( S ( NP-SBJ ( NP ( NNP Bertin ) ( NNP Nadeau ) ) ( VP ( ADVP ( RB newly ) ) ( VBN appointed ) ( NP ( NP ( NN chairman ) ( CC and ) ( JJ interim ) ( JJ chief ) ( NN executive ) ) ( PP ( IN of ) ( NP ( NNP Provigo ) ) ) ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB say ) ( SBAR ( IN if ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Lortie ) ) ( VP ( VBD was ) ( VP ( VBN asked ) ( S ( VP ( TO to ) ( VP ( VB leave ) ) ) ) ) ) ) ) ) ) )

Bertin Nadeau newly appointed chairman and interim chief executive of Provigo would n't say if Mr. Lortie was asked to leave


( S-1 ( NP-SBJ ( NNP Mr. ) ( NNP Lortie ) ) ( VP ( VBD felt ) ( ADJP-PRD ( RBR less ) ( JJ pertinent ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Nadeau ) ) ( VP ( VBD said ) ) ) ) ( PP ( VBN given ) ( NP ( DT the ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB dump ) ( NP ( NP ( NNP Provigo ) ( POS 's ) ) ( JJ non-food ) ( NNS operations ) ) ) ) ) ) ) ) )

Mr. Lortie felt less pertinent Mr. Nadeau said given the decision to dump Provigo 's non-food operations


( S ( PP-PRP ( IN At ) ( NP ( DT this ) ( NN stage ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN felt ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( ADVP ( RB perhaps ) ) ( ADJP-PRD ( RBR more ) ( JJ pertinent ) ) ( PP ( IN as ) ( NP ( JJ chief ) ( NN executive ) ) ) ) ) ) ) ) )

At this stage it was felt I was perhaps more pertinent as chief executive


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nadeau ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN chairman ) ( CC and ) ( JJ chief ) ( NN executive ) ) ( PP ( IN of ) ( NP ( NP ( NNP Unigesco ) ( NNP Inc. ) ) ( NP ( NP ( NNP Provigo ) ( POS 's ) ) ( JJ controlling ) ( NN shareholder ) ) ) ) ) ) )

Mr. Nadeau also is chairman and chief executive of Unigesco Inc. Provigo 's controlling shareholder


( S ( PP-LOC ( IN At ) ( NP ( DT a ) ( NN news ) ( NN conference ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Nadeau ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD three ) ( JJ non-food ) ( NNS businesses ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB nearly ) ( PDT half ) ) ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( QP ( CD 900 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN completed ) ( PP-TMP ( IN in ) ( NP ( NP ( DT a ) ( NN matter ) ) ( PP ( IN of ) ( NP ( NNS months ) ) ) ) ) ) ) ) ) ) ) )

At a news conference Mr. Nadeau said the sale of the three non-food businesses which account for nearly half the company 's 900 million in assets should be completed in a matter of months


( S ( NP-SBJ ( DT The ) ( CD three ) ( NNS units ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( JJ nationwide ) ( UCP ( NN pharmaceutical ) ( CC and ) ( NNS health-products ) ) ( NN distributor ) ) ( NP ( DT a ) ( JJ small ) ( NNS sporting-goods ) ( NN chain ) ) ( CC and ) ( NP ( DT a ) ( NN combination ) ( NN catalog ) ( NN showroom ) ( CC and ) ( NN toy-store ) ( NN chain ) ) ) ) )

The three units are a nationwide pharmaceutical and health-products distributor a small sporting-goods chain and a combination catalog showroom and toy-store chain


( S ( NP-SBJ ( NNS Investors ) ( CC and ) ( NNS analysts ) ) ( VP ( VBD applauded ) ( NP ( DT the ) ( NN news ) ) ) )

Investors and analysts applauded the news


( S ( NP-SBJ ( NNP Provigo ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ active ) ) ( JJ industrial ) ( NN stock ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Montreal ) ( NNP Exchange ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 9.75 ) ) ( NP ( CD 8.32 ) ) ) ( ADVP ( RB up ) ( NP ( CD 75 ) ( JJ Canadian ) ( NNS cents ) ) ) ) ) ) ) ) ) ) ) ) )

Provigo was the most active industrial stock on the Montreal Exchange where it closed at 9.75 8.32 up 75 Canadian cents


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( ADJP ( RB pretty ) ( JJ positive ) ) ( NN development ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Ross ) ( NNP Cowan ) ) ( NP ( NP ( DT a ) ( JJ financial ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Levesque ) ( NNP Beaubien ) ( NNP Geoffrion ) ( NNP Inc. ) ) ) ) ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB concentrate ) ( PP-CLR ( IN on ) ( NP ( NNS groceries ) ) ) ) ) ) ) ) )

I think it 's a pretty positive development said Ross Cowan a financial analyst with Levesque Beaubien Geoffrion Inc. of the decision to concentrate on groceries


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Lortie ) ( POS 's ) ) ( NN departure ) ) ( SBAR ( IN while ) ( FRAG ( ADJP ( JJ sudden ) ) ) ) ( VP ( VBD was ) ( VP ( VBN seen ) ( PP-CLR ( IN as ) ( ADJP ( JJ inevitable ) ) ) ( PP ( IN in ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN shift ) ) ( PP ( IN in ) ( NP ( NN strategy ) ) ) ) ) ) ) ) ) )

Mr. Lortie 's departure while sudden was seen as inevitable in light of the shift in strategy


( SINV ( S-TPC-1 ( S ( NP-SBJ ( DT The ) ( JJ non-food ) ( NNS operations ) ) ( VP ( VBD were ) ( NP-PRD ( ADVP ( RB largely ) ) ( NP ( NNP Mr. ) ( NNP Lortie ) ( POS 's ) ) ( NN creation ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ his ) ( NN strategy ) ) ( VP ( VBD did ) ( RB n't ) ( NP ( NN work ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Steven ) ( NNP Holt ) ) ( NP ( NP ( DT a ) ( JJ financial ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Midland ) ( NNP Doherty ) ( NNP Ltd ) ) ) ) ) )

The non-food operations were largely Mr. Lortie 's creation and his strategy did n't work said Steven Holt a financial analyst with Midland Doherty Ltd


( S ( NP-SBJ ( NP ( NP ( NNP Provigo ) ( POS 's ) ) ( NN profit ) ( NN record ) ) ( PP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ) ( VP ( VBD tarnished ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Lortie ) ( POS 's ) ) ) ( NNS reputations ) ) ) )

Provigo 's profit record over the past two years tarnished the company 's and Mr. Lortie 's reputations


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( CD six ) ( NNS months ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Aug. ) ( CD 12 ) ) ) ) ) ( NP-SBJ ( NNP Provigo ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 6.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD eight ) ( JJ Canadian ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 18.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( NP ( CD 21 ) ( JJ Canadian ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) )

For the six months ended Aug. 12 Provigo posted net income of 6.5 million or eight Canadian cents a share compared with 18.1 million or 21 Canadian cents a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 4.2 ) ( CD billion ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( QP ( CD 3.7 ) ( CD billion ) ) ) ) ) ) )

Sales were 4.2 billion compared with 3.7 billion


( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ ( JJ Canadian ) ( NNP Bond ) ( NNP Rating ) ( NNP Service ) ) ( VP ( VBD downgraded ) ( NP ( NP ( NNP Provigo ) ( POS 's ) ) ( JJ commercial ) ( NN paper ) ( CC and ) ( NNS debentures ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( PRP$ its ) ( JJ lackluster ) ( NN performance ) ) ) ) )

Last month Canadian Bond Rating Service downgraded Provigo 's commercial paper and debentures because of its lackluster performance


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VP ( VBP are ) ( ADJP-PRD ( JJ skeptical ) ( SBAR ( S ( NP-SBJ-1 ( NNP Provigo ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( JJ non-food ) ( NNS businesses ) ) ( PP-MNR ( IN as ) ( NP ( DT a ) ( NN group ) ) ) ( PP-CLR ( IN for ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( NN book ) ( NN value ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBG expecting ) ( NP ( NNS write-downs ) ) ) ) ) )

Analysts are skeptical Provigo will be able to sell the non-food businesses as a group for at least book value and are expecting write-downs


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nadeau ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( RB n't ) ( ADVP ( RB yet ) ) ( VP ( VB say ) ( SBAR ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN sale ) ( NNS prices ) ) ( VP ( MD would ) ( VP ( VB match ) ( NP ( NN book ) ( NNS values ) ) ) ) ) ) ) ) ) ) ) )

Mr. Nadeau said he could n't yet say if the sale prices would match book values


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT all ) ( CD three ) ( JJ non-food ) ( NNS operations ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ profitable ) ) ) ) ) ) )

He said all three non-food operations are profitable


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nadeau ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS discussions ) ) ) ( VP ( VBP are ) ( ADVP-PRD ( IN under ) ( NN way ) ) ( PP-1 ( IN with ) ( NP ( NP ( JJ potential ) ( NNS purchasers ) ) ( PP ( IN of ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS units ) ) ) ) ) ) ) ) ) ) ) )

Mr. Nadeau said discussions are under way with potential purchasers of each of the units


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB confirm ) ( CC or ) ( VB deny ) ( NP ( NNS reports ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Provigo ) ( NN executive ) ( NNP Henri ) ( NNP Roy ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB put ) ( PRT ( RP together ) ) ( NP ( NP ( DT a ) ( NN management ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN catalogue ) ( NN showroom ) ( NN unit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He declined to confirm or deny reports that Provigo executive Henri Roy is trying to put together a management buy-out of the catalogue showroom unit


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Roy ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ) ) ) )

Mr. Roy could n't be reached


( S ( NP-SBJ-1 ( NNP Yvon ) ( NNP Bussieres ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NP ( JJ senior ) ( NN executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP Provigo ) ) ) ) ( NP ( DT a ) ( JJ new ) ( NN position ) ) ) ) ) ) )

Yvon Bussieres was named senior executive vice president and chief operating officer of Provigo a new position


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bussieres ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Provigo ) ( POS 's ) ) ( NNP Quebec ) ( ADJP ( NN retail ) ( CC and ) ( JJ wholesale ) ) ( NN grocery ) ( NN unit ) ) ) ) ) )

Mr. Bussieres was president and chief operating officer of Provigo 's Quebec retail and wholesale grocery unit


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nadeau ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( NP-PRD ( NP ( NNP Provigo ) ( POS 's ) ) ( JJ chief ) ( NN executive ) ) ( SBAR-TMP ( RB only ) ( IN until ) ( S ( NP-SBJ-1 ( DT the ) ( JJ non-food ) ( NNS businesses ) ) ( VP ( VBP are ) ( VP ( VBN sold ) ( SBAR-ADV ( WHPP-4 ( IN after ) ( WHNP ( DT a ) ( WDT which ) ) ) ( S ( NP-SBJ-2 ( DT a ) ( JJ new ) ( JJ chief ) ( NN executive ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN named ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Nadeau said he intends to remain Provigo 's chief executive only until the non-food businesses are sold after a which a new chief executive will be named


( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( NP-SBJ ( NP ( NNP UAL ) ( NNP Corp. ) ( POS 's ) ) ( NN board ) ) ( VP ( TO to ) ( VP ( VB change ) ( NP-CLR ( PRP$ its ) ( NN mind ) ) ( PP-CLR ( IN about ) ( S-NOM ( VP ( VBG keeping ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( ADJP-PRD ( JJ independent ) ) ) ) ) ) ) ) ) ) ) )

Wall Street would like UAL Corp. 's board to change its mind about keeping the company independent


( S ( CC But ) ( SBAR-NOM-SBJ ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ happens ) ( ADVP ( JJ next ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( VBG continuing ) ( NN takeover ) ( NN drama ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB depend ) ( PP-CLR ( ADVP ( RBR more ) ) ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( CD two ) ( ADJP ( RBS most ) ( JJ powerful ) ( CC and ) ( JJ fractious ) ) ( NNS unions ) ) ( NP ( DT the ) ( NNS pilots ) ( CC and ) ( NNS machinists ) ) ) ) ) ) )

But what happens next in the continuing takeover drama may depend more on the company 's two most powerful and fractious unions the pilots and machinists


( S ( NP-SBJ ( NP ( DT Some ) ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ previous ) ( ADJP ( QP ( CD 6.79 ) ( CD billion ) ) ) ( NN buy-out ) ) ) ) ( PRN ( SBAR ( IN if ) ( FRAG ( NP ( NN anything ) ) ) ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN strengthened ) ( NP ( NP ( DT the ) ( NNS hands ) ) ( PP ( IN of ) ( NP ( DT these ) ( CD two ) ( NN labor ) ( NNS groups ) ) ) ) ) ) ) ) ) ) )

Some people familiar with the situation believe that the collapse of the previous 6.79 billion buy-out if anything may have strengthened the hands of these two labor groups


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( DT both ) ) ( VP ( MD may ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP have ) ( NP ( NP ( JJ virtual ) ( NN veto ) ( NN power ) ) ( PP ( IN over ) ( NP ( DT any ) ( NNP UAL ) ( NN transaction ) ) ) ) ) ) )

As a result both may now have virtual veto power over any UAL transaction


( NP ( NP ( CD One ) ( NN reason ) ) ( S ( NP-SBJ ( NP ( NNS banks ) ) ( ADJP ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB react ) ( PP-CLR ( TO to ) ( NP ( DT any ) ( JJ new ) ( NNP UAL ) ( NN deal ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( ADJP ( RB even ) ( JJR more ) ) ( NN caution ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ first ) ( NN time ) ( RB around ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB probably ) ) ( VP ( MD will ) ( VP ( VB insist ) ( PP-CLR ( IN on ) ( NP ( NN labor ) ( NN harmony ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP agree ) ( S ( VP ( TO to ) ( VP ( VB put ) ( PRT ( RP up ) ) ( NP ( NN cash ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT any ) ( JJ new ) ( NN bid ) ) ( CC or ) ( NP ( RB even ) ( DT a ) ( JJR less-ambitious ) ( NN recapitalization ) ( NN plan ) ) ) ) ) ) ) ) ) ) ) ) ) )

One reason banks likely to react to any new UAL deal with even more caution than the first time around probably will insist on labor harmony before they agree to put up cash for any new bid or even a less-ambitious recapitalization plan


( SINV ( S-TPC-2 ( NP-SBJ ( NNP United ) ( NNS pilots ) ) ( VP ( VBP have ) ( VP ( VBN shown ) ( PP-TMP ( IN on ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS occasions ) ) ) ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ willing ) ( CC and ) ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB strike ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( DT an ) ( NN executive ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Fuji ) ( NNP Bank ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( JJ large ) ( NNS lenders ) ) ) ) ) ) ) )

United pilots have shown on a number of occasions they are willing and able to strike said an executive at Fuji Bank one of UAL 's large lenders


( S ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP have ) ( S ( NP-SBJ ( DT both ) ( NN labor ) ( NNS groups ) ) ( PP-PRD ( IN on ) ( NP ( NN strike ) ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP 've ) ( VP ( VBN got ) ( NP ( DT no ) ( NN revenue ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB very ) ( JJ scary ) ) ( NN thing ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT a ) ( NN bank ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ) ) ) ) ) ) ) ) ) )

If you have both labor groups on strike you 've got no revenue and that 's a very scary thing for a bank to be looking at


( S ( NP-TMP ( RB Just ) ( DT this ) ( NN past ) ( NN week ) ) ( NP-SBJ ( DT a ) ( VBG leading ) ( JJ Japanese ) ( NN bank ) ) ( VP ( VBD asked ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT a ) ( NN meeting ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNS machinists ) ( POS ' ) ) ( NN union ) ( NNS leaders ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB determine ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN union ) ) ( VP ( MD would ) ( VP ( VB stand ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( DT another ) ( NN bid ) ) ( CC or ) ( NP ( NN recapitalization ) ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ possible ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Just this past week a leading Japanese bank asked for a meeting with the machinists ' union leaders to determine where the union would stand if another bid or recapitalization became possible


( NP ( NP ( DT Another ) ( NN reason ) ) ( S ( S-ADV ( VP ( VBN Emboldened ) ( PP ( IN by ) ( NP-LGS ( NP ( PRP$ their ) ( NN success ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG helping ) ( S ( VP ( TO to ) ( VP ( VB scuttle ) ( NP ( DT the ) ( JJ previous ) ( NN transaction ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS machinists ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ aggressive ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT a ) ( JJ second ) ( NN buy-out ) ( NN attempt ) ) ( VP ( VBZ occurs ) ) ) ) ) ) ) ) ) ) )

Another reason Emboldened by their success in helping to scuttle the previous transaction the machinists are likely to be more aggressive if a second buy-out attempt occurs


( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS unions ) ) ( ADVP ( RB already ) ) ( VP ( VBD had ) ( NP ( JJ significant ) ( NN leverage ) ) ( SBAR-PRP ( ADVP ( RB simply ) ) ( IN because ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NN employer ) ) ( VP ( VBZ has ) ( PRT ( RP yet ) ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( PP-CLR ( IN with ) ( NP ( DT either ) ) ) ( PP ( IN on ) ( NP ( JJ new ) ( NNS contracts ) ) ) ) ) ) ) ) ) ) )

The two unions already had significant leverage simply because their employer has yet to settle with either on new contracts


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ gives ) ( NP ( PRP them ) ) ( NP ( DT both ) ( NP ( NP ( DT the ) ( NN threat ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN strike ) ) ) ) ( CC and ) ( NP ( DT the ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB resist ) ( NP ( NP ( DT any ) ( NN wage ) ( NNS concessions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ necessary ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( DT a ) ( NN transaction ) ) ( VP ( NN work ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That gives them both the threat of a strike and the ability to resist any wage concessions that may be necessary to make a transaction work


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( NP ( RB even ) ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( VP ( VBG pushing ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN board ) ) ( VP ( TO to ) ( VP ( VB do ) ( NP ( NP ( DT a ) ( NN recapitalization ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VP ( VB pay ) ( NP ( NNS shareholders ) ) ( NP ( DT a ) ( JJ special ) ( NN dividend ) ) ) ( CC and ) ( VP ( ADVP ( RB possibly ) ) ( VB grant ) ( NP ( NNS employees ) ) ( NP ( DT an ) ( NN ownership ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP acknowledge ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS unions ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ key ) ) ) ) ) ) )

Thus even investors who are pushing for the board to do a recapitalization that would pay shareholders a special dividend and possibly grant employees an ownership stake acknowledge that the unions are key


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( JJR less ) ( NN likelihood ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG creating ) ( CC and ) ( VBG completing ) ( NP ( DT a ) ( NN transaction ) ) ) ) ) ) ( PP ( IN without ) ( NP ( NP ( DT the ) ( NNS unions ) ( POS ' ) ) ( NX ( NX ( NN cooperation ) ) ( CC and ) ( NX ( NN wage ) ( NNS concessions ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Nye ) ) ( PP ( IN of ) ( NP ( NP ( NNP Baker ) ( NNP Nye ) ( NNP Investments ) ) ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN takeover ) ( NN stock-trader ) ) ) ) ) )

There 's less likelihood of creating and completing a transaction without the unions ' cooperation and wage concessions said Richard Nye of Baker Nye Investments a New York takeover stock-trader


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nye ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNP UAL ) ( NN board ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN ousted ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB move ) ( ADVP-TMP ( RB soon ) ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NN shareholder ) ( NN value ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Nye thinks the UAL board should be ousted if it does n't move soon to increase shareholder value


( S ( NP-SBJ ( DT Both ) ( DT the ) ( NNS pilots ) ( CC and ) ( NNS machinists ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP intend ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( NP ( DT any ) ( NN transaction ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB like ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Both the pilots and machinists have made it clear that they intend to block any transaction they do n't like


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( NNS pilots ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ involved ) ( PP ( IN in ) ( NP ( NP ( DT any ) ( NN transaction ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ takes ) ( NP-CLR ( NN place ) ) ( PP-TMP ( RB around ) ( NP ( RB here ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN pilot ) ( NN union ) ( NN chairman ) ( NNP Frederick ) ( NNP C. ) ( NNP Dubinsky ) ) ( VP ( VBD declared ) ( NP-TMP ( NN yesterday ) ) ) )

The pilots will be involved in any transaction that takes place around here pilot union chairman Frederick C. Dubinsky declared yesterday


( S ( CC But ) ( SBAR-SBJ ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NNS pilots ) ) ( VP ( MD can ) ( VP ( VB team ) ( ADVP ( RB up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( PRP$ their ) ( JJ longtime ) ( NNS adversaries ) ) ( NP ( DT the ) ( NNS machinists ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT another ) ( NN question ) ) ) )

But whether the pilots can team up with their longtime adversaries the machinists is another question


( S ( NP-SBJ ( NP ( DT The ) ( NNS pilots ) ( POS ' ) ) ( NNP Mr. ) ( NNP Dubinsky ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN union ) ) ( VP ( MD would ) ( VP ( VB like ) ( NP ( NP ( NN majority ) ( NN ownership ) ) ( PP ( IN for ) ( NP ( NNS employees ) ) ) ) ) ) ) ) ) )

The pilots ' Mr. Dubinsky says his union would like majority ownership for employees


( S ( PP ( IN At ) ( NP ( DT the ) ( ADJP ( RB very ) ( JJS least ) ) ) ) ( NP-SBJ ( DT the ) ( NNS pilots ) ) ( VP ( VBP want ) ( NP ( NP ( DT some ) ( NN form ) ) ( PP ( IN of ) ( NP ( NP ( NN control ) ) ( PP ( IN over ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ( PP-MNR ( ADVP ( RB perhaps ) ) ( IN through ) ( NP ( NN super-majority ) ( NN voting ) ( NNS rights ) ) ) ) ) )

At the very least the pilots want some form of control over the airline perhaps through super-majority voting rights


( S ( PP ( IN On ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS machinists ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB always ) ) ( VP ( VBN opposed ) ( NP ( NN majority ) ( NN ownership ) ) ( PP-MNR ( IN in ) ( NP ( NN principle ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( NNS employees ) ) ( VP ( MD should ) ( VP ( VB be ) ( NP-PRD ( NNS owners ) ) ) ) ) ) ) ) ) ) ) ) ) )

On the other hand the machinists have always opposed majority ownership in principle saying they do n't think employees should be owners


( S ( ADVP ( RB Still ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS days ) ) ) ( NP-SBJ ( NP ( NNS machinists ) ( POS ' ) ) ( NN union ) ( NNS leaders ) ) ( VP ( VBP have ) ( VP ( VBN shown ) ( NP ( DT some ) ( JJ new ) ( NN flexibility ) ) ) ) )

Still in recent days machinists ' union leaders have shown some new flexibility


( SINV ( S-TPC-3 ( NP-SBJ-1 ( PRP We ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( DT a ) ( NN tradeoff ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD can ) ( VP ( VB accommodate ) ( NP ( NP ( NP ( DT the ) ( NN pilot ) ( NN union ) ( POS 's ) ) ( NNS concerns ) ) ( CC and ) ( NP ( PRP ours ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Brian ) ( NNP M. ) ( NNP Freeman ) ) ( NP ( NP ( DT the ) ( NNS machinists ) ( POS ' ) ) ( JJ financial ) ( NN adviser ) ) ) )

We may be able to reach a tradeoff where we can accommodate the pilot union 's concerns and ours said Brian M. Freeman the machinists ' financial adviser


( S ( NP-SBJ ( NNP Mr. ) ( NNP Freeman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NP ( NNS machinists ) ( POS ' ) ) ( NN union ) ( NNS advisers ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP-TMP ( DT this ) ( NN week ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB draw ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( NN blueprint ) ) ( PP ( IN for ) ( NP ( NP ( DT some ) ( NN form ) ) ( PP ( IN of ) ( NP ( NN recapitalization ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB include ) ( NP ( NP ( NP ( DT a ) ( JJ special ) ( NN dividend ) ) ( PP ( IN for ) ( NP ( NNS shareholders ) ) ) ) ( NP ( DT an ) ( NN employee ) ( NN stake ) ) ( CC and ) ( ADVP ( RB perhaps ) ) ( NP ( NP ( DT an ) ( NN equity ) ( NN investment ) ) ( PP ( IN by ) ( NP ( DT a ) ( JJ friendly ) ( NN investor ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Freeman said machinists ' union advisers plan to meet this week to try to draw up a blueprint for some form of recapitalization that could include a special dividend for shareholders an employee stake and perhaps an equity investment by a friendly investor


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( DT a ) ( NN compromise ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS pilots ) ) ( VP ( VBP maintain ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB do ) ( NP ( DT a ) ( NN transaction ) ) ( PP-MNR ( IN without ) ( NP ( NP ( DT the ) ( NN support ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS machinists ) ) ) ) ) ) ) ) ) ) )

If a compromise ca n't be reached the pilots maintain they can do a transaction without the support of the machinists


( S ( CC But ) ( PP-TMP ( IN at ) ( NP ( DT this ) ( NN point ) ) ) ( NP-SBJ ( WDT that ) ) ( VP ( MD may ) ( ADVP ( RB just ) ) ( VP ( VB be ) ( NP-PRD ( JJ wishful ) ( NN thinking ) ) ) ) )

But at this point that may just be wishful thinking


( S ( NP-SBJ ( DT The ) ( NNS machinists ) ) ( VP ( VBD lobbied ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( IN against ) ( NP ( NP ( DT the ) ( JJ original ) ( NN bid ) ) ( PP ( IN from ) ( NP ( NNP UAL ) ( NNS pilots ) ( CC and ) ( NN management ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) )

The machinists lobbied heavily against the original bid from UAL pilots and management for the company


( S ( NP-SBJ-1 ( PRP$ Their ) ( NN opposition ) ) ( VP ( VBD helped ) ( S ( VP ( VB scare ) ( PRT ( RP off ) ) ( NP ( DT some ) ( JJ Japanese ) ( NNS banks ) ) ) ) ) )

Their opposition helped scare off some Japanese banks


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNS pilots ) ( POS ' ) ) ( NN insistence ) ) ( PP ( IN on ) ( NP ( NN majority ) ( NN ownership ) ) ) ) ( ADVP ( RB also ) ) ( VP ( MD may ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( DT the ) ( NN idea ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN recapitalization ) ) ) ) ( ADJP-PRD ( JJ difficult ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB achieve ) ) ) ) ) ) ) ) ) )

The pilots ' insistence on majority ownership also may make the idea of a recapitalization difficult to achieve


( SINV ( SBARQ-TPC-3 ( WHNP-1 ( WP Who ) ) ( SQ ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ public ) ( NN shareholder ) ) ( VP ( VBG investing ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN company ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNS pilots ) ( POS ' ) ) ( NN union ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ asks ) ) ( NP-SBJ ( NP ( NNP Candace ) ( NNP Browning ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Wertheim ) ( NNP Schroeder ) ( CC & ) ( NNP Co ) ) ) ) ) )

Who wants to be a public shareholder investing in a company controlled by the pilots ' union asks Candace Browning an analyst at Wertheim Schroeder & Co


( S ( UCP-TPC-3 ( SBARQ ( WHNP-2 ( WP Who ) ) ( SQ ( MD would ) ( NP-SBJ ( DT the ) ( NN board ) ) ( VP ( VB be ) ( VP ( VBG working ) ( PP ( IN for ) ) ) ) ) ) ( NP ( NP ( DT the ) ( JJ public ) ( NNS shareholders ) ) ( CC or ) ( NP ( DT the ) ( NNS pilots ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ adds ) ) )

Who would the board be working for the public shareholders or the pilots she adds


( S ( NP-SBJ ( NNP Ms. ) ( NNP Browning ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN recapitalization ) ) ( VP ( VBG involving ) ( NP ( NN employee ) ( NN ownership ) ) ) ) ( VP ( MD would ) ( VP ( VB succeed ) ( SBAR-ADV ( RB only ) ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNS pilots ) ) ( VP ( VBP relent ) ( PP-CLR ( IN on ) ( NP ( NP ( PRP$ their ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN control ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ms. Browning says she believes a recapitalization involving employee ownership would succeed only if the pilots relent on their demand for control


( S ( NP-SBJ ( PRP She ) ) ( ADVP ( RB also ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNS pilots ) ) ( VP ( VBP accept ) ( NP ( DT a ) ( NN minority ) ( NN stake ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( ADVP ( RB still ) ) ( VP ( MD could ) ( VP ( VP ( VB come ) ( ADVP-DIR ( RB back ) ) ( PP-TMP ( IN at ) ( NP ( DT a ) ( JJ later ) ( NN time ) ) ) ) ( CC and ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NN control ) ) ) ) ) ) ) ) ) ) ) )

She also notes that even if the pilots accept a minority stake now they still could come back at a later time and try to take control


( S ( NP-SBJ ( DT Another ) ( NN possibility ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNS pilots ) ( POS ' ) ) ( VP ( TO to ) ( VP ( VB team ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT an ) ( JJ outside ) ( NN investor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD might ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB force ) ( NP ( NP ( DT the ) ( NN ouster ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN board ) ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( DT the ) ( NN solicitation ) ) ( PP ( IN of ) ( NP ( NNS consents ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Another possibility is for the pilots ' to team up with an outside investor who might try to force the ouster of the board through the solicitation of consents


( S ( PP-MNR ( IN In ) ( NP ( DT that ) ( NN way ) ) ) ( NP-SBJ-2 ( DT the ) ( NNS pilots ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB force ) ( S ( NP-SBJ ( DT the ) ( NN board ) ) ( VP ( VP ( TO to ) ( VP ( VB approve ) ( NP ( NP ( DT a ) ( NN recapitalization ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ gives ) ( NP ( NNS employees ) ) ( NP ( DT a ) ( NN majority ) ( NN stake ) ) ) ) ) ) ) ) ( CC or ) ( VP ( TO to ) ( VP ( VB consider ) ( NP ( NP ( DT the ) ( NN labor-management ) ( NN group ) ( POS 's ) ) ( JJS latest ) ( NN proposal ) ) ) ) ) ) ) ) ) ) ) ) )

In that way the pilots may be able to force the board to approve a recapitalization that gives employees a majority stake or to consider the labor-management group 's latest proposal


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( VP ( VBD did ) ( RB n't ) ( VP ( VB make ) ( NP ( DT a ) ( JJ formal ) ( NN offer ) ) ) ) ( CC but ) ( ADVP ( RB instead ) ) ( VP ( VBD told ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NNS advisers ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( JJS most-recent ) ( NN board ) ( NN meeting ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG working ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN bid ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( IN between ) ( CD 225 ) ( CC and ) ( CD 240 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) )

The group did n't make a formal offer but instead told UAL 's advisers before the most-recent board meeting that it was working on a bid valued at between 225 and 240 a share


( S ( CC But ) ( ADVP ( RB again ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD may ) ( VP ( VB need ) ( NP ( NP ( DT the ) ( NN help ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS machinists ) ) ) ) ) ) )

But again they may need the help of the machinists


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS dynamics ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN situation ) ) ) ) ( VP ( VBP are ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-2 ( NN something ) ) ( VP ( VBZ 's ) ( VP ( VBN got ) ( S ( VP ( TO to ) ( VP ( VB happen ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( CD one ) ( NN official ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN situation ) ) ) ) ) )

I think the dynamics of this situation are that something 's got to happen said one official familiar with the situation


( S-1 ( NP-SBJ ( NP ( DT The ) ( NN board ) ) ( CC and ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NN management ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB go ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NN business ) ) ( PP ( RB as ) ( ADJP ( JJ usual ) ) ) ) ) ) ) )

The board and UAL 's management he says ca n't go back to business as usual


( S ( NP-SBJ ( DT The ) ( NNS pilots ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB let ) ( NP ( PRP them ) ) ) ) )

The pilots wo n't let them


( S ( NP-SBJ ( NP ( NNP Levi ) ( NNP Strauss ) ( NNPS Associates ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( ADJP ( RB closely ) ( JJ held ) ) ( NN owner ) ) ( PP ( IN of ) ( NP ( NNP Levi ) ( NNP Strauss ) ( CC & ) ( NNP Co. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ fiscal ) ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD jumped ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 128.6 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 31.3 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ( S-ADV ( VP ( VBN aided ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( ADJP ( QP ( CD 69.8 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NN stock ) ) ( PP ( IN in ) ( NP ( DT a ) ( JJ Japanese ) ( NN subsidiary ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Levi Strauss Associates Inc. the closely held owner of Levi Strauss & Co. said its fiscal third-quarter earnings jumped to 128.6 million from 31.3 million a year earlier aided by a 69.8 million gain from the sale of stock in a Japanese subsidiary


( S ( NP-SBJ ( DT The ) ( NN apparel ) ( VBG holding ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( NNS sales ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Aug. ) ( CD 27 ) ) ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( ADVP ( RB up ) ( NP ( CD 12 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 908.8 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) )

The apparel holding company had sales in the quarter ended Aug. 27 of 1 billion up 12 % from 908.8 million a year ago


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ quarterly ) ( NNS results ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG being ) ( ADVP-MNR ( RB publicly ) ) ( VP ( VBN filed ) ( PP-PRP ( IN as ) ( NP ( NP ( DT the ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN formation ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ( PP ( IN of ) ( NP ( NN employee ) ( NN stock ) ( NN investment ) ( NNS plans ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said its quarterly results are now being publicly filed as the result of the formation earlier this year of employee stock investment plans


( S-HLN ( VP ( VB Follow ) ( PP-MNR ( IN With ) ( NP ( NN Care ) ) ) ) )

Follow With Care


( S ( S ( S-SBJ ( S ( VP ( VB Work ) ( ADVP-MNR ( RB hard ) ) ) ) ( S ( VP ( VB play ) ( ADVP-MNR ( RB hard ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN advice ) ) ( VP ( ADVP ( RBS Best ) ) ( VBN taken ) ( PP-MNR ( IN with ) ( NP ( DT some ) ( NN caution ) ) ) ) ) ) ) ( IN For ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD can ) ( VP ( VB bring ) ( NP ( NP ( NN fitness ) ( CC and ) ( NN success ) ) ( CC Or ) ( NP ( NP ( DT a ) ( NN state ) ) ( PP ( IN of ) ( NP ( JJ total ) ( NN exhaustion ) ) ) ) ) ) ) ) )

Work hard play hard is advice Best taken with some caution For it can bring fitness and success Or a state of total exhaustion


( NP ( NNP Edward ) ( NNP F. ) ( NNP Dempsey ) )

Edward F. Dempsey


Double Check


( S ( S ( NP-SBJ ( DT The ) ( NN guest ) ) ( VP ( VBD paid ) ( NP ( PRP$ his ) ( NN bill ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN resort ) ( NN hotel ) ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD departed ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD noticed ) ( NP ( NP ( DT a ) ( NN sign ) ) ( VP ( VBG saying ) ( SQ ( VBP Have ) ( NP-SBJ ( PRP You ) ) ( VP ( VBN Left ) ( NP ( NN Anything ) ) ) ) ) ) ) ) )

The guest paid his bill at the resort hotel and as he departed he noticed a sign saying Have You Left Anything


( S ( S ( NP-SBJ ( DT The ) ( NN man ) ) ( VP ( VP ( VBD went ) ( ADVP-DIR ( RB back ) ) ) ( CC and ) ( VP ( VBD spoke ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN desk ) ( NN clerk ) ) ) ) ) ) ( S ( S-TPC-1 ( NP-SBJ ( DT That ) ( NN sign ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ wrong ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) )

The man went back and spoke to the desk clerk That sign is wrong he said


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD should ) ( VP ( VB read ) ( SQ ( VBP Have ) ( NP-SBJ ( PRP You ) ) ( NP ( NP ( NN Anything ) ) ( ADJP ( VBN Left ) ) ) ) ) ) )

It should read Have You Anything Left


Sam Ewing


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN trampled ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NN selling ) ( NN stampede ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NNP Nasdaq ) ( JJ over-the-counter ) ( NN market ) ) ( VP ( VP ( VBD dusted ) ( NP ( PRP itself ) ) ( PRT ( RP off ) ) ) ( CC and ) ( VP ( VBD moved ) ( ADVP-DIR ( RB on ) ) ( PP-LOC ( IN in ) ( NP ( JJ moderate ) ( NN trading ) ) ) ) ) )

After being trampled in Tuesday 's selling stampede the Nasdaq over-the-counter market dusted itself off and moved on in moderate trading


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNP Composite ) ) ( VP ( VBD gained ) ( NP ( CD 1.19 ) ) ( PP-DIR ( TO to ) ( NP ( CD 462.89 ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS issues ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN advance ) ) ) ) ) )

But while the Composite gained 1.19 to 462.89 many issues did n't participate in the advance


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ mixed ) ( NN bag ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Bruno ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ heads ) ( NP ( NP ( JJ over-the-counter ) ( NN trading ) ) ( PP-LOC ( IN at ) ( NP ( NNP PaineWebber ) ) ) ) ) ) ) ) )

It was a mixed bag said Richard Bruno who heads over-the-counter trading at PaineWebber


( S ( NP-SBJ ( PRP We ) ) ( VP ( VP ( VBD played ) ( NP ( NN catch-up ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( NNS areas ) ) ) ) ( CC and ) ( VP ( VBD sold ) ( PRT ( RP off ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( NNS others ) ) ) ) ) )

We played catch-up in some areas and sold off in some others


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 132.1 ) ( CD million ) ) ( NNS shares ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( IN about ) ( NN average ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) )

Volume totaled 132.1 million shares which is about average for the year


( S ( PP ( IN Of ) ( NP ( NP ( DT the ) ( CD 4,348 ) ( NNS issues ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBN changed ) ( NP ( NNS hands ) ) ) ) ) ) ) ( S ( NP-SBJ ( CD 1,074 ) ) ( VP ( VBD advanced ) ) ) ( CC and ) ( S ( NP-SBJ ( CD 866 ) ) ( VP ( VBD declined ) ) ) )

Of the 4,348 issues that changed hands 1,074 advanced and 866 declined


( S ( NP-SBJ ( JJ Big ) ( JJ financial ) ( NNS stocks ) ) ( VP ( VBD carried ) ( NP ( DT the ) ( NN day ) ) ) )

Big financial stocks carried the day


( S ( NP-SBJ ( DT The ) ( NNP Nasdaq ) ( NNP Financial ) ( NNP Index ) ) ( VP ( VBD rose ) ( NP-ADV ( CD 2.09 ) ) ( PP-DIR ( TO to ) ( NP ( CD 454.86 ) ) ) ) )

The Nasdaq Financial Index rose 2.09 to 454.86


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NNP Nasdaq ) ( CD 100 ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ big ) ( JJ non-financial ) ( NNS stocks ) ) ) ) ( ADVP ( RB basically ) ) ( VP ( VBD stood ) ( ADVP-CLR ( RB still ) ) ( S-ADV ( VP ( VBG easing ) ( NP-ADV ( CD 0.12 ) ) ( PP-DIR ( TO to ) ( NP ( CD 452.23 ) ) ) ) ) ) )

Meanwhile the Nasdaq 100 Index of the big non-financial stocks basically stood still easing 0.12 to 452.23


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( NNP Composite ) ( POS 's ) ) ( NN advance ) ) ) ( NP-SBJ ( DT some ) ( NN trading ) ( NNS officials ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB guardedly ) ( JJ optimistic ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( PP-PRD-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN road ) ) ( PP ( TO to ) ( NP ( NN recovery ) ) ) ) ) ) ) ) ) ) )

Despite the Composite 's advance some trading officials are guardedly optimistic that the market is on the road to recovery


( S ( NP-SBJ ( NP ( NNP Lance ) ( NNP Zipper ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( JJ over-the-counter ) ( NN trading ) ) ( PP-LOC ( IN at ) ( NP ( NNP Kidder ) ( NNP Peabody ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ difficult ) ) ( S-1 ( VP ( TO to ) ( VP ( VB make ) ( NP ( NNS predictions ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN trading ) ( NN volume ) ) ) ) ) ) ) ) ) ) ) )

Lance Zipper head of over-the-counter trading at Kidder Peabody said it is difficult to make predictions based on yesterday 's trading volume


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN advance ) ) ( VP ( VBD felt ) ( PP ( ADVP ( RBR more ) ) ( IN like ) ( NP ( DT a ) ( JJ technical ) ( NN bounce ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The advance felt more like a technical bounce he said


( S ( S-TPC-1 ( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBD acted ) ( ADVP-MNR-CLR ( RBR better ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( DT a ) ( JJ tremendous ) ( NN comeback ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Zipper ) ) ( VP ( VBD observed ) ) )

The market acted better but it was n't a tremendous comeback Mr. Zipper observed


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP get ) ( NP ( DT a ) ( JJ decent ) ( NN rally ) ) ( NP-TMP ( NN today ) ) ) ) ) ( ADVP ( RB maybe ) ) ( NP-SBJ ( DT the ) ( NNS buyers ) ) ( VP ( MD will ) ( VP ( VB come ) ( ADVP-DIR ( RB back ) ) ) ) )

If we get a decent rally today maybe the buyers will come back


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP E.E. ) ( NNP Buzzy ) ( NNP Geduld ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ right ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN seatbelt ) ) ( VP ( MD may ) ( VP ( VB come ) ( PP-CLR ( IN in ) ( ADJP ( JJ handy ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS sessions ) ) ) ) ) )

If E.E. Buzzy Geduld is right a seatbelt may come in handy during the next few sessions


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Herzog ) ( NNP Heine ) ) ) ) ( NP ( NNP Mr. ) ( NNP Geduld ) ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ choppy ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN while ) ) ) ) ) ) ) )

The president of Herzog Heine Mr. Geduld expects the market to be very choppy for a while


( S ( S-TPC-1 ( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN uncertainty ) ) ) ) ( ADVP-LOC ( IN out ) ( RB there ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB cause ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS swings ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

There 's a lot of uncertainty out there and it will cause a lot of swings he said


( S ( PP-LOC ( IN Among ) ( NP ( JJ active ) ( NNS stocks ) ) ) ( S ( NP-SBJ ( NNP MCI ) ( NNPS Communications ) ) ( VP ( VBD rose ) ( NP-ADV ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 43 ) ) ) ( PP ( IN on ) ( NP ( CD 2.2 ) ( CD million ) ( NNS shares ) ) ) ) ) ( S ( NP-SBJ ( NNP Mentor ) ( NNPS Graphics ) ) ( VP ( VBD added ) ( NP ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 16 ) ( CD 3\/8 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN turnover ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.5 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) )

Among active stocks MCI Communications rose 7\/8 to 43 on 2.2 million shares Mentor Graphics added 1\/8 to 16 3\/8 on turnover of 1.5 million shares


( S ( NP-SBJ ( NNP Apple ) ( NNP Computer ) ) ( VP ( VBD dropped ) ( NP-ADV ( CD 1 ) ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 46 ) ( CD 1\/2 ) ) ) ( PP ( IN on ) ( NP ( QP ( CD one ) ( CD million ) ) ( NNS shares ) ) ) ) )

Apple Computer dropped 1 1\/8 to 46 1\/2 on one million shares


( S ( S ( NP-SBJ ( NP ( QP ( RB Almost ) ( CD one ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP Sun ) ( NNPS Microsystems ) ) ) ) ( VP ( VBD changed ) ( NP ( NNS hands ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN issue ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-LOC ( IN at ) ( NP ( CD 17 ) ( CD 3\/4 ) ) ) ) ) )

Almost one million shares of Sun Microsystems changed hands but the issue was unchanged at 17 3\/4


( S ( NP-SBJ ( NN Biotechnology ) ( NNS issues ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ strong ) ) ) )

Biotechnology issues were strong


( S ( S ( NP-SBJ ( NNP Amgen ) ) ( VP ( VBD advanced ) ( NP-ADV ( CD 1 ) ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 56 ) ) ) ) ) ( S ( NP-SBJ ( NNP Chiron ) ) ( VP ( VBD jumped ) ( NP-ADV ( CD 2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 29 ) ( CD 3\/4 ) ) ) ) ) ( S ( NP-SBJ ( NNP Cetus ) ) ( VP ( VBD gained ) ( NP ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( CD 16 ) ( CD 7\/8 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Biogen ) ) ( VP ( VBD rose ) ( NP-ADV ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 14 ) ( CD 5\/8 ) ) ) ) ) )

Amgen advanced 1 1\/2 to 56 Chiron jumped 2 to 29 3\/4 Cetus gained 1 to 16 7\/8 and Biogen rose 5\/8 to 14 5\/8


( S ( NP-SBJ ( NP ( DT The ) ( JJ American ) ( NN depositary ) ( NNS receipts ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ) ) ) ( VP ( VBD jumped ) ( NP-ADV ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 11 ) ( CD 5\/8 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN turnover ) ) ( PP ( IN of ) ( NP ( CD 1.9 ) ( CD million ) ) ) ) ) ) )

The American depositary receipts of Jaguar jumped 3\/8 to 11 5\/8 on turnover of 1.9 million


( S ( NP-SBJ ( NNP Ford ) ( NNP Motor ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD raised ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ British ) ( NN car ) ( NN maker ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 12.45 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ ordinary ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) )

Ford Motor said it raised its stake in the British car maker to 12.45 % of the ordinary shares outstanding


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( NN filing ) ) ) ( NP-SBJ ( NNP Ford ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ holds ) ( NP ( QP ( CD 22.8 ) ( CD million ) ) ( JJ ordinary ) ( NNS shares ) ) ) ) ) ) )

In a Securities and Exchange Commission filing Ford said it holds 22.8 million ordinary shares


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ prepared ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NP ( JJ British ) ( NN government ) ( NNS restrictions ) ) ( PP ( TO to ) ( NP ( JJ such ) ( DT a ) ( NN transaction ) ) ) ) ( VP ( VBP are ) ( VP ( VBN removed ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company has said it is prepared to make a bid for all of the shares outstanding of Jaguar if British government restrictions to such a transaction are removed


( S ( NP-SBJ ( NP ( DT Another ) ( NN takeover ) ( NN target ) ) ( NP ( NNP LIN ) ( NNP Broadcasting ) ) ) ( VP ( VBD rose ) ( NP-ADV ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 109 ) ( CD 1\/4 ) ) ) ( PP ( IN on ) ( NP ( CD 495,000 ) ( NNS shares ) ) ) ) )

Another takeover target LIN Broadcasting rose 1\/2 to 109 1\/4 on 495,000 shares


( S ( NP-SBJ ( NP ( PRP$ Its ) ( NN suitor ) ) ( NP ( NNP McCaw ) ( NNP Cellular ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD added ) ( NP ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 40 ) ( CD 1\/2 ) ) ) ( PP ( IN on ) ( NP ( CD 395,700 ) ( NNS shares ) ) ) ) )

Its suitor McCaw Cellular also added 1\/2 to 40 1\/2 on 395,700 shares


( S ( NP-SBJ-1 ( JJ Other ) ( NNS stocks ) ) ( VP ( VBD were ) ( VP ( JJ affected ) ( PP ( IN by ) ( NP-LGS ( JJ corporate ) ( NNS earnings ) ) ) ) ) )

Other stocks were affected by corporate earnings


( S ( NP-SBJ ( NP ( NNP Informix ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB recently ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 16 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT a ) ( NN penny ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) ( VP ( VBD gained ) ( NP ( CD 1 ) ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 13 ) ( CD 5\/8 ) ) ) ( PP ( IN on ) ( NP ( CD 810,700 ) ( NNS shares ) ) ) ) )

Informix which recently said third-quarter net income rose to 16 cents a share from a penny a share a year ago gained 1 5\/8 to 13 5\/8 on 810,700 shares


( S ( NP-SBJ ( DT The ) ( CD 1988 ) ( NNS results ) ) ( VP ( VBD included ) ( NP ( DT a ) ( JJ one-time ) ( NN gain ) ) ) )

The 1988 results included a one-time gain


( S ( NP-SBJ ( NNP Cimflex ) ( NNP Teknowledge ) ) ( VP ( VBD rose ) ( NP-ADV ( NP ( CD 13\/16 ) ) ( CC or ) ( NP ( CD 39 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 2 ) ( CD 7\/8 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 494,100 ) ( NNS shares ) ) ) ) ) ) )

Cimflex Teknowledge rose 13\/16 or 39 % to 2 7\/8 on volume of 494,100 shares


( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN software ) ( NNS products ) ( CC and ) ( NNS services ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1988 ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ( VP ( VBD earned ) ( NP ( NP ( CD 200,000 ) ) ( CC or ) ( NP ( NP ( DT a ) ( NN penny ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN quarter ) ) ) ) )

The maker of software products and services which had a net loss in the 1988 third quarter earned 200,000 or a penny a share in this year 's quarter


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NNP Nasdaq ) ( POS 's ) ) ( JJS biggest ) ( NN percentage ) ( NN gainer ) ) ) )

It was Nasdaq 's biggest percentage gainer


( S ( NP-SBJ ( NNP Star ) ( NNP States ) ) ( VP ( VBD plunged ) ( NP-ADV ( CD 3 ) ( CD 1\/4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 8 ) ( CD 3\/4 ) ) ) ( PP ( IN on ) ( NP ( CD 207,000 ) ( NNS shares ) ) ) ) )

Star States plunged 3 1\/4 to 8 3\/4 on 207,000 shares


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD suffered ) ( NP ( DT a ) ( ADJP ( QP ( CD 9 ) ( CD million ) ) ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NN net ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.5 ) ( CD million ) ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) )

The company suffered a 9 million loss in the third quarter compared with net of 2.5 million a year earlier


( S ( NP-SBJ ( NNP Collagen ) ) ( VP ( VBD dropped ) ( NP-ADV ( CD 2 ) ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 15 ) ( CD 5\/8 ) ) ) ( PP ( IN on ) ( NP ( CD 428,000 ) ( NNS shares ) ) ) ) )

Collagen dropped 2 5\/8 to 15 5\/8 on 428,000 shares


( S ( PP-TMP ( IN In ) ( NP ( NP ( PRP$ its ) ( JJ fiscal-first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS biomedical-products ) ( NN maker ) ) ( VP ( VBD earned ) ( NP ( NP ( CD 10 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( CD eight ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( CD 1988 ) ( NN quarter ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD included ) ( NP ( DT an ) ( JJ extraordinary ) ( NN credit ) ) ) ) ) ) ) ) ) ) )

In its fiscal-first quarter ended Sept. 30 the biomedical-products maker earned 10 cents a share up from eight cents a share in the 1988 quarter which included an extraordinary credit


( S ( NP-SBJ ( NNP Occupational-Urgent ) ( NNP Care ) ( NNP Health ) ) ( VP ( VBD fell ) ( NP-ADV ( CD 1 ) ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 15 ) ( CD 1\/2 ) ) ) ( PP ( IN on ) ( NP ( CD 354,000 ) ( NNS shares ) ) ) ) )

Occupational-Urgent Care Health fell 1 3\/4 to 15 1\/2 on 354,000 shares


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( JJ third-quarter ) ( NNS earnings ) ) ( ADVP ( RB also ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 10 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD eight ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

The company 's third-quarter earnings also rose to 10 cents a share from eight cents a share a year ago


( S ( NP-SBJ ( DT A ) ( JJ major ) ( NNP Tokyo ) ( NN newspaper ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT a ) ( JJ Japanese ) ( NN department ) ( NN store ) ( NN concern ) ) ( VP ( VBZ is ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( QP ( IN about ) ( CD 1.3 ) ( CD billion ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP Bloomingdale ) ( POS 's ) ) ) ) ) ) ) ) ) ) ) ) ) )

A major Tokyo newspaper reported that a Japanese department store concern is planning to offer about 1.3 billion to buy Bloomingdale 's


( S ( NP-SBJ-1 ( NP ( NNP Campeau ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( NN chain ) ( POS 's ) ) ( NN owner ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN report ) ) ) ) ) ) ) )

Campeau Corp. the chain 's owner declined to comment on the report


( S ( S ( NP-SBJ ( DT A ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ Toronto-based ) ( NNP Campeau ) ) ( VP ( VBZ has ) ( VP ( VBN received ) ( NP ( NP ( NNS expressions ) ) ( PP ( IN of ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( NNP Bloomingdale ) ( POS 's ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( SBAR-NOM ( IN whether ) ( S ( NP-SBJ-1 ( DT any ) ( JJ actual ) ( NNS bids ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN made ) ) ) ) ) ) ) ) ) ) ) ) )

A spokeswoman said Toronto-based Campeau has received expressions of interest in Bloomingdale 's but she declined to comment on whether any actual bids had been made


( S ( NP-SBJ ( NP ( NNP Nihon ) ( NNP Keizai ) ( NNP Shimbun ) ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( VBG leading ) ( JJ economic ) ( NN newspaper ) ) ) ( VP ( VBD reported ) ( NP-TMP ( NNP Wednesday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Tokyu ) ( NNP Department ) ( NNP Store ) ( NNP Co. ) ) ( VP ( VBZ is ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB team ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( UCP ( NNP U.S. ) ( CC and ) ( ADJP ( JJ Western ) ( JJ European ) ) ) ( NN financing ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( DT the ) ( ADJP ( NNP New ) ( JJ York-based ) ) ( JJ retail ) ( NN chain ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNP Campeau ) ) ( VP ( VBZ has ) ( VP ( VBN put ) ( PRT ( RP up ) ) ( PP-CLR ( IN for ) ( NP ( NN sale ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nihon Keizai Shimbun Japan 's leading economic newspaper reported Wednesday that Tokyu Department Store Co. is planning to team up with U.S. and Western European financing to buy the New York-based retail chain which Campeau has put up for sale


( S ( NP-SBJ ( DT The ) ( NN service ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB identify ) ( NP ( PRP$ its ) ( NNP Tokyu ) ( NNS sources ) ) ) ) )

The service did n't identify its Tokyu sources


( SINV ( S-TPC-2 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( PP ( IN of ) ( NP ( NP ( JJ many ) ( NNS rumors ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP we ) ) ( VP ( VBP expect ) ( S ( VP ( TO to ) ( VP ( VB hear ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( NN sale ) ( POS 's ) ) ( NN process ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NP ( NNP Bloomingdale ) ( POS 's ) ) ( NN spokesman ) ) )

This is the first of many rumors we expect to hear during the sale 's process said a Bloomingdale 's spokesman


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( PRP them ) ) ) ) ) )

We wo n't comment on them


( S ( NP-SBJ ( NNP Tokyu ) ( NNS executives ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ available ) ( PP ( IN for ) ( NP ( NN comment ) ) ) ) ( NP-TMP ( JJ early ) ( NNP Thursday ) ( NN morning ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) )

Tokyu executives were n't available for comment early Thursday morning in Tokyo


( S ( NP-SBJ ( NP ( NP ( NNP Campeau ) ( POS 's ) ) ( NN chairman ) ) ( NP ( NNP Robert ) ( NNP Campeau ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( JJ annual ) ( NN meeting ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD valued ) ( NP ( NNP Bloomingdale ) ( POS 's ) ) ( PP-LOC-CLR ( IN at ) ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ) ) ) ) ) )

Campeau 's chairman Robert Campeau said at its annual meeting in July that he valued Bloomingdale 's at 2 billion


( SINV ( PP-LOC-PRD-TPC-2 ( IN Among ) ( NP ( ADJP ( RB previously ) ( VBN disclosed ) ) ( JJ possible ) ( NNS bidders ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( NP ( NNP Bloomingdale ) ( POS 's ) ) ( NNP Chairman ) ( NNP Marvin ) ( NNP Traub ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN aligned ) ( NP ( PRP himself ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Blackstone ) ( NNP Group ) ) ) ) ) ) ) ) ) )

Among previously disclosed possible bidders is Bloomingdale 's Chairman Marvin Traub who has aligned himself with Drexel Burnham Lambert Inc. and Blackstone Group


( S ( NP-SBJ ( NP ( NN Investment ) ( NNS bankers ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ( VP ( VBD confirmed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Tokyu ) ( NNP Department ) ( NNP Store ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( JJ several ) ( JJ Japanese ) ( NNS companies ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN approached ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS representatives ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN management ) ( NN committee ) ) ( VP ( VBN headed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Bloomingdale ) ( POS 's ) ) ( NNP Mr. ) ( NNP Traub ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investment bankers in Tokyo confirmed that Tokyu Department Store is one of several Japanese companies that has been approached by representatives of a management committee headed by Bloomingdale 's Mr. Traub


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ detailed ) ( JJ financial ) ( NNS figures ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN passed ) ( ADVP ( RB yet ) ) ( PP-DIR ( TO to ) ( NP ( DT any ) ( JJ prospective ) ( NNS buyers ) ) ) ) ) ) ) ) ) )

But they said detailed financial figures have n't been passed yet to any prospective buyers


( SINV ( S-TPC-2 ( NP-SBJ-1 ( NN Nobody ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT a ) ( JJ real ) ( NN bid ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN middle ) ) ( PP ( IN of ) ( NP ( NNP November ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( CD one ) ( NN investment ) ( NN banker ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNS discussions ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) )

Nobody is going to make a real bid before the middle of November said one investment banker familiar with the discussions in Japan


( S ( NP-SBJ ( NNP Tokyu ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ potential ) ( NNS buyers ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD might ) ( VP ( VB raise ) ( NP ( PRP$ its ) ( NN hand ) ) ) ) ) ) ) ) )

Tokyu is one of the potential buyers who might raise its hand


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN in ) ( NP ( ADJP ( RB very ) ( JJ early ) ) ( NNS stages ) ) ) ( ADVP ( RB still ) ) ) )

But it 's in very early stages still


( S ( NP-SBJ ( NNP Bloomingdale ) ( POS 's ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ 17-store ) ( NN chain ) ) ( VP ( VBD acquired ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( IN by ) ( NP-LGS ( NNP Campeau ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( ADJP ( QP ( CD 6.6 ) ( CD billion ) ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP Federated ) ) ) ) ) ) ) ) )

Bloomingdale 's is a 17-store chain acquired last year by Campeau in its 6.6 billion acquisition of Federated


( S ( NP-SBJ ( NNP Bloomingdale ) ( POS 's ) ) ( VP ( VBZ does ) ( NP ( NP ( DT an ) ( VBN estimated ) ( QP ( CD 1.2 ) ( CD billion ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ annual ) ( NNS sales ) ) ) ) ) )

Bloomingdale 's does an estimated 1.2 billion in annual sales


( S ( NP-SBJ ( NP ( DT The ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Bloomingdale ) ( POS 's ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN condition ) ) ( PP ( IN of ) ( NP ( NP ( NNS efforts ) ) ( PP ( IN by ) ( NP ( JJ Toronto-based ) ( NNP Olympia ) ( CC & ) ( NNP York ) ( NNPS Developments ) ( NNP Ltd. ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB arrange ) ( NP ( NP ( QP ( CD 800 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN bridge ) ( NN financing ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Campeau ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD disclosed ) ( NP-TMP ( JJ last ) ( NN month ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( VBG retailing ) ( NNS units ) ) ( NP ( NP ( NNP Federated ) ( NNP Department ) ( NNPS Stores ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Allied ) ( NNPS Stores ) ( NNP Corp. ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( VBN strapped ) ( PP ( IN for ) ( NP ( NN cash ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The sale of Bloomingdale 's is a condition of efforts by Toronto-based Olympia & York Developments Ltd. to arrange 800 million in bridge financing for Campeau which disclosed last month that its retailing units Federated Department Stores Inc. and Allied Stores Corp. were strapped for cash


( S ( NP-SBJ ( NP ( NNP O&Y ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Toronto ) ( POS 's ) ) ( NNP Reichmann ) ( NN family ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG supervising ) ( NP ( NP ( JJ major ) ( NN restructuring ) ( CC and ) ( NN refinancing ) ) ( PP ( IN of ) ( NP ( NP ( NNP Campeau ) ) ( NP ( DT a ) ( JJ Toronto-based ) ( JJ real ) ( NN estate ) ( CC and ) ( NN retailing ) ( NN company ) ) ) ) ) ) ) )

O&Y owned by Toronto 's Reichmann family is also supervising major restructuring and refinancing of Campeau a Toronto-based real estate and retailing company


( S ( NP-SBJ ( NP ( CD One ) ( NN executive ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Bloomingdale ) ( POS 's ) ) ( NN situation ) ) ) ) ) ( VP ( VBD said ) ( S ( S ( NP-SBJ-1 ( DT No ) ( NN book ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN issued ) ( S-ADV ( VP ( VBG regarding ) ( NP ( NNP Bloomingdale ) ( POS 's ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( DT no ) ( NNS projections ) ) ) ) ( RB so ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP doubt ) ( ADVP ( RB very ) ( RB much ) ) ( SBAR ( IN whether ) ( S ( NP-SBJ-2 ( DT any ) ( NN bid ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN made ) ) ) ) ) ) ) ) ) ) )

One executive familiar with the Bloomingdale 's situation said No book has been issued regarding Bloomingdale 's there are no projections so I doubt very much whether any bid has been made


( S ( ADVP ( RB Separately ) ) ( NP-SBJ-1 ( DT a ) ( NNP Campeau ) ( NN shareholder ) ) ( VP ( VBD filed ) ( NP ( NN suit ) ) ( S-ADV ( VP ( VBG charging ) ( NP-2 ( NP ( NNP Campeau ) ) ( NP ( NNP Chairman ) ( NNP Robert ) ( NNP Campeau ) ) ( CC and ) ( NP ( JJ other ) ( NNS officers ) ) ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG violating ) ( NP ( NNS securities ) ( NN law ) ) ) ) ) ) ) ) )

Separately a Campeau shareholder filed suit charging Campeau Chairman Robert Campeau and other officers with violating securities law


( S ( NP-SBJ ( NP ( DT The ) ( NN suit ) ) ( VP ( VBN filed ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP U.S. ) ( NNP District ) ( NNP Court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Manhattan ) ) ) ) ) ) ) ( VP ( VBZ seeks ) ( NP ( NN class-action ) ( NN status ) ) ) )

The suit filed in U.S. District Court in Manhattan seeks class-action status


( S ( NP-SBJ ( DT The ) ( NN suit ) ) ( VP ( VBZ accuses ) ( NP-1 ( NP ( DT the ) ( NN retailer ) ) ( CC and ) ( NP ( NP ( JJ several ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS officers ) ) ) ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG making ) ( NP ( NP ( ADJP ( JJ false ) ( CC and ) ( JJ misleading ) ) ( NNS statements ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN business ) ( NNS affairs ) ) ) ) ) ) ) ) )

The suit accuses the retailer and several of its officers of making false and misleading statements about the company 's business affairs


( S ( NP-SBJ ( DT The ) ( NN suit ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB disclose ) ( NP ( NP ( JJ material ) ( JJ adverse ) ( NN information ) ) ( PP ( IN about ) ( NP ( PRP$ its ) ( JJ financial ) ( NN condition ) ) ) ) ) ) ) ) ) ) ) )

The suit says the company failed to disclose material adverse information about its financial condition


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Campeau ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN seen ) ( NP ( DT the ) ( NN suit ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ) )

A spokesman for the company said Campeau has n't seen the suit and declined to comment


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

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


( NP ( NP ( NNP Blockbuster ) ( NNP Entertainment ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 300 ) ( CD million ) ) ) ( PRN ( NP ( NN redemption ) ( NN amount ) ) ) ( PP ( IN of ) ( NP ( NP ( NN zero-coupon ) ( JJ convertible ) ( NNS notes ) ) ( VP ( ADVP ( RB also ) ) ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NN liquid ) ( NN yield ) ( NN option ) ( NNS notes ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 2004 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 308.32 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP-TMP ( IN at ) ( NP ( NN maturity ) ) ) ( NP ( CD 8 ) ( NN % ) ) ) ) ) ) ) ) ) )

Blockbuster Entertainment Corp. 300 million redemption amount of zero-coupon convertible notes also known as liquid yield option notes due Nov. 1 2004 priced at 308.32 to yield at maturity 8 %


( S ( NP-SBJ ( DT The ) ( NNS notes ) ) ( VP ( VP ( VBP are ) ( NP-PRD ( NN zero-coupon ) ( NNS securities ) ) ) ( CC and ) ( VP ( MD will ) ( RB not ) ( VP ( VB pay ) ( NP ( NN interest ) ) ( ADVP-TMP ( RB periodically ) ) ) ) ) )

The notes are zero-coupon securities and will not pay interest periodically


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offering ) ) ) ) ( VP ( VBD was ) ( VP ( VBN increased ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( ADJP ( RB originally ) ( VBN planned ) ) ( QP ( CD 250 ) ( CD million ) ) ) ( PRN ( NP ( NN redemption ) ( NN amount ) ) ) ) ) ) ) )

The size of the offering was increased from the originally planned 250 million redemption amount


( S ( NP-SBJ ( DT The ) ( NNS notes ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ convertible ) ( PP ( IN into ) ( NP ( NP ( JJ common ) ( NN stock ) ) ( PP ( IN of ) ( NP ( NNP Blockbuster ) ( NNP Entertainment ) ) ) ) ) ( PP ( IN at ) ( NP ( NP ( NP ( CD 22.26 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( VP ( VBG representing ) ( NP ( NP ( DT a ) ( ADJP ( CD 12 ) ( NN % ) ) ( NN conversion ) ( NN premium ) ) ( PP ( IN over ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN closing ) ( NN price ) ) ) ) ) ) ) ) ) )

The notes are convertible into common stock of Blockbuster Entertainment at 22.26 a share representing a 12 % conversion premium over yesterday 's closing price


( S ( S-ADV ( VP ( VP ( VBN Rated ) ( ADJP-1 ( JJ Ba-3 ) ) ( PP-2 ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( NNPS Investors ) ( NNP Service ) ( NNP Inc. ) ) ) ) ( CC and ) ( VP ( ADJP=1 ( JJ single-B-plus ) ) ( PP=2 ( IN by ) ( NP-LGS ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP Corp. ) ) ) ) ) ) ( NP-SBJ-4 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ) ) ) ) )

Rated Ba-3 by Moody 's Investors Service Inc. and single-B-plus by Standard & Poor 's Corp. the issue will be sold through Merrill Lynch Capital Markets


( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 8.4 ) ( NN % ) ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 2019 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.771 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.457 ) ( NN % ) ) ) ) ) ) ) ) ) )

Merrill Lynch & Co. 200 million of 8.4 % notes due Nov. 1 2019 priced at 99.771 to yield 8.457 %


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN issue ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ puttable ) ( ADVP ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN company ) ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 1994 ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( NP ( CD 70 ) ( NN basis ) ( NNS points ) ) ( PP ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ five-year ) ( NN note ) ) ) ) ) ) ) ) ) )

The issue which is puttable back to the company Nov. 1 1994 was priced at a spread of 70 basis points above the Treasury 's five-year note


( S ( S-ADV ( VP ( VP ( VBN Rated ) ( ADJP-3 ( JJ single-A-1 ) ) ( PP-4 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP=3 ( JJ single-A-plus ) ) ( PP=4 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( JJ noncallable ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ) ) ) ) ) ) ) )

Rated single-A-1 by Moody 's and single-A-plus by S&P the noncallable issue will be sold through underwriters led by Merrill Lynch Capital Markets


( NP ( NP ( NNP Boise ) ( NNP Cascade ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 9.45 ) ( NN % ) ) ( NNS debentures ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2009 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.7 ) ) ) ) ) ) ) )

Boise Cascade Corp. 150 million of 9.45 % debentures due 2009 priced at 99.7


( NP ( NP ( NNP ITT ) ( NNP Financial ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 8.35 ) ( NN % ) ) ( JJ subordinated ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 2004 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.85 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.387 ) ( NN % ) ) ) ) ) ) ) ) ) )

ITT Financial Corp. 150 million of 8.35 % subordinated notes due Nov. 1 2004 priced at 99.85 to yield 8.387 %


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ noncallable ) ( NN issue ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ puttable ) ( ADVP ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN company ) ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 1994 ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( NP ( CD 62.5 ) ( NN basis ) ( NNS points ) ) ( PP ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ five-year ) ( NN note ) ) ) ) ) ) ) ) ) )

The noncallable issue which is puttable back to the company Nov. 1 1994 was priced at a spread of 62.5 basis points above the Treasury 's five-year note


( S ( S-ADV ( VP ( VP ( VBN Rated ) ( ADJP-1 ( JJ single-A-2 ) ) ( PP-2 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP=1 ( JJ single-A ) ) ( PP=2 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ) ) ) ) ) ) ) )

Rated single-A-2 by Moody 's and single-A by S&P the issue will be sold through underwriters led by Merrill Lynch Capital Markets


( S ( NP-SBJ ( NNP ITT ) ( NNP Financial ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP ITT ) ( NNP Corp ) ) ) ) ) )

ITT Financial is a subsidiary of ITT Corp


( NP ( NP ( NNP Arco ) ( NNP Chemical ) ( NNP Co. ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( CD 9.35 ) ( NN % ) ( NNS debentures ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 2019 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 98.518 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 9.50 ) ( NN % ) ) ) ) ) ) ) ) ) )

Arco Chemical Co. 100 million of 9.35 % debentures due Nov. 1 2019 priced at 98.518 to yield 9.50 %


( S ( S-ADV ( VP ( VP ( VP ( VBN Rated ) ( ADJP-2 ( JJ single-A-2 ) ) ( PP-4 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ) ( CC and ) ( VP ( ADJP=2 ( JJ single-A ) ) ( PP=4 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc ) ) ) ) ) ) ) ) ) )

Rated single-A-2 by Moody 's and single-A by S&P the issue will be sold through underwriters led by Salomon Brothers Inc


( NP ( NP ( NP ( NNP Trinity ) ( NNP River ) ( NNP Authority ) ) ( NP-LOC ( NNP Texas ) ) ) ( NP ( NP ( QP ( CD 134.8 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ regional ) ( NN wastewater ) ( NN system ) ( NN improvement ) ( NN revenue ) ( NNS bonds ) ) ( NP ( NNS Series ) ( CD 1989 ) ) ( ADJP ( JJ due ) ( NP-TMP ( NP ( CD 1992-2000 ) ) ( NP ( CD 2009 ) ) ( CC and ) ( NP ( CD 2016 ) ) ) ) ) ) ( PP ( IN through ) ( NP ( DT a ) ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ( NN group ) ) ) ) )

Trinity River Authority Texas 134.8 million of regional wastewater system improvement revenue bonds Series 1989 due 1992-2000 2009 and 2016 through a Shearson Lehman Hutton Inc. group


( S ( NP-SBJ-1 ( DT The ) ( NNS bonds ) ) ( S-ADV ( VP ( VP ( VBN insured ) ) ( CC and ) ( VP ( VBN rated ) ( ADJP ( JJ triple-a ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( CC and ) ( NP ( NNP S&P ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.30 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.25 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2016 ) ) ) ) ) ) ) ) ) ) ) )

The bonds insured and rated triple-a by Moody 's and S&P were priced to yield from 6.30 % in 1992 to 7.25 % in 2016


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( CD 46,245,000 ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 7 ) ( NN % ) ) ( NN term ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2009 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 97 ) ( CD 7\/8 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.20 ) ( NN % ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 64.9 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 7.1 ) ( NN % ) ) ( NN term ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2016 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 98 ) ( CD 1\/4 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.25 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

There are 46,245,000 of 7 % term bonds due 2009 priced at 97 7\/8 to yield 7.20 % and 64.9 million of 7.1 % term bonds due 2016 priced at 98 1\/4 to yield 7.25 %


( S ( NP-SBJ-2 ( NP ( JJ Serial ) ( NNS bonds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( ADVP ( DT all ) ) ) ( VP ( VBP carry ) ( NP ( ADJP ( CD 7 ) ( JJ % ) ) ( NNS coupons ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.30 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2000 ) ) ) ) ) ) ) ) ) ) ) )

Serial bonds which all carry 7 % coupons are priced to yield from 6.30 % in 1992 to 7 % in 2000


( NP ( NP ( NP ( NNP Beverly ) ( NNP Hills ) ) ( NP-LOC ( NNP Calif. ) ) ) ( NP ( NP ( CD 116,385,000 ) ) ( PP ( IN of ) ( NP ( NP ( VBG refunding ) ( NNS certificates ) ) ( PP ( IN of ) ( NP ( NN participation ) ) ) ( PRN ( NP ( JJ civic ) ( NN center ) ( NNS improvements ) ( NN project ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NP ( CD 1990-2004 ) ) ( NP ( CD 2007 ) ) ( NP ( CD 2016 ) ) ( CC and ) ( NP ( CD 2019 ) ) ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ( NN group ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.19 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2016 ) ) ) ) ) ) ) ) ) ) ) ) ) )

Beverly Hills Calif. 116,385,000 of refunding certificates of participation civic center improvements project due 1990-2004 2007 2016 and 2019 tentatively priced by a Goldman Sachs & Co. group to yield from 6 % in 1990 to 7.19 % in 2016


( S ( NP-SBJ ( JJ Serial ) ( NNS certificates ) ) ( VP ( VBP yield ) ( NP ( QP ( TO to ) ( CD 7.10 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2004 ) ) ) ) )

Serial certificates yield to 7.10 % in 2004


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP are ) ( DT all ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( JJ par ) ) ) ) ) )

They are all priced at par


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( CD 12,915,000 ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 7 ) ( NN % ) ) ( NN term ) ( NNS certificates ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2007 ) ) ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.15 ) ( NN % ) ) ) ) ) ) ) ) ) ) )

There are 12,915,000 of 7 % term certificates due 2007 priced to yield 7.15 %


( S ( NP-SBJ ( NP ( DT The ) ( QP ( CD 58.9 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 7 ) ( NN % ) ) ( NNS certificates ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2016 ) ) ) ) ) ) ( VP ( VBP carry ) ( NP ( NP ( NP ( DT the ) ( NN issue ) ( POS 's ) ) ( JJ high ) ( NN yield ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 97 ) ( CD 3\/4 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.19 ) ( NN % ) ) ) ) ) ) ) ) )

The 58.9 million of 7 % certificates due 2016 carry the issue 's high yield priced at 97 3\/4 to yield 7.19 %


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( QP ( CD 29 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 6 ) ( CD 3\/4 ) ( NN % ) ) ( NNS certificates ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2019 ) ) ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.10 ) ( NN % ) ) ) ) ) ) ) ) ) ) )

There are also 29 million of 6 3\/4 % certificates due 2019 priced to yield 7.10 %


( S ( NP-SBJ-3 ( DT The ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VP ( VBN rated ) ( ADJP-1 ( JJ single-A-1 ) ) ( PP-2 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP=1 ( JJ double-A-minus ) ) ( PP=2 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( JJ lead ) ( NN underwriter ) ) ) ) ) ) )

The bonds are rated single-A-1 by Moody 's and double-A-minus by S&P according to the lead underwriter


( NP ( NP ( NNP Michigan ) ) ( NP ( NP ( QP ( CD 80 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ first ) ( JJ general ) ( NN obligation ) ( NNS bonds ) ) ( PRN ( NP ( NN Series ) ( CD 1989 ) ) ( NP ( NP ( JJ environmental ) ( NN protection ) ( NN program ) ) ( CC and ) ( NP ( NN recreation ) ( NN program ) ) ) ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NN group ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6 ) ( NN % ) ) ( PP ( IN for ) ( NP ( NP ( JJ current ) ( NN interest ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1990 ) ) ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.25 ) ( NN % ) ) ( PP ( IN for ) ( NP ( JJ convertible ) ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) ) ) )

Michigan 80 million of first general obligation bonds Series 1989 environmental protection program and recreation program tentatively priced by a Shearson Lehman Hutton group to yield from 6 % for current interest bonds due 1990 to 7.25 % for convertible capital appreciation bonds


( S ( NP-SBJ ( JJ Environmental ) ( NN protection ) ( NN program ) ( JJ current ) ( NN interest ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ due ) ( NP-TMP ( NP ( CD 1995-1999 ) ) ( NP ( CD 2005 ) ) ( CC and ) ( NP ( CD 2009 ) ) ) ) ) )

Environmental protection program current interest bonds are due 1995-1999 2005 and 2009


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP are ) ( VP ( ADVP ( RB tentatively ) ) ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.45 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1995 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.10 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2009 ) ) ) ) ) ) ) ) ) ) ) )

They are tentatively priced to yield from 6.45 % in 1995 to 7.10 % in 2009


( S ( NP-SBJ ( NP ( DT The ) ( JJ standard ) ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN issue ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1998-2011 ) ) ) ) ) ) ( VP ( NN yield ) ( PP-TMP ( TO to ) ( NP ( NN maturity ) ) ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.70 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1998 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.10 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2009-2011 ) ) ) ) ) ) ) )

The standard capital appreciation bonds in the issue due 1998-2011 yield to maturity from 6.70 % in 1998 to 7.10 % in 2009-2011


( S ( NP-SBJ ( DT The ) ( JJ convertible ) ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( ADVP ( DT all ) ) ( VP ( VBP yield ) ( NP ( CD 7.25 ) ( NN % ) ) ( PP-TMP ( TO to ) ( NP ( NP ( PRP$ their ) ( JJ respective ) ( NN conversion ) ( NNS dates ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP become ) ( NP-PRD ( NP ( ADJP ( CD 7 ) ( CD 1\/4 ) ( NN % ) ) ( JJ current ) ( JJ interest-bearing ) ( NNS bonds ) ) ( PP-TMP ( IN until ) ( NP ( NN maturity ) ) ) ) ) ) ) ) ) ) )

The convertible capital appreciation bonds all yield 7.25 % to their respective conversion dates when they become 7 1\/4 % current interest-bearing bonds until maturity


( S ( NP-SBJ ( NP ( JJ Convertible ) ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ final ) ( VBN stated ) ( NN maturity ) ) ( PP ( IN of ) ( NP ( NNP Nov. ) ( CD 15 ) ( CD 2014 ) ) ) ) ) ) ( VP ( VBP convert ) ( NP-TMP ( NNP Nov. ) ( CD 15 ) ( CD 1999 ) ) ) )

Convertible capital appreciation bonds with a final stated maturity of Nov. 15 2014 convert Nov. 15 1999


( S ( NP-SBJ ( NP ( JJ Convertible ) ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ final ) ( VBN stated ) ( NN maturity ) ) ( PP ( IN of ) ( NP ( NNP Nov. ) ( CD 15 ) ( CD 2019 ) ) ) ) ) ) ( VP ( VBP convert ) ( NP-TMP ( NNP Nov. ) ( CD 15 ) ( CD 2004 ) ) ) )

Convertible capital appreciation bonds with a final stated maturity of Nov. 15 2019 convert Nov. 15 2004


( S ( NP-SBJ-1 ( NN Recreation ) ( NN program ) ( JJ current ) ( NN interest ) ( NNS bonds ) ) ( VP ( VP ( VBP are ) ( ADJP-PRD ( JJ due ) ( NP-TMP ( CD 1990-1995 ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 6.45 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1995 ) ) ) ) ) ) ) ) ) ) ) ) )

Recreation program current interest bonds are due 1990-1995 and are priced to yield from 6 % in 1990 to 6.45 % in 1995


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

All of the bonds are rated single-A-1 by Moody 's and double-A by S&P


( NP ( NP ( NNP Federal ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ) ( NP ( NP ( QP ( CD 300 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Remic ) ( NNS securities ) ) ) ( PP ( IN in ) ( NP ( CD 10 ) ( NNS classes ) ) ) ( PP ( IN through ) ( NP ( NNP Goldman ) ( NNP Sachs ) ) ) ) )

Federal National Mortgage Association 300 million of Remic securities in 10 classes through Goldman Sachs


( S ( NP-SBJ-2 ( DT The ) ( NN issue ) ) ( VP ( VBZ is ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NNP Fannie ) ( NNP Mae ) ( ADJP ( CD 9 ) ( NN % ) ) ( NN securitiess ) ) ) ) ) )

The issue is backed by Fannie Mae 9 % securitiess


( S ( NP-SBJ ( DT The ) ( NN offering ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Fannie ) ( NNP Mae ) ( POS 's ) ) ( NN Series ) ( CD 1989-88 ) ) ) )

The offering is Fannie Mae 's Series 1989-88


( NP ( NP ( NP ( NNP Fuji ) ( NNP Heavy ) ( NNPS Industries ) ( NNP Ltd ) ) ( PRN ( NP-LOC ( NNP Japan ) ) ) ) ( NP ( NP ( QP ( CD 300 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 8 ) ( CD 3\/4 ) ( NN % ) ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 17 ) ( CD 1999 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 101 ) ( CD 3\/8 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( CD 8.85 ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ( ADVP-TMP ( RB annually ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Daiwa ) ( NNP Europe ) ( NNP Ltd ) ) ) ) )

Fuji Heavy Industries Ltd Japan 300 million of 8 3\/4 % bonds due Nov. 17 1999 priced at 101 3\/8 to yield 8.85 % less full fees annually via Daiwa Europe Ltd


( NP ( NP ( NN Guarantee ) ) ( PP ( IN by ) ( NP ( NP ( NNP Industrial ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ) )

Guarantee by Industrial Bank of Japan


( NP ( NP ( NNS Fees ) ) ( NP ( CD 2 ) ) )

Fees 2


( NP ( NP ( NP ( NNP European ) ( NNP Investment ) ( NNP Bank ) ) ( PRN ( NP ( NN agency ) ) ) ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 8 ) ( CD 1\/2 ) ( NN % ) ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 22 ) ( CD 1999 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.75 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.54 ) ( NN % ) ) ( PP ( IN at ) ( NP ( VBN reoffered ) ( NN price ) ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NN lead ) ( NN manager ) ( NNP JP ) ( NNP Morgan ) ( NNPS Securities ) ( NNP Ltd ) ) ) ) )

European Investment Bank agency 150 million of 8 1\/2 % bonds due Nov. 22 1999 priced at 99.75 to yield 8.54 % at reoffered price via lead manager JP Morgan Securities Ltd


( NP ( NP ( NP ( NNP Nippon ) ( NNP Meat ) ( NNPS Packers ) ( NNP Inc ) ) ( PRN ( NP-LOC ( NNP Japan ) ) ) ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 9 ) ( CD 1993 ) ) ) ( PP ( IN with ) ( NP ( NP ( JJ equity-purchase ) ( NNS warrants ) ) ( VP ( VBG indicating ) ( NP ( NP ( DT a ) ( ADJP ( CD 3 ) ( CD 7\/8 ) ( NN % ) ) ( NN coupon ) ) ( PP ( IN at ) ( NP ( JJ par ) ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Yamaichi ) ( NNP International ) ( NNP Europe ) ) ) ) )

Nippon Meat Packers Inc Japan 200 million of bonds due Nov. 9 1993 with equity-purchase warrants indicating a 3 7\/8 % coupon at par via Yamaichi International Europe


( S ( NP-SBJ ( DT Each ) ( ADJP ( CD 5,000 ) ) ( NN bond ) ) ( VP ( VBZ carries ) ( NP ( NP ( DT a ) ( NN warrant ) ) ( ADJP ( JJ exercisable ) ( NP-TMP ( NP ( NNP Nov. ) ( CD 24 ) ( CD 1989 ) ) ( PP ( IN through ) ( NP ( NNP Oct. ) ( CD 29 ) ( CD 1993 ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN company ) ( NNS shares ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT an ) ( JJ expected ) ( NN premium ) ) ( PP ( IN of ) ( NP ( CD 2 ) ( CD 1\/2 ) ( NN % ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN closing ) ( NN share ) ( NN price ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ( NP-TMP ( NNP Oct. ) ( CD 31 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Each 5,000 bond carries a warrant exercisable Nov. 24 1989 through Oct. 29 1993 to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 31


( NP ( NP ( NP ( NNP GMAC ) ( NNP Canada ) ( NNP Ltd ) ) ( PRN ( NP ( NNP U.S. ) ( NN parent ) ) ) ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PP ( IN of ) ( NP ( NP ( NN floating-rate ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP November ) ( CD 1996 ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Banque ) ( NNP Paribas ) ( NNP Capital ) ( NNPS Markets ) ( NNP Ltd ) ) ) ) )

GMAC Canada Ltd U.S. parent 150 million Canadian dollars of floating-rate notes due November 1996 via Banque Paribas Capital Markets Ltd


( S ( NP-SBJ ( NP ( NN Coupon ) ) ( VP ( VBN paid ) ( ADVP-TMP ( RB monthly ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ one-month ) ( JJ Canadian ) ( NNS bankers ) ( NN acceptance ) ( NN rate ) ) ) )

Coupon paid monthly is one-month Canadian bankers acceptance rate


( NP ( NP ( NN Guarantee ) ) ( PP ( IN by ) ( NP ( NNP General ) ( NNPS Motors ) ( NNP Acceptance ) ( NNP Corp ) ) ) )

Guarantee by General Motors Acceptance Corp


( FRAG ( NP ( VB Call ) ) ( PP ( IN at ) ( NP ( JJ par ) ) ) ( PP-TMP ( IN after ) ( NP ( CD two ) ( NNS years ) ) ) ( CC and ) ( ADVP-TMP ( RB thereafter ) ) ( PP ( IN at ) ( NP ( JJ par ) ) ) ( NP-TMP ( DT every ) ( CD six ) ( NNS months ) ) )

Call at par after two years and thereafter at par every six months


( NP ( NP ( NNP Swedish ) ( NNP Export ) ( NNP Credit ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 12 ) ( NN % ) ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP June ) ( CD 15 ) ( CD 1994 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 101 ) ( CD 5\/8 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( CD 12.39 ) ( NN % ) ) ) ( ADVP-TMP ( RB annually ) ) ( PP-1 ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Samuel ) ( NNP Montagu ) ( CC & ) ( NNP Co ) ) ) ) )

Swedish Export Credit Corp. 100 million of 12 % bonds due June 15 1994 priced at 101 5\/8 to yield 12.39 % annually less full fees via Samuel Montagu & Co


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

Fees 1 7\/8


( NP ( NP ( NP ( NNP Skopbank ) ) ( PRN ( NP-LOC ( NNP Finland ) ) ) ) ( NP ( NP ( QP ( CD 10 ) ( CD billion ) ) ( NNS yen ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 5 ) ( CD 3\/4 ) ( NN % ) ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 20 ) ( CD 1992 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 101 ) ( CD 3\/8 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( CD 5 ) ( CD 3\/4 ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP IBJ ) ( NNP International ) ) ) ) )

Skopbank Finland 10 billion yen of 5 3\/4 % bonds due Nov. 20 1992 priced at 101 3\/8 to yield 5 3\/4 % less full fees via IBJ International


( NP ( NP ( NNS Fees ) ) ( NP ( CD 1 ) ( CD 3\/8 ) ) )

Fees 1 3\/8


( NP ( NP ( NP ( NNP Hokkaido ) ( NNP Takushoku ) ( NNP Bank ) ) ( PRN ( NP-LOC ( NNP Japan ) ) ) ) ( NP ( NP ( QP ( CD 300 ) ( CD million ) ) ( NNP Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( NP ( NNS notes ) ( CC and ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP March ) ( CD 31 ) ( CD 1994 ) ) ) ( PP ( IN with ) ( NP ( NP ( JJ fixed ) ( ADJP ( CD 0.375 ) ( NN % ) ) ( NN coupon ) ) ( PP ( IN at ) ( NP ( JJ par ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Swiss ) ( NNP Bank ) ( NNP Corp ) ) ) ) )

Hokkaido Takushoku Bank Japan 300 million Swiss francs of notes and bonds due March 31 1994 with fixed 0.375 % coupon at par via Swiss Bank Corp


( FRAG ( NP ( VB Put ) ( NN option ) ) ( NP-TMP ( NNP March ) ( CD 31 ) ( CD 1992 ) ) ( PP ( IN at ) ( NP ( CD 107 ) ( CD 3\/4 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( DT a ) ( JJ fixed ) ( CD 3.52 ) ( NN % ) ) ) ) ) )

Put option March 31 1992 at 107 3\/4 to yield a fixed 3.52 %


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( CD two ) ( NNS parts ) ) ( NP ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ( JJ Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( ADJP ( RB privately ) ( VBN placed ) ) ( NNS notes ) ) ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ( JJ Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( ADJP ( RB publicly ) ( JJ listed ) ) ( NNS bonds ) ) ) ) ) ) ) ) )

The issue is in two parts 200 million Swiss francs of privately placed notes 100 million Swiss francs of publicly listed bonds


( NP ( NP ( JJ Indentical ) ( NNS conditions ) ) ( PP ( IN for ) ( NP ( DT the ) ( CD two ) ( NNS parts ) ) ) )

Indentical conditions for the two parts


( S ( NP-SBJ-1 ( JJ Other ) ( NNS terms ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN fixed ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ) ) ) ) )

Other terms to be fixed Nov. 1


( NP ( NP ( NP ( NNP Kingdom ) ) ( PP ( IN of ) ( NP ( NNP Morocco ) ) ) ) ( NP ( NP ( QP ( CD 208 ) ( CD million ) ) ) ( PRN ( NP ( NN redemption ) ( NN amount ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NN zero-coupon ) ( NN government ) ( NN trust ) ( NNS certificates ) ) ( PP ( IN with ) ( NP ( NP ( NNS maturities ) ) ( VP ( VBG stretching ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP May ) ( CD 15 ) ( CD 1990 ) ) ) ( PP ( TO to ) ( NP ( NNP Nov. ) ( CD 15 ) ( CD 1999 ) ) ) ) ) ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS yields ) ) ( VP ( VBG ranging ) ( PP ( PP ( IN from ) ( NP ( CD 8.23 ) ( NN % ) ) ) ( PP ( TO to ) ( NP ( CD 8.43 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

Kingdom of Morocco 208 million redemption amount of zero-coupon government trust certificates with maturities stretching from May 15 1990 to Nov. 15 1999 priced at yields ranging from 8.23 % to 8.43 %


( S ( NP-SBJ-1 ( PDT All ) ( DT the ) ( NNS issues ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( NP ( CD 37 ) ( NN basis ) ( NNS points ) ) ( PP ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( NNS strips ) ) ( PP ( IN with ) ( NP ( JJ similar ) ( NNS maturities ) ) ) ) ) ) ) ) ) ) ) )

All the issues were priced at a spread of 37 basis points above the Treasury strips with similar maturities


( S ( NP-SBJ ( NP ( NNS Proceeds ) ) ( PP ( IN from ) ( NP ( DT the ) ( VBG offering ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( QP ( IN about ) ( CD 160.4 ) ( CD million ) ) ) ) )

Proceeds from the offering are about 160.4 million