ-1 ( NP ( NN Interest ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNS bonds ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN treated ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN preference ) ( NN item ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG calculating ) ( NP ( NP ( DT the ) ( JJ federal ) ( JJ alternative ) ( JJ minimum ) ( NN tax ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN imposed ) ( PP-CLR ( IN on ) ( NP ( JJ certain ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Interest on the bonds will be treated as a preference item in calculating the federal alternative minimum tax that may be imposed on certain investors


( NP ( NP ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Mortgage ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 250 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Remic ) ( NN mortgage ) ( NNS securities ) ) ) ( VP ( VBG being ) ( VP ( VBN offered ) ( PP-MNR ( IN in ) ( NP ( CD 11 ) ( NNS classes ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Morgan ) ( NNP Stanley ) ) ) ) ) ) )

Federal Home Loan Mortgage Corp. 250 million of Remic mortgage securities being offered in 11 classes by Morgan Stanley


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN offering ) ) ( NP ( NNP Series ) ( NNP 107 ) ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NNP Freddie ) ( NNP Mac ) ( JJ 15-year ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ) ) ) ( CC and ) ( VP ( VP ( VBZ brings ) ( NP-2 ( NP ( NNP Freddie ) ( NNP Mac ) ( POS 's ) ) ( CD 1989 ) ( NNP Remic ) ( NN issuance ) ) ( PP-CLR-3 ( TO to ) ( NP ( QP ( CD 32.8 ) ( CD billion ) ) ) ) ) ( CC and ) ( VP ( NP=2 ( PRP$ its ) ( JJ total ) ( NN volume ) ) ( PP-CLR=3 ( TO to ) ( NP ( QP ( CD 46.8 ) ( CD billion ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN program ) ) ( VP ( VBD began ) ( PP-TMP ( IN in ) ( NP ( NNP February ) ( CD 1988 ) ) ) ) ) ) ) ) )

The offering Series 107 is backed by Freddie Mac 15-year 9 % securities and brings Freddie Mac 's 1989 Remic issuance to 32.8 billion and its total volume to 46.8 billion since the program began in February 1988


( S ( NP-SBJ ( DT The ) ( NN offering ) ) ( VP ( VBD used ) ( NP ( JJ at-market ) ( NN pricing ) ) ) )

The offering used at-market pricing


( NP ( NP ( NNP Federal ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ) ( NP ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Remic ) ( NN mortgage ) ( NNS securities ) ) ) ( VP ( VBG being ) ( VP ( VBN offered ) ( PP-MNR ( IN in ) ( NP ( CD 10 ) ( NNS classes ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ) ) ) ) )

Federal National Mortgage Association 500 million of Remic mortgage securities being offered in 10 classes by Merrill Lynch Capital Markets


( S ( NP-SBJ-86 ( NP ( DT The ) ( NN offering ) ) ( NP ( NNP Series ) ( CD 1989-85 ) ) ) ( VP ( VBZ is ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NNP Fannie ) ( NNP Mae ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ) ) ) )

The offering Series 1989-85 is backed by Fannie Mae 9 % securities


( S ( ADVP ( RB Separately ) ) ( NP-SBJ-1 ( NP ( DT a ) ( ADJP ( QP ( CD 400 ) ( CD million ) ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NNP Fannie ) ( NNP Mae ) ( NNP Remic ) ( NN mortgage ) ( NNS securities ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN offered ) ( PP-MNR ( IN in ) ( NP ( CD 15 ) ( NNS classes ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Bear ) ( NNP Stearns ) ( CC & ) ( NNP Co ) ) ) ) ) ) )

Separately a 400 million issue of Fannie Mae Remic mortgage securities is being offered in 15 classes by Bear Stearns & Co


( S ( NP-SBJ-87 ( NP ( DT The ) ( NN offering ) ) ( NP ( NNP Series ) ( CD 1989-86 ) ) ) ( VP ( VBZ is ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NNP Fannie ) ( NNP Mae ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ) ) ) )

The offering Series 1989-86 is backed by Fannie Mae 9 % securities


( S ( ADVP ( RB Finally ) ) ( NP-SBJ-1 ( NP ( DT a ) ( ADJP ( QP ( CD 300 ) ( CD million ) ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NNP Fannie ) ( NNP Mae ) ( NNP Remic ) ( NN mortgage ) ( NNS securities ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN offered ) ( PP-MNR ( IN in ) ( NP ( CD 12 ) ( NNS classes ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ( CC & ) ( NNP Co ) ) ) ) ) ) )

Finally a 300 million issue of Fannie Mae Remic mortgage securities is being offered in 12 classes by Smith Barney Harris Upham & Co


( S ( NP-SBJ-88 ( NP ( DT The ) ( NN offering ) ) ( NP ( NNP Series ) ( CD 1989-87 ) ) ) ( VP ( VBZ is ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NNP Fannie ) ( NNP Mae ) ( ADJP ( QP ( CD 9 ) ( CD 1\/2 ) ) ( NN % ) ) ( NNS securities ) ) ) ) ) )

The offering Series 1989-87 is backed by Fannie Mae 9 1\/2 % securities


( S ( NP-SBJ ( DT The ) ( CD three ) ( NNS offerings ) ) ( ADVP ( RB together ) ) ( VP ( VP ( VBP bring ) ( NP-1 ( NP ( NNP Fannie ) ( NNP Mae ) ( POS 's ) ) ( CD 1989 ) ( NNP Remic ) ( NN issuance ) ) ( PP-CLR-2 ( TO to ) ( NP ( QP ( CD 32.4 ) ( CD billion ) ) ) ) ) ( CC and ) ( VP ( NP=1 ( PRP$ its ) ( JJ total ) ( NNP Remic ) ( NN volume ) ) ( PP-CLR=2 ( TO to ) ( NP ( QP ( CD 44.5 ) ( CD billion ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN program ) ) ( VP ( VBD began ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ( CD 1987 ) ) ) ) ) ) ) )

The three offerings together bring Fannie Mae 's 1989 Remic issuance to 32.4 billion and its total Remic volume to 44.5 billion since the program began in April 1987


( NP ( NP ( NP ( NNP Credit ) ( NNP Agricole ) ) ( NP ( NNP CNCA ) ) ( ADJP ( NNP French ) ) ) ( NP ( NP ( QP ( CD 250 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 21 ) ( CD 1994 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 101.80 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.77 ) ( NN % ) ) ( ADVP-TMP ( RB annually ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP IBJ ) ( NNP International ) ( NNP Ltd ) ) ) ) )

Credit Agricole CNCA French 250 million of 8 3\/4 % bonds due Nov. 21 1994 priced at 101.80 to yield 8.77 % annually less full fees via IBJ International Ltd


( NP ( NNS Fees ) ( QP ( CD 1 ) ( CD 7\/8 ) ) )

Fees 1 7\/8


( NP ( NP ( NP ( NNP Hokuriku ) ( NNP Electric ) ( NNP Power ) ( NNP Co ) ) ( NP-LOC ( NNP Japan ) ) ) ( NP ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 8 ) ( CD 7\/8 ) ) ( NN % ) ) ( NNS bonds ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 20 ) ( CD 1996 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 101 ) ( CD 3\/4 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.90 ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Yamaichi ) ( NNP International ) ) ( NP-LOC ( NNP Europe ) ) ( ADJP ( NNP Ltd ) ) ) ) ) )

Hokuriku Electric Power Co Japan 200 million of 8 7\/8 % bonds due Nov. 20 1996 priced at 101 3\/4 to yield 8.90 % less full fees via Yamaichi International Europe Ltd


Fees 1 7\/8


( NP ( NP ( NP ( NNP International ) ( NNP Finance ) ( NNP Corp ) ) ( NP ( NN agency ) ) ) ( NP ( NP ( QP ( CD 10 ) ( CD billion ) ) ( NNS pesetas ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 11.6 ) ( NN % ) ) ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NN Nov. ) ( CD 30 ) ( CD 1994 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 101 ) ( CD 5\/8 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 11.60 ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NP ( NNP Citibank ) ) ( NP-LOC ( NNP Madrid ) ) ) ( CC and ) ( NP ( NP ( NNP Banco ) ( NNP Espanol ) ( NNP de ) ( NNP Credito ) ) ( NP-LOC ( NNP Spain ) ) ) ) ) ) )

International Finance Corp agency 10 billion pesetas of 11.6 % bonds due Nov. 30 1994 priced at 101 5\/8 to yield 11.60 % less full fees via Citibank Madrid and Banco Espanol de Credito Spain


( NP ( NNS Fees ) ( QP ( CD 1 ) ( CD 5\/8 ) ) )

Fees 1 5\/8


( NP ( NP ( NP ( NP ( NP ( NNP Royal ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ) ) ) ( NP ( NNP Grand ) ( NNP Cayman ) ( NN branch ) ) ) ( NP-LOC ( NNP Canada ) ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 10 ) ( CD 3\/4 ) ) ( NN % ) ) ( NN deposit ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 30 ) ( CD 1994 ) ) ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 101 ) ( CD 3\/4 ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 10.78 ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP RBC ) ( NNP Dominion ) ( NNP Securities ) ( NNP International ) ( NNP Ltd ) ) ) ) )

Royal Bank of Canada Grand Cayman branch Canada 100 million Canadian dollars of 10 3\/4 % deposit notes due Nov. 30 1994 priced at 101 3\/4 to yield 10.78 % less full fees via RBC Dominion Securities International Ltd


( NP ( NP ( NP ( NNP Union ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Finland ) ) ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ( JJ Australian ) ( NNS dollars ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 9 ) ( NN % ) ) ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NN Nov. ) ( CD 9 ) ( CD 1990 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 94 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 17.20 ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Banque ) ( NNP Paribas ) ( NNP Capital ) ( NNP Markets ) ( NNP Ltd ) ) ) ) )

Union Bank of Finland 100 million Australian dollars of 9 % bonds due Nov. 9 1990 priced at 94 to yield 17.20 % less full fees via Banque Paribas Capital Markets Ltd


Fees 1


( NP ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Credit ) ) ( NP ( NP ( QP ( CD 2.57 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS certificates ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NP ( NN automobile ) ( NNS loans ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN coupon ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 8.70 ) ( NN % ) ) ) ) ) ) ) ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99 ) ( CD 19\/32 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.903 ) ( NN % ) ) ) ) ) ) ( PP ( IN through ) ( NP ( NP ( DT an ) ( NN underwriting ) ( NN group ) ) ( VP ( VBN headed ) ( PP ( IN by ) ( NP-LGS ( NNP First ) ( NNP Boston ) ( NNP Corp ) ) ) ) ) ) ) )

Ford Motor Credit 2.57 billion of certificates backed by automobile loans with a coupon rate of 8.70 % priced at 99 19\/32 to yield 8.903 % through an underwriting group headed by First Boston Corp


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( JJ first ) ) ( PP ( IN by ) ( NP ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Credit ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Co. ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ second ) ( JJS largest ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ four-year ) ( NN history ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( QP ( CD 45 ) ( CD billion ) ) ) ( JJ asset-backed ) ( NN market ) ) ) ) ) ) ) ) )

The issue is the first by Ford Motor Credit a unit of Ford Motor Co. and the second largest in the four-year history of the 45 billion asset-backed market


( S ( NP-SBJ ( DT The ) ( JJS largest ) ( NN issue ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( ADJP ( QP ( CD 4 ) ( CD billion ) ) ) ( NN offering ) ) ( PP ( IN of ) ( NP ( JJ auto-loan ) ( NNS securities ) ) ) ( PP ( IN by ) ( NP ( NNP General ) ( NNP Motors ) ( NNP Acceptance ) ( NNP Corp. ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) )

The largest issue was a 4 billion offering of auto-loan securities by General Motors Acceptance Corp. in 1986


( S ( NP-SBJ-1 ( DT The ) ( NNP Ford ) ( NN issue ) ) ( PP ( IN through ) ( NP ( NNP Ford ) ( NNP Credit ) ( NNP 1989-A ) ( NNP Grantor ) ( NNP Trust ) ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN yield ) ( NN spread ) ) ( PP ( IN of ) ( PP ( NP ( CD 95 ) ( NN basis ) ( NNS points ) ) ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( ADJP ( QP ( CD 7 ) ( CD 3\/4 ) ) ( NN % ) ) ( NN issue ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP July ) ( CD 1991 ) ) ) ) ) ) ) ) ) ) )

The Ford issue through Ford Credit 1989-A Grantor Trust was priced at a yield spread of 95 basis points above the Treasury 7 3\/4 % issue due July 1991


( S ( NP-SBJ-1 ( DT The ) ( NN offering ) ) ( VP ( VBZ is ) ( VP ( VP ( VBN rated ) ( S ( ADJP-PRD-2 ( JJ doubleA-2 ) ) ) ( PP-3 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=2 ( JJ double-A ) ) ( PP=3 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN quality ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ underlying ) ( NN auto ) ( NNS loans ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN guarantee ) ) ( VP ( VBG covering ) ( NP ( NP ( CD 9 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN deal ) ) ) ) ) ( PP ( IN from ) ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Credit ) ) ) ) ) ) ) ) ) )

The offering is rated doubleA-2 by Moody 's and double-A by S&P based on the quality of the underlying auto loans and a guarantee covering 9 % of the deal from Ford Motor Credit


( S ( NP-SBJ ( DT The ) ( NNS certificates ) ) ( VP ( VBP have ) ( NP ( NP ( DT an ) ( JJ estimated ) ( JJ average ) ( NN life ) ) ( PP ( IN of ) ( NP ( CD 1.8 ) ( NNS years ) ) ) ) ( S-ADV ( VP ( VBG assuming ) ( NP ( NP ( JJ monthly ) ( NNS prepayments ) ) ( PP ( IN at ) ( NP ( NP ( CD 1.3 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ original ) ( NN balance ) ) ) ) ) ) ) ) ) )

The certificates have an estimated average life of 1.8 years assuming monthly prepayments at 1.3 % of the original balance


( S ( NP-SBJ ( DT The ) ( JJ final ) ( NN maturity ) ) ( VP ( VBZ is ) ( PP-TMP-PRD ( IN in ) ( NP ( CD five ) ( NNS years ) ) ) ) )

The final maturity is in five years


( S ( NP-SBJ ( NNP Inco ) ( NNP Ltd. ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 35 ) ( NN % ) ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ) ( NP ( NP ( DT a ) ( NN performance ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( PP-PRD ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS expectations ) ) ) ) ) ) ) ) ) ) ) )

Inco Ltd. posted a 35 % decline in third-quarter net income a performance that was in line with analysts ' expectations


( S ( NP-SBJ ( DT The ) ( NN nickel ) ( NN producer ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD raised ) ( NP ( PRP$ its ) ( JJ quarterly ) ( NN dividend ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 25 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 20 ) ( NNS cents ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB buy ) ( PRT ( RP back ) ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 4.8 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ common ) ( JJ outstanding ) ) ) ) ) ) ) ) ) ) )

The nickel producer also raised its quarterly dividend to 25 cents a share from 20 cents and said it may buy back as much as 4.8 % of its common outstanding


( S ( NP-SBJ ( NNP Inco ) ( NNS shares ) ) ( VP ( VBD fell ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NNS announcements ) ) ) ) )

Inco shares fell after the announcements


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ disappointed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( JJ cash-rich ) ( NN company ) ) ( VP ( VBD had ) ( VP ( VBN failed ) ( S ( VP ( TO to ) ( VP ( VB announce ) ( NP ( DT a ) ( JJ special ) ( NN dividend ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts said some investors were disappointed that the cash-rich company had failed to announce a special dividend


( S ( NP-SBJ ( NNP Inco ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 31.125 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-CLR ( RB down ) ( NP ( CD 62.5 ) ( NNS cents ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) )

Inco closed at 31.125 a share down 62.5 cents in New York Stock Exchange composite trading


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Inco ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( NP ( NP ( NN cash ) ( NNS reserves ) ) ( PP ( IN of ) ( NP ( QP ( CD 272 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ) ) ( VP ( MD could ) ( ADVP ( RB still ) ) ( VP ( VB announce ) ( NP ( DT a ) ( JJ special ) ( NN dividend ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS months ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJR smaller ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( ADJP ( JJ 10-a-share ) ) ( JJ special ) ( NN dividend ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD paid ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some analysts said Inco which had cash reserves of 272 million as of Sept. 30 could still announce a special dividend in the next few months though it would be smaller than the 10-a-share special dividend it paid last year


( S ( NP-SBJ ( DT The ) ( JJ quarterly ) ( NN dividend ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ payable ) ( NP-TMP ( NNP Dec. ) ( CD 1 ) ) ( PP ( TO to ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NN record ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 3 ) ) ) ) ) ) )

The quarterly dividend is payable Dec. 1 to shares of record Nov. 3


( S ( NP-SBJ ( NP ( NNP Inco ) ( POS 's ) ) ( NN net ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 129.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.23 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 200.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.88 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Inco 's net fell to 129.3 million or 1.23 a share in the third quarter from 200.3 million or 1.88 a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8.2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 848.7 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 784.5 ) ( CD million ) ) ) ) ) )

Sales rose 8.2 % to 848.7 million from 784.5 million


( S ( PP ( VBG Excluding ) ( NP ( NP ( JJ special ) ( NNS gains ) ) ( PP ( IN from ) ( NP ( JJ tax-loss ) ( NNS carry-forwards ) ) ) ) ) ( NP-SBJ ( NP ( NNS earnings ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NP ( QP ( CD 117.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.12 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 187.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.76 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

Excluding special gains from tax-loss carry-forwards earnings in the latest quarter were 117.7 million or 1.12 a share compared with 187.4 million or 1.76 a share


( S ( NP-SBJ ( NNP Inco ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NNS earnings ) ) ) ) ( VP ( VBD resulted ) ( PP-CLR ( ADVP ( RB mainly ) ) ( IN from ) ( NP ( NP ( NP ( JJR lower ) ( NN nickel ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN period ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ temporary ) ( NN cut ) ) ( PP-LOC ( IN in ) ( NP ( JJ nickel ) ( NN output ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNP Manitoba ) ( NNS operations ) ) ) ( PP-PRP ( JJ due ) ( TO to ) ( NP ( NP ( JJ high ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( NN arsenic ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN ore ) ) ) ) ) ) ) ) ) ) ) ) )

Inco said the drop in earnings resulted mainly from lower nickel prices for the period and a temporary cut in nickel output at the company 's Manitoba operations due to high levels of arsenic in the ore


( S ( NP-SBJ ( NNP Inco ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( PRT ( RP back ) ) ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD five ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( CD 12 ) ( NNS months ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN nickel ) ( NN market ) ( NNS conditions ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ favorable ) ) ) ) ) ) ) ) ) ) ) ) )

Inco said it plans to buy back as many as five million common shares over the next 12 months if nickel market conditions are favorable


( S ( PP-LOC ( IN Under ) ( NP ( DT a ) ( JJ previous ) ( JJ buyback ) ( NN program ) ) ) ( NP-SBJ ( NNP Inco ) ) ( VP ( VBZ has ) ( VP ( VBN purchased ) ( NP ( NP ( CD 1.7 ) ( CD million ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP April ) ) ) ) ) )

Under a previous buyback program Inco has purchased 1.7 million of its shares since April


( S ( NP-SBJ ( NP ( NNP Qintex ) ( NNP Australia ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( NN media ) ( CC and ) ( NNS resorts ) ( NN concern ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( JJ Australian ) ( NN entrepreneur ) ( NNP Christopher ) ( NNP Skase ) ) ) ) ) ) ( VP ( VBD announced ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB restructure ) ( CC and ) ( VB sell ) ( NP ( NNS assets ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( PRP$ its ) ( JJ financial ) ( NNS problems ) ) ) ) ) ) ) ) ) ) ) ) ) )

Qintex Australia Ltd. a media and resorts concern controlled by Australian entrepreneur Christopher Skase announced a plan to restructure and sell assets to try to ease its financial problems


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Skase ) ) ( NP ( NP ( DT a ) ( JJ 41-year-old ) ( JJ former ) ( NN newspaper ) ( NN reporter ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ chairs ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NNP Qintex ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( NP ( PRP$ its ) ( ADJP ( CD 51 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ upscale ) ( NNP Mirage ) ( NNS resorts ) ) ( PP-LOC ( IN in ) ( NP ( NNP Australia ) ( CC and ) ( NNP Hawaii ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( CD three ) ( JJ Australian ) ( NN television ) ( NNS stations ) ) ) ) ) ) ) ) )

Mr. Skase a 41-year-old former newspaper reporter who chairs the company said in a statement that Qintex will sell its 51 % stake in its upscale Mirage resorts in Australia and Hawaii as well as three Australian television stations


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNS sales ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 600 ) ( CD million ) ) ( JJ Australian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 462.2 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Skase ) ) ( VP ( VBD said ) ) )

The sales are expected to raise more than 600 million Australian dollars 462.2 million Mr. Skase said


( S ( S ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN disclosed ) ( NP ( PRP$ its ) ( NNS borrowings ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP estimate ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN debt ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 1.2 ) ( CD billion ) ) ) ) ) ) )

Qintex Australia has n't disclosed its borrowings but analysts estimate the company 's debt at 1.2 billion


( S ( NP-SBJ ( NNP Mr. ) ( NNP Skase ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN restructuring ) ( NN plan ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN merger ) ) ( PP ( IN of ) ( NP ( NNP Qintex ) ( NNP Australia ) ) ) ( PP ( IN with ) ( NP ( NP ( NNP Qintex ) ( NNP Ltd. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( CD 55 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Qintex ) ( NNP Australia ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Skase also said the restructuring plan calls for the merger of Qintex Australia with Qintex Ltd. which owns 55 % of Qintex Australia


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN move ) ) ( VP ( MD will ) ( ADVP ( RB significantly ) ) ( VP ( VB reduce ) ( NP ( ADJP ( JJ administrative ) ( CC and ) ( NN operating ) ) ( NNS costs ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB provide ) ( NP ( NP ( NNS details ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN merger ) ) ) ) ) ) ) )

He said the move will significantly reduce administrative and operating costs but he did n't provide details of the merger


( S ( NP-SBJ ( NN Company ) ( NNS officials ) ) ( VP ( VBD said ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Qintex ) ( NNP Australia ) ( POS 's ) ) ( NN bank ) ( NNS creditors ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( ADJP-PRD ( JJ concerned ) ( PP ( IN about ) ( NP ( NP ( DT a ) ( NN barrage ) ) ( PP ( IN of ) ( NP ( JJ bad ) ( NN news ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN company ) ) ) ( PP ( VBG including ) ( NP ( DT a ) ( JJ failed ) ( ADJP ( QP ( CD 1.5 ) ( CD billion ) ) ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NNP MGM\/UA ) ( NNP Communications ) ( NNP Co. ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Beverly ) ( NNP Hills ) ( NNP Calif. ) ) ( NN movie ) ( CC and ) ( NN television ) ( NN production ) ( NN concern ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Company officials said over the weekend that Qintex Australia 's bank creditors have become concerned about a barrage of bad news at the company including a failed 1.5 billion plan to buy MGM\/UA Communications Co. a Beverly Hills Calif. movie and television production concern


( S ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NP ( NNP Qintex ) ( NNP Entertainment ) ( NNP Inc. ) ) ( NP ( DT a ) ( JJ 43%-owned ) ( NNP U.S. ) ( NN affiliate ) ) ) ( VP ( VBD filed ) ( PP-CLR ( IN for ) ( NP ( NP ( NN protection ) ) ( PP ( IN from ) ( NP ( NN creditor ) ( NNS lawsuits ) ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NNP Chapter ) ( CD 11 ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Bankruptcy ) ( NNP Code ) ) ) ) ) ) )

Friday Qintex Entertainment Inc. a 43%-owned U.S. affiliate filed for protection from creditor lawsuits under Chapter 11 of the U.S. Bankruptcy Code


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD predicted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN move ) ) ( VP ( MD would ) ( VP ( VP ( ADVP ( RB further ) ) ( VB shake ) ( NP ( NP ( NN creditor ) ( NN confidence ) ) ( PP ( IN in ) ( NP ( NNP Qintex ) ( NNP Australia ) ) ) ) ) ( CC and ) ( VP ( VB force ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NNS assets ) ) ) ) ) ) ) ) ) ) ) )

Analysts predicted that the move would further shake creditor confidence in Qintex Australia and force it to sell assets


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( JJS latest ) ( NNS moves ) ) ( VP ( VBD were ) ( VP ( VBN disclosed ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NNP Australian ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD suspended ) ( NP ( NP ( NN trading ) ) ( PP ( IN in ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( NNP Qintex ) ( NNP Australia ) ) ( CC and ) ( NP ( NNP Qintex ) ( NNP Ltd. ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNS companies ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN answered ) ( NP ( NP ( DT an ) ( NN exchange ) ( NN inquiry ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN extent ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( NNS loans ) ( NNS investments ) ( CC and ) ( NNS deposits ) ) ( PP-LOC ( IN at ) ( NP ( NNP Qintex ) ( NNP Entertainment ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company 's latest moves were disclosed after the Australian Stock Exchange suspended trading in shares of Qintex Australia and Qintex Ltd. because the companies had n't answered an exchange inquiry about the extent of their loans investments and deposits at Qintex Entertainment


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Skase ) ( POS 's ) ) ( NN statement ) ) ( VP ( VP ( VBD was ) ( VP ( VBN addressed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN stock ) ( NN exchange ) ) ) ) ) ( CC and ) ( VP ( VBN appeared ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN response ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN inquiry ) ) ) ) ) ) ) ) ) )

Mr. Skase 's statement was addressed to the stock exchange and appeared to be a response to the inquiry


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Qintex ) ( NNP Entertainment ) ) ( VP ( VBZ owes ) ( NP ( NNP Qintex ) ( NNP Australia ) ) ( NP ( NP ( QP ( CD 38.1 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS loans ) ) ( VP ( RB not ) ( VBN secured ) ( PP ( IN by ) ( NP-LGS ( JJ specific ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) )

It said Qintex Entertainment owes Qintex Australia 38.1 million in loans not secured by specific assets


( S ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( NN investment ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 83.3 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNP Qintex ) ( NNP Entertainment ) ( NNS shares ) ) ) ) ) ) ) ) ) ) )

Qintex Australia also said it has an investment of 83.3 million in Qintex Entertainment shares


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN statement ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Skase ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NP ( JJ current ) ( NN interest ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( NNP Australia ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN asset ) ( NNS sales ) ) ( VP ( MD would ) ( VP ( VB reduce ) ( NP ( NN interest ) ( NN expense ) ) ( PP-EXT ( IN by ) ( NP ( NP ( QP ( RB about ) ( CD 120 ) ( CD million ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG eliminating ) ( NP ( JJ certain ) ( NNS liabilities ) ) ) ) ) ) ) ) ) ) ) ) )

In the statement Mr. Skase said that on the basis of current interest rates in Australia the company 's asset sales would reduce interest expense by about 120 million a year in addition to eliminating certain liabilities


( S ( PP-TMP ( IN In ) ( NP ( NNP March ) ) ) ( NP-SBJ ( NNP Qintex ) ) ( VP ( VBD sold ) ( NP ( NP ( CD 49 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD three ) ( NNP Mirage ) ( NNS resorts ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NP ( NP ( NNP Nippon ) ( NNP Shinpan ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Mitsui ) ( CC & ) ( NNP Co. ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 433 ) ( CD million ) ) ) ) ) )

In March Qintex sold 49 % of the three Mirage resorts to Japan 's Nippon Shinpan Co. and Mitsui & Co. for 433 million


( S ( NP-SBJ ( NP ( NN Yesterday ) ( POS 's ) ) ( NN statement ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB say ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( JJ Japanese ) ( NNS companies ) ) ( VP ( MD will ) ( VP ( VB acquire ) ( NP ( NP ( NP ( NNP Qintex ) ( POS 's ) ) ( VBG remaining ) ( NN stake ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNS resorts ) ) ) ) ) ) ) ) ) ) )

Yesterday 's statement did n't say whether the Japanese companies will acquire Qintex 's remaining stake in the resorts


( S ( SBAR-TMP ( IN Before ) ( S ( NP-SBJ-1 ( PRP$ its ) ( NNS shares ) ) ( VP ( VBD were ) ( VP ( VBN suspended ) ( PP-CLR ( IN from ) ( NP ( NN trading ) ) ) ) ) ) ) ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ) ( VP ( VBD plunged ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( CD 16 ) ( JJ Australian ) ( NNS cents ) ) ( PRN ( NP ( CD 12 ) ( NNP U.S. ) ( NNS cents ) ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-DIR ( IN from ) ( NP ( CD 33 ) ( JJ Australian ) ( NNS cents ) ) ( NP-TMP ( NNP Friday ) ) ) ) )

Before its shares were suspended from trading Qintex Australia plunged to 16 Australian cents 12 U.S. cents a share yesterday from 33 Australian cents Friday


( S ( NP-SBJ ( DT The ) ( NNS shares ) ) ( VP ( VBD traded ) ( PP-CLR ( IN at ) ( NP ( QP ( RB about ) ( CD 1.50 ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP March ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NN MGM\/UA ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN announced ) ) ) ) ) ) ) ) )

The shares traded at about 1.50 in March when the plan to acquire MGM\/UA was announced


( S ( NP-SBJ ( NNP Qintex ) ( NNP Ltd. ) ( NNS shares ) ) ( VP ( VBD sank ) ( PP-DIR ( TO to ) ( NP ( CD 1.50 ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-DIR ( IN from ) ( NP ( CD 3.05 ) ) ( NP-TMP ( NNP Friday ) ) ) ) )

Qintex Ltd. shares sank to 1.50 yesterday from 3.05 Friday


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Skase ) ( POS 's ) ) ( NN statement ) ) ( VP ( VBD cited ) ( NP ( NP ( CD four ) ( JJ recent ) ( NNS problems ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( VP ( VBD had ) ( VP ( VBN cut ) ( NP ( NN group ) ( NN cash ) ( NN flow ) ) ( PP-EXT ( IN by ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 200 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Skase 's statement cited four recent problems that he said had cut group cash flow by more than 200 million


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD were ) ( NP-PRD ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NP ( DT an ) ( JJ unlawful ) ( NN termination ) ) ( PP ( IN by ) ( NP ( NNP MGM\/UA ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN acquisition ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NNP Qintex ) ) ) ) ) ) ) ) ) ) ( NP ( JJ high ) ( JJ Australian ) ( NN interest ) ( NNS rates ) ) ( NP ( NP ( NP ( DT a ) ( NNS pilots ) ( POS ' ) ) ( NN strike ) ) ( PP-LOC ( IN at ) ( NP ( JJ Australian ) ( JJ domestic ) ( NNS airlines ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD cut ) ( NP ( NP ( NN revenue ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ Australian ) ( NNS resorts ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS delays ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG completing ) ( NP ( NP ( DT a ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( CD two ) ( JJ regional ) ( NN TV ) ( NNS stations ) ) ( PP-LOC ( IN in ) ( NP ( NNP Queensland ) ( NN state ) ) ) ) ) ) ) ) ) ) ) ) )

They were what he called an unlawful termination by MGM\/UA of the acquisition agreement with Qintex high Australian interest rates a pilots ' strike at Australian domestic airlines that cut revenue at the company 's Australian resorts and delays in completing a sale of two regional TV stations in Queensland state


( S ( S ( NP-SBJ ( NNP MGM\/UA ) ) ( VP ( VBZ has ) ( VP ( VBN sued ) ( NP ( NNP Qintex ) ( NNP Australia ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( NN breach ) ) ( PP ( IN of ) ( NP ( NN contract ) ) ) ) ( CC and ) ( NP ( NN fraud ) ) ) ) ( PP ( IN over ) ( NP ( DT the ) ( JJ collapsed ) ( NN acquisition ) ( NN agreement ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ) ( VP ( VBZ has ) ( VP ( VBN threatened ) ( NP ( DT a ) ( NN countersuit ) ) ) ) ) )

MGM\/UA has sued Qintex Australia for breach of contract and fraud over the collapsed acquisition agreement and Qintex Australia has threatened a countersuit


( S ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ) ( VP ( VBZ has ) ( RB n't ) ( ADVP ( RB yet ) ) ( VP ( VBN reported ) ( NP ( NP ( NNS results ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP July ) ( CD 31 ) ) ) ) ) ) ) ) )

Qintex Australia has n't yet reported results for the fiscal year ended July 31


( S ( PP-LOC ( IN In ) ( NP ( PRP$ his ) ( NN statement ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Skase ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ preliminary ) ( NNS accounts ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN group ) ( NN profit ) ) ( PP ( IN before ) ( NP ( NN interest ) ( NN tax ) ( CC and ) ( NN depreciation ) ) ) ) ( VP ( MD will ) ( VP ( VB exceed ) ( NP ( QP ( CD 170 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

In his statement Mr. Skase said preliminary accounts showed that group profit before interest tax and depreciation will exceed 170 million


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD gave ) ( NP ( DT no ) ( JJ further ) ( NNS details ) ) ) )

He gave no further details


( S-2 ( NP-SBJ-1 ( NP ( NNS Shareholders ) ( POS ' ) ) ( NNS funds ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP July ) ( CD 31 ) ) ) ) ( VP ( VBD were ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 1 ) ( CD billion ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Skase ) ) ( VP ( VBD said ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 725 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Shareholders ' funds as of July 31 were estimated at more than 1 billion Mr. Skase said compared with 725 million a year earlier


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( MD will ) ( VP ( VB make ) ( NP ( JJ adequate ) ( NNS provisions ) ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( NP ( NNS costs ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN dispute ) ) ( PP ( IN with ) ( NP ( NNP MGM\/UA ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT any ) ( NN loss ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN investment ) ) ( PP ( IN in ) ( NP ( NNP Qintex ) ( NNP Entertainment ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The company will make adequate provisions to cover costs of the dispute with MGM\/UA and any loss from the investment in Qintex Entertainment he said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Skase ) ) ( ADVP ( RB also ) ) ( VP ( VBD disclosed ) ( NP ( NP ( DT a ) ( NN disagreement ) ) ( PP ( IN among ) ( NP ( NP ( NNS directors ) ) ( PP ( IN of ) ( NP ( NNP Qintex ) ( NNP Australia ) ) ) ) ) ( PP ( IN over ) ( NP ( NP ( JJ certain ) ( NNS fees ) ) ( VP ( VBN claimed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Qintex ) ( NNP Group ) ( NNP Management ) ( NNP Services ) ( NNP Pty. ) ) ( NP ( NP ( DT a ) ( JJ management-services ) ( NN concern ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ( NNS executives ) ) ( VP ( VBP have ) ( NP ( DT an ) ( NN interest ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Skase also disclosed a disagreement among directors of Qintex Australia over certain fees claimed by Qintex Group Management Services Pty. a management-services concern in which Qintex Australia executives have an interest


( S ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ) ( VP ( VBD paid ) ( NP ( DT the ) ( NN management ) ( NN company ) ) ( NP ( QP ( CD 32.6 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( JJ fiscal ) ( NN year ) ) ) ) )

Qintex Australia paid the management company 32.6 million in the latest fiscal year


( S ( NP-SBJ ( NNP Mr. ) ( NNP Skase ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money ) ) ) ) ( VP ( VBD went ) ( PP-DIR ( TO to ) ( NP ( JJ other ) ( NNS parties ) ) ) ( PP ( IN for ) ( NP ( NP ( NNS expenses ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN rent ) ( CC and ) ( NN travel ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT a ) ( JJR smaller ) ( NN portion ) ) ( VP ( VBZ is ) ( VP ( VBN owed ) ( PP-DTV ( TO to ) ( NP ( NP ( JJ senior ) ( NNS executives ) ) ( CC and ) ( NP ( NNS others ) ) ) ) ( PP ( IN for ) ( NP ( NN management ) ( NNS services ) ) ) ) ) ) ) ) ) )

Mr. Skase said most of the money went to other parties for expenses such as rent and travel but a smaller portion is owed to senior executives and others for management services


( S ( NP-SBJ ( NP ( JJ Non-executive ) ( NNS directors ) ) ( PP ( IN of ) ( NP ( NNP Qintex ) ( NNP Australia ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD must ) ( VP ( VB approve ) ( NP ( NP ( NNS payments ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ senior ) ( NNS executives ) ) ) ) ) ) ) ) ) ( VP ( VBD balked ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( NN amount ) ) ) ) )

Non-executive directors of Qintex Australia who must approve payments to the senior executives balked at the amount


( S-2 ( S ( NP-SBJ ( NP ( CD Two ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS directors ) ) ) ) ( VP ( VBD resigned ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Skase ) ) ( VP ( VBD said ) ) ) ) ( IN so ) ( S ( NP-SBJ-1 ( DT the ) ( NNS payments ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN approved ) ) ) ) ) )

Two of the directors resigned Mr. Skase said so the payments have n't yet been approved


( S ( NP-SBJ ( NNP Property ) ( NNP Capital ) ( NNP Trust ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD dropped ) ( NP ( PRP$ its ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB liquidate ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB realize ) ( NP ( NP ( DT the ) ( NN value ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Property Capital Trust said it dropped its plan to liquidate because it was n't able to realize the value it had expected


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VP ( VB buy ) ( PRT ( RP back ) ) ( NP ( NP ( QP ( CD two ) ( CD million ) ) ( NNS shares ) ) ( CC or ) ( NP ( CD 18.4 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ total ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ( CC and ) ( VP ( VB continue ) ( NP ( NNS operations ) ) ( S-MNR ( VP ( VBG buying ) ( CC and ) ( VBG managing ) ( NP ( JJ real ) ( NN estate ) ) ) ) ) ) ) ) ) ) )

It said it will buy back two million shares or 18.4 % of the total outstanding and continue operations buying and managing real estate


( S ( NP-SBJ ( NP ( NNP Property ) ( NNP Capital ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Boston ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN told ) ( NP ( NNS shareholders ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBD expected ) ( S ( VP ( TO to ) ( VP ( VB distribute ) ( NP ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 21 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( CD 229 ) ( CD million ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN liquidation ) ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( DT an ) ( JJ expected ) ( NN asset ) ( NN sale ) ( NN price ) ) ( PP ( IN of ) ( NP ( QP ( CD 290 ) ( CD million ) ( CC or ) ( JJR more ) ) ) ) ) ) ) ) ) ) ) ) )

Property Capital which is based in Boston had told shareholders it expected to distribute at least 21 a share or 229 million in a liquidation based on an expected asset sale price of 290 million or more


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB receive ) ( NP ( NP ( DT an ) ( NN offer ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB accept ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said it did n't receive an offer it wanted to accept


( S ( S-TPC-2 ( PP ( IN As ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG dropping ) ( NP ( DT the ) ( NN liquidation ) ( NN plan ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS shareholders ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB treat ) ( NP ( NP ( NNS dividends ) ) ( VP ( VBN received ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ( PP-CLR ( PP ( IN as ) ( NP ( NP ( JJ ordinary ) ( NN income ) ) ( CC or ) ( NP ( NN capital ) ( NNS gains ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( PP ( IN as ) ( NP ( NP ( NN tax ) ( JJ free ) ( NNS returns ) ) ( PP ( IN of ) ( NP ( NN capital ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

As a result of dropping the liquidation plan shareholders will have to treat dividends received this year as ordinary income or capital gains rather than as tax free returns of capital the company said


( S ( NP-SBJ-1 ( DT The ) ( NN share ) ( NN repurchase ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN funded ) ( PP-MNR ( ADVP ( RB mostly ) ) ( IN from ) ( NP ( NNS borrowings ) ) ) ) ) ) )

The share repurchase will be funded mostly from borrowings


( S ( NP-SBJ-2 ( NNP Eastman ) ( NNP Kodak ) ( NNP Co. ) ) ( S-ADV ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB position ) ( NP ( PRP itself ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( ADJP ( RB potentially ) ( JJ huge ) ) ( JJ high-definition ) ( NN television ) ( NN market ) ) ) ) ) ) ) ) ( VP ( VBD unveiled ) ( NP ( NP ( DT a ) ( NN converter ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB transform ) ( NP ( JJ conventional ) ( NN motion-picture ) ( NN film ) ) ( PP-CLR ( IN into ) ( NP ( JJ high-definition ) ( NN video ) ) ) ) ) ) ) ) ) )

Eastman Kodak Co. seeking to position itself in the potentially huge high-definition television market unveiled a converter that can transform conventional motion-picture film into high-definition video


( S ( NP-SBJ ( DT The ) ( NN move ) ) ( ADVP ( RB also ) ) ( VP ( VBZ helps ) ( S ( NP-SBJ ( DT the ) ( NAC-LOC ( NNP Rochester ) ( NNP N.Y. ) ) ( JJ photographic ) ( NN giant ) ) ( VP ( VB ensure ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NP ( PRP$ its ) ( NN motion-picture ) ( NN film ) ( NN business ) ) ( SBAR ( WHPP-2 ( IN for ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ holds ) ( NP ( DT a ) ( JJ virtual ) ( NN monopoly ) ) ( S-ADV ( VP ( VBG supplying ) ( NP ( DT every ) ( NNP Hollywood ) ( NN movie ) ( NN company ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ obsolete ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ upstart ) ( NNP HDTV ) ( NN business ) ) ) ) ) ) ) ) ) ) )

The move also helps the Rochester N.Y. photographic giant ensure that its motion-picture film business for which it holds a virtual monopoly supplying every Hollywood movie company is n't made obsolete by the upstart HDTV business


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( NN prototype ) ( NN converter ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ costly ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG being ) ( VP ( VBN lauded ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ infant ) ( NN HDTV ) ( NN industry ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN way ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG increasing ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ high-quality ) ( NNS shows ) ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN seen ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ new ) ( NN medium ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

While the prototype converter is costly it 's being lauded by the infant HDTV industry as a way of increasing the number of high-quality shows that can be seen on the new medium


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN industry ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG waiting ) ( PP-MNR ( IN with ) ( NP ( JJ bated ) ( NN breath ) ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNS machines ) ) ( VP ( TO to ) ( VP ( VB come ) ( ADVP-DIR ( RB along ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Niles ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( CD Eleven ) ( CD Twenty ) ( CD Five ) ( NNP Productions ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN pioneer ) ) ( PP-LOC ( IN in ) ( NP ( JJ high-definition ) ( NN programming ) ) ) ) ) ) ) ) )

The industry has been waiting with bated breath for the machines to come along says David Niles president of Eleven Twenty Five Productions Inc. a New York pioneer in high-definition programming


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN industry ) ( NNS executives ) ) ( VP ( VBP have ) ( PP-TMP ( IN until ) ( NP ( RB now ) ) ) ( VP ( VBN worried ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD would ) ( VP ( VB face ) ( NP ( NP ( DT a ) ( JJ severe ) ( NN shortage ) ) ( PP ( IN of ) ( NP ( NNS programs ) ) ) ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ-1 ( NNS consumers ) ) ( VP ( VBP begin ) ( S ( VP ( VBG replacing ) ( NP ( PRP$ their ) ( NN TV ) ( NNS sets ) ) ( PP-CLR ( IN with ) ( NP ( NNS HDTVs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He notes that industry executives have until now worried that they would face a severe shortage of programs once consumers begin replacing their TV sets with HDTVs


( S ( NP-SBJ ( NP ( JJ Japanese ) ( JJ electronic ) ( NNS giants ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Sony ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Hitachi ) ( NNP Ltd. ) ) ) ) ) ( VP ( VBP have ) ( VP ( VP ( VBN focused ) ( ADVP ( RB almost ) ( RB entirely ) ) ( PP-CLR ( IN on ) ( NP ( NNP HDTV ) ( NN hardware ) ) ) ) ( CC and ) ( VP ( ADVP ( RB virtually ) ) ( VBN ignored ) ( NP ( NP ( NN software ) ) ( CC or ) ( NP ( NP ( NNS programs ) ) ( VP ( VBN shot ) ( PP-MNR ( IN in ) ( NP ( NN high-definition ) ) ) ) ) ) ) ) ) )

Japanese electronic giants such as Sony Corp. and Hitachi Ltd. have focused almost entirely on HDTV hardware and virtually ignored software or programs shot in high-definition


( S ( CC And ) ( NP-SBJ ( NP ( RB only ) ( DT a ) ( NN handful ) ) ( PP ( IN of ) ( NP ( JJ small ) ( NNP U.S. ) ( NNS companies ) ) ) ) ( VP ( VBP are ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( JJ high-definition ) ( NN software ) ( NN development ) ) ) ) ) )

And only a handful of small U.S. companies are engaged in high-definition software development


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBN estimated ) ( SBAR ( RB that ) ( S ( NP-SBJ ( NP ( QP ( RB just ) ( RB about ) ( CD 250 ) ) ( NNS hours ) ) ( PP ( IN of ) ( NP ( NNP HD ) ( NN programming ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB currently ) ( JJ available ) ( PP ( IN for ) ( NP ( VBG airing ) ) ) ) ) ) ) ) ) )

It 's estimated that just about 250 hours of HD programming is currently available for airing


( S ( NP-SBJ ( NNP Kodak ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ new ) ( NNP CCD ) ( NN HDTV ) ( NN converter ) ) ( VP ( MD will ) ( VP ( VB help ) ( S ( VP ( VB alleviate ) ( NP ( DT the ) ( NN problem ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG allowing ) ( S ( NP-SBJ ( NNS programmers ) ( CC and ) ( NNS broadcasters ) ) ( VP ( TO to ) ( VP ( VB convert ) ( NP ( NP ( NNS movies ) ( CC and ) ( NN television ) ( NNS programs ) ) ( VP ( VBN shot ) ( PP-MNR ( IN in ) ( NP ( CD 35mm ) ( NN motion-picture ) ( NN film ) ) ) ) ) ( PP-CLR ( IN into ) ( NP ( JJ high-definition ) ( NN video ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Kodak says its new CCD HDTV converter will help alleviate the problem by allowing programmers and broadcasters to convert movies and television programs shot in 35mm motion-picture film into high-definition video


( S ( NP-SBJ-2 ( NNS Consumers ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VP ( VB switch ) ( PRT ( RP on ) ) ( NP ( PRP$ their ) ( NN HDTV ) ( NNS sets ) ) ) ( CC and ) ( VP ( VB get ) ( NP ( NP ( PDT all ) ( DT the ) ( NN viewing ) ( NNS benefits ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ high-tech ) ( NN medium ) ) ( VP ( VBZ offers ) ) ) ) ) ) ) ) ) ) ) ) )

Consumers will be able to switch on their HDTV sets and get all the viewing benefits the high-tech medium offers


( S ( ADVP ( RB Otherwise ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD 'd ) ( VP ( VB be ) ( VP ( VBG watching ) ( NP ( NP ( NNS programs ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( RB no ) ( JJ different ) ( PP ( IN in ) ( NP ( NN quality ) ) ) ( PP ( IN from ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP view ) ( PP-LOC ( IN on ) ( NP ( JJ color ) ( NNS TVs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Otherwise they 'd be watching programs that are no different in quality from what they currently view on color TVs


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( VP ( VB be ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG watching ) ( NP ( DT a ) ( ADJP ( JJ black ) ( CC and ) ( JJ white ) ) ( NN movie ) ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( JJ color ) ( NN TV ) ( NN set ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Malcolm ) ( NNP G. ) ( NNP Saull ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN film ) ( CC and ) ( NN video ) ( NN department ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Rochester ) ( NNP Institute ) ) ( PP ( IN of ) ( NP ( NNP Technology ) ) ) ) ) ) ) ) ) )

It would be like watching a black and white movie on a color TV set says Malcolm G. Saull chairman of the film and video department at the Rochester Institute of Technology


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ new ) ( NNS converters ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( JJ critical ) ( NN link ) ) ( PP ( IN between ) ( NP ( NP ( NN film ) ) ( CC and ) ( NP ( DT the ) ( NN television ) ( NN domain ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Joerg ) ( NNP D. ) ( NNP Agin ) ) ( NP ( NP ( NP ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ general ) ( NN manager ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Kodak ) ( POS 's ) ) ( NNP Motion ) ( NNP Picture ) ( CC and ) ( NNP Audiovisual ) ( NNP Products ) ( NN division ) ) ) ) ) )

The new converters are a critical link between film and the television domain says Joerg D. Agin vice president and general manager of Kodak 's Motion Picture and Audiovisual Products division


( S ( S ( NP-SBJ ( NNP Kodak ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB disclose ) ( UCP ( NP ( DT the ) ( NN cost ) ) ( CC or ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP$ its ) ( NN converter ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBN estimated ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN machine ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ available ) ) ( PP-TMP ( IN within ) ( NP ( CD two ) ( NNS years ) ) ) ) ) ) ) ) ) ) )

Kodak wo n't disclose the cost or when its converter will be on the market but it 's estimated the machine may be available within two years


( S ( NP-SBJ ( NP ( DT A ) ( JJ similar ) ( NN machine ) ) ( RRC ( ADVP-TMP ( RB already ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Rank ) ( NNP Sintel ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Rank ) ( NNP Organisation ) ) ) ) ) ) ) ) ( VP ( VBZ costs ) ( NP ( QP ( RB about ) ( CD 500,000 ) ) ) ) )

A similar machine already on the market made by Rank Sintel Ltd. a unit of Rank Organisation costs about 500,000


( S ( S-TPC-1 ( CC And ) ( NP-SBJ ( DT the ) ( JJ potential ) ( NN market ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ tremendous ) ) ) ) ( NP-SBJ ( NN industry ) ( NNS experts ) ) ( VP ( VBP say ) ) )

And the potential market is tremendous industry experts say


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NN HDTV ) ) ( VP ( VBZ takes ) ( PRT ( RP off ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( QP ( RB some ) ( CD 4,000 ) ( TO to ) ( CD 5,000 ) ) ( NN HDTV ) ( NNS converters ) ) ( VP ( VBN known ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ( PP-CLR ( IN as ) ( NP ( NNS telecines ) ) ) ) ) ) ) ) ) )

If HDTV takes off in the U.S. there will be demand for some 4,000 to 5,000 HDTV converters known in the industry as telecines


( S ( NP-SBJ ( NN Demand ) ) ( VP ( MD will ) ( VP ( VP ( VB come ) ( ADVP-TMP-1 ( RB first ) ) ( PP-DIR-2 ( IN from ) ( NP ( NN programming ) ( NN production ) ( NNS companies ) ) ) ) ( CC and ) ( VP ( ADVP-TMP=1 ( RB then ) ) ( PP-DIR=2 ( IN from ) ( NP ( NN television ) ( NNS stations ) ) ) ) ) ) )

Demand will come first from programming production companies and then from television stations


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN converter ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( NP ( NN head ) ( CC and ) ( NNS shoulders ) ) ( IN above ) ( NP ( NP ( NN anything ) ( RB else ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBN seen ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP J. ) ( NNP Stumpf ) ) ( NP ( NP ( NP ( NN vice ) ( NN president ) ) ( NP ( NN engineering ) ( CC and ) ( NN development ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP MCA ) ( NNP Inc. ) ( POS 's ) ) ( NNP Universal ) ( NNP City ) ( NNP Studios ) ) ) ) ) )

The converter is head and shoulders above anything else I 've seen says Richard J. Stumpf vice president engineering and development at MCA Inc. 's Universal City Studios


( S ( CC And ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Niles ) ) ( NP ( DT the ) ( NN program ) ( NN producer ) ) ) ( VP ( VBZ contends ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Kodak ) ( POS 's ) ) ( NN move ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN sound ) ( NN marketing ) ( NN decision ) ) ) ) ) ) )

And Mr. Niles the program producer contends that Kodak 's move is a sound marketing decision


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB afford ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( ADVP-LOC ( IN out ) ( PP ( IN of ) ( NP ( NN HDTV ) ) ) ) ) ) ) ) ) )

They ca n't afford to stay out of HDTV


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( DT the ) ( NNS stakes ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ high ) ) ) )

Indeed the stakes are high


( S ( NP-SBJ ( DT The ) ( NNP U.S. ) ( NN electronics ) ( NN industry ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN HDTV ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB total ) ( NP ( QP ( RB about ) ( CD 150 ) ( CD billion ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( CD two ) ( NNS decades ) ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ ( DT an ) ( JJ additional ) ( QP ( CD 400 ) ( CD billion ) ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP ( IN for ) ( NP ( JJ related ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The U.S. electronics industry estimates that the HDTV market will total about 150 billion over the next two decades with an additional 400 billion expected to go for related products


( S ( NP-SBJ ( NNS HDTVs ) ) ( VP ( VBP break ) ( PRT ( RP down ) ) ( NP ( NNS images ) ) ( PP-CLR ( IN into ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 1,100 ) ) ( NNS lines ) ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( NP ( CD 525 ) ) ( PP ( IN for ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NNS televisions ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG providing ) ( NP ( ADJP ( RB considerably ) ( JJR sharper ) ) ( NN detail ) ) ) ) ) )

HDTVs break down images into more than 1,100 lines compared with 525 for today 's televisions providing considerably sharper detail


( S ( CC And ) ( NP-SBJ-1 ( DT the ) ( NNS sets ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJR wider ) ) ( S-ADV ( VP ( VBG resembling ) ( NP ( NP ( DT the ) ( NNS dimensions ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN movie ) ( NN screen ) ) ) ) ) ) ) )

And the sets are wider resembling the dimensions of a movie screen


( UCP ( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( JJ financial ) ( NNS rewards ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN expected ) ( ADVP-TMP ( RB soon ) ) ) ) ) ( CC nor ) ( SINV ( VBP are ) ( NP-SBJ ( PRP they ) ) ( VP ( VBN guaranteed ) ) ) )

But the financial rewards are n't expected soon nor are they guaranteed


( S ( NP-SBJ ( NNS Experts ) ) ( VP ( VBP estimate ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ first ) ( NNS sets ) ) ( PP ( IN of ) ( NP ( NNS HDTVs ) ) ) ) ( VP ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ available ) ) ( PP-TMP ( IN for ) ( NP ( DT another ) ( QP ( CD five ) ( TO to ) ( CD 10 ) ) ( NNS years ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VB retail ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 3,000 ) ) ) ( NP-ADV ( DT each ) ) ( PP ( IN in ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NNS dollars ) ) ) ) ) ) ) ) ) ) ) )

Experts estimate the first sets of HDTVs wo n't be available for another five to 10 years and will probably retail for more than 3,000 each in today 's dollars


( S ( NP-SBJ ( DT Some ) ( NNS critics ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADVP-MNR ( RB quickly ) ) ( VP ( VBN embraced ) ( PP ( IN by ) ( NP-LGS ( NNS consumers ) ) ) ( PP-TMP ( IN because ) ( IN of ) ( NP ( DT the ) ( JJ high ) ( NN price ) ) ) ) ) ) ) ) ) )

Some critics say they wo n't be quickly embraced by consumers because of the high price


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ-1 ( NNP Kodak ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB risk ) ( S ( VP ( VBG letting ) ( S ( NP-SBJ ( NN HDTV ) ) ( VP ( VB turn ) ( NP-PRD ( PRP$ its ) ( NN motion-picture ) ( NN film ) ( NN business ) ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( NN dinosaur ) ) ) ) ) ) ) ) ) )

Nevertheless Kodak could n't risk letting HDTV turn its motion-picture film business into a dinosaur


( SINV ( S-TPC-1 ( NP-SBJ ( NNP Kodak ) ) ( VP ( VBZ understands ) ( SBAR ( S ( NP-SBJ ( NNP HDTV ) ) ( VP ( VBZ is ) ( SBAR-LOC-PRD ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NN everybody ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP RIT ) ( POS 's ) ) ( NNP Mr. ) ( NNP Spaull ) ) )

Kodak understands HDTV is where everybody is going says RIT 's Mr. Spaull


( S ( NP-SBJ-1 ( DT The ) ( NNP Senate ) ) ( VP ( VBD convicted ) ( NP ( NP ( NNP U.S. ) ( NNP District ) ( NNP Judge ) ( NNP Alcee ) ( NNP Hastings ) ) ( PP ( IN of ) ( NP ( NNP Florida ) ) ) ) ( PP-CLR ( IN of ) ( NP ( CD eight ) ( NN impeachment ) ( NNS articles ) ) ) ( S-ADV ( VP ( VBG removing ) ( NP ( DT the ) ( JJ 53-year-old ) ( NN judge ) ) ( PP-CLR ( IN from ) ( NP ( PRP$ his ) ( ADJP ( JJ 89,500-a-year ) ) ( NN lifetime ) ( NN job ) ) ) ) ) ) )

The Senate convicted U.S. District Judge Alcee Hastings of Florida of eight impeachment articles removing the 53-year-old judge from his 89,500-a-year lifetime job


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Hastings ) ( POS 's ) ) ( NN case ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB particularly ) ( JJ nettlesome ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD marked ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( SBAR ( S ( NP-SBJ-2 ( DT a ) ( JJ federal ) ( NN official ) ) ( VP ( VBD was ) ( VP ( VP ( VBN impeached ) ) ( CC and ) ( VP ( VBN removed ) ( PP-CLR ( IN from ) ( NP ( NN office ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS charges ) ) ( SBAR ( WHPP-3 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT a ) ( NN jury ) ) ( VP ( VBD had ) ( VP ( VBN acquitted ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Hastings 's case was particularly nettlesome because it marked the first time a federal official was impeached and removed from office on charges of which a jury had acquitted him


( S ( PP-TMP ( IN In ) ( NP ( CD 1983 ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Hastings ) ) ( VP ( VBD was ) ( VP ( VBN found ) ( S ( ADJP-PRD ( RB not ) ( JJ guilty ) ( PP ( IN of ) ( NP ( S-NOM ( VP ( VBG accepting ) ( NP ( DT a ) ( ADJP ( CD 150,000 ) ) ( NN bribe ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN case ) ) ( PP ( IN before ) ( NP ( PRP him ) ) ) ) ) ) ) ( NP ( NP ( DT the ) ( JJ central ) ( NN charge ) ) ( SBAR ( WHPP-2 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Senate ) ) ( VP ( VBD convicted ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) )

In 1983 Mr. Hastings was found not guilty of accepting a 150,000 bribe in a case before him the central charge on which the Senate convicted him


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD was ) ( NP-PRD ( RB only ) ( DT the ) ( JJ sixth ) ( JJ federal ) ( NN judge ) ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN ousted ) ( PP-CLR ( IN from ) ( NP ( NN office ) ) ) ( PP-TMP ( IN after ) ( NP ( DT an ) ( NN impeachment ) ( NN trial ) ) ) ) ) )

He was only the sixth federal judge ever ousted from office after an impeachment trial


( S ( PP-MNR ( IN With ) ( NP ( DT no ) ( NN floor ) ( NN debate ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Senate ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ( VP ( VBD voted ) ( ADVP ( CD 69-26 ) ) ( S ( VP ( TO to ) ( VP ( VB convict ) ( NP ( NNP Mr. ) ( NNP Hastings ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NN perjury ) ) ( CC and ) ( S-NOM ( VP ( VBG conspiring ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( DT a ) ( NN bribe ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( ADVP ( NP ( CD five ) ( NNS votes ) ) ( JJR more ) ) ( PP ( IN than ) ( FRAG ( VP ( VBN needed ) ) ) ) ) ) )

With no floor debate the Senate on Friday voted 69-26 to convict Mr. Hastings of perjury and conspiring to accept a bribe five votes more than needed


( S ( NP-SBJ-1 ( NP ( NN Conviction ) ) ( PP ( IN on ) ( NP ( DT any ) ( JJ single ) ( NN impeachment ) ( NN article ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ enough ) ( S ( VP ( TO to ) ( VP ( VB remove ) ( NP ( NNP Judge ) ( NNP Hastings ) ) ( PP-CLR ( IN from ) ( NP ( NN office ) ) ) ) ) ) ) ) )

Conviction on any single impeachment article was enough to remove Judge Hastings from office


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD was ) ( VP ( VBN found ) ( S ( ADJP-PRD ( RB not ) ( JJ guilty ) ( PP ( IN of ) ( NP ( NP ( CD three ) ( NNS charges ) ) ( VP ( VBG involving ) ( NP ( NNS accusations ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBN had ) ( ADVP-MNR ( RB improperly ) ) ( VP ( VBN disclosed ) ( NP ( NP ( NN information ) ) ( PP ( IN about ) ( NP ( DT a ) ( JJ sensitive ) ( NN government ) ( NN investigation ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He was found not guilty of three charges involving accusations that he had improperly disclosed information about a sensitive government investigation


( S ( NP-SBJ ( DT The ) ( NNP Senate ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB vote ) ( PP-CLR ( IN on ) ( NP ( CD six ) ( JJR lesser ) ( NNS charges ) ) ) ) ) )

The Senate did n't vote on six lesser charges


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Hastings ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN acquitted ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN jury ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS lawmakers ) ) ( VP ( VBG handling ) ( NP ( DT the ) ( NN prosecution ) ) ( PP-LOC ( IN in ) ( NP ( NNP Congress ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN argued ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN purpose ) ) ( PP ( IN of ) ( NP ( NN impeachment ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( S-PRD ( VP ( TO to ) ( VP ( VB punish ) ( NP ( DT an ) ( NN individual ) ) ) ) ) ) ) ) ) ) )

Although Mr. Hastings had been acquitted by a jury lawmakers handling the prosecution in Congress had argued that the purpose of impeachment is n't to punish an individual


( S ( ADVP ( RB Instead ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD argued ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NN impeachment ) ) ( VP ( VBZ aims ) ( S ( VP ( TO to ) ( VP ( VB protect ) ( NP ( JJ public ) ( NNS institutions ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN abused ) ( NP ( NP ( PRP$ their ) ( NNS positions ) ) ( PP ( IN of ) ( NP ( NN trust ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB irrespective ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN outcome ) ) ( PP ( IN of ) ( NP ( JJ prior ) ( ADJP ( JJ criminal ) ( CC or ) ( JJ civil ) ) ( NNS cases ) ) ) ) ) ) ) ) ) ) ) ) ) )

Instead they argued that impeachment aims to protect public institutions from people who have abused their positions of trust irrespective of the outcome of prior criminal or civil cases


( S ( NP-SBJ ( NNP Mr. ) ( NNP Hastings ) ) ( VP ( VP ( VBD faced ) ( NP ( DT the ) ( NNS senators ) ) ) ( CC and ) ( VP ( VBD sat ) ( ADVP-MNR ( RB impassively ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ first ) ( CD two ) ( JJ roll-call ) ( NNS votes ) ) ) ) ( RB then ) ( VP ( ADVP-MNR ( RB quickly ) ) ( VBD left ) ( NP ( DT the ) ( NN chamber ) ) ) ) )

Mr. Hastings faced the senators and sat impassively during the first two roll-call votes then quickly left the chamber


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT an ) ( JJ impromptu ) ( NN news ) ( NN conference ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Capitol ) ( NNS steps ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD denounced ) ( NP ( NP ( DT the ) ( NNS senators ) ( POS ' ) ) ( NN action ) ) ) )

In an impromptu news conference on the Capitol steps he denounced the senators ' action


( S ( S-TPC-1 ( NP-SBJ ( PRP$ Their ) ( NN opinion ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ devoid ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN wisdom ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNS forefathers ) ( POS ' ) ) ( NN teaching ) ) ( VP ( VBG regarding ) ( NP ( NN impeachment ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hastings ) ) ( VP ( VBD said ) ) )

Their opinion is devoid of the wisdom of the forefathers ' teaching regarding impeachment Mr. Hastings said


( S ( PP ( IN For ) ( NP ( DT the ) ( NN future ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( VB run ) ( PP-CLR ( IN for ) ( NP ( NP ( NN governor ) ) ( PP ( IN of ) ( NP ( NNP Florida ) ) ) ) ) ) ) ) ) ) )

For the future he said he would run for governor of Florida


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Hastings ) ) ( VP ( VP ( VBD was ) ( VP ( VBN appointed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ federal ) ( NN bench ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP President ) ( NNP Carter ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1979 ) ) ) ) ) ( CC and ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ few ) ( JJ black ) ( JJ federal ) ( NNS judges ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) )

Mr. Hastings was appointed to the federal bench by President Carter in 1979 and was one of the few black federal judges in the country