( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN message ) ) ( VP ( VBZ is ) ( SBAR-PRD ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP build ) ( NP ( PRP 'em ) ) ( ADVP-MNR ( RB right ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Peter ) ( NNP Bedford ) ) ( NP ( NP ( DT a ) ( NNP California ) ( NN developer ) ) ( CC and ) ( NP ( NP ( NN officer ) ) ( PP-LOC ( IN at ) ( NP ( NNP Urban ) ( NNP Land ) ( NNP Institute ) ) ) ) ) ) )

The message is we build 'em right says Peter Bedford a California developer and officer at Urban Land Institute


( S ( NP-SBJ ( EX There ) ) ( VP ( POS 's ) ( NP-PRD ( NP ( QP ( CD seven ) ( CD million ) ) ( JJ square ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( NN space ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG doing ) ( ADVP-MNR ( JJ great ) ) ) ) ) ) ) ) )

There 's seven million square feet of space that 's doing great


( S ( NP-TMP ( NP ( CD One ) ( NN day ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Delmed ) ( NNP Inc. ) ) ( VP ( VP ( VBD made ) ( NP ( JJ top ) ( NN management ) ( NNS changes ) ) ) ( CC and ) ( VP ( VBD disclosed ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ important ) ( NN business ) ( NN tie ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP$ its ) ( NN stock ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB trade ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD forecast ) ( NP ( NP ( DT a ) ( JJ significant ) ( NN drop ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ( PP ( IN in ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN core ) ( NN product ) ) ) ) ) ) ) ) )

One day after Delmed Inc. made top management changes and disclosed the end of an important business tie its stock did n't trade and the company forecast a significant drop next year in sales of its core product


( S-3 ( NP-SBJ ( DT That ) ( NN disclosure ) ) ( VP ( VBD came ) ( PRN ( S ( NP-SBJ ( DT a ) ( NNP Delmed ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD alerted ) ( NP ( DT the ) ( NN company ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN trading ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB resume ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN stock ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-2 ( NP ( JJ additional ) ( NN information ) ) ( PP ( IN about ) ( NP ( NNS developments ) ) ) ) ( VP ( VBD was ) ( VP ( VBN provided ) ) ) ) ) ) ) ) ) ) ) ) ) )

That disclosure came a Delmed spokeswoman said after the American Stock Exchange alerted the company that trading would n't resume in its stock until additional information about developments was provided


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN forecast ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG examining ) ( NP ( NP ( JJ potential ) ( NN cost ) ( NNS cuts ) ) ( CC and ) ( NP ( NP ( NNS reductions ) ) ( PP-LOC ( IN in ) ( NP ( NN overhead ) ) ) ) ) ) ) ) ) ) )

In addition to the forecast the company also said it is examining potential cost cuts and reductions in overhead


( S ( NP-SBJ ( DT The ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( MD would ) ( VP ( VB resume ) ( NP ( NP ( VBG trading ) ) ( PP ( IN of ) ( NP ( NNP Delmed ) ( NN stock ) ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) )

The spokeswoman said the exchange would resume trading of Delmed stock today


( S ( NP-SBJ ( NP ( NNP Delmed ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( CC and ) ( VBZ sells ) ( NP ( NP ( JJ peritoneal ) ( NN dialysis ) ( NNS products ) ) ( VP ( VBN used ) ( PP-LOC-CLR ( IN in ) ( S-NOM ( VP ( VBG treating ) ( NP ( NN kidney ) ( NN disease ) ) ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Tuesday ) ) ) ( VP ( VBD announced ) ( NP ( NP ( DT the ) ( NNS resignations ) ) ( PP ( PP ( IN of ) ( NP ( NP ( NNP Robert ) ( NNP S. ) ( NNP Ehrlich ) ) ( NP ( NP ( NN chairman ) ) ( NP ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( NN executive ) ( NN officer ) ) ) ) ) ( CC and ) ( PP ( IN of ) ( NP ( NP ( NNP Leslie ) ( NNP I. ) ( NNP Shapiro ) ) ( NP ( NP ( NN chief ) ( VBG operating ) ( NN officer ) ) ( CC and ) ( NP ( NN chief ) ( JJ financial ) ( NN officer ) ) ) ) ) ) ) ) )

Delmed which makes and sells peritoneal dialysis products used in treating kidney disease on Tuesday announced the resignations of Robert S. Ehrlich chairman president and chief executive officer and of Leslie I. Shapiro chief operating officer and chief financial officer


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBD were ) ( VP ( VBN succeeded ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS executives ) ) ( PP ( IN of ) ( NP ( NP ( NNP Fresenius ) ( NNP USA ) ( NNP Inc. ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN parent ) ) ( NP ( NNP Fresenius ) ( NNP AG ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( QP ( IN about ) ( CD 45 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Delmed ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They were succeeded by executives of Fresenius USA Inc. and its parent Fresenius AG which owns about 45 % of Delmed


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( DT the ) ( NAC-LOC ( NNP New ) ( NNP Brunswick ) ( NNP N.J. ) ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS negotiations ) ) ( PP ( IN about ) ( NP ( NP ( VBG pricing ) ) ( CC and ) ( NP ( NP ( NNS volumes ) ) ( PP ( IN of ) ( NP ( NN product ) ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN collapsed ) ( PP-1 ( IN between ) ( NP ( NP ( PRP it ) ) ( CC and ) ( NP ( NP ( NP ( PRP$ its ) ( JJ exclusive ) ( NN distributor ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( NP ( NNP National ) ( NNP Medical ) ( NNP Care ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) )

At the same time the New Brunswick N.J. company said negotiations about pricing and volumes of product had collapsed between it and its exclusive distributor in the U.S. National Medical Care Inc


( S ( PP-TMP ( VBG Following ) ( NP ( NP ( DT that ) ( NN announcement ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ-1 ( NN company ) ( NNS officials ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unavailable ) ( S ( VP ( TO to ) ( VP ( VB elaborate ) ) ) ) ) ) )

Following that announcement Tuesday however company officials were unavailable to elaborate


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( DT the ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NNP Delmed ) ( NNS products ) ) ) ( PP ( IN through ) ( NP ( NP ( DT the ) ( JJ exclusive ) ( NN arrangement ) ) ( PP ( IN with ) ( NP ( NNP National ) ( NNP Medical ) ) ) ) ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 87 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Delmed ) ( POS 's ) ) ( CD 1988 ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 21.1 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday the spokeswoman said sales of Delmed products through the exclusive arrangement with National Medical accounted for 87 % of Delmed 's 1988 sales of 21.1 million


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( JJ current ) ( NN distribution ) ( NN arrangement ) ) ( VP ( VBZ ends ) ( PP-TMP-CLR ( IN in ) ( NP ( NNP March ) ( CD 1990 ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NP ( DT some ) ( NNS supplies ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ peritoneal ) ( NN dialysis ) ( NNS products ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NNP National ) ( NNP Medical ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) )

The current distribution arrangement ends in March 1990 although Delmed said it will continue to provide some supplies of the peritoneal dialysis products to National Medical the spokeswoman said


( S ( S-TPC-1 ( ADVP ( RB Nonetheless ) ) ( NP-SBJ ( NNP Delmed ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ expects ) ( SBAR ( IN that ) ( S ( NP-SBJ ( CD 1990 ) ( NNS sales ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-PRD ( RB significantly ) ( IN below ) ( NP ( PRP$ their ) ( CD 1989 ) ( NN level ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) ) )

Nonetheless Delmed currently expects that 1990 sales will be significantly below their 1989 level the company said in a statement


( S ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Fresenius ) ( NNP USA ) ) ( VP ( MD would ) ( VP ( VB begin ) ( S ( VP ( VBG distributing ) ( NP ( DT the ) ( NN product ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG investigating ) ( NP ( JJ other ) ( JJ possible ) ( NN distribution ) ( NNS channels ) ) ) ) ) ) ) ) )

Delmed said yesterday that Fresenius USA would begin distributing the product and that the company is investigating other possible distribution channels


( S ( S-TPC-2 ( PP ( IN In ) ( NP ( DT any ) ( NN case ) ) ) ( NP-SBJ-1 ( NP ( NNS supplies ) ) ( PP ( TO to ) ( NP ( NNS patients ) ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN interrupted ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD added ) ) )

In any case supplies to patients wo n't be interrupted the company added


( S ( NP-SBJ ( NP ( NNP Fresenius ) ) ( NP ( DT a ) ( ADJP ( NNP West ) ( NNP German ) ) ( JJ pharmaceutical ) ( NN concern ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG discussing ) ( NP ( NP ( DT a ) ( NN transaction ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB buy ) ( NP ( NNP Delmed ) ( NN stock ) ) ( PP-CLR ( IN for ) ( NP ( NN cash ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB bring ) ( NP ( PRP$ its ) ( JJ beneficial ) ( NN ownership ) ) ( PP-DIR ( TO to ) ( NP ( QP ( IN between ) ( CD 70 ) ( NN % ) ( CC and ) ( CD 80 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fresenius a West German pharmaceutical concern has been discussing a transaction in which it would buy Delmed stock for cash to bring its beneficial ownership to between 70 % and 80 %


( S ( NP-SBJ ( DT The ) ( NN transaction ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB combine ) ( NP ( NP ( NNP Fresenius ) ( NNP USA ) ) ( CC and ) ( NP ( NNP Delmed ) ) ) ) ) )

The transaction also would combine Fresenius USA and Delmed


( S ( S-TPC-1 ( CC But ) ( NP-SBJ-3 ( DT the ) ( NN plan ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN reformulated ) ) ) ) ) ( NP-SBJ-4 ( NNP Delmed ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG declining ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ new ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN combination ) ) ) ) ) ) ) ) ) ) ) ) )

But the plan now is being reformulated Delmed said declining to provide most of the new terms of the combination


( SINV ( VP ( VBD Said ) ) ( NP-SBJ ( DT the ) ( NN spokeswoman ) ) ( S-1 ( NP-SBJ ( DT The ) ( JJ whole ) ( NN structure ) ) ( VP ( VBZ has ) ( VP ( VBN changed ) ) ) ) )

Said the spokeswoman The whole structure has changed


( S ( NP-SBJ ( NP ( DT The ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN changed ) ) ) )

The value of the company has changed


( S ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBD did ) ( VP ( VB say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN proposal ) ) ( ADVP ( RB still ) ) ( VP ( MD would ) ( VP ( VB infuse ) ( NP ( NN cash ) ) ( PP-CLR ( IN into ) ( NP ( NNP Delmed ) ) ) ( PRN ( CC but ) ( NP ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( QP ( CD 10 ) ( CD million ) ) ) ( VP ( ADVP-TMP ( RB originally ) ) ( VBN expected ) ) ) ) ) ) ) ) ) ) ) ) )

Delmed did say that the proposal still would infuse cash into Delmed but less than the 10 million originally expected


( S ( NP-SBJ ( NNP Delmed ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB receive ) ( NP ( NP ( DT the ) ( NNP North ) ( NNP American ) ( NNS rights ) ) ( PP ( TO to ) ( NP ( JJ certain ) ( NNP Fresenius ) ( NNP AG ) ( NNS products ) ) ) ) ) ) )

Delmed also would receive the North American rights to certain Fresenius AG products


( S-1 ( NP-SBJ ( NP ( DT Another ) ( NN option ) ) ( PP ( IN for ) ( NP ( NNP Delmed ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Ogden ) ) ( NP ( NNP Utah ) ) ) ) ) ) ) ) ) ) )

Another option for Delmed the company said is that it could sell its plant in Ogden Utah


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT no ) ( NNS discussions ) ) ( PP ( IN about ) ( NP ( PDT such ) ( DT a ) ( NN sale ) ) ) ) ( VP ( VBP are ) ( PP-PRD ( IN under ) ( NP ( NN way ) ) ) ) ) ) ) )

It added that no discussions about such a sale are under way


( SINV ( PP-LOC-CLR-TPC-1 ( IN In ) ( NP ( NP ( DT a ) ( NN corner ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ cavernous ) ( JJ new ) ( NNP Nippon ) ( NNP Convention ) ( NNP Center ) ) ) ) ) ( VP ( VBZ sits ) ) ( NP-SBJ ( NP ( NNP Mazda ) ( NNP Motor ) ( NNP Corp. ) ( POS 's ) ) ( JJ advanced-technology ) ( NN display ) ) )

In a corner of the cavernous new Nippon Convention Center sits Mazda Motor Corp. 's advanced-technology display


( NP ( NP ( DT The ) ( NN highlight ) ) ( NP ( DT a ) ( NN fragrance ) ( NN control ) ( NN system ) ) )

The highlight a fragrance control system


( S ( PP-MNR ( IN With ) ( NP ( NP ( DT the ) ( NN touch ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN button ) ) ) ) ) ( NP-SBJ ( NNS drivers ) ) ( VP ( MD can ) ( VP ( VB choose ) ( PP-CLR ( IN from ) ( NP ( NN lavender ) ( NN jasmine ) ( NN mint ) ( CC or ) ( NN perfume ) ( NNS scents ) ) ) ( S-ADV ( NP-SBJ-1 ( DT all ) ) ( VP ( VBN blown ) ( ADVP-DIR ( IN in ) ) ( PP ( IN through ) ( NP ( NP ( DT the ) ( NN car ) ( POS 's ) ) ( NN air-conditioning ) ( NN system ) ) ) ) ) ) ) )

With the touch of a button drivers can choose from lavender jasmine mint or perfume scents all blown in through the car 's air-conditioning system


( S ( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ soft ) ( VBG wafting ) ( NNS aromas ) ) ( VP ( MD will ) ( VP ( VB improve ) ( NP ( NN ride ) ( NN comfort ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN display ) ) ( VP ( VBZ attests ) ) ) ( CC and ) ( S ( NP-SBJ ( DT a ) ( JJ proud ) ( NN employee ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( NNP Mazda ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB move ) ( NP ( DT the ) ( NN system ) ) ( PP-DIR ( PP ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN lab ) ) ) ) ( CC and ) ( PP ( IN into ) ( NP ( PRP$ its ) ( NNS cars ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( NN year ) ( QP ( CC or ) ( CD two ) ) ) ) ) ) ) ) ) ) ) ) )

The soft wafting aromas will improve ride comfort the display attests and a proud employee says Mazda hopes to move the system out of the lab and into its cars in a year or two


( S ( VP ( VB Welcome ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ 28th ) ( NNP Tokyo ) ( NNP Motor ) ( NNP Show ) ) ) ) )

Welcome to the 28th Tokyo Motor Show


( S ( ADVP-LOC ( RB Here ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB find ) ( NP ( NP ( NP ( NNP Mitsubishi ) ( NNPS Motors ) ( NNP Corp. ) ) ( VP ( VBG displaying ) ( NP ( NP ( DT a ) ( JJ live ) ( NN fish ) ( NN transporter ) ) ( NP ( NP ( DT a ) ( NN truck ) ) ( ADJP ( JJ akin ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( NN aquarium ) ) ( PP ( IN on ) ( NP ( NNS wheels ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Nissan ) ( NNP Motor ) ( NNP Co. ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ its ) ( JJ keyless ) ( NNP Boga ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS doors ) ) ( S ( VP ( VBP unlock ) ( PP-TMP ( IN upon ) ( S-NOM ( VP ( VBG recognizing ) ( NP ( NP ( DT the ) ( NN owner ) ( POS 's ) ) ( NNS fingerprints ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Here you can find Mitsubishi Motors Corp. displaying a live fish transporter a truck akin to an aquarium on wheels and Nissan Motor Co. with its keyless Boga whose doors unlock upon recognizing the owner 's fingerprints


( S ( NP-SBJ ( NP ( NNP Suzuki ) ( NNP Motor ) ( NNP Co. ) ( POS 's ) ) ( NNP Escudome ) ( NN sport ) ( NN vehicle ) ) ( VP ( VP ( VBZ features ) ( NP ( DT a ) ( JJ pop-out ) ( JJ rear ) ( NN tent ) ) ) ( CC and ) ( VP ( VBZ invites ) ( NP-1 ( NNS drivers ) ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADVP-CLR ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN nature ) ) ) ) ) ) ) ) ) )

Suzuki Motor Co. 's Escudome sport vehicle features a pop-out rear tent and invites drivers to go back to the nature


( S ( CC But ) ( NP-SBJ ( NP ( DT this ) ( JJ biennial ) ( NN event ) ) ( NP ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJS largest ) ( NN display ) ) ( PP ( IN of ) ( NP ( NNS cars ) ( CC and ) ( NNS trucks ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( PRP$ its ) ( JJ serious ) ( NN side ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( JJ first ) ( JJ major ) ( NNS exhibitions ) ) ( PP ( IN of ) ( NP ( NP ( JJ future ) ( NNS engines ) ) ( CC and ) ( NP ( NN vehicle-suspension ) ( NNS systems ) ) ) ) ) ) ) ) )

But this biennial event the world 's largest display of cars and trucks has its serious side including the first major exhibitions of future engines and vehicle-suspension systems


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT the ) ( JJ prime ) ( NN showcase ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN country ) ) ( SBAR ( WHNP-1 ( WHNP ( WP$ whose ) ( NN world ) ( NN dominance ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ) ( S ( VP ( VBZ is ) ( VP ( ADVP ( RB increasingly ) ) ( VBN acknowledged ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SINV ( ADVP-LOC-CLR-TPC-2 ( RB therein ) ) ( VP ( VBZ lies ) ) ( NP-SBJ ( DT the ) ( NN draw ) ) ) )

It 's also the prime showcase for a country whose world dominance in the industry is increasingly acknowledged and therein lies the draw


( S ( S ( NP-SBJ ( NP ( RB Even ) ( DT the ) ( JJS biggest ) ( NN auto ) ( NNS shows ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( ADJP ( RB largely ) ( JJ regional ) ) ( NNS affairs ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NNP Tokyo ) ( NN show ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ international ) ) ) ) )

Even the biggest auto shows in the U.S. are largely regional affairs but the Tokyo show is international


( S ( NP-SBJ ( NP ( RB Virtually ) ( DT every ) ( JJ automotive ) ( NN analyst ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( VP ( VBD showed ) ( PRT ( IN up ) ) ) )

Virtually every automotive analyst in New York showed up


( S ( NP-SBJ-1 ( JJ Detroit-to-Tokyo ) ( NNS flights ) ) ( VP ( VBD were ) ( VP ( VBN booked ) ( ADVP-CLR ( RB solid ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-2 ( NP ( NNP Motor ) ( NNP City ) ( NNS executives ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Co. ) ( NNP Chairman ) ( NNP Donald ) ( NNP E. ) ( NNP Petersen ) ) ( CC and ) ( NP ( NNP Chrysler ) ( NNP Corp. ) ( NNP Vice ) ( NNP Chairman ) ( NNP Gerald ) ( NNP Greenwald ) ) ) ) ) ( VP ( VBD flocked ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ) ) ) )

Detroit-to-Tokyo flights were booked solid this week as Motor City executives including Ford Motor Co. Chairman Donald E. Petersen and Chrysler Corp. Vice Chairman Gerald Greenwald flocked to see the future


( S ( NP-SBJ-1 ( RB Even ) ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBD came ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN in ) ( NP ( CD 24 ) ( NNS years ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB show ) ( PRT ( RP off ) ) ( NP ( NP ( PRP$ its ) ( NNP Lada ) ( NNP Niva ) ( NN sedan ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ futuristic ) ( JJ dark-blue ) ( NNP Kompakt ) ( NN model ) ) ) ) ) ) ) )

Even the Soviet Union came for the first time in 24 years to show off its Lada Niva sedan and its futuristic dark-blue Kompakt model


( SINV ( ADVP-LOC-PRD-TPC-3 ( RB Here ) ) ( VP ( VBZ 's ) ) ( NP-SBJ ( NP ( DT a ) ( JJ firsthand ) ( NN look ) ) ( PP ( IN at ) ( SBAR-NOM ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( JJ Japanese ) ( NNS hosts ) ) ( VP ( VBD sported ) ) ) ) ( CC and ) ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( JJ foreign ) ( NNS visitors ) ) ( VP ( VBD saw ) ) ) ) ) ) ) )

Here 's a firsthand look at what the Japanese hosts sported and what the foreign visitors saw


( NP-HLN ( NNP New ) ( NNP Technology ) )

New Technology


( S ( NP-SBJ ( DT The ) ( JJS hottest ) ( NNS displays ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS items ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP insulate ) ( NP ( NNS passengers ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS bumps ) ) ( NP ( NNS potholes ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS rigors ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN road ) ) ) ) ) ) ) ) ) ) ) )

The hottest displays were items that insulate passengers from bumps potholes and other rigors of the road


( S ( NP-SBJ ( DT These ) ( JJ active ) ( NN suspension ) ( NNS systems ) ) ( VP ( VP ( ADVP-MNR ( RB electronically ) ) ( VBP sense ) ( NP ( NN road ) ( NNS conditions ) ) ) ( CC and ) ( VP ( VBP adjust ) ( NP ( NP ( DT a ) ( NN car ) ( POS 's ) ) ( NN ride ) ) ) ) )

These active suspension systems electronically sense road conditions and adjust a car 's ride


( S ( S ( NP-SBJ-1 ( VBG Existing ) ( NN suspension ) ( NNS systems ) ) ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB absorb ) ( NP ( NNS bounces ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ active ) ( NN suspension ) ) ( VP ( VBZ provides ) ( NP ( NN power ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB counter ) ( NP ( DT the ) ( NNS jolts ) ) ) ) ) ) ) )

Existing suspension systems try to absorb bounces but active suspension provides power to counter the jolts


( S ( NP-SBJ ( NNP Nissan ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ 34-page ) ( NN tract ) ) ) ( VP ( VP ( ADVP-MNR ( RB modestly ) ) ( VBZ compares ) ( NP ( PRP$ its ) ( JJ hydraulic ) ( JJ active ) ( NN suspension ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN cheetah ) ) ) ) ( CC and ) ( VP ( VBZ equates ) ( NP ( DT the ) ( JJ various ) ( NNS parts ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN animal ) ( POS 's ) ) ( NX ( NX ( NN heart ) ) ( NX ( NN brain ) ) ( NX ( NNS nerves ) ) ( CC and ) ( NX ( NN blood ) ( NNS vessels ) ) ) ) ) ) ) )

Nissan in a 34-page tract modestly compares its hydraulic active suspension to a cheetah and equates the various parts to the animal 's heart brain nerves and blood vessels


( S ( NP-SBJ ( NNP Toyota ) ( NNP Motor ) ( NNP Corp. ) ) ( ADVP-MNR ( RB grandly ) ) ( VP ( VBD touted ) ( NP ( PRP$ its ) ( NN system ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN car ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ splits ) ( PP-CLR ( IN in ) ( NP ( DT half ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB reveal ) ( NP ( NP ( DT the ) ( NN suspension ) ( POS 's ) ) ( JJ inner ) ( NNS workings ) ) ) ) ) ) ) ) ) ) ) )

Toyota Motor Corp. grandly touted its system in a car that splits in half to reveal the suspension 's inner workings


( S ( S ( NP-SBJ ( NNP Nissan ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB introduce ) ( NP ( PRP$ its ) ( JJ first ) ( NN system ) ) ( NP-TMP ( JJ next ) ( NN month ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Infiniti ) ( NNP Q45 ) ( NN luxury ) ( NN sedan ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Toyota ) ( POS 's ) ) ( NNP Celica ) ( NN coupe ) ) ( VP ( MD will ) ( VP ( VB go ) ( PP-CLR ( IN on ) ( NP ( NN sale ) ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN suspension ) ( NN device ) ) ) ( NP-TMP ( IN next ) ( NN spring ) ) ) ) ) )

Nissan says it will introduce its first system next month on the Infiniti Q45 luxury sedan and Toyota 's Celica coupe will go on sale with the suspension device next spring


( S ( S ( CC But ) ( NP-SBJ ( NP ( NNS drivers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( VP ( MD must ) ( VP ( VB wait ) ) ) ) ( S ( NP-SBJ ( DT The ) ( NNP Japanese ) ) ( PP-TMP ( IN for ) ( ADVP ( RB now ) ) ) ( VP ( VBP are ) ( VP ( VBG keeping ) ( NP ( JJ active ) ( NN suspension ) ) ( PP-CLR ( IN for ) ( NP ( JJ domestic ) ( NN use ) ) ) ( ADVP ( RB only ) ) ) ) ) )

But drivers in the U.S. must wait The Japanese for now are keeping active suspension for domestic use only


( S ( CC And ) ( NP-SBJ ( NP ( NNP Detroit ) ( POS 's ) ) ( NNP Big ) ( CD Three ) ( NN auto ) ( NNS makers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP$ their ) ( NNS systems ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( PP-PRD ( IN under ) ( NP ( NN development ) ) ) ) ) ) ) )

And Detroit 's Big Three auto makers say their systems are still under development


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN engine ) ( NN department ) ) ) ( NP-SBJ ( JJ several ) ( NNS companies ) ) ( VP ( VBD displayed ) ( NP ( NP ( JJ experimental ) ( NNS models ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( PP-TMP ( IN within ) ( NP ( DT a ) ( NN decade ) ) ) ( VP ( VP ( MD could ) ( VP ( VB provide ) ( NP ( NP ( NN power ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NNS engines ) ) ) ) ) ) ) ( CC and ) ( RB yet ) ( VP ( VB take ) ( PRT ( RP up ) ) ( NP ( QP ( RB only ) ( PDT half ) ) ( DT the ) ( NN space ) ) ( S-ADV ( VP ( VBG allowing ) ( PP-CLR ( IN for ) ( NP ( JJR shorter ) ( NNS hoods ) ) ) ) ) ) ) ) ) ) ) )

In the engine department several companies displayed experimental models that within a decade could provide power equal to today 's engines and yet take up only half the space allowing for shorter hoods


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( JJ so-called ) ( JJ two-stroke ) ( NNS engines ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( ADJP ( RB sharply ) ( JJR higher ) ) ( NN gas ) ( NN mileage ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT each ) ( NN piston ) ) ( VP ( VBZ goes ) ( ADVP-DIR ( IN up ) ( CC and ) ( IN down ) ) ( ADVP-TMP ( RB only ) ( RB once ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NN power ) ) ) ) ) ) )

In the so-called two-stroke engines which are expected to get sharply higher gas mileage each piston goes up and down only once to provide power


( S ( PP ( IN By ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS pistons ) ) ( PP-LOC ( IN in ) ( NP ( JJ conventional ) ( JJ four-stroke ) ( NNS engines ) ) ) ) ( VP ( MD must ) ( VP ( VB move ) ( ADVP-DIR ( IN up ) ( CC and ) ( IN down ) ) ( ADVP-TMP ( RB twice ) ) ( PP-LOC ( IN in ) ( NP ( DT each ) ( NN power ) ( NN cycle ) ) ) ) ) )

By contrast the pistons in conventional four-stroke engines must move up and down twice in each power cycle


( S ( NP-SBJ ( NP ( DT The ) ( JJ two-stroke ) ( NN engine ) ( NNS displays ) ) ( PP ( IN by ) ( NP ( NP ( NNP Toyota ) ) ( CC and ) ( NP ( NP ( NNP Fuji ) ( NNP Heavy ) ( NNPS Industries ) ) ( NP ( NP ( DT the ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NNP Subaru ) ( NNS cars ) ) ) ) ) ) ) ) ( VP ( VBD drew ) ( NP ( NP ( RB plenty ) ) ( PP ( IN of ) ( NP ( NN interest ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP U.S. ) ( NN auto ) ( NNS executives ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( VP ( VBG rushing ) ( S ( VP ( TO to ) ( VP ( VB develop ) ( NP ( JJ two-stroke ) ( NNS engines ) ) ) ) ) ) ) ) ) ) ) ) )

The two-stroke engine displays by Toyota and Fuji Heavy Industries the maker of Subaru cars drew plenty of interest from U.S. auto executives who are rushing to develop two-stroke engines


( S ( NP-SBJ ( NNP Honda ) ( NNP Motor ) ( NNP Co. ) ) ( VP ( VBZ shows ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ conventional ) ) ( JJ five-cylinder ) ( NN engine ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ new ) ( NNP Accord ) ( NNP Inspire ) ( NN model ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD made ) ( NP ( PRP$ its ) ( NN debut ) ) ( NP-TMP ( RB just ) ( DT this ) ( NN month ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ( ADVP ( RB only ) ) ) ) ) ) ) ) )

Honda Motor Co. shows a more conventional five-cylinder engine in the new Accord Inspire model which made its debut just this month in Japan only


( S ( NP-SBJ ( NNP Honda ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ five-cylinder ) ( NN engine ) ) ( VP ( VBZ provides ) ( NP ( NP ( DT a ) ( NN compromise ) ) ( PP ( IN between ) ( NP ( NP ( NP ( DT the ) ( NN fuel-economy ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ four-cylinder ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN power ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN V-6 ) ) ) ) ) ) ) ) ) ) ) )

Honda says the five-cylinder engine provides a compromise between the fuel-economy of a four-cylinder and the power of a V-6


( S ( S ( NP-SBJ-2 ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBN rumored ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN bound ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ new ) ( NN model ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN luxury ) ( NNP Acura ) ( NN line ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Honda ) ( NNS officials ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB comment ) ) ) ) )

It is rumored to be bound for a new model in the luxury Acura line in the U.S. but Honda officials would n't comment


( NP-HLN ( NP ( NNP Odd ) ( NNPS Cars ) ) ( NP ( NNP Funny ) ( NNPS Names ) ) )

Odd Cars Funny Names


( S ( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN plenty ) ) ( PP ( IN of ) ( NP ( NN whimsy ) ) ) ) ( ADVP-LOC ( RB here ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN whether ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ intentional ) ) ) ) ) ) ) )

There 's plenty of whimsy here but it is n't always clear whether it 's intentional


( S ( NP-SBJ ( NP ( DT The ) ( NN show ) ( POS 's ) ) ( NN symbol ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT a ) ( NN woman ) ) ( VP ( VBG riding ) ( PP-LOC-CLR ( IN on ) ( NP ( DT a ) ( NN snail ) ) ) ) ) ( PRN ( RB not ) ( NP ( NP ( PRP$ your ) ( JJ usual ) ( NN metaphor ) ) ( PP ( IN for ) ( NP ( NN speed ) ( CC and ) ( NN agility ) ) ) ) ) ) ) )

The show 's symbol is a woman riding on a snail not your usual metaphor for speed and agility


( S ( S ( CC But ) ( NP-SBJ ( DT the ) ( NNS sponsors ) ) ( VP ( VBP have ) ( NP ( DT an ) ( NN explanation ) ) ) ) ( S-1 ( PP-MNR ( IN Through ) ( NP ( NP ( DT the ) ( NN character ) ) ( VP ( VBN associated ) ( PP ( IN with ) ( NP ( DT a ) ( NN snail ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ-2 ( NP ( JJ important ) ( NNS values ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NP ( NN harmony ) ) ( PP ( IN with ) ( NP ( NN nature ) ) ) ) ( CC and ) ( NP ( NP ( NNS aspirations ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN sought ) ) ) ) )

But the sponsors have an explanation Through the character associated with a snail they say important values such as harmony with nature and aspirations for the future are sought


( S ( S ( NP-SBJ-1 ( JJ Japanese ) ( NN auto ) ( NNS makers ) ) ( VP ( VBP are ) ( VP ( VBN known ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG coming ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( JJ funny ) ( NNS names ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-TMP ( DT this ) ( NN year ) ) ( NP-SBJ-2 ( DT the ) ( NN practice ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN reached ) ( NP ( DT a ) ( JJ new ) ( JJ high ) ( CC or ) ( JJ low ) ) ) ) ) ) ) ) )

Japanese auto makers are known for coming up with funny names but this year the practice seems to have reached a new high or low


( S ( NP-SBJ ( NNP Honda ) ) ( VP ( VBZ has ) ( NP ( NP ( NP ( DT a ) ( JJ tiny ) ( NN motorcycle ) ) ( VP ( VBN called ) ( S ( NP-PRD ( DT the ) ( NNP Monkey ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( RB slightly ) ( JJR larger ) ) ( NN cousin ) ) ( NP ( DT the ) ( NNP Gorilla ) ) ) ) ) )

Honda has a tiny motorcycle called the Monkey and a slightly larger cousin the Gorilla


( S ( NP-SBJ ( NNP Mitsubishi ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ futuristic ) ( NN delivery ) ( NN truck ) ) ( VP ( VBN called ) ( S ( NP-PRD ( DT the ) ( NNP Guppy ) ) ) ) ) ) )

Mitsubishi has a futuristic delivery truck called the Guppy


( S ( NP-SBJ ( NNP Mazda ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NNP Bongo ) ( NN truck ) ) ( CC and ) ( PRN ( PP-LOC ( IN under ) ( NP ( PRP$ its ) ( NNP Autozam ) ( NN nameplate ) ) ) ) ( NP ( NP ( DT a ) ( NN microvan ) ) ( VP ( VBN called ) ( S ( NP-PRD ( DT the ) ( NNP Scrum ) ) ) ) ) ) ) )

Mazda has the Bongo truck and under its Autozam nameplate a microvan called the Scrum


( S ( NP-SBJ-1 ( PRP$ Its ) ( JJ buglike ) ( NNP Carol ) ( NN minicar ) ) ( VP ( VBZ is ) ( VP ( VBN designed ) ( PP-MNR ( IN with ) ( NP ( NN softness ) ( NN gentleness ) ( CC and ) ( NN warmheartedness ) ) ) ) ) )

Its buglike Carol minicar is designed with softness gentleness and warmheartedness


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( NN court ) ( NN jester ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJS smallest ) ( NN car ) ( NN maker ) ) ( NP ( NNP Daihatsu ) ( NNP Motor ) ( NNP Co ) ) ) ) ) ) ) )

But the court jester appears to be Japan 's smallest car maker Daihatsu Motor Co


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ futuristic ) ( NNS concepts ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ bubblelike ) ( NNP Sneaker ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBZ seats ) ( NP ( QP ( RB just ) ( CD one ) ) ( NN person ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN front ) ) ) ) ( CC and ) ( VP ( MD could ) ( VP ( VB hold ) ( NP ( DT a ) ( NX ( NX ( JJ small ) ( NN child ) ) ( CC and ) ( NX ( NX ( NN bag ) ) ( PP ( IN of ) ( NP ( NNS groceries ) ) ) ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN rear ) ) ) ) ) ) ) ) ) ) )

One of its futuristic concepts is the bubblelike Sneaker which seats just one person in front and could hold a small child and bag of groceries in the rear


( S ( NP-SBJ ( NNP Daihatsu ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NNP Fellow ) ( CD 90 ) ) ( NP ( DT the ) ( NNP Leeza ) ( NNP Spider ) ) ( CC and ) ( NP ( DT the ) ( NNP Hijet ) ( NNP Dumbo ) ) ) ) )

Daihatsu also has the Fellow 90 the Leeza Spider and the Hijet Dumbo


( S ( NP-SBJ ( DT The ) ( NNS jokes ) ) ( VP ( VBP are ) ( RB n't ) ( ADVP ( RB just ) ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NNP Japanese ) ) ) ( ADVP ( RB though ) ) ) )

The jokes are n't just on the Japanese though


( S ( NP-SBJ ( NP ( NNP Regie ) ( NNP Nationale ) ( NNP des ) ( NNP Usines ) ( NNP Renault ) ) ( NP ( DT the ) ( JJ French ) ( NN auto ) ( NN maker ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN concept ) ( NN car ) ) ( VP ( VBN called ) ( S ( NP-PRD ( DT the ) ( NNP Megane ) ) ) ) ) ) )

Regie Nationale des Usines Renault the French auto maker has a concept car called the Megane


( S ( S ( NP-SBJ-1 ( DT The ) ( NN name ) ) ( VP ( VBZ is ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB connote ) ( NP ( JJ feminine ) ( NN grandeur ) ) ) ) ) ) ) ) ( CC but ) ( S ( PP ( IN in ) ( NP ( NNP Japanese ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ means ) ( NP ( NNS eyeglasses ) ) ) ) )

The name is supposed to connote feminine grandeur but in Japanese it means eyeglasses


( NP-HLN ( NNP Foreign ) ( NNP Presence ) )

Foreign Presence


( S ( NP-SBJ ( JJ Foreign ) ( NN auto ) ( NNS makers ) ) ( VP ( VBP are ) ( VP ( VBG taking ) ( NP ( DT the ) ( NNP Tokyo ) ( NNP Motor ) ( NNP Show ) ) ( ADVP-MNR ( ADVP ( RBR more ) ( RB seriously ) ) ( PP ( IN than ) ( ADVP-TMP ( RB ever ) ) ) ) ) ) )

Foreign auto makers are taking the Tokyo Motor Show more seriously than ever


( S ( NP-SBJ ( NNP AB ) ( NNP Volvo ) ) ( VP ( VBZ invites ) ( NP-3 ( NNS passers-by ) ) ( S ( VP ( TO to ) ( VP ( VB play ) ( NP ( NP ( DT the ) ( NN role ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN test ) ( NN dummy ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG hopping ) ( PP-DIR ( IN in ) ( NP ( NP ( DT a ) ( NN car ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ simulates ) ( NP ( DT a ) ( NN crash ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB show ) ( SBAR ( WHADVP-2 ( RB just ) ( WRB how ) ) ( S ( NP-SBJ ( PRP$ its ) ( NN seat-belt ) ( NN tightener ) ) ( VP ( VBZ works ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

AB Volvo invites passers-by to play the role of the test dummy by hopping in a car that simulates a crash to show just how its seat-belt tightener works


( S ( NP-SBJ ( NP ( NNP Hyundai ) ( NNP Motor ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP South ) ( NNP Korea ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( PRP$ its ) ( JJ first-ever ) ( NN exhibit ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ) )

Hyundai Motor Co. of South Korea has its first-ever exhibit in Tokyo


( S ( S ( NP-SBJ ( NNP General ) ( NNPS Motors ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( VP ( VBG sponsoring ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( JJ independent ) ( NN display ) ) ( PP-TMP ( IN in ) ( NP ( CD 10 ) ( NNS years ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ includes ) ( NP ( NP ( DT a ) ( JJ boxy ) ( NNP Buick ) ( NN station ) ( NN wagon ) ) ( PP ( IN with ) ( NP ( JJ wood-grain ) ( NN side ) ( NNS panels ) ) ) ) ) ) )

General Motors Corp. is sponsoring its first independent display in 10 years and it includes a boxy Buick station wagon with wood-grain side panels


( S ( NP-SBJ ( NNP Ford ) ( CC and ) ( NNP Chrysler ) ) ( ADVP ( RB also ) ) ( VP ( VBP have ) ( NP ( NNS exhibits ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( PRP theirs ) ) ( VP ( VBP are ) ( VP ( VBN tucked ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ separate ) ( NN room ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ less-popular ) ( JJ automotive ) ( NNS parts ) ( NN section ) ) ) ) ) ) ) ) ) ) )

Ford and Chrysler also have exhibits although theirs are tucked in a separate room with the less-popular automotive parts section


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN got ) ( S ( VP ( TO to ) ( VP ( VP ( VB get ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Detroit ) ( NN mentality ) ) ) ) ) ( CC and ) ( VP ( VB be ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN world ) ( NN mentality ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ declares ) ) ( NP-SBJ-3 ( NP ( NNP Charles ) ( NNP M. ) ( NNP Jordan ) ) ( NP ( NP ( NP ( NNP GM ) ( POS 's ) ) ( NN vice ) ( NN president ) ) ( PP ( IN for ) ( NP ( NN design ) ) ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG explaining ) ( NP ( NP ( PRP$ his ) ( NN pilgrimage ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Tokyo ) ( NNP Show ) ) ) ) ) ) ) )

We 've got to get out of the Detroit mentality and be part of the world mentality declares Charles M. Jordan GM 's vice president for design in explaining his pilgrimage to the Tokyo Show


( S ( ADVP ( RB Even ) ( RB so ) ) ( NP-SBJ-1 ( JJ traditional ) ( JJ American ) ( NN cockiness ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( ADVP ( RB terribly ) ) ( VBN endangered ) ) ) )

Even so traditional American cockiness is n't terribly endangered


( S ( NP-SBJ ( NNP Ford ) ( NNS officials ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBN crowed ) ( PP-CLR ( IN about ) ( NP ( PRP$ their ) ( JJ first-ever ) ( NNP Tokyo ) ( NNP Grand ) ( NNP Prix ) ( VBG racing ) ( NN victory ) ) ) ) )

Ford officials for example crowed about their first-ever Tokyo Grand Prix racing victory


( S ( ADVP ( JJ True ) ) ( NP-SBJ-1 ( NNP Ford ) ) ( VP ( VBD was ) ( VP ( VBN declared ) ( S ( NP-PRD ( DT the ) ( NN winner ) ) ) ( NP-TMP ( NNP Sunday ) ) ( CC but ) ( SBAR-TMP ( RB only ) ( IN after ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NNP Honda ) ( NN driver ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBD crossed ) ( NP ( DT the ) ( NN finish ) ( NN line ) ) ( ADVP-TMP ( RB first ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN disqualified ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD hit ) ( NP ( DT another ) ( NN car ) ) ) ( CC and ) ( VP ( VBD skid ) ( ADVP-TMP ( RB momentarily ) ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NNS bounds ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

True Ford was declared the winner Sunday but only after the Honda driver who crossed the finish line first was disqualified because it hit another car and skid momentarily out of bounds


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Jordan ) ) ( PP ( IN of ) ( NP ( NNP GM ) ) ) ) ( ADVP-TMP ( RB meanwhile ) ) ( ADVP ( RB still ) ) ( VP ( VBZ criticizes ) ( NP ( JJ Japanese ) ( NN styling ) ) ) )

Mr. Jordan of GM meanwhile still criticizes Japanese styling


( S-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ hard ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Japanese ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( S-1 ( VP ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT a ) ( NN feeling ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT a ) ( NN car ) ) ) ) ) ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT a ) ( NN passion ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT a ) ( NN car ) ) ) ) ) ( VP ( TO to ) ( VP ( VB get ) ( NP ( NN emotion ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT a ) ( NN car ) ) ) ) ) ) ) ) )

It 's hard for the Japanese he says to get a feeling in a car to get a passion in a car to get emotion in a car


( S ( PP ( IN For ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ explosive ) ( NN run-up ) ) ( PP ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Renaissance ) ( NNP Investment ) ( NNP Management ) ( NNP Inc. ) ( POS 's ) ) ( NN computer ) ) ( VP ( VBD sat ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NNS sidelines ) ) ) ) )

For all of this year 's explosive run-up in stock prices Renaissance Investment Management Inc. 's computer sat on the sidelines


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( NN fence ) ) ) ) )

Now it 's on the fence


( S ( NP-SBJ-2 ( NP ( NNP Renaissance ) ) ( NP ( DT a ) ( JJ Cincinnati-based ) ( NN money ) ( NN manager ) ) ) ( VP ( VBD began ) ( S ( VP ( VBG buying ) ( NP ( NNS stocks ) ) ( ADVP ( RB again ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP ( IN with ) ( NP ( NP ( DT half ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( QP ( CD 1.8 ) ( CD billion ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ oversees ) ( PP ( IN for ) ( NP ( NNS clients ) ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( VBN revised ) ( NN strategy ) ) ) ) ) ) ) ) )

Renaissance a Cincinnati-based money manager began buying stocks again this week with half of the 1.8 billion that it oversees for clients according to people familiar with the firm 's revised strategy


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-TMP-PRD ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN since ) ( NP ( NNP January ) ) ) ( SBAR ( WHADVP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP Renaissance ) ) ( VP ( VBZ has ) ( VP ( VBN thought ) ( SBAR ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ worth ) ( S ( VP ( NN owning ) ) ) ) ) ) ) ) ) ) ) ) ) )

It was the first time since January that Renaissance has thought stocks are worth owning


( S ( S ( NP-SBJ-1 ( NNP Renaissance ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB confirm ) ( NP ( DT the ) ( NN move ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( PRP$ its ) ( NN stock ) ( NNS purchases ) ) ( VP ( VBD were ) ( VP ( VBN thought ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN begun ) ( NP-TMP-CLR ( NNP Tuesday ) ) ) ) ) ) ( S-ADV ( VP ( VBD timed ) ( S ( VP ( TO to ) ( VP ( VB coincide ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN maturity ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP ( IN of ) ( NP ( NP ( NNP Treasury ) ( NNS bills ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN firm ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Renaissance declined to confirm the move but its stock purchases were thought to have begun Tuesday timed to coincide with the maturity this week of Treasury bills owned by the firm


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ other ) ( NN half ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN portfolio ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( VBN invested ) ( PP-LOC ( IN in ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( NN time ) ) ( VP ( VBG being ) ) ) ) ) ) ) ) ) )

The other half of its portfolio is expected to remain invested in Treasury bills for the time being


( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NNS executives ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD believed ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( NP ( NNP Renaissance ) ( POS 's ) ) ( ADJP ( QP ( CD 900 ) ( CD million ) ) ) ( NN buy ) ( NN program ) ) ( VP ( VBD was ) ( VP ( VBN carried ) ( PRT ( RP out ) ) ( PP ( IN by ) ( NP-LGS ( NNP PaineWebber ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) )

Wall Street executives said they believed that Renaissance 's 900 million buy program was carried out by PaineWebber Inc


( S ( SBAR-ADV ( IN As ) ( S ( VP ( VBN reported ) ) ) ) ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBD bought ) ( NP ( NNS shares ) ) ( NP-TMP ( NNP Tuesday ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN customer ) ( NN strategy ) ( NN shift ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN broker ) ( POS 's ) ) ( NN client ) ) ( VP ( VBD was ) ( VP ( VBD said ) ( ADVP-TMP ( RB then ) ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( NP-PRD ( NNP Japanese ) ) ) ) ) ) ) ) ) ) ) )

As reported PaineWebber bought shares Tuesday as part of a customer strategy shift although the broker 's client was said then to have been Japanese


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBD declined ) ( NP ( NN comment ) ) ) )

Yesterday PaineWebber declined comment


( S ( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ owns ) ( NP ( NNS stocks ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNP Renaissance ) ( POS 's ) ) ( NN portfolio ) ) ( ADVP ( RB typically ) ) ( VP ( VBZ is ) ( VP ( VBN composed ) ( PP-CLR ( IN of ) ( NP ( QP ( IN about ) ( CD 60 ) ) ( NN large-capitalization ) ( NNS issues ) ) ) ) ) ) ( S ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( NP ( NN buy ) ( CC or ) ( NN sell ) ( NNS moves ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN firm ) ) ( VP ( VBZ solicits ) ( NP ( NNP Wall ) ( NNP Street ) ( NN brokerage ) ( NNS houses ) ) ( PP-TMP ( NP-ADV ( DT a ) ( NN day ) ( QP ( CC or ) ( RB so ) ) ) ( IN in ) ( NP ( NN advance ) ) ) ( S-ADV ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJS best ) ( NN package ) ( NN price ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB carry ) ( PRT ( RP out ) ) ( NP ( DT the ) ( NNS trades ) ) ) ) ) ) ) ) ) )

When it owns stocks Renaissance 's portfolio typically is composed of about 60 large-capitalization issues to make buy or sell moves the firm solicits Wall Street brokerage houses a day or so in advance looking for the best package price to carry out the trades


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN broker ) ) ( VP ( VBG winning ) ( NP ( DT the ) ( NN business ) ) ) ) ( VP ( VP ( VBZ does ) ( RB n't ) ( VP ( VB charge ) ( NP ( NNS commissions ) ) ) ) ( CC but ) ( VP ( ADVP ( RB instead ) ) ( VBZ profits ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG buying ) ( CC or ) ( VBG selling ) ( PP-CLR ( IN for ) ( NP ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ overall ) ( NN package ) ( NN price ) ) ) ) ) ) ) ) ) ) )

The broker winning the business does n't charge commissions but instead profits by buying or selling for less than the overall package price


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ puts ) ( NP ( DT the ) ( NN broker ) ) ( PP-PUT ( IN at ) ( NP ( NN risk ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN stock ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( VBG rising ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )

That puts the broker at risk if it 's trying to buy stock in a rising market


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( VBG gyrating ) ( NN session ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VP ( VBD fell ) ( PP-EXT ( IN by ) ( NP ( CD 80 ) ( NNS points ) ) ) ( ADVP-TMP ( RB early ) ( PP ( IN in ) ( NP ( DT the ) ( NN day ) ) ) ) ) ( CC but ) ( VP ( VBD finished ) ( PP ( IN with ) ( NP ( NP ( RBR less ) ) ( PP ( IN than ) ( NP ( DT a ) ( JJ four-point ) ( NN loss ) ) ) ) ) ) ) )

In Tuesday 's gyrating session the Dow Jones Industrial Average fell by 80 points early in the day but finished with less than a four-point loss


( S ( NP-SBJ ( NP ( NP ( NNP Renaissance ) ( POS 's ) ) ( JJ last ) ( NN portfolio ) ( NN shift ) ) ( VP ( VBD carried ) ( PRT ( RP out ) ) ( PP ( IN by ) ( NP-LGS ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB highly ) ( VBN publicized ) ) ( NN decision ) ) ( NP-TMP ( JJ last ) ( NNP January ) ) ( S-1 ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( PRP$ its ) ( JJ entire ) ( NN stock ) ( NN portfolio ) ) ) ( CC and ) ( VP ( VB buy ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ) ) ) ) ) )

Renaissance 's last portfolio shift carried out by Goldman Sachs & Co. was a highly publicized decision last January to sell its entire stock portfolio and buy Treasury bills


( S ( NP-SBJ ( NP ( DT The ) ( NN sell ) ( NN signal ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD sent ) ( NP ( DT a ) ( JJ bearish ) ( NN chill ) ) ( PP-DIR ( IN through ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ( VP ( VBD came ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NNP Renaissance ) ( POS 's ) ) ( NN computer ) ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NNS stocks ) ) ( VP ( VBD were ) ( VP ( VBN overpriced ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NNS bonds ) ) ( CC and ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ) ) ) ) ) ) ) ) ) ) )

The sell signal which sent a bearish chill through the stock market came when Renaissance 's computer found that stocks were overpriced compared with bonds and Treasury bills


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( NN time ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD stood ) ( PP-CLR ( IN at ) ( NP ( QP ( IN about ) ( CD 2200 ) ) ) ) ) )

At the time the Dow Jones Industrial Average stood at about 2200


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NN average ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ stands ) ( ADVP-CLR ( NP ( QP ( RBR more ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ( JJR higher ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NP ( NNP Renaissance ) ( POS 's ) ) ( NN portfolio ) ) ( PP ( IN of ) ( NP ( NNPS Treasurys ) ) ) ) ( VP ( VBD produced ) ( NP ( NP ( DT a ) ( NN return ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 6 ) ) ( NN % ) ) ) ) ( PP-TMP ( IN through ) ( NP ( NP ( DT the ) ( JJ first ) ( CD three ) ( NNS quarters ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) )

The Dow average now stands more than 20 % higher while Renaissance 's portfolio of Treasurys produced a return of about 6 % through the first three quarters of the year


( S ( NP-SBJ ( NP ( DT The ) ( NN computer ) ( POS 's ) ) ( NN miscalculation ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ painful ) ) ( PP ( IN for ) ( NP ( NNP Renaissance ) ) ) ) ) )

The computer 's miscalculation has been painful for Renaissance


( S ( NP-SBJ ( NP ( RB Almost ) ( DT any ) ( NN money ) ( NN manager ) ) ( VP ( VBG holding ) ( NP ( NNS stocks ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( PRT ( RP in ) ) ( NP ( JJR better ) ( NNS results ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Renaissance ) ) ( VP ( VBZ has ) ( VP ( VBN played ) ( NP-CLR ( PRP it ) ) ( ADVP-CLR ( JJ safe ) ) ( PP-MNR ( IN with ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ) ) ) ) ) ) )

Almost any money manager holding stocks has turned in better results while Renaissance has played it safe with Treasury bills


( SBARQ ( RB So ) ( WHADVP-3 ( WRB why ) ) ( SQ ( VBZ does ) ( NP-SBJ ( NP ( NNP Renaissance ) ( POS 's ) ) ( NN computer ) ) ( VP ( IN like ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Dow ) ) ( PP-LOC ( IN at ) ( NP ( NP ( CD 2653.28 ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Dow ) ) ( PP-LOC ( IN at ) ( NP ( CD 2200 ) ) ) ) ) ) ) ) ) ) ) )

So why does Renaissance 's computer like stocks with the Dow at 2653.28 where it closed yesterday when it did n't with the Dow at 2200


( S ( S-TPC-1 ( PP ( IN With ) ( NP ( NP ( NP ( DT the ) ( NN decline ) ) ( PP ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ( CC and ) ( NP ( VBD continued ) ( ADJP ( JJ low ) ( CC or ) ( JJ stable ) ) ( NN interest ) ( NNS rates ) ) ) ) ( NP-SBJ ( NNS stocks ) ) ( VP ( VBP are ) ( VP ( VBG representing ) ( NP ( DT a ) ( JJR better ) ( NN value ) ) ( NP-TMP ( PDT all ) ( DT the ) ( NN time ) ) ) ) ) ( NP-SBJ ( NNP Renaissance ) ( NNP President ) ( NNP Frank ) ( NNP W. ) ( NNP Terrizzi ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ) )

With the decline in stock prices and continued low or stable interest rates stocks are representing a better value all the time Renaissance President Frank W. Terrizzi said yesterday


( S ( NP-SBJ ( JJ Three-month ) ( NNP T-bill ) ( NNS yields ) ) ( VP ( VBP have ) ( VP ( VBN fallen ) ( PP-DIR ( TO to ) ( NP ( CD 7.8 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( IN about ) ( CD 9 ) ) ( NN % ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) )

Three-month T-bill yields have fallen to 7.8 % from about 9 % at the start of the year


( S ( NP-SBJ ( NN Stock ) ( NNS prices ) ) ( ADVP-TMP ( RB meanwhile ) ) ( VP ( VBP are ) ( ADVP-PRD ( ADVP ( NP ( QP ( IN about ) ( CD 140 ) ) ( NNS points ) ) ( JJR lower ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN peak ) ) ( PP ( IN of ) ( NP ( CD 2791.41 ) ) ) ( VP ( VBD reached ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Dow ) ( JJ industrial ) ( NN average ) ) ) ( NP-TMP ( NNP Oct. ) ( CD 9 ) ) ) ) ) ) ) )

Stock prices meanwhile are about 140 points lower than the peak of 2791.41 reached on the Dow industrial average Oct. 9


( SQ ( VBP Are ) ( NP-SBJ ( DT those ) ( NNS declines ) ) ( ADJP-PRD ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB signal ) ( NP ( NP ( DT a ) ( JJ partial ) ( NN return ) ) ( PP ( TO to ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) )

Are those declines enough to signal a partial return to stocks


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Terrizzi ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB say ) ( ADVP-MNR ( RB specifically ) ) ( S-ADV ( VP ( VBG explaining ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( JJ such ) ( DT a ) ( NN move ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB take ) ( NP ( QP ( IN about ) ( CD three ) ) ( NNS days ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB complete ) ( NP ( NP ( DT the ) ( JJ loose ) ( NNS ends ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Terrizzi wo n't say specifically explaining that if there was such a move it would take about three days to complete the loose ends of the transaction


( S ( PP-TMP ( IN During ) ( NP ( DT that ) ( NN time ) ) ) ( NP-SBJ-3 ( NP ( DT a ) ( NN buyer ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN clout ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP Renaissance ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB end ) ( PRT ( RP up ) ) ( S ( VP ( VBG driving ) ( PRT ( RP up ) ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( NNS stocks ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD tipped ) ( NP ( PRP$ its ) ( NN hand ) ) ) ) ) ) ) ) ) )

During that time a buyer with the clout of a Renaissance could end up driving up the price of stocks it was trying to buy if it tipped its hand


( S ( S ( CC But ) ( NP-SBJ ( NN everything ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ relative ) ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Terrizzi ) ) ) ) ) ( ADVP ( IN so ) ) ( S ( NP-SBJ ( NNS stocks ) ) ( PP ( IN in ) ( NP ( PRP$ his ) ( NN view ) ) ) ( VP ( MD can ) ( VP ( VB become ) ( ADJP-PRD ( RBR more ) ( JJ attractive ) ) ( PP ( IN in ) ( NP ( NP ( NN comparison ) ) ( PP ( IN with ) ( NP ( NNS bonds ) ( CC or ) ( NNS T-bills ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( NNS shares ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ expensive ) ) ( PP ( IN than ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN sold ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But everything is relative to Mr. Terrizzi so stocks in his view can become more attractive in comparison with bonds or T-bills even if shares are more expensive than when they were sold in January


( S ( S-TPC-1 ( NP-SBJ ( PRP$ Our ) ( NN computer ) ( NN model ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ certain ) ( NN trigger ) ( NN point ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Our computer model has a certain trigger point he said


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN computer ) ) ( VP ( VBZ says ) ( S ( VP ( VB switch ) ) ) ) ) ) ( NP-SBJ ( NNP Renaissance ) ) ( VP ( VBZ switches ) ) )

When the computer says switch Renaissance switches


( S ( NP-SBJ ( DT The ) ( NN firm ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( NP ( CD 17 ) ( JJ previous ) ( NNS shifts ) ) ( PP ( IN from ) ( NP ( NP ( CD one ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN asset ) ) ) ) ) ( PP ( TO to ) ( NP ( DT another ) ) ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ its ) ( JJ 10-year ) ( NN history ) ) ) ) ) )

The firm has made 17 previous shifts from one type of asset to another in its 10-year history


( S ( NP-SBJ ( RB Almost ) ( DT all ) ) ( VP ( VBP have ) ( VP ( VBN involved ) ( NP ( QP ( IN at ) ( JJS least ) ( NN half ) ) ( CC and ) ( RB often ) ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( JJ entire ) ( NN portfolio ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NN computer ) ) ( VP ( VBZ searches ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( ADJP ( RBS most ) ( VBN undervalued ) ) ( NN investment ) ( NN category ) ) ) ( S-ADV ( VP ( VBG following ) ( NP ( NP ( DT a ) ( JJ money-management ) ( NN style ) ) ( VP ( VBN called ) ( S ( NP-PRD ( JJ tactical ) ( NN asset ) ( NN allocation ) ) ) ) ) ) ) ) ) ) ) ) )

Almost all have involved at least half and often the firm 's entire portfolio as the computer searches for the most undervalued investment category following a money-management style called tactical asset allocation


( S ( S ( NP-SBJ ( VBG Competing ) ( JJ asset-allocation ) ( NNS firms ) ) ( VP ( VBP march ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( JJ own ) ( NN computer ) ( NNS models ) ) ) ) ) ( ADVP ( IN so ) ) ( S ( NP-SBJ ( DT some ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( ADVP ( RB partly ) ( CC or ) ( RB fully ) ) ( VBN invested ) ( PP ( IN in ) ( NP ( NNS stocks ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Renaissance ) ) ( VP ( VBZ has ) ( VP ( VBN sat ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NNS sidelines ) ) ) ) ) ) ) ) ) ) )

Competing asset-allocation firms march to their own computer models so some have been partly or fully invested in stocks this year while Renaissance has sat on the sidelines


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NNS competitors ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNP Renaissance ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( DT any ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VP ( VB return ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( VP ( NN risk ) ( S ( VP ( VBG losing ) ( NP ( NN business ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( RB fully ) ( VBN invested ) ( PP ( IN in ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

As a result competitors say Renaissance has been looking for any opportunity to return to the stock market rather than risk losing business by continuing to remain fully invested in Treasury bills


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Terrizzi ) ) ( VP ( VBZ confirms ) ( SBAR ( S ( NP-SBJ ( NP ( DT some ) ( NNS clients ) ) ) ( VP ( VBP have ) ( VP ( VBN left ) ( NP ( NNP Renaissance ) ) ( PP-1 ( CC but ) ( NP ( DT no ) ( JJ major ) ( NNS ones ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBZ has ) ( VP ( VBN added ) ( NP ( JJ new ) ( NNS accounts ) ) ) ) ) )

Mr. Terrizzi confirms some clients have left Renaissance but no major ones and the firm has added new accounts


( S ( NP-SBJ ( NNP Cineplex ) ( NNP Odeon ) ( NNP Corp. ) ( NNS directors ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN chairman ) ( CC and ) ( NN chief ) ( NN executive ) ) ( NP ( NNP Garth ) ( NNP Drabinsky ) ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( S ( VP ( VBG bidding ) ( NP ( NP ( QP ( CD 780.6 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 666 ) ( CD million ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) )

Cineplex Odeon Corp. directors said the company 's chairman and chief executive Garth Drabinsky is considering bidding 780.6 million Canadian dollars 666 million to acquire the company


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Drabinsky ) ) ( CC and ) ( NP ( NNP Vice ) ( NNP Chairman ) ( NNP Myron ) ( NNP Gottlieb ) ) ) ( VP ( VBP are ) ( VP ( VBG negotiating ) ( NP ( NN financing ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG offering ) ( NP ( NP ( CD 16.40 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Cineplex ) ( POS 's ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The board said Mr. Drabinsky and Vice Chairman Myron Gottlieb are negotiating financing before offering 16.40 a share to acquire all of Cineplex 's shares outstanding


( S ( NP-SBJ ( DT The ) ( NNS directors ) ) ( VP ( VBD added ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS executives ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN reached ) ( NP ( DT a ) ( JJ final ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB proceed ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-1 ( DT an ) ( NN offer ) ) ( VP ( VBZ is ) ( VP ( VBN made ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN board ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( VBG seeking ) ( NP ( JJR higher ) ( NNS offers ) ) ( PP-CLR ( IN from ) ( NP ( JJ other ) ( NNS bidders ) ) ) ) ) ) ) ) ) ) ) )

The directors added that the two executives have n't reached a final decision to proceed with a bid and that until an offer is made the board will continue seeking higher offers from other bidders


( S ( NP-SBJ ( DT The ) ( NNS directors ) ) ( VP ( VBD said ) ( SBAR ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP Messrs. ) ( NNP Drabinsky ) ( CC and ) ( NNP Gottlieb ) ) ( VP ( VBP mail ) ( NP ( DT an ) ( NN offer ) ) ( PP-DTV ( TO to ) ( NP ( NNS shareholders ) ) ) ( PP-TMP ( IN by ) ( NP ( NNP Nov. ) ( CD 22 ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB reimburse ) ( NP ( PRP them ) ) ( NP ( NP ( DT a ) ( NN maximum ) ) ( PP ( IN of ) ( NP ( QP ( CD 8.5 ) ( CD million ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NNS expenses ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) )

The directors said if Messrs. Drabinsky and Gottlieb mail an offer to shareholders by Nov. 22 it will reimburse them a maximum of 8.5 million for expenses related to a bid


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP consider ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ his ) ( NN bid ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( JJ acceptable ) ( NN bid ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Sandra ) ( NNP Kolber ) ) ( NP ( NP ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ independent ) ( NNS directors ) ( POS ' ) ) ( NN committee ) ) ) ( VP ( VBN appointed ) ( NP-TMP ( JJ last ) ( NNP May ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB solicit ) ( CC and ) ( VB review ) ( NP ( NNS bids ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN dispute ) ) ( PP ( IN between ) ( NP ( NP ( NNP Mr. ) ( NNP Drabinsky ) ) ( CC and ) ( NP ( NP ( NP ( NNP Cineplex ) ( POS 's ) ) ( JJ major ) ( NN shareholder ) ) ( NP ( NNP MCA ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We consider that his bid is an acceptable bid said Sandra Kolber spokeswoman for the independent directors ' committee appointed last May to solicit and review bids for the company in the wake of a dispute between Mr. Drabinsky and Cineplex 's major shareholder MCA Inc


( S ( NP-SBJ-2 ( NP ( NNP MCA ) ) ( CC and ) ( NP ( NP ( NP ( NNP Cineplex ) ( POS 's ) ) ( JJ other ) ( JJ major ) ( NN shareholder ) ) ( NP ( NP ( JJ Montreal-based ) ( NN financier ) ( NNP Charles ) ( NNP Bronfman ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS associates ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB tender ) ( NP ( PRP$ their ) ( NNS holdings ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT an ) ( NN offer ) ) ( PP ( IN by ) ( NP ( NNP Mr. ) ( NNP Drabinsky ) ) ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ-1 ( DT a ) ( JJR higher ) ( NN offer ) ) ( VP ( VBZ is ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( DT another ) ( NN bidder ) ) ) ) ) ) ) ) ) ) ) ) )

MCA and Cineplex 's other major shareholder Montreal-based financier Charles Bronfman and his associates have agreed to tender their holdings to an offer by Mr. Drabinsky unless a higher offer is made by another bidder


( S ( NP-SBJ ( NNP MCA ) ) ( VP ( VBZ holds ) ( NP ( NP ( NP ( DT half ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cineplex ) ( POS 's ) ) ( NN equity ) ) ) ) ( CC and ) ( NP ( NP ( CD 33 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN voting ) ( NNS rights ) ) ) ) ) ( PP-MNR ( IN through ) ( NP ( VBN restricted ) ( NN voting ) ( NNS shares ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Bronfman ) ( NNS interests ) ) ( VP ( VBP hold ) ( NP ( NP ( QP ( IN about ) ( CD 24 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN equity ) ) ) ) ) ) ) ) )

MCA holds half of Cineplex 's equity and 33 % of its voting rights through restricted voting shares while Bronfman interests hold about 24 % of the company 's equity


( S ( NP-SBJ ( NNP Ms. ) ( NNP Kolber ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN committee ) ) ( VP ( VBD had ) ( VP ( VBN received ) ( NP ( JJ other ) ( NNS bids ) ) ) ) ) ) ) )

Ms. Kolber said the committee had received other bids


( S ( NP-SBJ-1 ( PRP She ) ) ( VP ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB identify ) ( NP ( JJ other ) ( NNS bidders ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Drabinsky ) ( POS 's ) ) ( NN offer ) ) ( VP ( VBZ is ) ( NP-PRD ( DT all ) ( NN cash ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) )

She declined to identify other bidders but said Mr. Drabinsky 's offer is all cash and it 's for all of the company


( S ( NP-SBJ ( JJ Several ) ( NNP Cineplex ) ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( VBN speculated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ outside ) ( NNS bids ) ) ( VP ( VBN received ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN committee ) ) ) ) ) ( VP ( VBD were ) ( UCP-PRD ( RB either ) ( ADJP ( RB disappointingly ) ( JJ low ) ) ( CC or ) ( PP ( IN for ) ( NP ( NP ( JJ only ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) )

Several Cineplex analysts have speculated that outside bids received by the committee were either disappointingly low or for only part of the company


( SINV ( S-TPC-4 ( NP-SBJ ( NP ( PDT All ) ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ has ) ( ADVP ( RB really ) ) ( VP ( VBN established ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( NNP MCA ) ) ( CC and ) ( NP ( DT the ) ( NNP Bronfmans ) ) ) ( VP ( VBP have ) ( VP ( VBN agreed ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN price ) ) ( SBAR ( WHPP-3 ( IN at ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN bought ) ( PRT ( RP out ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jeffery ) ( NNP Logsdon ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NP ( NNP Crowell ) ( NNP Weedon ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) ) )

All this has really established is that MCA and the Bronfmans have agreed on a price at which they can be bought out said Jeffery Logsdon an analyst with Crowell Weedon in Los Angeles


( S ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT a ) ( NN bid ) ) ( VP ( VBZ materializes ) ( PP ( IN at ) ( NP ( DT that ) ( NN price ) ) ) ) ) ) ( NP-SBJ ( NNS shareholders ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( DT every ) ( NN reason ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ glad ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( NN question ) ) ( PP ( IN of ) ( NP ( NN financing ) ) ) ) ( ADVP ( RB still ) ) ( VP ( VBZ remains ) ) ) )

If a bid materializes at that price shareholders will have every reason to be glad but the question of financing still remains


( S ( NP-TMP ( JJ Last ) ( NNP April ) ) ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Drabinsky ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( JJ financial ) ( NNS backers ) ) ) ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 30.2 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Cineplex ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 17.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NNP Bronfman ) ( NNS associates ) ) ) ) ) ) ) )

Last April Mr. Drabinsky and a group of financial backers planned to acquire up to 30.2 % of Cineplex for 17.50 a share from Bronfman associates


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Drabinsky ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN had ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB vote ) ( NP ( DT those ) ( NNS shares ) ) ( PP-TMP ( IN for ) ( NP ( CD two ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN purchase ) ) ( VP ( ADVP ( RB subsequently ) ) ( VBN rejected ) ( PP ( IN by ) ( NP-LGS ( NNS regulators ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG consolidating ) ( NP ( NP ( PRP$ his ) ( NN control ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Drabinsky who would have had the right to vote those shares for two years said the purchase subsequently rejected by regulators was aimed at consolidating his control of the company


( S ( NP-SBJ ( NNP MCA ) ) ( ADVP-MNR ( RB strongly ) ) ( VP ( VBD opposed ) ( NP ( NP ( DT the ) ( NNP Drabinsky ) ( NN group ) ( POS 's ) ) ( NN move ) ) ) )

MCA strongly opposed the Drabinsky group 's move


( S ( NP-SBJ ( DT The ) ( NNS directors ) ) ( VP ( VP ( VBD did ) ( RB n't ) ( VP ( VB indicate ) ( NP ( NP ( DT the ) ( NN source ) ) ( PP ( IN of ) ( NP ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( NP ( NNP Mr. ) ( NNP Drabinsky ) ( POS 's ) ) ( JJ new ) ( NN proposal ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NP ( NNP MCA ) ) ( CC and ) ( NP ( DT the ) ( NNP Bronfman ) ( NNS associates ) ) ) ( VP ( VBD agreed ) ( PP-MNR ( IN in ) ( NP ( NN principle ) ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB buy ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 57 ) ( CD million ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( VB lease ) ( ADVP ( RB back ) ) ( PP-DTV ( TO to ) ( NP ( NNP Cineplex ) ) ) ) ( NP-1 ( NP ( PRP$ its ) ( JJ 18-screen ) ( NN theater ) ( NN complex ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Universal ) ( NNP City ) ) ( NP ( NNP Calif. ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Drabinsky ) ) ( VP ( VBZ succeeds ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN offer ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The directors did n't indicate the source of financing for Mr. Drabinsky 's new proposal but said MCA and the Bronfman associates agreed in principle to buy for 57 million and then lease back to Cineplex its 18-screen theater complex in Universal City Calif. if Mr. Drabinsky succeeds in an offer


( S ( S-TPC-2 ( NP-SBJ-1 ( DT This ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN done ) ( UCP-PRP ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN suggestion ) ) ( PP ( IN of ) ( NP ( NNP Mr. ) ( NNP Drabinsky ) ) ) ) ) ( CC and ) ( S ( VP ( TO to ) ( VP ( VB accommodate ) ( NP ( PRP him ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB facilitate ) ( NP ( PRP$ his ) ( VBG financing ) ( NNS arrangements ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Kolber ) ) ( VP ( VBD said ) ) )

This is being done at the suggestion of Mr. Drabinsky and to accommodate him to facilitate his financing arrangements Ms. Kolber said


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NNS directors ) ) ( VP ( VBD said ) ( SBAR ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( DT a ) ( NN bid ) ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Drabinsky ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ successful ) ) ) ) ) ( NP-SBJ ( NNP Cineplex ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNP Rank ) ( NNP Organisation ) ( NNP PLC ) ) ( VP ( TO to ) ( VP ( VP ( VB acquire ) ( NP ( NP ( DT the ) ( CD 51 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cineplex ) ( POS 's ) ) ( NNP Film ) ( NNP House ) ( NN unit ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB own ) ) ) ) ) ) ) ( CC and ) ( VP ( VB provide ) ( NP ( NNP Mr. ) ( NNP Drabinsky ) ) ( PP-CLR ( IN with ) ( NP ( JJ additional ) ( NN loan ) ( NN financing ) ) ) ) ) ) ) ) ) ) ) )

In addition the directors said if a bid by Mr. Drabinsky is successful Cineplex expects Rank Organisation PLC to acquire the 51 % of Cineplex 's Film House unit it does n't own and provide Mr. Drabinsky with additional loan financing


( S ( NP-SBJ-1 ( NP ( NNP Michael ) ( NNP Gifford ) ) ( NP ( NP ( NNP Rank ) ( POS 's ) ) ( NN chief ) ( NN executive ) ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ British ) ( NN theater ) ( NN chain ) ( POS 's ) ) ( JJ total ) ( NN involvement ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB exceed ) ( NP ( QP ( CD 100 ) ( CD million ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( NP ( DT a ) ( NN breakdown ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NN loan ) ( NN financing ) ) ( CC and ) ( NP ( DT the ) ( VBN proposed ) ( NNP Film ) ( NNP House ) ( NN purchase ) ) ) ) ) ) ) ) ) ) )

Michael Gifford Rank 's chief executive said the British theater chain 's total involvement would n't exceed 100 million but declined to give a breakdown between the loan financing and the proposed Film House purchase


( S ( NP-SBJ ( NNP Cineplex ) ( NNS shareholders ) ) ( VP ( VBD responded ) ( ADVP-MNR ( RB coolly ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN announcement ) ) ) ) )

Cineplex shareholders responded coolly to yesterday 's announcement


( S ( PP-LOC ( IN In ) ( NP ( NP ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( NNP Cineplex ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 11 ) ) ) ( ADVP ( RB down ) ( NP ( CD 25 ) ( NNS cents ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( QP ( JJR more ) ( IN than ) ( DT a ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBG changing ) ( NP ( NNS hands ) ) ) ) ) ) )

In trading on the New York Stock Exchange Cineplex closed at 11 down 25 cents with more than a million shares changing hands


( S ( PP-LOC ( IN On ) ( NP ( DT the ) ( NNP Toronto ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-SBJ ( NNP Cineplex ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 12.875 ) ) ) ( ADVP ( RB off ) ( NP ( CD 37.5 ) ( JJ Canadian ) ( NNS cents ) ) ) ( PP ( RB well ) ( IN below ) ( NP ( DT the ) ( ADJP ( CD 16.40 ) ) ( NN level ) ) ) ) )

On the Toronto Stock Exchange Cineplex closed at 12.875 off 37.5 Canadian cents well below the 16.40 level


( SINV ( SBARQ-TPC-2 ( WHADVP-1 ( WRB Where ) ) ( SQ ( VBZ 's ) ( NP-SBJ ( DT the ) ( NN bid ) ) ) ) ( VP ( VBD asked ) ) ( NP-SBJ ( NP ( NNP Pierre ) ( NNP Panet-Raymond ) ) ( NP ( NP ( DT an ) ( NN analyst ) ( CC and ) ( NN broker ) ) ( PP ( IN with ) ( NP ( NNP Toronto ) ( NNS securities ) ( NN dealer ) ( NNP McDermid ) ( NNP St. ) ( NNP Lawrence ) ( NNP Ltd ) ) ) ) ) )

Where 's the bid asked Pierre Panet-Raymond an analyst and broker with Toronto securities dealer McDermid St. Lawrence Ltd


( S ( NP-SBJ ( NNP Mr. ) ( NNP Panet-Raymond ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( NNP Messrs. ) ( NNP Drabinsky ) ( CC and ) ( NNP Gottlieb ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB anywhere ) ( JJ close ) ( PP ( TO to ) ( S-NOM ( VP ( VBG arranging ) ( NP ( NN financing ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB need ) ( NP ( DT a ) ( JJ solid ) ( NN offer ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( DT the ) ( NN stock ) ) ( VP ( VBZ begins ) ( S ( VP ( TO to ) ( VP ( VB rise ) ( ADVP ( RB again ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Panet-Raymond said he does n't think Messrs. Drabinsky and Gottlieb are anywhere close to arranging financing and that investors will need a solid offer before the stock begins to rise again


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Drabinsky ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

Mr. Drabinsky could n't be reached for comment


( S ( NP-SBJ-1 ( JJ Troubled ) ( NNP SCI ) ( NNP Television ) ( NNP Inc. ) ) ( VP ( VBD proposed ) ( S ( VP ( TO to ) ( VP ( VB restructure ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( QP ( CD 1.3 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN debt ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( NNS assets ) ) ) ( CC and ) ( VP ( VB pay ) ( NP ( PRP$ its ) ( NNS obligations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Troubled SCI Television Inc. proposed to restructure much of its 1.3 billion in debt to buy time to sell assets and pay its obligations


( S ( NP-SBJ ( NP ( DT The ) ( JJ leveraged ) ( JJ buy-out ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NP ( NNP Kohlberg ) ( NNP Kravis ) ( NNP Roberts ) ( CC & ) ( NNP Co. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( CD 46 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ common ) ( NN equity ) ) ( PP ( IN of ) ( NP ( NNP SCI ) ( NNP TV ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD indicated ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN debt ) ( NN plan ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB reduce ) ( NP ( PRP$ its ) ( NN equity ) ( NN stake ) ) ( PP-CLR ( TO to ) ( NP ( CD 15 ) ( NN % ) ) ) ( S-ADV ( VP ( VBG giving ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN stake ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNS bondholders ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN restructuring ) ) ) ) ) ) ) ) ) ) ) ) )

The leveraged buy-out firm of Kohlberg Kravis Roberts & Co. which owns 46 % of the common equity of SCI TV indicated in the debt plan that it would reduce its equity stake to 15 % giving the rest of its stake to bondholders in the restructuring


( S ( NP-SBJ ( NNP KKR ) ) ( ADVP ( RB also ) ) ( VP ( VBD signaled ) ( PP-DTV ( TO to ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS creditors ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Henry ) ( NNP Kravis ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNP KKR ) ( NNS directors ) ) ( PP ( IN of ) ( NP ( NNP SCI ) ( NNP TV ) ) ) ) ) ( VP ( MD would ) ( VP ( VP ( VB resign ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN board ) ) ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ-1 ( DT the ) ( NN restructuring ) ) ( VP ( VBZ is ) ( VP ( VBN completed ) ) ) ) ) ) ( CC and ) ( VP ( VB forgo ) ( NP ( PRP$ their ) ( NN voting ) ( NNS rights ) ) ) ) ) ) ) ) )

KKR also signaled to the company 's creditors that Henry Kravis and other KKR directors of SCI TV would resign from the board once the restructuring is completed and forgo their voting rights


( S ( NP-SBJ-1 ( NP ( NNS Holders ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP SCI ) ( NNP TV ) ( POS 's ) ) ( QP ( CD 507 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ high-yield ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBD asked ) ( S ( VP ( TO to ) ( VP ( VB forgive ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN exchange ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG taking ) ( NP ( NP ( DT a ) ( ADJP ( CD 39 ) ( NN % ) ) ( NN equity ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP SCI ) ( NNP TV ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Holders of SCI TV 's 507 million of high-yield junk bonds are being asked to forgive a lot of debt in exchange for taking a 39 % equity stake in SCI TV


( S ( NP-SBJ ( PRP They ) ) ( VP ( VP ( ADVP-TMP ( RB immediately ) ) ( VBD termed ) ( S ( NP-SBJ ( DT the ) ( NN proposal ) ) ( ADJP-PRD ( JJ inadequate ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( VBG restructuring ) ) ( VP ( MD would ) ( RB not ) ( VP ( VB solve ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS problems ) ) ) ) ) ) ) ) )

They immediately termed the proposal inadequate and said the restructuring would not solve the company 's problems


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ current ) ( NN plan ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB sufficiently ) ( VBN flawed ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( JJ sufficient ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS bondholders ) ( POS ' ) ) ( NNS eyes ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ substantial ) ( NNS revisions ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN required ) ( S-PRP ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBN done ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NN analyst ) ( NNP Craig ) ( NNP Davis ) ) ( PP ( IN of ) ( NP ( NP ( NNP R.D. ) ( NNP Smith ) ( CC & ) ( NNP Co. ) ) ( ADVP-LOC ( RB here ) ) ) ) ) )

I think the current plan is sufficiently flawed in a sufficient number of bondholders ' eyes that substantial revisions will be required to get it done says analyst Craig Davis of R.D. Smith & Co. here


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBD interpreted ) ( NP ( DT the ) ( NNP KKR ) ( NN move ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN desire ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN firm ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB wash ) ( NP ( PRP$ its ) ( NNS hands ) ) ( PP-CLR ( IN of ) ( NP ( NNP SCI ) ( NNP TV ) ) ) ) ) ) ) ) ) )

Investors interpreted the KKR move as a desire by the firm to wash its hands of SCI TV


( S ( CC But ) ( NP-SBJ ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP KKR ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( PP ( IN with ) ( NP ( RB only ) ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN equity ) ( NN stake ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ appropriate ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( NNP KKR ) ) ( VP ( TO to ) ( VP ( VB keep ) ( NP ( NN board ) ( NN representation ) ) ) ) ) ) ) ) ) ) ) )

But a spokesman for KKR says that with only a 15 % equity stake it would n't be appropriate for KKR to keep board representation


( S ( S ( NP-SBJ ( NNP KKR ) ) ( ADVP ( RB already ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( NP ( QP ( IN about ) ( CD 1 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS gains ) ) ( PP ( IN from ) ( NP ( NP ( JJR earlier ) ( NNS transactions ) ) ( PP ( IN with ) ( NP ( NNP SCI ) ( NNP TV ) ) ) ) ) ) ) ) ) ) ) ( S ( ADVP ( RB thus ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB significantly ) ( VBN affected ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS troubles ) ) ) ) ) ) )

KKR already has made about 1 billion of gains from earlier transactions with SCI TV thus it is n't significantly affected by the company 's troubles


( S ( NP-SBJ ( NP ( NNP SCI ) ( NNP TV ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NAC-LOC ( NNP Nashville ) ( NNP Tenn. ) ) ( NN entrepreneur ) ( NNP George ) ( NNP Gillett ) ) ) ) ) ) ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD six ) ( NN TV ) ( NNS stations ) ) ( PP ( VBG including ) ( NP ( JJ several ) ( NNP CBS ) ( NNP Inc. ) ( NNS affiliates ) ) ) ) ) )

SCI TV which is controlled by Nashville Tenn. entrepreneur George Gillett owns six TV stations including several CBS Inc. affiliates


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBG having ) ( NP ( NP ( NN trouble ) ) ( S-NOM ( VP ( VBG meeting ) ( NP ( PRP$ its ) ( NN debt ) ( NNS payments ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ heavy ) ( NN borrowing ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ leveraged ) ( NN buy-out ) ) ) ) ) ) ) )

It is having trouble meeting its debt payments because of heavy borrowing in 1987 for a leveraged buy-out


( S ( PP ( IN Through ) ( NP ( NN investment ) ( NN banker ) ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ) ( NP-SBJ-1 ( NNP SCI ) ( NNP TV ) ) ( VP ( VBZ is ) ( VP ( VBG offering ) ( S ( VP ( TO to ) ( VP ( VB exchange ) ( NP ( NP ( CD three ) ( NNS classes ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS packages ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS bonds ) ( CC and ) ( NN equity ) ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( NN value ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS ranges ) ) ( PP ( PP ( IN from ) ( NP ( CD 20 ) ( NNS cents ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 70 ) ( NNS cents ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Through investment banker Drexel Burnham Lambert Inc. SCI TV is offering to exchange three classes of junk bonds for packages of new bonds and equity that investors value at ranges from 20 cents to 70 cents on the dollar


( S ( NP-SBJ ( NNP KKR ) ) ( VP ( MD would ) ( VP ( VB give ) ( PRT ( RP up ) ) ( NP ( DT a ) ( ADJP ( CD 31 ) ( NN % ) ) ( NN equity ) ( NN stake ) ) ( PP-CLR ( TO to ) ( NP ( NNS bondholders ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Gillett ) ) ( VP ( MD would ) ( VP ( VB surrender ) ( NP ( DT an ) ( ADJP ( CD 8 ) ( NN % ) ) ( NN stake ) ) ) ) ) ) ) ) )

KKR would give up a 31 % equity stake to bondholders while Mr. Gillett would surrender an 8 % stake


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( CD one ) ( JJ big ) ( NNP SCI ) ( NNP TV ) ( NN investor ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB pretty ) ( JJ generous ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS junkholders ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG hoping ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP KKR ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Gillett ) ) ) ( VP ( MD would ) ( VP ( VB invest ) ( NP ( JJ new ) ( NN money ) ) ( PP-CLR ( IN in ) ( NP ( NNP SCI ) ( NNP TV ) ) ) ) ) ) ) ) ) ) )

While one big SCI TV investor thinks that 's pretty generous many junkholders had been hoping that KKR and Mr. Gillett would invest new money in SCI TV


( S ( NP-SBJ ( DT Those ) ( NNS investors ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-1 ( NNP SCI ) ( NNP TV ) ) ( VP ( VBZ needs ) ( NP ( JJ new ) ( NN equity ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB survive ) ) ) ) ) ) ) ) )

Those investors think SCI TV needs new equity to survive


( S ( NP-SBJ ( NP ( NNP SCI ) ( NNP TV ) ( POS 's ) ) ( NN debt ) ( NN restructuring ) ( NN plan ) ) ( VP ( MD would ) ( VP ( VB defer ) ( NP ( NP ( NN payment ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 153 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN bank ) ( NN debt ) ) ) ) ) ) ) ) )

SCI TV 's debt restructuring plan would defer payment of 153 million of bank debt


( S ( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB defer ) ( NP ( NP ( NN interest ) ( CC and ) ( NN principal ) ) ( PP ( IN on ) ( NP ( NP ( NN junk ) ( NNS bonds ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN fallen ) ( S-CLR ( ADJP-PRD ( JJ due ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN grace ) ( NN period ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG paying ) ( NP ( DT the ) ( NN bill ) ) ) ) ) ) ( VP ( VBZ expires ) ( NP-TMP-CLR ( NNP Nov. ) ( CD 16 ) ) ) ) )

It also would defer interest and principal on junk bonds that have fallen due the grace period for paying the bill expires Nov. 16


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBP estimate ) ( SBAR ( S ( NP-SBJ ( DT the ) ( VBG restructuring ) ) ( VP ( MD would ) ( VP ( VB cut ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ annual ) ( NN cash ) ( NN interest ) ( NN bill ) ) ( PP-DIR ( IN from ) ( NP ( QP ( IN about ) ( CD 90 ) ( CD million ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 85 ) ( CD million ) ) ) ) ) ) ) ) ) )

At the same time investors estimate the restructuring would cut the company 's annual cash interest bill from about 90 million to 85 million


( S ( ADVP ( RB Yet ) ) ( S-PRP-TPC-1 ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT that ) ( NN interest ) ( NN bill ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNP SCI ) ( NNP TV ) ) ( VP ( MD will ) ( ADVP ( RB only ) ) ( VP ( VB produce ) ( NP ( NP ( QP ( IN about ) ( CD 80 ) ( CD million ) ( TO to ) ( CD 90 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN cash ) ( NN flow ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) )

Yet to pay that interest bill analysts say SCI TV will only produce about 80 million to 90 million of cash flow a year


( S ( NP-SBJ ( NNP C. ) ( NNP Hyde ) ( NNP Tucker ) ) ( VP ( MD will ) ( VP ( VB become ) ( NP-PRD ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bell ) ( NNP Atlantic ) ( NNP International ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( DT this ) ( NNS telecommunications ) ( NN concern ) ) ) ) ) ) ) ( ADJP-ADV ( JJ effective ) ( NP-TMP ( NNP Jan. ) ( CD 1 ) ) ) ) ) )

C. Hyde Tucker will become president and chief executive officer of Bell Atlantic International Inc. a unit of this telecommunications concern effective Jan. 1


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Tucker ) ) ( ADJP ( NP ( CD 56 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB currently ) ) ( NP-PRD ( NP ( NP ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bell ) ( NNP Atlantic ) ( POS 's ) ) ( NNP C&P ) ( NNP Telephone ) ( NN unit ) ) ) ) ) )

Mr. Tucker 56 years old is currently vice president and chief operating officer of Bell Atlantic 's C&P Telephone unit


( S ( NP-SBJ ( NNP Mr. ) ( NNP Tucker ) ) ( VP ( MD will ) ( VP ( VB succeed ) ( NP ( NP ( NNP Salvatore ) ( NNP J. ) ( NNP Barbera ) ) ( NP ( CD 64 ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB hold ) ( NP ( NP ( DT the ) ( ADJP ( RB newly ) ( VBN created ) ) ( NN position ) ) ( PP ( IN of ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ international ) ( NN unit ) ) ) ) ) ) ( PP-TMP ( IN until ) ( NP ( NP ( PRP$ his ) ( NN retirement ) ) ( NP-TMP ( NNP April ) ( CD 1 ) ) ) ) ) ) ) ) ) ) ) )

Mr. Tucker will succeed Salvatore J. Barbera 64 who will hold the newly created position of chairman of the international unit until his retirement April 1


( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS years ) ) ( IN ago ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN on ) ( NP ( NP ( DT a ) ( NN panel ) ) ( PP ( IN of ) ( NP ( NNS journalists ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD discussed ) ( NP ( NP ( DT the ) ( NN image ) ) ( PP ( IN of ) ( NP ( JJ intercollegiate ) ( NNS athletics ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN audience ) ) ( PP ( IN of ) ( NP ( NP ( NN campus ) ( NN information ) ( NNS directors ) ) ( CC and ) ( NP ( NNS others ) ) ) ) ) ) ) ) ) ) ) ) )

A few years ago I was on a panel of journalists that discussed the image of intercollegiate athletics for an audience of campus information directors and others


( S ( NP-SBJ ( PRP We ) ( NNS scribblers ) ) ( ADVP-MNR ( RB quickly ) ) ( VP ( VBD concurred ) ( SBAR ( SBAR ( IN that ) ( CONJP ( RB not ) ( RB only ) ) ( SINV ( VBD was ) ( NP-SBJ-2 ( NP ( DT the ) ( JJ bad ) ( NN rep ) ) ( PP ( IN of ) ( NP ( JJ big-time ) ( NN college ) ( NNS sports ) ) ) ) ( VP ( ADVP ( RB richly ) ) ( VBN earned ) ) ) ) ( CONJP ( CC but ) ( RB also ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN corrected ) ) ) ) ) ) ) ) )

We scribblers quickly concurred that not only was the bad rep of big-time college sports richly earned but also that it could be corrected


( S ( S-TPC-4 ( NP-SBJ-2 ( NN Competition ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN maintained ) ) ) ) ( PRN ( CC and ) ( S ( NP-SBJ ( NNS stadiums ) ) ( ADVP ( RB probably ) ) ( VP ( MD would ) ( VP ( VB remain ) ( ADJP-PRD ( JJ full ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( S ( NP-SBJ-3 ( NNS schedules ) ) ( VP ( VBD were ) ( VP-1 ( VBN reduced ) ) ) ) ( CC and ) ( S ( NP=3-5 ( DT the ) ( NNS games ) ) ( VP=1 ( VBN returned ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNS students ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD said ) ) )

Competition could be maintained and stadiums probably would remain full if schedules were reduced and the games returned to the students we said


( S ( NP-SBJ ( NP ( NNS Comments ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN audience ) ) ) ) ( VP ( VBD reflected ) ( NP ( NP ( ADJP ( JJ widespread ) ( IN if ) ( JJ wistful ) ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( DT those ) ( NNS conclusions ) ) ) ) ) )

Comments from the audience reflected widespread if wistful agreement with those conclusions


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( DT the ) ( NN session ) ) ( VP ( VBD broke ) ( PRT ( IN up ) ) ) ) ) ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBN approached ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN man ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD identified ) ( NP ( PRP himself ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NNS alumni ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP Big ) ( CD Ten ) ( NN university ) ) ) ) ) ) ) ) ) ) ) ) )

As the session broke up I was approached by a man who identified himself as the alumni director of a Big Ten university


( S ( S-TPC-3 ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VB love ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( NNS sports ) ) ( VP ( VB cut ) ( ADVP-CLR ( RB back ) ) ) ) ) ) ) ) ) ( CC and ) ( SINV ( ADVP-PRD ( RB so ) ) ( MD would ) ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ my ) ( NNS counterparts ) ) ( PP-LOC ( IN at ) ( NP ( JJ other ) ( NNS schools ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( NN everybody ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ afraid ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT the ) ( JJ first ) ( NN move ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD confided ) ) )

I 'd love to see sports cut back and so would a lot of my counterparts at other schools but everybody 's afraid to make the first move he confided


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN like ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( DT the ) ( NNPS Russians ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NN Nobody ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB disarm ) ( ADVP-TMP ( RB first ) ) ) ) ) ) ) )

It 's like the U.S. and the Russians Nobody wants to disarm first


( S ( CC And ) ( ADVP ( RB so ) ) ( NP-SBJ ( NP ( PRP$ our ) ( NNS institutions ) ) ( PP ( IN of ) ( NP ( JJR higher ) ( NN learning ) ) ) ) ( VP ( VBP lurch ) ( PP-DIR ( IN from ) ( NP ( NN scandal ) ) ) ( PP-DIR ( TO to ) ( NP ( NN scandal ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN gridiron ) ) ( CC and ) ( NP ( NN basketball ) ( NN court ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNS casualties ) ) ( VP ( VBP mount ) ) ) ) ) )

And so our institutions of higher learning lurch from scandal to scandal on gridiron and basketball court while the casualties mount


( S ( NP-SBJ ( CD Three ) ( JJ new ) ( NNS books ) ) ( VP ( VBP make ) ( NP ( DT the ) ( NN point ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( CD one ) ( JJ large ) ( NN price ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN glittery ) ( JJ college-sports ) ( NN show ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN integrity ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS schools ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP stage ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Three new books make the point that one large price of the glittery college-sports show can be the integrity of the schools that stage it