( S ( ADVP-TMP ( RB Currently ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( RB about ) ( CD 88.1 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

Currently the company has about 88.1 million common shares outstanding


( S ( PP-LOC ( IN In ) ( NP ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-TMP ( NNP Monday ) ) ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 10.625 ) ) ) ( ADVP ( RB off ) ( NP ( CD 37.5 ) ( NNS cents ) ) ) ) )

In over-the-counter trading Monday the stock closed at 10.625 off 37.5 cents


( S ( NP-SBJ ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( VP ( VBG preparing ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( NP ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ large ) ( JJ real ) ( NN estate ) ( NN unit ) ) ) ) ( PP-DTV ( TO to ) ( NP ( DT a ) ( NNP California ) ( JJ public ) ( NN employee ) ( NN pension ) ( NN fund ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 400 ) ( CD million ) ) ) ) ) ( SBAR ( WHPP-1 ( IN after ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB spin ) ( PRT ( RP off ) ) ( NP ( DT the ) ( NN realty ) ( NN operation ) ) ( PP-CLR ( TO to ) ( NP ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) ) ) )

Santa Fe Pacific Corp. is preparing a plan to sell a 20 % stake in its large real estate unit to a California public employee pension fund for 400 million after which it would spin off the realty operation to shareholders


( S ( NP-SBJ ( DT The ) ( NN plan ) ) ( VP ( VBZ places ) ( NP ( NP ( DT an ) ( JJ indicated ) ( NN value ) ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NN operation ) ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNP Realty ) ( NNP Corp. ) ) ) ) ( PP-1 ( IN of ) ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ) ) )

The plan places an indicated value on the real estate operation Santa Fe Pacific Realty Corp. of 2 billion


( S ( NP-SBJ-1 ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNS directors ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB review ) ( NP ( DT the ) ( NN plan ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN meeting ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ) ) ) ) )

Santa Fe Pacific directors are expected to review the plan at a meeting today according to people familiar with the transaction


( S ( SBAR-ADV ( IN If ) ( S ( VP ( VBN approved ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN sale ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB close ) ( PP-TMP ( IN by ) ( NP ( NP ( NN year ) ( POS 's ) ) ( NN end ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( DT the ) ( NN spinoff ) ) ( VP ( VBG occurring ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ) ) ) )

If approved the sale is expected to close by year 's end with the spinoff occurring by the end of 1992


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 20.625 ) ) ) ( ADVP ( RB down ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In composite trading on the New York Stock Exchange yesterday Santa Fe Pacific closed at 20.625 down 25 cents


( S ( NP-SBJ ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNP Realty ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NNP California ) ( NN land ) ( CC and ) ( NN building ) ( NN owner ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( JJ prime ) ( NNS properties ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NP ( CD 1,850 ) ( JJ undeveloped ) ( NNS acres ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NNP Bay ) ( NN area ) ) ) ) ( CC and ) ( NP ( JJ several ) ( NN office ) ( NNS sites ) ) ) ) ) ) ) ) )

Santa Fe Pacific Realty is a major California land and building owner whose prime properties include 1,850 undeveloped acres in the San Francisco Bay area and several office sites


( S ( NP-SBJ ( DT A ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS properties ) ) ( VP ( VBD survived ) ( PP-MNR ( IN without ) ( NP ( JJ significant ) ( NN damage ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NNP Northern ) ( NNP California ) ( NN earthquake ) ) ) ) ) ) ) )

A spokesman said the properties survived without significant damage in last week 's Northern California earthquake


( S ( PP ( IN As ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( DT the ) ( NX ( NX ( JJ partial ) ( NN sale ) ) ( CC and ) ( NX ( NN spinoff ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( ADJP ( QP ( CD 56 ) ( CD billion ) ) ) ( NNP California ) ( NNP Public ) ( NNP Employees ) ( NNP Retirement ) ( NNP System ) ) ( VP ( MD would ) ( VP ( VB obtain ) ( NP ( NP ( CD two ) ( NNS seats ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN board ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NN operation ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS officials ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN fund ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD described ) ( NP ( DT the ) ( NN plan ) ) ) ) ) ) ) ) ) ) )

As a result of the partial sale and spinoff the 56 billion California Public Employees Retirement System would obtain two seats on the board of the real estate operation according to officials of the fund who described the plan


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( JJ Chicago-based ) ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ) ) ) ( VP ( VBD confirmed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS negotiations ) ) ( VP ( VBD were ) ( VP ( VBG being ) ( VP ( VBN held ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN fund ) ) ) ) ) ) ) ) ) )

A spokesman for Chicago-based Santa Fe Pacific confirmed that negotiations were being held with the fund


( SINV-2 ( ADVP ( RB Also ) ) ( VP-TPC-1 ( VBG holding ) ( NP ( NP ( CD two ) ( NNS seats ) ) ( NP-ADV ( DT each ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN board ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ) ) ( NP-SBJ ( NP ( NP ( NNP Olympia ) ( CC & ) ( NNP York ) ( NNP Developments ) ( NNP Ltd. ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Reichmann ) ( NN family ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Itel ) ( NNP Corp. ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NNP Chicago ) ( NN businessman ) ( NNP Sam ) ( NNP Zell ) ) ) ) ) ) )

Also holding two seats each on the board they said would be Olympia & York Developments Ltd. controlled by the Reichmann family of Canada and Itel Corp. controlled by Chicago businessman Sam Zell


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP Reichmanns ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Zell ) ) ) ( NP ( NP ( DT the ) ( JJS largest ) ( NNS holders ) ) ( PP ( IN of ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NN stock ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS investments ) ) ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( JJ possible ) ( NNS spinoffs ) ) ) ) ) ) ) ) )

The Reichmanns and Mr. Zell the largest holders of Santa Fe Pacific stock have been looking for ways to raise the value of their investments including possible spinoffs


( S ( S ( S ( NP-SBJ ( NNP Itel ) ) ( VP ( VBD bought ) ( NP ( NP ( DT a ) ( ADJP ( CD 17 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Sante ) ( NNP Fe ) ( NNP Pacific ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Olympia ) ( CC & ) ( NNP York ) ) ( ADVP-TMP ( RB later ) ) ( VP ( VBD purchased ) ( NP ( RB about ) ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN stake ) ) ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( NNS interests ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ new ) ( NN realty ) ( NN company ) ) ) ( PP ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ their ) ( NNS holdings ) ) ( PP-LOC ( IN in ) ( NP ( NNP Sante ) ( NNP Fe ) ( NNP Pacific ) ) ) ) ) ) ) ) ) ) ) )

Itel bought a 17 % stake in Sante Fe Pacific last year and Olympia & York later purchased about a 20 % stake they would have interests in the new realty company in line with their holdings in Sante Fe Pacific


( S ( NP-SBJ ( NP ( DT The ) ( NN sale ) ( CC and ) ( NN spinoff ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NN unit ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN phase ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( MD could ) ( VP ( VB lead ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN breakup ) ) ( PP ( IN of ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ) ) ( PP ( IN into ) ( NP ( NP ( JJ free-standing ) ( NNS companies ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( NN railroad ) ( CC and ) ( NN energy ) ( NNS operations ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( JJ real ) ( NN estate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The sale and spinoff of the real estate unit is the first phase of what could lead to the breakup of Santa Fe Pacific into free-standing companies for its railroad and energy operations as well as real estate


( S ( NP-SBJ ( DT The ) ( JJ debt-laden ) ( NN parent ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN under ) ( NP ( NP ( NN pressure ) ) ( PP ( IN from ) ( NP ( JJ large ) ( NNS shareholders ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN share ) ( NN price ) ) ) ) ) ) ) ) ) )

The debt-laden parent has been under pressure from large shareholders to boost the company 's share price


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN caught ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NNS earnings ) ( NN squeeze ) ) ) ) ) ) )

At the same time it has been caught in an earnings squeeze


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP California ) ( NN pension ) ( NN fund ) ( POS 's ) ) ( JJ planned ) ( NN investment ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NN unit ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unusual ) ) ) )

The California pension fund 's planned investment in the real estate unit is unusual


( S ( NP-SBJ ( NN Pension ) ( NNS funds ) ) ( ADVP-TMP ( RB rarely ) ) ( VP ( VBP own ) ( NP ( NP ( RB as ) ( JJ much ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( ADJP ( RB publicly ) ( VBN traded ) ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Pension funds rarely own as much as a 20 % stake in what is expected to be a publicly traded company


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ-1 ( NN pension ) ( NNS funds ) ) ( VP ( VP ( VBP are ) ( RB rarely ) ( VP ( VBN given ) ( NP ( NP ( NNS seats ) ) ( PP-LOC ( IN on ) ( NP ( NN company ) ( NNS boards ) ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RBS most ) ( RB often ) ) ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( PRP them ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ legal ) ( NNS concerns ) ) ) ) ) ) ) ) )

In addition pension funds are rarely given seats on company boards and most often try to avoid them because of legal concerns


( S ( CC But ) ( NP-SBJ ( NN fund ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNP Realty ) ( NN investment ) ) ( VP ( VBZ provides ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( DT a ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ large ) ( JJ real ) ( NN estate ) ( NN portfolio ) ) ( VP ( ADVP-MNR ( RB heavily ) ) ( VBN weighted ) ( PP-CLR ( IN with ) ( NP ( NNP California ) ( NNS properties ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But fund officials said the Santa Fe Pacific Realty investment provides an opportunity to buy a stake in a large real estate portfolio heavily weighted with California properties


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ marks ) ( NP ( NP ( DT a ) ( JJ major ) ( NN commitment ) ) ( PP ( TO to ) ( NP ( NP ( JJ real ) ( NN estate ) ( NN development ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN involved ) ( PP-CLR ( IN with ) ) ( ADVP-TMP ( RB before ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Dale ) ( NNP Hanson ) ) ( NP ( NP ( DT the ) ( NN fund ) ( POS 's ) ) ( JJ executive ) ( NN director ) ) ) )

It also marks a major commitment to real estate development which we have n't been involved with before said Dale Hanson the fund 's executive director


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJ proposed ) ( NN plan ) ) ) ( NP-SBJ ( DT the ) ( NN fund ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB lend ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNP Realty ) ) ( NP ( QP ( CD 75 ) ( CD million ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( DT the ) ( NN form ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN note ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ convertible ) ( PP ( IN into ) ( NP ( NP ( JJ additional ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN realty ) ( NN company ) ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( JJ second ) ( NN year ) ) ) ( PP ( IN at ) ( NP ( DT the ) ( JJ then-prevailing ) ( NN market ) ( NN price ) ) ) ) ) ) ) ) ) ) ) ) ) )

Under the proposed plan the fund would also lend Santa Fe Pacific Realty 75 million in the form of a note that would be convertible into additional shares of the realty company after the second year at the then-prevailing market price


( S ( NP-SBJ ( DT The ) ( NN note ) ) ( VP ( MD would ) ( VP ( VB accrue ) ( NP ( NP ( NN interest ) ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( CD 13.5 ) ( NN % ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ( SBAR-1 ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ payable ) ( PP ( TO to ) ( NP ( DT the ) ( NN fund ) ) ) ) ( PP-TMP ( IN after ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Stephen ) ( NNP E. ) ( NNP Roulac ) ) ( NP ( NP ( DT a ) ( JJ real ) ( NN estate ) ( NN consultant ) ) ( VP ( VBG working ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN fund ) ) ) ) ) ) ) ) ) ) )

The note would accrue interest at the rate of 13.5 % a year which would be payable to the fund after five years according to Stephen E. Roulac a real estate consultant working for the fund


( S ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN purpose ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN note ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB provide ) ( NP ( JJ added ) ( NN capital ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJ spun-off ) ( NN company ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( DT a ) ( NN form ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB save ) ( NP-3 ( PRP it ) ) ( S ( VP ( VBG spending ) ( NP ( NN cash ) ) ( PP-CLR ( IN on ) ( NP ( JJ immediate ) ( NN interest ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Roulac ) ) ( VP ( VBD said ) ) )

The purpose of the note is to provide added capital for the spun-off company in a form that will save it spending cash on immediate interest payments Mr. Roulac said


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ spun-off ) ( NN concern ) ) ( ADVP ( RB clearly ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ dominant ) ( JJ real ) ( NN estate ) ( NN development ) ( NNS companies ) ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ prime ) ( NN portfolio ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The spun-off concern clearly will be one of the dominant real estate development companies with a prime portfolio he said


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ last ) ( NN year ) ) ) ( NP-SBJ ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ) ( VP ( VBZ has ) ( VP ( VBN redirected ) ( NP ( PRP$ its ) ( JJ real ) ( NN estate ) ( NNS operations ) ) ( PP-DIR ( IN toward ) ( NP ( NP ( JJ longer-term ) ( NN development ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS properties ) ) ) ) ) ( S-ADV ( VP ( VBG hurting ) ( NP ( NP ( NNS profits ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( NP-SBJ ( DT the ) ( NN parent ) ) ( VP ( VBD had ) ( VP ( VBN generated ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ( PP-MNR ( IN from ) ( NP ( NP ( JJ periodic ) ( NNS sales ) ) ( PP ( IN from ) ( NP ( PRP$ its ) ( NN portfolio ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For the last year Santa Fe Pacific has redirected its real estate operations toward longer-term development of its properties hurting profits that the parent had generated in the past from periodic sales from its portfolio


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJ Real ) ( NN estate ) ( NN operating ) ( NN income ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 71.9 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 143 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Real estate operating income for the first nine months fell to 71.9 million from 143 million a year earlier the company said


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN statement ) ) ) ( NP-TMP ( RB late ) ( NN yesterday ) ) ( NP-SBJ ( NP ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( POS 's ) ) ( NN chairman ) ) ( NP ( NNP Robert ) ( NNP D. ) ( NNP Krebs ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNP Realty ) ) ( VP ( MD would ) ( VP ( VB repay ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 500 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN debt ) ) ( VP ( VBN owed ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NN parent ) ) ) ) ) ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( JJ planned ) ( NN spinoff ) ) ) ) ) ) ) ) )

In a statement late yesterday Santa Fe Pacific 's chairman Robert D. Krebs said that Santa Fe Pacific Realty would repay more than 500 million in debt owed to the parent before the planned spinoff


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB help ) ( VP ( VB reduce ) ( NP ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( POS 's ) ) ( VBG remaining ) ( NN debt ) ) ( PP-DIR ( TO to ) ( NP ( QP ( RB about ) ( CD 600 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT a ) ( JJ high ) ) ( PP ( IN of ) ( NP ( QP ( CD 3.7 ) ( CD billion ) ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( CD 1988 ) ) ) ) ) ) ) ) )

That would help reduce Santa Fe Pacific 's remaining debt to about 600 million from a high of 3.7 billion in early 1988


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-2 ( WHADVP-4 ( WRB where ) ) ( S ( NP-SBJ-3 ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ) ( VP ( VBD expected ) ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( NP ( DT the ) ( NN payment ) ) ( PP ( IN of ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 500 ) ( CD million ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( PP-LOC-PRD ( RB well ) ( IN above ) ( NP ( NP ( DT the ) ( QP ( CD 400 ) ( CD million ) ) ) ( SBAR ( WHNP-5 ( DT that ) ) ( S ( NP-SBJ ( NNP California ) ( NN pension ) ( NN fund ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-6 ( PRP they ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB provide ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It was n't clear where Santa Fe Pacific expected to obtain the payment of more than 500 million which would be well above the 400 million that California pension fund officials say they plan to provide


( S ( NP-SBJ ( DT The ) ( NN realty ) ( NN unit ) ) ( VP ( MD might ) ( VP ( VP ( VB take ) ( PRT ( RP on ) ) ( NP ( JJ new ) ( NN debt ) ) ) ( CC or ) ( VP ( VB obtain ) ( NP ( JJ additional ) ( NNS investors ) ) ) ( PP ( IN among ) ( NP ( JJ other ) ( NNS possibilities ) ) ) ) ) )

The realty unit might take on new debt or obtain additional investors among other possibilities


( S ( NP-SBJ-1 ( DT The ) ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NN spokesman ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT that ) ( NN aspect ) ) ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN deal ) ) ( VP ( VBD was ) ( ADVP ( RB still ) ) ( PP-LOC-PRD ( IN under ) ( NP ( NN negotiation ) ) ) ) ) ) ) ) ) )

The Santa Fe Pacific spokesman declined to comment on that aspect saying the deal was still under negotiation


( S ( NP-SBJ ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNP Realty ) ) ( VP ( VBZ owns ) ( NP ( NP ( NP ( CD 2.8 ) ( CD million ) ) ( NNS acres ) ) ( PP ( IN of ) ( NP ( NN property ) ) ) ( PP ( VBG including ) ( NP ( NP ( CD 219 ) ( NNS buildings ) ) ( PP ( IN with ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 11 ) ( CD million ) ) ( JJ square ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( NN space ) ) ) ) ) ) ) ) ) )

Santa Fe Pacific Realty owns 2.8 million acres of property including 219 buildings with more than 11 million square feet of space


( S ( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ holds ) ( NP ( NP ( QP ( RB nearly ) ( CD 40,000 ) ) ( NNS acres ) ) ( PP ( IN of ) ( NP ( NP ( JJ raw ) ( NN land ) ) ( PP ( IN with ) ( NP ( NN development ) ( NN potential ) ) ) ) ) ) ) ) ( CC but ) ( S ( PP-LOC ( IN under ) ( NP ( DT a ) ( ADJP ( RB previously ) ( VBN announced ) ) ( NN strategy ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN targeted ) ( S ( VP ( NN building ) ( PP-LOC ( IN on ) ( NP ( NP ( CD 5,400 ) ( NNS acres ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP California ) ) ( NP ( NNP Arizona ) ) ( CC and ) ( NP ( DT the ) ( NNP Chicago ) ( NN area ) ) ) ) ) ) ) ) ) ) ) )

It also holds nearly 40,000 acres of raw land with development potential but under a previously announced strategy the company has targeted building on 5,400 acres in California Arizona and the Chicago area


( SINV ( PP-LOC-PRD-TPC-1 ( IN Among ) ( NP ( DT those ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( DT the ) ( CD 1,850 ) ( NNS acres ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NNP Bay ) ( NN area ) ) ) ( PP ( VBG including ) ( NP ( NP ( CD 208 ) ( NNS acres ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Mission ) ( NNP Bay ) ( NN area ) ) ) ) ) ) )

Among those are the 1,850 acres in the San Francisco Bay area including 208 acres in the Mission Bay area


( S ( NP-SBJ ( NP ( DT The ) ( NNP California ) ( NN pension ) ( NN fund ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 16 ) ( CD billion ) ) ) ( VP ( ADVP ( RB already ) ) ( VBN invested ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ real ) ( NN estate ) ) ( CC and ) ( NP ( NNS mortgages ) ) ) ) ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ valuable ) ( NN funding ) ( NN source ) ) ( PP ( IN for ) ( NP ( DT that ) ( NN development ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( VBN obliged ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ further ) ( NNS investments ) ) ) ) ) ) ) ) ) ) ) )

The California pension fund which has 16 billion already invested in real estate and mortgages could be a valuable funding source for that development although it is n't obliged to make further investments


( S ( S ( NP-SBJ ( DT The ) ( NN fund ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( JJ public ) ( NN employee ) ( NN fund ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( VBG growing ) ( NN cash ) ( NN flow ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBG topping ) ( NP ( NP ( QP ( CD 3 ) ( CD billion ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) )

The fund is the nation 's largest public employee fund and it has a growing cash flow now topping 3 billion a year


( S ( S ( NP-SBJ ( NN Fund ) ( NNS officials ) ) ( VP ( VBD negotiated ) ( NP ( NP ( DT the ) ( JJ final ) ( NN structure ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ proposed ) ( NN deal ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN approached ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN idea ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ real ) ( NN estate ) ( NNS brokers ) ( NNP JMB ) ( NNP Realty ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP Chicago ) ) ) ) ) ) ) ) )

Fund officials negotiated the final structure of the proposed deal with Santa Fe Pacific but they were approached with the idea by real estate brokers JMB Realty Corp. of Chicago


( S-3 ( NP-SBJ-1 ( NNP JMB ) ( NNS officials ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN hired ) ( S ( VP ( TO to ) ( VP ( VB represent ) ( NP ( DT the ) ( NN pension ) ( NN fund ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ( NNP Realty ) ( NN board ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Roulac ) ) ( VP ( VBD said ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB insulate ) ( NP ( DT the ) ( NN fund ) ) ( PP-CLR ( IN from ) ( NP ( JJ potential ) ( NN liability ) ( NNS problems ) ) ) ) ) ) ) ) ) ) ) ) )

JMB officials are expected to be hired to represent the pension fund on the Santa Fe Pacific Realty board Mr. Roulac said to insulate the fund from potential liability problems


( S ( NP-SBJ ( NP ( NNS Companies ) ) ( VP ( VBN listed ) ( ADVP-LOC ( RB below ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ quarterly ) ( NN profit ) ) ( ADJP ( RB substantially ) ( JJ different ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS estimates ) ) ) ) ) ) ) ) )

Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates


( S ( NP-SBJ-1 ( DT The ) ( NNS companies ) ) ( VP ( VP ( VBP are ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ minimum ) ( JJ five-cent ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ actual ) ( NNS earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ) ) ) ) )

The companies are followed by at least three analysts and had a minimum five-cent change in actual earnings per share


( S ( NP-SBJ-1 ( NP ( ADJP ( JJ Estimated ) ( CC and ) ( JJ actual ) ) ( NNS results ) ) ( VP ( VBG involving ) ( NP ( NNS losses ) ) ) ) ( VP ( VBP are ) ( VP ( VBN omitted ) ) ) )

Estimated and actual results involving losses are omitted


( S ( NP-SBJ ( DT The ) ( NN percent ) ( NN difference ) ) ( VP ( VBZ compares ) ( NP ( JJ actual ) ( NN profit ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ 30-day ) ( NN estimate ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( NNS issues ) ( NP ( NNS forecasts ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ) ) ) ) ) ) )

The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days


( S ( ADVP ( RB Otherwise ) ) ( NP-SBJ-1 ( JJ actual ) ( NN profit ) ) ( VP ( VBZ is ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ 300-day ) ( NN estimate ) ) ) ) ) )

Otherwise actual profit is compared with the 300-day estimate


( S ( NP-SBJ ( NNP Coda ) ( NNP Energy ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD arranged ) ( NP ( DT a ) ( ADJP ( QP ( CD 50 ) ( CD million ) ) ) ( NN credit ) ( NN facility ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP NCNB ) ( NNP Texas ) ( NNP National ) ( NNP Bank ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP NCNB ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Charlotte ) ) ( NP ( NNP N.C ) ) ) ) ) ) ) ) ) ) ) ) ) )

Coda Energy Inc. said it arranged a 50 million credit facility with NCNB Texas National Bank a unit of NCNB Corp. of Charlotte N.C


( S ( NP-SBJ ( DT The ) ( NNP Dallas ) ( NN oil ) ( CC and ) ( NN gas ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( QP ( CD 10 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN facility ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( VP ( TO to ) ( VP ( VB consolidate ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( QP ( CD 8.1 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( VBG existing ) ( NN bank ) ( NN debt ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB repurchase ) ( NP ( NP ( QP ( CD 4 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( QP ( CD 4.9 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ( PP ( IN of ) ( NP ( NNP Series ) ( NNP D ) ( JJ convertible ) ( JJ preferred ) ( NN stock ) ) ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( JJ net-profits ) ( NN interest ) ) ( PP ( IN in ) ( NP ( JJ certain ) ( NN oil ) ( CC and ) ( NN gas ) ( NNS properties ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( VBG existing ) ( NNS lenders ) ) ) ) ( NP ( NNP National ) ( NNP Canada ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Dallas oil and gas concern said that 10 million of the facility would be used to consolidate the company 's 8.1 million of existing bank debt to repurchase 4 million of its 4.9 million shares outstanding of Series D convertible preferred stock and to purchase a 10 % net-profits interest in certain oil and gas properties from one of its existing lenders National Canada Corp


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( VBG remaining ) ( QP ( CD 40 ) ( CD million ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-TMP ( IN over ) ( NP ( CD three ) ( NNS years ) ) ) ( PP ( IN for ) ( NP ( NN oil ) ( CC and ) ( NN gas ) ( NNS acquisitions ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

The remaining 40 million can be used over three years for oil and gas acquisitions the company said


( S ( NP-SBJ ( NP ( NNP Ted ) ( NNP Eubank ) ) ( NP ( NP ( NNP Coda ) ( POS 's ) ) ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN loan ) ) ( VP ( VBZ carries ) ( NP ( NP ( DT an ) ( NN interest ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( JJ prime ) ) ( CC plus ) ( NP ( CD one ) ( NN percentage ) ( NN point ) ) ) ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ ( NP ( CD 85 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ net ) ( NN oil ) ( CC and ) ( NN gas ) ( NN revenue ) ) ( NP-TMP ( DT each ) ( NN month ) ) ) ) ) ( VP ( VBN dedicated ) ( PP-CLR ( TO to ) ( NP ( NN repayment ) ) ) ) ) ) ) ) ) ) )

Ted Eubank Coda 's president said the loan carries an interest rate of prime plus one percentage point with 85 % of the company 's net oil and gas revenue each month dedicated to repayment


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD put ) ( PRT ( RP up ) ) ( NP ( NP ( RB virtually ) ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN oil ) ( CC and ) ( NN gas ) ( NNS properties ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NN collateral ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The company put up virtually all of its oil and gas properties as collateral he said


( S ( NP-SBJ ( NP ( JJ Battle-tested ) ( JJ Japanese ) ( JJ industrial ) ( NNS managers ) ) ( ADVP-LOC ( RB here ) ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VBP buck ) ( PRT ( RP up ) ) ( NP ( JJ nervous ) ( NNS newcomers ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN tale ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( JJ first ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS countrymen ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB visit ) ( NP ( NNP Mexico ) ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN boatload ) ) ( PP ( IN of ) ( NP ( FW samurai ) ( NNS warriors ) ) ) ( VP ( VBN blown ) ( ADVP-CLR ( RB ashore ) ) ( NP-TMP ( CD 375 ) ( NNS years ) ( RB ago ) ) ) ) ) ) ) ) ) )

Battle-tested Japanese industrial managers here always buck up nervous newcomers with the tale of the first of their countrymen to visit Mexico a boatload of samurai warriors blown ashore 375 years ago


( SINV ( S-TPC-2 ( PP ( IN From ) ( NP ( DT the ) ( NN beginning ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD took ) ( NP ( NP ( DT a ) ( NN man ) ) ( PP ( IN with ) ( NP ( JJ extraordinary ) ( NNS qualities ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB succeed ) ( PP-LOC ( IN in ) ( NP ( NNP Mexico ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kimihide ) ( NNP Takimura ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mitsui ) ( NN group ) ( POS 's ) ) ( NNP Kensetsu ) ( NNP Engineering ) ( NNP Inc. ) ( NN unit ) ) ) ) ) )

From the beginning it took a man with extraordinary qualities to succeed in Mexico says Kimihide Takimura president of Mitsui group 's Kensetsu Engineering Inc. unit


( S ( ADVP-LOC ( ADVP ( RB Here ) ) ( PP ( IN in ) ( NP ( NP ( DT this ) ( JJ new ) ( NN center ) ) ( PP ( IN for ) ( NP ( JJ Japanese ) ( NN assembly ) ( NNS plants ) ) ) ( PP-LOC ( ADVP ( RB just ) ) ( IN across ) ( NP ( DT the ) ( NN border ) ) ( PP ( IN from ) ( NP ( NNP San ) ( NNP Diego ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NN turnover ) ) ( VP ( VBZ is ) ( ADJP-PRD-2 ( JJ dizzying ) ) ) ) ( S ( NP-SBJ=1 ( NN infrastructure ) ) ( ADJP=2 ( JJ shoddy ) ) ) ( S ( NP-SBJ=1 ( NN bureaucracy ) ) ( ADJP=2 ( JJ intense ) ) ) )

Here in this new center for Japanese assembly plants just across the border from San Diego turnover is dizzying infrastructure shoddy bureaucracy intense


( S ( S ( NP-SBJ ( RB Even ) ( NNS after-hours ) ) ( VP ( VBP drag ) ) ) ( S ( NP-SBJ-2 ( NP ( FW karaoke ) ( NNS bars ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS revelers ) ) ( VP ( VBP sing ) ( PP-CLR ( IN over ) ( NP ( JJ recorded ) ( NN music ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN prohibited ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Mexico ) ( POS 's ) ) ( JJ powerful ) ( NNS musicians ) ( NN union ) ) ) ) ) ) )

Even after-hours drag karaoke bars where Japanese revelers sing over recorded music are prohibited by Mexico 's powerful musicians union


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NP ( CD 20 ) ( JJ Japanese ) ( NNS companies ) ) ( PP ( VBG including ) ( NP ( NP ( NNS giants ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Sanyo ) ( NNP Industries ) ( NNP Corp. ) ) ( NP ( NNP Matsushita ) ( NNP Electronics ) ( NNP Components ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Sony ) ( NNP Corp. ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN set ) ( PRT ( RP up ) ) ( NP ( NN shop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN state ) ) ( PP ( IN of ) ( NP ( NNP Northern ) ( NNP Baja ) ( NNP California ) ) ) ) ) ) ) )

Still 20 Japanese companies including giants such as Sanyo Industries Corp. Matsushita Electronics Components Corp. and Sony Corp. have set up shop in the state of Northern Baja California


( S ( S-NOM-SBJ ( VP ( VBG Keeping ) ( S ( NP-SBJ ( DT the ) ( NNPS Japanese ) ) ( ADJP-PRD ( JJ happy ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ important ) ) ( NNS tasks ) ) ( VP ( VBG facing ) ( NP ( JJ conservative ) ( NN leader ) ( NNP Ernesto ) ( NNP Ruffo ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ takes ) ( NP ( NN office ) ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ) ( PP ( IN as ) ( NP ( NP ( DT the ) ( JJ first ) ( NN opposition ) ( NN governor ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( JJ modern ) ( NN history ) ) ) ) ) ) ) ) ) ) )

Keeping the Japanese happy will be one of the most important tasks facing conservative leader Ernesto Ruffo when he takes office Nov. 1 as the first opposition governor in Mexico 's modern history


( S ( NP-SBJ ( NP ( NP ( NNP Mexico ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ its ) ( JJ desperate ) ( NN need ) ) ( PP ( IN for ) ( NP ( NN investment ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Japan ) ) ( PP ( IN with ) ( NP ( PRP$ its ) ( JJ huge ) ( NN budget ) ( NN surplus ) ) ) ) ) ( VP ( MD would ) ( VP ( VB seem ) ( PP-CLR ( IN like ) ( NP ( DT a ) ( JJ perfect ) ( NN match ) ) ) ) ) )

Mexico with its desperate need for investment and Japan with its huge budget surplus would seem like a perfect match


( S ( CC But ) ( NP-SBJ ( DT the ) ( CD two ) ( NNS countries ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ separated ) ( PP ( IN by ) ( NP ( NP ( DT a ) ( JJ cultural ) ( NN barrier ) ) ( ADJP ( JJR wider ) ( PP ( IN than ) ( NP ( DT the ) ( NN ocean ) ) ) ) ) ) ) ) )

But the two countries remain separated by a cultural barrier wider than the ocean


( S ( NP-SBJ-1 ( JJ Conservative ) ( JJ Japanese ) ( NNS investors ) ) ( VP ( VBP are ) ( VP ( VBN put ) ( PRT ( RP off ) ) ( PP ( IN by ) ( SBAR-NOM-LGS ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP consider ) ( S ( NP-PRD ( NP ( NNP Mexico ) ( POS 's ) ) ( NX ( NX ( JJ restrictive ) ( NN investment ) ( NNS regulations ) ) ( CC and ) ( NX ( JJ loose ) ( NN work ) ( NNS habits ) ) ) ) ) ) ) ) ) ) ) )

Conservative Japanese investors are put off by what they consider Mexico 's restrictive investment regulations and loose work habits


( S ( PP ( IN From ) ( NP ( NP ( DT the ) ( NNPS Mexicans ) ( POS ' ) ) ( NN viewpoint ) ) ) ( NP-SBJ ( NP ( JJ vaunted ) ( NNS tactics ) ) ( PP ( IN of ) ( NP ( JJ methodical ) ( JJ Japanese ) ( NNS managers ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB count ) ( PP-CLR ( IN for ) ( NP ( JJ much ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN land ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT a ) ( NN saying ) ) ( VP ( VBZ says ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( DT no ) ( JJ fixed ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) )

From the Mexicans ' viewpoint vaunted tactics of methodical Japanese managers do n't count for much in a land where a saying says there are no fixed rules


( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ ranks ) ( PP-CLR ( IN as ) ( NP ( NP ( RB only ) ( DT the ) ( ADJP ( JJ fourth ) ( JJS largest ) ) ( JJ foreign ) ( NN investor ) ) ( PP-LOC ( IN in ) ( NP ( NNP Mexico ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( CD 5 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ total ) ( NNS investments ) ) ) ) ) ) )

Japan ranks as only the fourth largest foreign investor in Mexico with 5 % of the total investments


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( RB just ) ( CD 1 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PDT all ) ( DT the ) ( NN money ) ) ( SBAR ( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ has ) ( VP ( VBN invested ) ( ADVP-LOC ( RB abroad ) ) ) ) ) ) ) ) ) ) )

That is just 1 % of all the money Japan has invested abroad


( S ( NP-SBJ-1 ( NNP Mexican ) ( NNP President ) ( NNP Carlos ) ( NNP Salinas ) ( NNP de ) ( NNP Gortari ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB change ) ( NP ( DT that ) ) ) ) ) ) ) )

Mexican President Carlos Salinas de Gortari would like to change that


( S ( NP-SBJ ( DT The ) ( JJ young ) ( NN president ) ) ( ADVP ( RB so ) ) ( VP ( VBZ admires ) ( NP ( JJ Japanese ) ( NN discipline ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ sends ) ( NP ( PRP$ his ) ( NNS children ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( JJ Japanese ) ( NN school ) ) ( PP-LOC ( IN in ) ( NP ( NNP Mexico ) ( NNP City ) ) ) ) ) ) ) ) ) )

The young president so admires Japanese discipline that he sends his children to a Japanese school in Mexico City


( S ( NP-SBJ ( PRP He ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( VP ( VBN finagled ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2 ) ( CD billion ) ) ) ( NN loan ) ) ) ( PP-CLR-1 ( IN from ) ( NP ( DT the ) ( JJ Japanese ) ( NN government ) ) ) ) ) )

He already has finagled a 2 billion loan from the Japanese government


( S ( CC But ) ( NP-SBJ ( NNP Mexico ) ) ( ADVP ( RB urgently ) ) ( VP ( VBZ needs ) ( NP ( JJR more ) ( NN help ) ) ) )

But Mexico urgently needs more help


( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Salinas ) ( POS 's ) ) ( JJ unpopular ) ( NNP Institutional ) ( NNP Revolutionary ) ( NNP Party ) ) ( CC or ) ( NP ( NNP PRI ) ) ) ( VP ( VBZ faces ) ( NP ( JJ congressional ) ( NNS elections ) ) ( PP-TMP ( IN in ) ( NP ( CD 1991 ) ) ) ) )

Mr. Salinas 's unpopular Institutional Revolutionary Party or PRI faces congressional elections in 1991


( S ( SBAR-PRP ( IN For ) ( S ( NP-SBJ ( DT the ) ( NNP PRI ) ) ( VP ( TO to ) ( VP ( VB stand ) ( NP ( DT a ) ( NN chance ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Salinas ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB press ) ( PRT ( RP on ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT an ) ( JJ economic ) ( NN program ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB so ) ( RB far ) ) ( VP ( VBZ has ) ( VP ( VBN succeeded ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VP ( VBG lowering ) ( NP ( NN inflation ) ) ) ( CC and ) ( VP ( VBG providing ) ( NP ( JJ moderate ) ( JJ economic ) ( NN growth ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For the PRI to stand a chance Mr. Salinas has to press on with an economic program that so far has succeeded in lowering inflation and providing moderate economic growth


( S ( CC But ) ( S-NOM-SBJ ( VP ( VBG maintaining ) ( NP ( NP ( NP ( DT the ) ( JJ key ) ( NNS components ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN strategy ) ) ) ) ( PRN ( NP ( DT a ) ( NX ( NX ( JJ stable ) ( NN exchange ) ( NN rate ) ) ( CC and ) ( NX ( NX ( JJ high ) ( NN level ) ) ( PP ( IN of ) ( NP ( NNS imports ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB consume ) ( NP ( NP ( JJ enormous ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN exchange ) ) ) ) ) ) )

But maintaining the key components of his strategy a stable exchange rate and high level of imports will consume enormous amounts of foreign exchange


( S ( NP-SBJ ( NNP Mr. ) ( NNP Salinas ) ) ( VP ( VBZ needs ) ( NP ( JJ big ) ( NN investment ) ( NNS inflows ) ) ( ADVP-MNR ( RB quickly ) ) ) )

Mr. Salinas needs big investment inflows quickly


( S ( NP-SBJ ( DT The ) ( NN problem ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS businesses ) ) ( VP ( VBP make ) ( NP ( NNS decisions ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN view ) ) ( PP ( ADVP ( RB well ) ) ( IN beyond ) ( NP ( NP ( DT the ) ( JJ coming ) ( NNS months ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP weigh ) ( ADVP-MNR ( RB so ) ( RB heavily ) ) ( PP-LOC-CLR ( IN on ) ( NP ( NNP Mr. ) ( NNP Salinas ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The problem is that Japanese businesses make decisions with a view well beyond the coming months that weigh so heavily on Mr. Salinas


( SINV ( S-TPC-1 ( S ( NP-SBJ ( DT The ) ( NNPS Japanese ) ) ( VP ( MD will ) ( VP ( VB come ) ( PP-DIR ( TO to ) ( NP ( NNP Mexico ) ) ) ) ) ) ( CC but ) ( FRAG ( RB not ) ( ADVP ( RB immediately ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kazushige ) ( NNP Suzuki ) ) ( NP ( NP ( NN director-general ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Japanese ) ( NNP External ) ( NNP Trade ) ( NNP Organization ) ) ( PP-LOC ( IN in ) ( NP ( NNP Mexico ) ) ) ) ) ) ) )

The Japanese will come to Mexico but not immediately says Kazushige Suzuki director-general of the Japanese External Trade Organization in Mexico


( FRAG ( SBAR-ADV ( IN If ) ( FRAG ( RB not ) ( ADVP-TMP ( RB now ) ) ) ) ( WHADVP ( WRB when ) ) )

If not now when


( S ( S-1 ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN fruit ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ ripe ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ falls ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NN tree ) ) ) ( PP-MNR ( IN by ) ( NP ( PRP itself ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

When the fruit is ripe it falls from the tree by itself he says


( S ( S ( VP ( VBN Pressed ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN matter ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RBR more ) ( JJ specific ) ) ) )

Pressed on the matter he is more specific


( S ( NP-SBJ ( EX There ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( JJ big ) ( JJ Japanese ) ( NNS investments ) ) ( PP-TMP ( ADVP ( RB probably ) ) ( NP ( QP ( CD five ) ( TO to ) ( CD 10 ) ) ( NNS years ) ) ( IN from ) ( NP-TMP ( RB now ) ) ) ) ) )

There will be big Japanese investments probably five to 10 years from now


( S ( NP-SBJ ( NP ( NNP Ryukichi ) ( NNP Imai ) ) ( NP ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN ambassador ) ) ( PP ( TO to ) ( NP ( NNP Mexico ) ) ) ) ) ( VP ( VBZ agrees ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mexico ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( RB too ) ( JJ eager ) ) ) ) ) ) ) )

Ryukichi Imai Japan 's ambassador to Mexico agrees that Mexico may be too eager


( S ( NP-SBJ-1 ( EX There ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN presumption ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT some ) ( NNS sectors ) ) ( PP ( IN of ) ( NP ( PRN ( NP ( NNP Mexico ) ( POS 's ) ) ) ( NN government ) ) ) ) ) ( SBAR-2 ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( JJ Japanese ) ( NN money ) ) ( VP ( VBG waiting ) ( PP-LOC ( IN behind ) ( NP ( DT the ) ( NN gate ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( PP-MNR ( IN by ) ( S-NOM ( VP ( ADVP ( RB slightly ) ) ( VBG opening ) ( NP ( DT the ) ( NN gate ) ) ) ) ) ( NP-SBJ ( DT that ) ( NN money ) ) ( VP ( MD will ) ( VP ( VB enter ) ( NP ( NNP Mexico ) ) ) ) ) ) ) ) ) ) ) ) )

There seems to be a presumption in some sectors of Mexico 's government that there is a lot of Japanese money waiting behind the gate and that by slightly opening the gate that money will enter Mexico


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NN case ) ) ) ) ) ) ) )

I do n't think that is the case


( S ( NP-SBJ ( JJ Mexican ) ( NNS officials ) ) ( VP ( VBP maintain ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ Japanese ) ( NN reserve ) ) ( VP ( VBZ is ) ( ADVP ( RB only ) ) ( NP-PRD ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NN unfamiliarity ) ) ) ) ) ) ) ) )

Mexican officials maintain the Japanese reserve is only a result of unfamiliarity


( SINV ( S-TPC-3 ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NN distance ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ takes ) ( NP ( DT a ) ( NN while ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB appreciate ) ( NP ( NP ( DT the ) ( JJ economic ) ( NN stability ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN achieved ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( CD one ) ( JJ economic ) ( NN policymaker ) ) )

Because of distance it takes a while for them to appreciate the economic stability we 've achieved says one economic policymaker


( S ( NP-SBJ ( NNP Mexico ) ) ( VP ( VBZ is ) ( VP ( VBG sending ) ( NP-1 ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS missions ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP Japan ) ) ) ( S-ADV ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ major ) ( NN breakthrough ) ( NN investment ) ) ( PP-LOC ( IN in ) ( NP ( NNS telecommunications ) ( NNS petrochemicals ) ( CC or ) ( NN tourism ) ) ) ) ) ) ) ) ) )

Mexico is sending a number of missions to Japan looking for a major breakthrough investment in telecommunications petrochemicals or tourism


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBN hoped ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ other ) ( NNPS Japanese ) ) ( VP ( MD would ) ( ADVP-TMP ( RB then ) ) ( VP ( VB follow ) ( NP ( DT the ) ( NN leader ) ) ) ) ) ) ) ) )

It is hoped that other Japanese would then follow the leader


( S ( CC But ) ( NP-SBJ ( JJ Japanese ) ( NNS investors ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ their ) ( NN reluctance ) ( S ( VP ( TO to ) ( VP ( VB invest ) ) ) ) ) ( VP ( VBZ stems ) ( PP ( CONJP ( RB not ) ( RB only ) ) ( IN from ) ( NP ( NP ( NP ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( JJ economic ) ( NN outlook ) ) ) ) ( CONJP ( CC but ) ( RB also ) ) ( NP ( NP ( NNS reservations ) ) ( PP ( IN about ) ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( ADJP ( RB recently ) ( VBN revamped ) ) ( NN investment ) ( NN law ) ) ) ) ) ) ) ) ) ) )

But Japanese investors say that their reluctance to invest stems not only from concerns about Mexico 's economic outlook but also reservations about Mexico 's recently revamped investment law


( S ( S ( ADJP-PRD ( JJ Unable ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT a ) ( JJ new ) ( NN law ) ) ( PP-CLR ( IN through ) ( NP ( NP ( DT a ) ( NN congress ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ strong ) ( JJ leftist ) ( NN bloc ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mexico ) ) ( VP ( VBD jury-rigged ) ( NP ( NP ( DT the ) ( VBG existing ) ( NN law ) ( POS 's ) ) ( NNS regulations ) ) ) )

Unable to get a new law through a congress with a strong leftist bloc Mexico jury-rigged the existing law 's regulations


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD created ) ( NP ( JJ special ) ( JJ 20-year ) ( NNS trusts ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB allow ) ( NP ( NNS foreigners ) ) ( NP ( NP ( CD 100 ) ( NN % ) ( NN ownership ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( JJ once-closed ) ( NNS industries ) ) ) ) ) ) ) ) )

It created special 20-year trusts to allow foreigners 100 % ownership in some once-closed industries


( S ( NP-SBJ-1 ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD made ) ( NP ( NP ( JJ artful ) ( NN use ) ) ( PP ( IN of ) ( NP ( NNS semantics ) ) ) ) ( S-ADV ( VP ( VBG redefining ) ( PP-CLR ( IN as ) ( NP ( JJ non-strategic ) ( NNS industries ) ) ) ( NP ( NP ( DT some ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( JJ national ) ( NN domain ) ) ) ) ) ) ) ) ) ) ) )

It also made artful use of semantics redefining as non-strategic industries some that had been in the national domain


( SINV ( S-TPC-1 ( NP-SBJ ( DT Those ) ( NNS devices ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB give ) ( NP ( JJ sufficient ) ( NN certainty ) ) ( PP-DTV ( TO to ) ( NP ( NP ( PRP$ our ) ( NNS bosses ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Yasuo ) ( NNP Nakamura ) ) ( NP ( NP ( NN representative ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Industrial ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ) ) ) )

Those devices do n't give sufficient certainty to our bosses in Japan says Yasuo Nakamura representative of the Industrial Bank of Japan


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nakamura ) ) ( VP ( VBZ cites ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN customer ) ) ( SBAR ( WHNP-4 ( WP who ) ) ( S ( S ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( DT a ) ( JJ giant ) ( NN tourism ) ( NN complex ) ) ( PP-LOC ( IN in ) ( NP ( NN Baja ) ) ) ) ) ) ) ) ( CC and ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trying ) ( PP-TMP ( IN for ) ( NP ( CD eight ) ( NNS years ) ) ) ( S ( VP ( TO to ) ( VP ( VB get ) ( PP-LOC-CLR ( IN around ) ( NP ( NP ( NNP Mexican ) ( NNS restrictions ) ) ( PP-LOC ( IN on ) ( NP ( NP ( JJ foreign ) ( NN ownership ) ) ( PP ( IN of ) ( NP ( JJ beachfront ) ( NN property ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Nakamura cites the case of a customer who wants to build a giant tourism complex in Baja and has been trying for eight years to get around Mexican restrictions on foreign ownership of beachfront property


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VP ( MD could ) ( VP ( VB develop ) ( NP ( DT the ) ( NN beach ) ) ( PP-MNR ( IN through ) ( NP ( DT a ) ( NN trust ) ) ) ) ) ( CC but ) ( VP ( ADVP ( RB instead ) ) ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( VB have ) ( S ( NP-SBJ ( PRP$ his ) ( NN grandson ) ) ( VP ( VB become ) ( NP-PRD ( DT a ) ( JJ naturalized ) ( NNP Mexican ) ) ) ) ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP$ his ) ( NN family ) ) ( VP ( VBZ gains ) ( NP ( JJ direct ) ( NN control ) ) ) ) ) ) ) ) )

He could develop the beach through a trust but instead is trying have his grandson become a naturalized Mexican so his family gains direct control


( S ( NP-SBJ ( DT Some ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJS best ) ( NN hope ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNPS Mexicans ) ) ) ( VP ( VBZ is ) ( S-NOM-PRD ( VP ( VBG catching ) ( NP ( NP ( DT the ) ( NN eye ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG promoting ) ( NP ( NP ( DT the ) ( CD one ) ( NN industry ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNPS Japanese ) ) ( ADVP ( RB clearly ) ) ( VP ( VBP like ) ) ) ) ( NP ( NP ( DT the ) ( NN border ) ( NN assembly ) ( NNS plants ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NP ( FW maquiladoras ) ) ( SBAR ( WHNP-5 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( JJ open ) ( PP ( TO to ) ( NP ( ADJP ( CD 100 ) ( NN % ) ) ( JJ foreign ) ( NN control ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some say the best hope for the Mexicans is catching the eye of Japan by promoting the one industry the Japanese clearly like the border assembly plants known as maquiladoras which are open to 100 % foreign control


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD must ) ( VP ( VB do ) ( NP ( JJR more ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( NP ( DT the ) ( NNPS Japanese ) ) ( ADVP-LOC ( ADVP ( RB here ) ) ( PP-LOC ( IN in ) ( NP ( NNP Baja ) ) ) ) ) ) ) ( SBAR-SBJ ( IN if ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP want ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB invest ) ( ADVP-LOC ( RB elsewhere ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Ruffo ) ) ( NP ( NP ( NP ( DT the ) ( NN governor-elect ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP National ) ( NNP Action ) ( NNP Party ) ) ) ) ( CC and ) ( NP ( NP ( PRP himself ) ) ( NP ( DT a ) ( JJ succesful ) ( NN businessman ) ) ) ) ) )

We must do more to help the Japanese here in Baja if we want them to invest elsewhere says Mr. Ruffo the governor-elect of the National Action Party and himself a succesful businessman


( S ( NP-SBJ-1 ( NN Plant ) ( NNS operators ) ) ( VP ( VBP are ) ( VP ( VBN heartened ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Mr. ) ( NNP Ruffo ) ( POS 's ) ) ( NN pledge ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NP ( NN corruption ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( VBG ruling ) ( NN party ) ( NNS officials ) ) ) ) ) ) ) ) ) ) ) ) )

Plant operators are heartened by Mr. Ruffo 's pledge to cut corruption associated with the ruling party officials


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Ruffo ) ) ( VP ( VBZ frets ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT an ) ( ADJP ( RB even ) ( JJR bigger ) ) ( NN problem ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( NN protectionism ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT some ) ( NNS politicians ) ) ( VP ( VBP oppose ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP consider ) ( S ( NP-PRD ( JJ Japanese ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP-3 ( FW maquiladoras ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB crack ) ( NP ( DT the ) ( NNP U.S. ) ( NN market ) ) ( PP ( IN through ) ( NP ( DT the ) ( JJ back ) ( NN door ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But Mr. Ruffo frets that an even bigger problem could be protectionism from the U.S. where some politicians oppose what they consider Japanese efforts to use maquiladoras to crack the U.S. market through the back door


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN city ) ( POS 's ) ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Consumer ) ( NNP Affairs ) ) ) ) ( VP ( VBD charged ) ( NP ( NNP Newmark ) ( CC & ) ( NNP Lewis ) ( NNP Inc. ) ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG failing ) ( S ( VP ( TO to ) ( VP ( VB deliver ) ( PP-CLR ( IN on ) ( NP ( NP ( PRP$ its ) ( NN promise ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG lowering ) ( NP ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The city 's Department of Consumer Affairs charged Newmark & Lewis Inc. with failing to deliver on its promise of lowering prices


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( JJ civil ) ( NN suit ) ) ( VP ( VBD commenced ) ( PP-LOC ( IN in ) ( NP ( NP ( NN state ) ( NNP Supreme ) ( NNP Court ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBD alleged ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT the ) ( NNS consumer-electronics ) ( CC and ) ( NN appliance ) ( NN discount-retailing ) ( NN chain ) ) ( VP ( VBD engaged ) ( PP-CLR ( IN in ) ( NP ( JJ deceptive ) ( NN advertising ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG claiming ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN lowered ) ( NP ( NP ( DT every ) ( NN price ) ) ( PP-LOC ( IN on ) ( NP ( DT every ) ( NN item ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN advertising ) ( NN campaign ) ) ( SBAR ( WHNP-165 ( WDT that ) ) ( S ( VP ( VBD began ) ( NP-TMP ( NNP June ) ( CD 1 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a civil suit commenced in state Supreme Court in New York the agency alleged that the consumer-electronics and appliance discount-retailing chain engaged in deceptive advertising by claiming to have lowered every price on every item as part of an advertising campaign that began June 1


( S ( NP-SBJ ( DT The ) ( NN agency ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD monitored ) ( NP ( NP ( NNP Newmark ) ( CC & ) ( NNP Lewis ) ( POS 's ) ) ( JJ advertised ) ( NNS prices ) ) ( PP-TMP ( IN before ) ( CC and ) ( IN after ) ( NP ( DT the ) ( NN ad ) ( NN campaign ) ) ) ) ( CC and ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 50 ) ) ( JJ different ) ( NNS items ) ) ) ) ( VP ( CC either ) ( VP ( VBD increased ) ) ( CC or ) ( VP ( VBD stayed ) ( NP-ADV ( DT the ) ( JJ same ) ) ) ) ) ) ) ) ) ) ) )

The agency said it monitored Newmark & Lewis 's advertised prices before and after the ad campaign and found that the prices of at least 50 different items either increased or stayed the same


( S ( PP-TMP ( IN In ) ( NP ( JJ late ) ( NNP May ) ) ) ( NP-SBJ ( NNP Newmark ) ( CC & ) ( NNP Lewis ) ) ( VP ( VBD announced ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VP ( VB cut ) ( NP ( NNS prices ) ) ( NP-ADV ( QP ( CD 5 ) ( NN % ) ( TO to ) ( CD 20 ) ) ( NN % ) ) ) ( CC and ) ( VP ( VB eliminate ) ( SBAR-NOM ( WHNP-166 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NP ( DT a ) ( JJ standard ) ( NN discount-retailing ) ( NN practice ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG negotiating ) ( NP ( JJ individual ) ( NNS deals ) ) ( PP-CLR ( IN with ) ( NP ( NNS customers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In late May Newmark & Lewis announced a plan to cut prices 5 % to 20 % and eliminate what it called a standard discount-retailing practice of negotiating individual deals with customers


( S ( NP-SBJ ( DT The ) ( NN consumer ) ( NN agency ) ) ( ADVP ( RB also ) ) ( VP ( VBN disputed ) ( NP ( NP ( NP ( NNP Newmark ) ( CC & ) ( NNP Lewis ) ( POS 's ) ) ( VBG continuing ) ( NN strategy ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG advertising ) ( NP ( JJ new ) ( JJR lower ) ( NNS prices ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( ADVP ( RB allgedly ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN been ) ( NP-PRD ( NN price ) ( NNS reductions ) ) ( PP-TMP ( IN since ) ( NP ( NNP June ) ( CD 1 ) ) ) ) ) ) ) ) ) ) ) ) )

The consumer agency also disputed Newmark & Lewis 's continuing strategy of advertising new lower prices when allgedly there have n't been price reductions since June 1


( S ( NP-SBJ-1 ( NP ( NNP Richard ) ( NNP D. ) ( NNP Lewis ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ 47-store ) ( NN chain ) ) ) ) ) ( VP ( VBD defended ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN pricing ) ( NN campaign ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB use ) ( NP ( NP ( DT the ) ( JJ misleading ) ( NN expression ) ) ( VP ( VBN reduced ) ( PP-CLR ( IN from ) ( NP ( JJ original ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) )

Richard D. Lewis president of the 47-store chain defended the company 's pricing campaign saying it did n't use the misleading expression reduced from original prices


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lewis ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VP ( VBD marked ) ( NP ( NN price ) ( NNS tags ) ) ) ( CC and ) ( VP ( VBD advertised ) ( PP-MNR ( IN at ) ( NP ( PRP$ its ) ( JJS lowest ) ( JJ possible ) ( NNS prices ) ) ) ( PP ( IN for ) ( NP ( PDT all ) ( PRP$ its ) ( NN merchandise ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( JJ public ) ( NN confusion ) ) ) ) ) ) ) ) ) )

Mr. Lewis said the company marked price tags and advertised at its lowest possible prices for all its merchandise to reduce public confusion


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lewis ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VP ( VBD gave ) ( NP ( DT the ) ( NNP Consumer ) ( NNP Affairs ) ( NN department ) ) ( NP ( NP ( NNS volumes ) ) ( PP ( IN of ) ( NP ( NNS documents ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB substantiate ) ( NP ( PRP$ its ) ( NNS statements ) ) ) ) ) ) ( CC and ) ( VP ( VBD made ) ( NP ( DT every ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( DT all ) ( NP ( DT the ) ( NN agency ) ( POS 's ) ) ( NNS policies ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Lewis said the company gave the Consumer Affairs department volumes of documents to substantiate its statements and made every effort to comply with all the agency 's policies


( S ( PP-LOC ( IN In ) ( NP ( PRP$ its ) ( NN suit ) ) ) ( NP-SBJ ( DT the ) ( NN consumer ) ( NN agency ) ) ( VP ( VBZ seeks ) ( NP ( NP ( NP ( NNS fines ) ) ( PP ( IN of ) ( NP ( NP ( CD 1,000 ) ) ( PP ( IN per ) ( NP ( NP ( NN violation ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( NNP Consumer ) ( NNP Protection ) ( NNP Law ) ) ) ) ) ) ) ) ( NP ( NP ( NNS costs ) ) ( PP ( IN of ) ( NP ( NN investigation ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN injunction ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP-2 ( NNP Newmark ) ( CC & ) ( NNP Lewis ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG continuing ) ( NP ( PRP$ its ) ( RB allegedly ) ( JJ deceptive ) ( NN advertising ) ) ) ) ) ) ) ) ) ) ) ) )

In its suit the consumer agency seeks fines of 1,000 per violation of the city 's Consumer Protection Law costs of investigation and an injunction to prevent Newmark & Lewis from continuing its allegedly deceptive advertising


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Farm ) ( NNS prices ) ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ) ) ) ( VP ( VBD edged ) ( ADVP-CLR ( RB up ) ( NP-ADV ( CD 0.7 ) ( NN % ) ) ( PP-TMP ( IN from ) ( NP ( NNP September ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( JJ raw ) ( NN milk ) ( NNS prices ) ) ( VP ( VBD continued ) ( NP ( PRP$ their ) ( NN rise ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Agriculture ) ( NNP Department ) ) ( VP ( VBD said ) ) )

Farm prices in October edged up 0.7 % from September as raw milk prices continued their rise the Agriculture Department said


( S ( S-TPC-2 ( NP-SBJ ( NP ( NN Milk ) ) ( VP ( VBN sold ) ( PP-DTV ( TO to ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN dairy ) ( NNS plants ) ( CC and ) ( NNS dealers ) ) ) ) ) ( VP ( VBD averaged ) ( NP ( NP ( CD 14.50 ) ) ( PP ( IN for ) ( NP ( DT each ) ( CD hundred ) ( NNS pounds ) ) ) ) ( ADVP ( ADVP ( RB up ) ( NP-ADV ( CD 50 ) ( NNS cents ) ) ( PP-TMP ( IN from ) ( NP ( NNP September ) ) ) ) ( CC and ) ( ADVP ( RB up ) ( NP-ADV ( CD 1.50 ) ) ( PP-TMP ( IN from ) ( NP ( NNP October ) ( CD 1988 ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN department ) ) ( VP ( VBD said ) ) )

Milk sold to the nation 's dairy plants and dealers averaged 14.50 for each hundred pounds up 50 cents from September and up 1.50 from October 1988 the department said


( S ( S ( NP-SBJ ( NP ( JJ Commercial ) ( NNS vegetables ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NN lettuce ) ( CC and ) ( NNS tomatoes ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 19 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ) ) ) ) ( S ( NP-SBJ ( NP ( NNS oranges ) ) ( CC and ) ( NP ( JJ other ) ( NNS fruits ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5 ) ( NN % ) ) ) ) )

Commercial vegetables led by lettuce and tomatoes rose 19 % in October oranges and other fruits rose 5 %


( S ( NP-SBJ ( NN Broiler ) ( NNS prices ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 6.5 ) ( NNS cents ) ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 30.6 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN turkey ) ( NNS prices ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( CD 1.2 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 38.5 ) ( NNS cents ) ) ) ) ) ) ) )

Broiler prices fell 6.5 cents in October to 30.6 cents a pound while turkey prices rose 1.2 cents a pound to 38.5 cents


( S ( NP-SBJ ( NN Egg ) ( NNS prices ) ) ( VP ( VBD averaged ) ( NP ( NP ( CD 64.2 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN dozen ) ) ) ( ADVP ( RB down ) ( NP-ADV ( CD 0.2 ) ( NN cent ) ) ( PP-TMP ( IN from ) ( NP ( NNP September ) ) ) ) ) )

Egg prices averaged 64.2 cents a dozen down 0.2 cent from September


( S ( NP-SBJ ( NNS Hogs ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3.40 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 46.80 ) ) ( NP-ADV ( DT a ) ( NN hundredweight ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ) ) ( SBAR-ADV ( IN while ) ( S ( S ( NP-SBJ ( NN beef ) ( NNS cattle ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 80 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 67.40 ) ) ( PP ( IN for ) ( NP ( DT each ) ( CD hundred ) ( NNS pounds ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS calves ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 90 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 90.20 ) ) ) ) ) ) ) ) )

Hogs rose 3.40 to 46.80 a hundredweight in October while beef cattle slipped 80 cents to 67.40 for each hundred pounds and calves dropped 90 cents to 90.20


( S ( S ( NP-SBJ ( NNS Soybeans ) ) ( VP ( VBD averaged ) ( NP ( NP ( CD 5.28 ) ) ( NP-ADV ( DT a ) ( NN bushel ) ) ) ( ADVP ( RB down ) ( NP-ADV ( CD 42 ) ( NNS cents ) ) ( PP-TMP ( IN from ) ( NP ( NNP September ) ) ) ) ) ) ( S ( S ( NP-SBJ ( NN corn ) ) ( VP ( VBD averaged ) ( NP ( CD 2.20 ) ) ( ADVP ( RB down ) ( NP-ADV ( CD seven ) ( NNS cents ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN sorghum ) ( NN grain ) ) ( VP ( VBD averaged ) ( NP ( NP ( CD 3.61 ) ) ( PP ( IN for ) ( NP ( DT each ) ( CD hundred ) ( NNS pounds ) ) ) ) ( ADVP ( RB down ) ( NP-ADV ( CD 19 ) ( NNS cents ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN department ) ) ) ) ) ) ) )

Soybeans averaged 5.28 a bushel down 42 cents from September corn averaged 2.20 down seven cents and sorghum grain averaged 3.61 for each hundred pounds down 19 cents according to the department


( S ( NP-SBJ-1 ( NP ( NNP Roger ) ( NNP M. ) ( NNP Marino ) ) ( NP ( NN president ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ new ) ( NN post ) ) ( PP ( IN of ) ( NP ( NN vice ) ( NN chairman ) ) ) ) ) ) ) )

Roger M. Marino president was named to the new post of vice chairman


( S ( NP-SBJ-1 ( NP ( NNP Michael ) ( NNP Ruettgers ) ) ( SBAR ( WHNP-196 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( NP ( NNS operations ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( NN operating ) ( NN officer ) ) ) ) ) ) )

Michael Ruettgers who had been executive vice president operations was named president and chief operating officer


( S ( NP-SBJ ( NNP EMC ) ) ( VP ( VBZ manufactures ) ( NP ( NP ( JJ data-storage ) ( NNS systems ) ) ( PP ( IN for ) ( NP ( NP ( NNS mainframes ) ) ( CC and ) ( NP ( NNS minicomputers ) ) ) ) ) ) )

EMC manufactures data-storage systems for mainframes and minicomputers


( S ( NP-SBJ ( NNP DeSoto ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG dismissing ) ( NP ( CD 200 ) ( NNS employees ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN restructuring ) ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG producing ) ( NP ( NP ( JJ pretax ) ( NNS savings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 10 ) ( CD million ) ) ) ( ADVP ( RB annually ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

DeSoto Inc. said it is dismissing 200 employees as part of a restructuring aimed at producing pretax savings of 10 million annually


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN plan ) ) ) ( NP-SBJ ( NN DeSoto ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( JJ certain ) ( NNS assets ) ( CC and ) ( NNS businesses ) ) ( SBAR ( WHNP-50 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB meet ) ( NP ( UCP ( JJ strategic ) ( CC and ) ( NN profitability ) ) ( NNS objectives ) ) ) ) ) ) ) ) ) ) ) ) )

Under the plan DeSoto said it will sell certain assets and businesses that do n't meet strategic and profitability objectives


( S ( NP-SBJ ( NP ( DT The ) ( NAC-LOC ( NNP Des ) ( NNP Plaines ) ( NNP Ill. ) ) ( JJ chemical ) ( NNS coatings ) ( NN concern ) ) ( SBAR ( WHNP-51 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( QP ( RB about ) ( CD 2,000 ) ) ( NNS employees ) ) ( ADVP-LOC ( RB world-wide ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( UCP ( JJ domestic ) ( JJ rigid ) ( NN container ) ( NN packaging ) ( CC and ) ( JJ flexible ) ( NNS adhesives ) ) ( NNS businesses ) ) ( CC and ) ( NP ( PRP$ its ) ( NAC-LOC ( NNP Chicago ) ( NNP Heights ) ( NNP Ill. ) ) ( NN resin ) ( NN plant ) ) ) ) ) ) ) ) ) ) )

The Des Plaines Ill. chemical coatings concern which has about 2,000 employees world-wide said it plans to sell its domestic rigid container packaging and flexible adhesives businesses and its Chicago Heights Ill. resin plant


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP-2 ( DT the ) ( NN sale ) ( NNS proceeds ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB invest ) ( PP-CLR ( IN in ) ( NP ( NP ( NN business ) ( NNS opportunities ) ) ( VP ( ADVP ( RBR more ) ( RB closely ) ) ( VBN identified ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN company ) ( VBZ 's ) ) ( VBN refocused ) ( NN direction ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said it plans to use the sale proceeds to invest in business opportunities more closely identified with the company 's refocused direction


( S ( NP-SBJ ( NP ( NNP Cilcorp ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Peoria ) ) ( NP ( NNP Ill. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT the ) ( JJ environmental ) ( NN consulting ) ( CC and ) ( JJ analytical ) ( NN service ) ( NNS businesses ) ) ( PP ( IN of ) ( NP ( NP ( NNP Hunter ) ( NNP Environmental ) ( NNP Services ) ( NNP Inc. ) ) ( PP-LOC ( IN of ) ( NP ( NP ( NNP Southport ) ) ( NP ( NNP Conn ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Cilcorp Inc. Peoria Ill. said it agreed to acquire the environmental consulting and analytical service businesses of Hunter Environmental Services Inc. of Southport Conn


( S ( NP-SBJ ( DT The ) ( NN utility ) ( VBG holding ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Hunter ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( CD 390,000 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ new ) ( NN series ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cilcorp ) ( NN convertible ) ( JJ preferred ) ( NN stock ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN face ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 39 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNS businesses ) ) ) ) ) ) ) ) )

The utility holding company said Hunter will receive 390,000 shares of a new series of Cilcorp convertible preferred stock with a face value of 39 million for the businesses


( S ( NP-SBJ ( NNP Cilcorp ) ) ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB assume ) ( NP ( NP ( QP ( CD 22 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Hunter ) ( POS 's ) ) ( VBG existing ) ( NN debt ) ) ) ) ) ) )

Cilcorp will also assume 22 million of Hunter 's existing debt


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN agreement ) ) ) ) ) ( NP-SBJ ( NNP Cilcorp ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB pay ) ( NP ( NNP Hunter ) ) ( NP ( QP ( CD 4 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN exchange ) ) ( PP ( IN for ) ( NP ( NNS agreements ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB compete ) ) ) ) ) ) ) ) ) ) ) ) ) )

As part of the agreement Cilcorp said it will pay Hunter 4 million in exchange for agreements not to compete


( S ( NP-SBJ ( NN Cilcorp ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS businesses ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN acquired ) ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 76 ) ( CD million ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP March ) ( CD 31 ) ) ) ) ) ) ) ) ) ) )

Cilcorp said the businesses to be acquired had revenue of 76 million for the year ended March 31


( S ( ADVP ( NNP Separately ) ) ( NP-SBJ ( NNP Cilcorp ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 1.4 ) ( CD million ) ) ( NNS shares ) ) ( CC or ) ( NP ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ common ) ( NN stock ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ( PP-TMP ( IN from ) ( NP ( NP ( NN time ) ) ( PP ( TO to ) ( NP ( NN time ) ) ) ) ) ( PP-MNR ( PP ( IN on ) ( NP ( DT the ) ( JJ open ) ( NN market ) ) ) ( CC and ) ( PP ( IN through ) ( NP ( RB privately ) ( VBN negotiated ) ( NNS transactions ) ) ) ) ) ) ) ) ) ) ) )

Separately Cilcorp said it plans to purchase as many as 1.4 million shares or 10 % of its common stock outstanding from time to time on the open market and through privately negotiated transactions


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( SBAR ( WHNP-121 ( WDT which ) ) ( S ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 13.5 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( NN specific ) ( VBZ plans ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS shares ) ) ) ) ) ) ) ) )

The company which currently has 13.5 million common shares outstanding said it has no specific plans for the shares


( S ( NP-SBJ ( NP ( DT The ) ( NN head ) ) ( PP ( IN of ) ( NP ( NNP British ) ( NNP Satellite ) ( NNP Broadcasting ) ( NNP Ltd. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( QP ( RB about ) ( CD 450 ) ( CD million ) ) ) ( PRN ( NP ( QP ( CD 711 ) ( CD million ) ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( JJ satellite-TV ) ( NN venture ) ) ( VP ( VBZ makes ) ( NP ( PRP$ its ) ( JJ delayed ) ( NN debut ) ) ( NP-TMP ( JJ next ) ( NN spring ) ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( DT a ) ( JJ major ) ( NN chunk ) ) ( VP ( VBG coming ) ( PP-DIR ( IN from ) ( NP ( JJ new ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) ) )

The head of British Satellite Broadcasting Ltd. said he hopes to raise about 450 million 711 million before the satellite-TV venture makes its delayed debut next spring with a major chunk coming from new investors


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD 'll ) ( VP ( VB raise ) ( NP ( PRP it ) ) ( PP-MNR ( IN through ) ( NP ( NN bank ) ( NNS loans ) ) ) ) ) )

We 'll raise it through bank loans


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD 'll ) ( VP ( VB raise ) ( NP ( PRP it ) ) ( PP-MNR ( IN through ) ( NP ( PRN ( JJ new ) ) ( NN equity ) ) ) ) ) )

We 'll raise it through new equity


( SINV ( S-TPC-1 ( CC And ) ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( VP ( VB raise ) ( NP ( PRP it ) ) ( PP-MNR ( PP ( IN through ) ( NP ( VBG existing ) ( NNS shareholders ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( IN through ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Anthony ) ( NNP Simonds-Gooding ) ) ( NP ( NP ( DT the ) ( JJ private ) ( NN consortium ) ( POS 's ) ) ( JJ chief ) ( NN executive ) ) ) )

And we 'll raise it through existing shareholders as well as through junk bonds said Anthony Simonds-Gooding the private consortium 's chief executive


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN bank ) ( NN loan ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN arranged ) ( PP-TMP ( IN by ) ( NP ( NNP February ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB supply ) ( NP ( NP ( QP ( RB about ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN financing ) ) ) ) ) ) ) ) ) ) ) ) )

He said he believes the bank loan to be arranged by February will supply about half of the financing


( S ( NP-SBJ-1 ( NP ( NNP British ) ( NNP Satellite ) ) ( SBAR ( WHNP-200 ( WDT which ) ) ( S ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( VP ( VBN raised ) ( NP ( QP ( CD 423.5 ) ( CD million ) ) ) ( PP ( IN from ) ( NP ( CD 10 ) ( NNS backers ) ) ) ) ) ) ) ) ( VP ( ADVP-TMP ( RB initially ) ) ( VBD expected ) ( S ( VP ( TO to ) ( VP ( VB seek ) ( NP ( DT an ) ( JJ additional ) ( QP ( CD 400 ) ( CD million ) ) ) ) ) ) ) )

British Satellite which already has raised 423.5 million from 10 backers initially expected to seek an additional 400 million


( S ( NP-SBJ ( NNP Mr. ) ( NNP Simonds-Gooding ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ additional ) ( NN financing ) ) ( VP ( MD may ) ( VP ( VB leave ) ( S ( NP-SBJ-1 ( NNP British ) ( NNP Satellite ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( QP ( RB about ) ( CD 20 ) ) ( NNS investors ) ) ( PP ( VBG including ) ( NP ( NP ( JJ Australian ) ( NN entrepreneur ) ( NNP Alan ) ( NNP Bond ) ) ( SBAR ( WHNP-201 ( WP$ whose ) ( ADJP ( QP ( RB nearly ) ( CD 36 ) ) ( NN % ) ) ( NN stake ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN reduced ) ( PP-CLR ( TO to ) ( NP ( QP ( RB as ) ( JJ little ) ( IN as ) ( CD 20 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Simonds-Gooding said the additional financing may leave British Satellite owned by about 20 investors including Australian entrepreneur Alan Bond whose nearly 36 % stake would be reduced to as little as 20 %


( S ( S ( NP-SBJ-1 ( NP ( NNP Bond ) ( NNP Corp. ) ) ( NP ( NP ( NNP British ) ( NNP Satellite ) ( POS 's ) ) ( JJS biggest ) ( NN investor ) ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB withdraw ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( JJ satellite-TV ) ( NN consortium ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( VBN speculated ) ( SBAR ( S ( NP-SBJ ( NNP Hollywood ) ( NNS studios ) ) ( VP ( MD might ) ( VP ( VB buy ) ( NP ( DT the ) ( NNP Bond ) ( NN stake ) ) ) ) ) ) ) ) ) )

Bond Corp. British Satellite 's biggest investor would like to withdraw from the satellite-TV consortium and analysts have speculated Hollywood studios might buy the Bond stake


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Simonds-Gooding ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG talking ) ( PP-CLR ( TO to ) ( NP ( DT any ) ( NNS studios ) ) ) ( PP-CLR ( IN about ) ( NP ( VBG investing ) ) ) ) ) ) ) ) )

But Mr. Simonds-Gooding said he is n't talking to any studios about investing


( S ( PP ( IN Besides ) ( NP ( NNP Bond ) ( NNP Corp. ) ) ) ( NP-SBJ ( NP ( NNP British ) ( NNP Satellite ) ( POS 's ) ) ( JJ other ) ( NNS backers ) ) ( VP ( VBP include ) ( NP ( NP ( NNP Pearson ) ( NNP PLC ) ) ( NP ( NNP Reed ) ( NNP International ) ( NNP PLC ) ) ( CC and ) ( NP ( NNP Granada ) ( NNP Group ) ( NNP PLC ) ) ) ) )

Besides Bond Corp. British Satellite 's other backers include Pearson PLC Reed International PLC and Granada Group PLC


( S ( NP-SBJ ( DT The ) ( NN consortium ) ) ( VP ( VBD faced ) ( NP ( DT a ) ( NN setback ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( JJ technical ) ( NNS problems ) ) ( VP ( VBD forced ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB postpone ) ( NP ( DT the ) ( NNP September ) ( NN launch ) ) ( PP-TMP ( IN until ) ( NP ( JJ next ) ( NN spring ) ) ) ) ) ) ) ) ) ) )

The consortium faced a setback in May when technical problems forced it to postpone the September launch until next spring


( S ( NP-SBJ ( NP ( JJ Continued ) ( NN uncertainty ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN timing ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN consortium ) ( POS 's ) ) ( NN debut ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ hard ) ) ( S-1 ( VP ( TO to ) ( VP ( VB find ) ( NP ( DT a ) ( ADJP ( QP ( CD 450 ) ( CD million ) ) ) ( NN cash ) ( NN injection ) ) ) ) ) ) ) ) )

Continued uncertainty about the timing of the consortium 's debut could make it hard to find a 450 million cash injection


( S ( NP-SBJ ( NNP Mr. ) ( NNP Simonds-Gooding ) ) ( VP ( VBD conceded ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP British ) ( NNP Satellite ) ( POS 's ) ) ( JJ potential ) ( NNP U.K. ) ( NNS lenders ) ) ( VP ( VBP are ) ( VP ( VBG saying ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( NN air ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD 'll ) ( PRN ( ADVP ( RB actually ) ) ) ( VP ( VB get ) ( NP ( DT the ) ( NN money ) ) ) ) ) ) ) ) ) ) )

Mr. Simonds-Gooding conceded that British Satellite 's potential U.K. lenders are saying When you 're on the air you 'll actually get the money


( S ( NP-SBJ ( DT The ) ( NNS bankers ) ) ( ADVP ( RB also ) ) ( VP ( VBP insist ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS loans ) ) ( VP ( VBP depend ) ( PP-CLR ( IN on ) ( S-NOM ( NP-SBJ ( DT the ) ( NN consortium ) ) ( VP ( VBG raising ) ( NP ( JJR more ) ( NN money ) ) ( PP ( IN from ) ( NP ( ADJP ( JJ new ) ( CC and ) ( VBG existing ) ) ( NNS backers ) ) ) ) ) ) ) ) ) ) )

The bankers also insist that the loans depend on the consortium raising more money from new and existing backers


( S ( NP-SBJ ( NNP British ) ( NNP Satellite ) ) ( NP-TMP ( NN today ) ) ( VP ( VBZ is ) ( VP ( VBG unveiling ) ( NP ( NP ( DT a ) ( UCP ( ADJP ( QP ( CD 30 ) ( CD million ) ) ) ( NN advertising ) ( CC and ) ( JJ promotional ) ) ( NN drive ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN consortium ) ( VBZ 's ) ) ( JJ planned ) ( CD five ) ( NNS channels ) ) ( PP ( IN of ) ( NP ( NP ( NNS movies ) ) ( NP ( NNS sports ) ) ( NP ( NN entertainment ) ) ( CC and ) ( NP ( NN news ) ( NNS shows ) ) ) ) ) ) ) ) ) )

British Satellite today is unveiling a 30 million advertising and promotional drive for the consortium 's planned five channels of movies sports entertainment and news shows


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN drive ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ first ) ( CD 50,000 ) ( NNS viewers ) ) ( SBAR ( WHNP-202 ( WP who ) ) ( S ( VP ( VBP put ) ( PRT ( RP up ) ) ( NP ( NP ( CD 10 ) ) ( NP-ADV ( DT each ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB get ) ( NP ( NP ( DT a ) ( NN package ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( CD 170 ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( NN satellite ) ( NN receiving ) ( NN dish ) ) ( NP ( NN equipment ) ( NN installation ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ three-month ) ( NN subscription ) ) ( PP ( TO to ) ( NP ( PRP$ its ) ( JJ pay-movie ) ( NN service ) ) ) ) ) ) ) ) ) )

As part of the drive the first 50,000 viewers who put up 10 each will get a package valued at 170 including a satellite receiving dish equipment installation and a three-month subscription to its pay-movie service


( S ( NP-SBJ ( NNP British ) ( NNP Satellite ) ) ( VP ( VBZ faces ) ( NP ( NP ( NN competition ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NNP Sky ) ( NNP Television ) ) ( NP ( NP ( DT a ) ( JJ satellite-TV ) ( NN venture ) ) ( VP ( VP ( VBN begun ) ( NP-TMP ( JJ last ) ( NNP February ) ) ) ( CC and ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Rupert ) ( NNP Murdoch ) ( POS 's ) ) ( NNP News ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) )

British Satellite faces competition from Sky Television a satellite-TV venture begun last February and owned by Rupert Murdoch 's News Corp


( S ( NP-SBJ-1 ( DT The ) ( NNS rivals ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP are ) ( VP ( VBN locked ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ costly ) ( NN bidding ) ( NN contest ) ) ( PP ( IN for ) ( NP ( NNP Hollywood ) ( NN film ) ( NNS rights ) ) ) ) ) ) ) )

The rivals currently are locked in a costly bidding contest for Hollywood film rights


( S ( NP-SBJ-1 ( NP ( NNP John ) ( NNP Franco ) ) ( ADJP ( CD 47 ) ( NNS years ) ( JJ old ) ) ( NP ( ADVP-TMP ( RB formerly ) ) ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Capital ) ( NNP Holding ) ( NNP Corp. ) ) ) ) ( CC and ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Accumulation ) ( NNP Investment ) ( NNP Group ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN insurance ) ( VBG holding ) ( NN company ) ) ) ) ) ( ADJP ( JJ effective ) ( NP-TMP ( NNP Dec. ) ( CD 1 ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NP ( NNP Robert ) ( NNP T. ) ( NNP Shaw ) ) ( SBAR ( WHNP-197 ( WP who ) ) ( S ( VP ( VBZ remains ) ( NP-PRD ( NN chairman ) ) ) ) ) ) ) ) ) ) )

John Franco 47 years old formerly vice chairman of Capital Holding Corp. and president of its Accumulation Investment Group was named chief executive officer of this insurance holding company effective Dec. 1 succeeding Robert T. Shaw who remains chairman


( S ( NP-SBJ-1 ( NNP I.C.H. ) ) ( ADVP ( RB also ) ) ( VP ( VBD named ) ( NP-3 ( NP ( NNP Steven ) ( NNP B. ) ( NNP Bing ) ) ( NP ( CD 42 ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-TMP ( IN since ) ( NP ( CD 1986 ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NN president ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NP ( NNP John ) ( NNP W. ) ( NNP Gardiner ) ) ( SBAR ( WHNP-198 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB join ) ( NP ( NP ( DT the ) ( NNP HMS ) ( NNP Acquisition ) ( NNP Corp. ) ( NN division ) ) ( PP ( IN of ) ( NP ( NP ( NNP Hicks ) ( NNP Muse ) ( CC & ) ( NNP Co. ) ) ( SBAR ( WHNP-199 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( NNP I.C.H. ) ( POS 's ) ) ( JJ Denver-based ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I.C.H. also named Steven B. Bing 42 senior vice president since 1986 as president succeeding John W. Gardiner who will join the HMS Acquisition Corp. division of Hicks Muse & Co. which has agreed to buy most of I.C.H. 's Denver-based subsidiaries


( S ( NP-SBJ-1 ( NNP Richard ) ( NNP J. ) ( NNP Riordan ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT this ) ( JJ single-family ) ( NN home ) ( NN builder ) ) ) ) ) ( S-ADV ( VP ( VBG increasing ) ( NP ( DT the ) ( NN board ) ) ( PP-CLR ( TO to ) ( NP ( CD nine ) ) ) ) ) ) ) )

Richard J. Riordan was elected a director of this single-family home builder increasing the board to nine


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ senior ) ( NN partner ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN law ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Riordan ) ( CC & ) ( NNP McKinzie ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( NNP Riordan ) ( NNP Venture ) ( NNP Management ) ) ) ) ) ) )

He is a senior partner with the law firm of Riordan & McKinzie and is a partner in Riordan Venture Management


( S ( NP-SBJ ( NNP Ogden ) ( NNPS Projects ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD jumped ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 6.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 18 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) )

Ogden Projects Inc. said net income jumped to 6.6 million or 18 cents a share in the third quarter


( S ( NP-SBJ ( NP ( DT The ) ( NNP Fairfield ) ( NNP N.J. ) ( NN company ) ) ( SBAR ( WHNP-130 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ 92%-owned ) ( PP ( IN by ) ( NP ( NP ( NNP Ogden ) ( NNP Corp. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( NN net ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD four ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) )

The Fairfield N.J. company which is 92%-owned by Ogden Corp. New York had net of 1.1 million or four cents a share a year ago


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD soared ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 101.7 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 39.5 ) ( CD million ) ) ) ) ) )

Revenue soared to 101.7 million from 39.5 million


( S ( NP-SBJ ( NP ( NNP Ogden ) ( NNPS Projects ) ) ( SBAR ( WHNP-131 ( WP$ whose ) ( NNS shares ) ) ( S ( VP ( VBD began ) ( S ( VP ( VBG trading ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( CD 26.875 ) ) ) ( ADVP ( RB down ) ( NP ( CD 75 ) ( NNS cents ) ) ) ) )

Ogden Projects whose shares began trading on the New York Stock Exchange in August closed yesterday at 26.875 down 75 cents


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD began ) ( S ( VP ( VBG trading ) ( NP-TMP ( DT this ) ( NN summer ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 14 ) ) ( ADVP ( RB apiece ) ) ) ) ) ) ) )

The stock began trading this summer at 14 apiece


( S ( NP-SBJ ( NP ( NNP Ogden ) ( NNPS Projects ) ) ( SBAR ( WHNP-132 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( NNS interests ) ) ( PP ( IN in ) ( NP ( NP ( NN solid-waste ) ( NN recovery ) ) ( CC and ) ( NP ( NN hazardous-waste ) ( NN cleanup ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( S ( NP-SBJ ( CD 13 ) ( NNS facilities ) ) ( PP-PRD ( IN in ) ( NP ( NN operation ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD seven ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) )

Ogden Projects which has interests in solid-waste recovery and hazardous-waste cleanup said it has 13 facilities in operation up from seven a year ago


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNP Ogden ) ( NNP Corp. ) ) ( SBAR ( WHNP-133 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS interests ) ) ( PP ( IN in ) ( NP ( NN building ) ( NN maintenance ) ( CC and ) ( NN management ) ) ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 27.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 67 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( RB twice ) ( DT the ) ( CD 13.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 34 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Meanwhile Ogden Corp. which also has interests in building maintenance and management reported third-quarter net income of 27.1 million or 67 cents a share more than twice the 13.5 million or 34 cents a share a year earlier


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 33 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 378.1 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 283.8 ) ( CD million ) ) ) ) ) )

Revenue rose 33 % to 378.1 million from 283.8 million


( S ( NP-SBJ ( NNP QVC ) ( NNP Network ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD completed ) ( NP ( NP ( PRP$ its ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP CVN ) ( NNP Cos. ) ) ) ) ( PP ( IN for ) ( NP ( QP ( RB about ) ( CD 423 ) ( CD million ) ) ) ) ) ) ) ) )

QVC Network Inc. said it completed its acquisition of CVN Cos. for about 423 million


( S ( NP-SBJ-1 ( NNP QVC ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( CD 19 ) ) ( CC and ) ( NP ( NN one-eighth ) ( NNP QVC ) ( NN share ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( NP ( NNP CVN ) ( POS 's ) ) ( QP ( CD 20 ) ( CD million ) ) ( RB fully ) ( JJ diluted ) ( NNS shares ) ) ) ) ) ) ) ) ) )

QVC agreed to pay 19 and one-eighth QVC share for each of CVN 's 20 million fully diluted shares


( S ( NP-SBJ ( DT The ) ( NN acquisition ) ) ( VP ( VBZ brings ) ( ADVP-CLR ( RB together ) ) ( NP ( NP ( DT the ) ( CD two ) ( JJS largest ) ( NNS competitors ) ) ( PP ( TO to ) ( NP ( NP ( NNP Home ) ( NNP Shopping ) ( NNP Network ) ( NNP Inc. ) ) ( SBAR ( WHNP-56 ( WDT which ) ) ( S ( ADVP-TMP ( RB now ) ) ( VP ( VBZ reaches ) ( NP ( NP ( JJR more ) ( NNS viewers ) ) ( PP ( IN than ) ( NP ( NP ( DT any ) ( JJ other ) ( NN company ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN video ) ( NN shopping ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ) )

The acquisition brings together the two largest competitors to Home Shopping Network Inc. which now reaches more viewers than any other company in the video shopping industry


( S ( PP-LOC ( IN Among ) ( NP ( PRP them ) ) ) ( NP-SBJ ( NP ( NNP Home ) ( NNP Shopping ) ) ( NP ( NNP QVC ) ) ( CC and ) ( NP ( NNP CVN ) ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP control ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT that ) ( ADJP ( JJ young ) ( CC and ) ( JJ fast-growing ) ) ( NN market ) ) ( SBAR ( WHNP-57 ( WDT which ) ) ( S ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD had ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 1.4 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) )

Among them Home Shopping QVC and CVN already control most of that young and fast-growing market which last year had sales of about 1.4 billion


( S ( NP-SBJ-1 ( NP ( NNP Joe ) ( NNP F. ) ( NNP Lynch ) ) ( NP ( NP ( DT the ) ( JJ 56-year-old ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ( PP ( IN of ) ( NP ( NNP First ) ( NNP Continental ) ( NNP Real ) ( NNP Estate ) ( NNP Investment ) ( NNP Trust ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ new ) ( NN post ) ) ( PP ( IN of ) ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN bank ) ( VBG holding ) ( NN company ) ) ) ) ) ) ) ) ) )

Joe F. Lynch the 56-year-old chairman and chief executive officer of First Continental Real Estate Investment Trust was named to the new post of vice chairman of this bank holding company


( S ( NP-SBJ-1 ( NP ( DT A ) ( VBG governing ) ( NN body ) ) ( PP ( IN of ) ( NP ( CC both ) ( NP ( DT the ) ( NNP Financial ) ( NNP Accounting ) ( NNP Standards ) ( NNP Board ) ) ( CC and ) ( NP ( DT the ) ( NNP Governmental ) ( NNP Accounting ) ( NNP Standards ) ( NNP Board ) ) ) ) ) ( VP ( VBD voted ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( NNP FASB ) ) ( NP ( NP ( NN jurisdiction ) ) ( PP ( IN over ) ( NP ( NP ( NN accounting ) ( NNS standards ) ) ( PP ( IN for ) ( NP ( JJ certain ) ( JJ government-owned ) ( NNS entities ) ) ) ) ) ) ) ) ) ) )

A governing body of both the Financial Accounting Standards Board and the Governmental Accounting Standards Board voted to give the FASB jurisdiction over accounting standards for certain government-owned entities


( S ( NP-SBJ ( DT The ) ( NNP Financial ) ( NNP Accounting ) ( NNP Foundation ) ) ( VP ( VBD voted ) ( ADVP-CLR ( RB 12-2 ) ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NNP FASB ) ( NN accounting ) ( NNS rules ) ) ( VP ( VBP supercede ) ( NP ( NNP GASB ) ( NNS rules ) ) ( PP ( IN in ) ( NP ( NP ( NN regard ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNS utilities ) ) ( NP ( NNS hospitals ) ) ( CC and ) ( NP ( NNS colleges ) ( CC and ) ( NNS universities ) ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN government ) ) ) ) ) ) ) ) ) ) ) ) )

The Financial Accounting Foundation voted 12-2 that FASB accounting rules supercede GASB rules in regard to utilities hospitals and colleges and universities owned by the government


( S ( NP-SBJ ( NNP GASB ) ( NNS rules ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP apply ) ( PP-CLR ( IN for ) ( NP ( JJ other ) ( NN government ) ( NNS units ) ) ) ) )

GASB rules still apply for other government units


( S ( SBAR-TMP ( IN After ) ( S ( NP-SBJ-1 ( DT the ) ( NNP GASB ) ) ( VP ( VBD was ) ( VP ( VBN founded ) ( PP-TMP ( PP ( IN in ) ( NP ( CD 1984 ) ) ) ( PP ( NP ( CD 11 ) ( NNS years ) ) ( IN after ) ( NP ( DT the ) ( NNP FASB ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( JJ government-owned ) ( NNS entities ) ) ( VP ( VBD were ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB follow ) ( NP ( NNP FASB ) ( NNS rules ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( DT the ) ( NNP GASB ) ) ( VP ( VBD superceded ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) )

After the GASB was founded in 1984 11 years after the FASB the government-owned entities were supposed to follow FASB rules unless the GASB superceded them