finance.01
frames- Valley Federal Savings & Loan , a California thrift issue , gained 1 to 4 1\/4 after *-1 reporting a third-quarter loss of $ 70.7 million *U* after an $ 89.9 million *U* pretax charge mostly related to its [ARG1 mobile] home [rel financing] unit .
- [ARG0 Japanese companies] have [rel financed] [ARG1 small and medium-sized U.S. firms] [ARGM-TMP for years] , but in recent months , the pace has taken off .
- [ARG1 A host of electronics firms in California 's Silicon Valley] were [rel financed] *-119 with [ARG2-with trading-company venture capital] .
- Although the legislation would apply to acquisitions involving any major airline , it is aimed *-25 at * giving the Transportation Department the chance * to review in advance [ARG1 transactions] [rel financed] * by [ARG2-by large amounts of debt] .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- Today taxpayers get *-1 to vote , most of the time , on whether [ARG0 they] want *-2 to [rel finance] [ARG1 the building schemes of our modern political pharaohs] , or let private money erect these playgrounds for public passions .
- In a leveraged buy-out , a small group of investors acquires a company in [ARG1 a transaction] [rel financed] * [ARGM-MNR largely by borrowing] , with the expectation that the debt will be paid *-1 with funds generated * by the acquired company 's operations or sales of its assets .
- With the shudders came *T*-2 the realization that some of Wall Street 's biggest players are struggling *-1 to maintain [ARG2 the stellar credit standing] required * to [rel finance] [ARG1 their activities] [ARGM-MNR profitably] .
- Securities firms are among the biggest issuers of commercial paper , or short-term corporate IOUs , which [ARG0 they] sell *T*-1 *-2 to [rel finance] [ARG1 their daily operations] .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- Analysts expect [ARG0 Armstrong] to use proceeds of the sale *-1 to reduce debt , buy back stock or [ARGM-MOD perhaps] [rel finance] [ARG1 an acquisition] .
- Because a purchaser can use [ARG2 an FHA loan] *-2 to [rel finance] [ARG1 all points and closing costs] , the FHA can wind up *-1 lending more than a house is worth .
- [ARG0 Georgia-Pacific , which *T*-45 has suspended its stock-repurchase program ,] [ARGM-MOD would] [rel finance] [ARG1 the acquisition] with [ARG2-with all bank debt , provided * by banks led * by BankAmerica Corp] .
- A group of Michigan investors has offered *-2 to buy Knight-Ridder Inc. 's ailing Detroit Free Press for $ 68 million *U* but has left unclear [ARGM-MNR how] [ARG1 the offer] [ARGM-MOD will] be [rel financed] *-1 *T*-3 .
- It does not relieve the need for our market-opening efforts for both goods and services , but it does suggest that it is [ARG2 our exports of services , and not just borrowing ,] that *T*-1 is [rel financing] [ARG1 our imports of goods] .
- While the campaign was Mr. Gibbons 's idea , however , he wo n't be paying for it : The donations will come out of [ARG1 the chain 's national advertising fund] , which *T*-2 is [rel financed] *-1 by [ARG0-by the franchisees] .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- Pierre-Karl Peladeau , the founder 's son and the executive in charge of the acquisition , says 0 Quebecor has n't decided [ARGM-MNR how] [ARG0 it] [ARGM-MOD will] [rel finance] [ARG1 its share of the purchase] *T*-1 , but he says 0 it most likely will use debt .
- Earlier this year , Dataproducts had rejected a $ 15 *U* a share offer from DPC , *-1 saying 0 [ARG1 it] was [ARGM-NEG n't] [ARGM-MNR adequately] [rel financed] *-2 .
- Centerior Energy Corp. said 0 the Ohio Water Development Authority approved terms for two series of [ARG2 tax-exempt bonds] 0 *T*-1 to [rel finance] [ARG1 a water-pollution control and solid-waste disposal facilities] .
- [ARG2 Proceeds of the sale] will go to Centerior 's operating subsidiaries *-1 to [rel finance] [ARG1 the projects , located * at a nuclear unit located * near Cleveland] .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- But Mr. Tonkin said 0 [ARG0 dealers] should slash stocks to between 15 and 30 days *-1 to reduce the costs of *-2 [rel financing] [ARG1 inventory] .
- Earlier this year , DPC Acquisition made a $ 15-a-share *U* offer for Dataproducts , which the Dataproducts board said 0 it rejected *T*-1 because [ARG1 the $ 283.7 million *U* offer] was [ARGM-NEG not] [ARGM-MNR fully] [rel financed] *-2 .
- Shoney 's said 0 the latest restructuring affected [ARG2 bank indebtedness] that *T*-1 was incurred *-3 * to [rel finance] [ARG1 $ 585 million *U* of the company 's $ 728 million *U* recapitalization that *T*-2 took place in]
- [ARG0 Management Co.] manages entertainers and produces , markets and [rel finances] [ARG1 entertainment] .
- But tremors are likely in [ARG0 the junk-bond market] , which *T*-1 has helped *-2 to [rel finance] [ARG1 the takeover boom of recent years] .
- All the ships are covered *-3 by loan guarantees from a [ARG1 state] export [rel financing] [ARG0 agency] , even though it *EXP*-2 's not clear whether they will actually be built *-4 .
- Bank of England Governor Robin Leigh-Pemberton urged [ARG0 banks] to be cautious in *-1 [rel financing] [ARG1 leveraged buy-outs] .
- Federated ran into a cash crunch after it was acquired *-1 last year by [ARG0 Campeau] , which *T*-2 relied heavily on debt *-3 to [rel finance] [ARG1 the transaction] .
- [ARG0 The Kremlin] also has been unwilling *-1 to provide hard currency for the auction , *-1 using a lot of it instead *-2 to [rel finance] [ARG1 emergency imports of consumer goods] .
- `` This is being done *-1 at the suggestion of -LCB- Mr. Drabinsky -RCB- and * to accommodate him , * to facilitate his [rel financing] [ARG0 arrangements] , '' Ms. Kolber said *T*-2 .
- While universities develop the basic research , `` venture capitalists are [ARG0 the ones] best positioned * to [rel finance] [ARG1 its commercialization] , '' says *T*-1 Gloria W. Doubleday of Commonwealth .
- Last year , [ARG0 venture capitalists] spent an estimated $ 600 million *U* *-1 to [rel finance] [ARG1 start-up companies] [ARGM-LOC in medical and biotechnology businesses] , according to the National Venture Capital Association , a trade group .
- [ARG1 The researchers] , who *T*-2 are being [rel financed] *-1 by [ARG2-by the Lithox funds] , will receive a royalty , or percentage of sales , if their research yields a commercial product .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- [ARG2 Such loans] often are used *-2 * to [rel finance] [ARG1 leveraged buy-outs] , and the agency is worried *-1 that a sharp market drop could create capital problems for the firms .
- [ARG0 Other casino owners , Circus Circus among them ,] are [rel financing] [ARG1 their expansion] with [ARG2-with their own cash and revolving credit lines from local lenders such as First Interstate Bank of Nevada] .
- [ARG0 Lawrence Insurance , based * in Albany , N.Y. ,] plans *-1 to use the $ 22.5 million *U* in proceeds *-2 to help *-3 [rel finance] [ARG1 the acquisition of United Republic] .
- The bill last night includes [ARG2 $ 500 million *U*] 0 * to help *-1 [rel finance] [ARG1 this credit] *T*-2 and further raises the obligation ceiling for the Small Business Administration sixfold to $ 1.8 billion *U* * to accommodate the expected loan activity .
- Earlier this month IMA , an investment group that *T*-1 includes Chicago 's Pritzker family and First Boston Corp. , submitted a reduced bid for American Medical after [ARG0 it] [ARGM-MOD could] [ARGM-NEG n't] [rel finance] [ARG1 its initial offer] .
- It also said 0 [ARG1 the cash portion of the transaction] [ARGM-MOD would] be [rel financed] *-1 with [ARG2-with StatesWest 's own cash and short-term investments , plus debt and other financing arranged * through Hibbard Brown & Co. , the company 's investment banker] .
- [ARG1 The TW buy-out] [ARGM-MOD may] [ARGM-TMP yet] be [rel financed] *-1 .
- [ARG0 Coniston Partners , which *T*-1 with related entities controls 80 % of TW ,] had been planning *-2 to sell $ 1.15 billion *U* of junk bonds , [ARGM-ADV among other things] *-3 to [rel finance] [ARG1 their acquisition of the remaining public shares] .
- Given the weakness of the junk-bond market , [ARGM-MOD can] [ARG0 he] [rel finance] [ARG1 a buy-out] ?
- In addition , Mrs. Lidgerwood said 0 *T*-1 , [ARG0 Norfolk] is likely *-2 to draw down its cash initially *-3 to [rel finance] [ARG1 the purchases] and thus forfeit some interest income .
- A spokeswoman said 0 [ARG0 the company] [ARGM-MOD will] [rel finance] [ARG1 the buy-back] with [ARG2-with cash on hand , borrowing and `` cash 0 Norfolk expects *-2 to generate *T*-1] . ''
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- Developers are also forming more joint ventures with [ARG2 pension funds and insurance companies] that *T*-1 [ARGM-MOD can] [rel finance] [ARG1 big projects] .
- He noted that two weeks ago there were rumors of [ARG2 Soviet sales] of precious metals 0 *T*-1 to [rel finance] [ARG1 grain purchases] , but the sales do n't seem *-2 to have materialized .
- But it has left holders of SCI TV 's junk bonds *ICH*-1 holding the bag , including some heavyweights that [ARG0 KKR] might need *T*-2 *-3 to [rel finance] [ARG1 future deals] , such as Kemper Financial Services , First Executive , Columbia Savings & Loan and Prudential Insurance Co. of America .
- [ARG0 The United Kingdom carrier] had planned the issue *-1 to help [rel finance] [ARG1 its $ 750 million *U* purchase of a 15 % stake in UAL] .
- [ARGM-LOC In my home region , Latin America ,] [ARG1 much of the existing infrastructure base -- an important building block for development --] has been [rel financed] *-1 by [ARG0-by the World Bank] .
- But in Washington state , small business generally opposes an initiative 0 *T*-2 to boost spending on children 's programs by $ 360 million *U* , *-3 fearing 0 [ARG2 the state 's 7.8 % sales tax] will be raised *-1 * to [rel finance] [ARG1 the outlays] .
- Because of the tax consequences of zero-coupon investments -- income tax is payable in the year 0 interest is accrued *-1 *T*-2 , although interest is n't actually paid *-3 until maturity -- [ARG2 zero-coupon CDs] are usually sold for tax-advantaged accounts *-4 to [rel finance] [ARG1 things like retirement and children 's education] .
- The solutions 0 they formally proposed *T*-1 included lead\/sulfur taxes , conservation and recycling incentives , reforestation offsets , transferable pollution permits , [ARG0 an ecological bank] 0 *T*-2 to [rel finance] [ARG1 pollution-reduction credits] , and debt-for-environment swaps .
- The machinists ' criticisms of the labor-management bid and their threats of a strike unless they received substantial wage increases this year helped *-1 cool [ARG0 banks] ' interest in * [rel financing] [ARG1 the transaction] .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- A White House budget office analysis estimates that $ 500 million *U* -- or half the level in the committee bill -- is needed *-1 for highway assistance 0 *T*-2 to meet California 's needs , and the administration rejects the notion that [ARG2 new appropriations] are needed *-3 * to [rel finance] [ARG1 disaster loans by the Small Business Administration] .
- Most importantly , the Senate traded away [ARG0 the Bush administration 's] controversial plan * to [rel finance] [ARG1 the bailout] , which *T*-2 was partly reinstated *-1 later .
- The American Trade Consortium says 0 it is planning *-1 to ship [ARG1 some $ 500 million *U* of consumer goods] , [rel financed] * by [ARG2-by bank credits] , in the first few months of next year .
- [ARG1 It] [ARGM-MOD will] be [rel financed] *-1 by advertisements from U.S. companies and by [ARG2-by simultaneous publication of an English-language journal containing details of Soviet medical advancements] .
- [ARG1 It] [ARGM-MOD will] be [rel financed] *-1 by [ARG2-by advertisements from U.S. companies] and by simultaneous publication of an English-language journal containing details of Soviet medical advancements .
- But in either case , the report says 0 *T*-2 , China 's balance of payments would rapidly dry up [ARG2 foreign reserves] , which *T*-1 are used *-3 * to [rel finance] [ARG1 the imbalance] .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- McCaw said 0 it has secured commitments *ICH*-1 from [ARG0 three banks] * to help *-2 [rel finance] [ARG1 its $ 125-a-share *U* bid for 22 million of Lin 's shares] .
- The holding company said 0 the rights offering should reduce its C$ 171 million *U* debt to `` more manageable levels '' before Dec. 31 and allow [ARG0 it] to [rel finance] [ARG1 future investments with equity capital] .
- But , as he and his skilled team soon discover , they 're up against two factors 0 they had n't counted on *T*-1 : first , a business climate in which [ARG0 a failing company with few assets and many debts] can borrow against the assets of the successful company 0 it hopes *-4 to acquire *T*-3 in order *-5 to [rel finance] [ARG1 the takeover] *T*-2 ; second , that standing behind AIW is *T*-6 a sinister consortium of much bigger , shadier and shrewder foreign interests secretly providing the money and muscle for the deal .
- That possibility had crept closer as [ARG2 repeated new share offerings] 0 *T*-1 to [rel finance] [ARG1 Trelleborg 's rapid growth] steadily diluted the foundation 's holding .
- One advantage 0 the buy-out group intends *-2 to press *T*-1 with the board is that [ARG0 pilots] have agreed *-3 to make $ 200 million *U* in annual cost concessions *-4 to help *-5 [rel finance] [ARG1 a bid] .
- Under the type of transaction being discussed * , the pilot-management group would borrow [ARG2 several billion dollars *ICH*-1] from banks that *T*-2 could then be used *-3 *-4 to [rel finance] [ARG1 a cash payment to current holders] .
- [ARG2 Remaining proceeds] were used *-1 *-2 to pay other debt and to [rel finance] [ARG1 the company 's capital spending program] .
- But Richard Anderson , head of the Forum for College Financing Alternatives , at Columbia University , [ARG1 a research group] [ARGM-MNR partly] [rel financed] * by [ARG0-by the federal government] , says 0 zeros are particularly ill-suited .
- [ARG0 I] 'm thinking about *-1 using the $ 871 *U* annual premium *-2 to [rel finance] [ARG1 a trip to Paris] [ARGM-TMP first] .
- But two big New York banks seem *-1 to have kicked those chances away , for the moment , with the embarrassing failure *ICH*-2 of Citicorp and Chase Manhattan Corp. * to deliver $ 7.2 billion *U* in [ARG0 bank] [rel financing] for [ARG1-for a leveraged buy-out of United Airlines parent UAL Corp] .
- Executives of Citicorp and Chase Manhattan declined *-1 to comment on either the UAL situation , or on the changing nature of banks ' role in [ARG0 *] [rel financing] [ARG1 takeovers] .
- In the wake of Campeau 's problems , prices of junk bonds tumbled , * throwing into doubt the ability *ICH*-1 of [ARG0 corporate acquirers] * to [rel finance] [ARG1 large takeovers] with [ARG2-with the help of junk bond sales] .
- Beyond the current weakness in the junk bond market , [ARG0 banks] have another advantage over investment banks in *-1 [rel financing] [ARG1 contested takeovers] .
- [ARG0 The fledgling National Children 's Cancer Society] , for example , took in $ 2.5 million *U* last year *-1 to [rel finance] [ARG1 bone-marrow transplants for children] .
- And , in addition to a crack team of sailors , Mr. Isler has lined up some real brass 0 *T*-1 to help [ARG0 him] [rel finance] [ARG1 the syndicate] .
- Fiscal pressures also forced the adoption of new fees charged * by federal agencies , and [ARG1 an 18 % increase in the Securities and Exchange Commission 's budget] [ARGM-MOD would] be [rel financed] *-1 [ARGM-MNR entirely] by [ARG2-by an added $ 26 million *U* in filing fees] .
- Final approval was on a 67-31 roll call in the Senate , which *T*-32 sets the stage for a veto confrontation with Mr. Bush over the issue of [ARGM-ADV publicly] [rel financed] [ARG1 abortions] for poor women .
- Mr. Bush 's veto power puts him a commanding position in the narrowly divided House , but a vote * to override his position could well pick up new support because of the wealth of [ARG1 health and education programs] [rel financed] * [ARGM-LOC in the underlying bill] .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- Although the legislation would apply to any acquisition of a major airline , it is aimed *-1 at [ARG1 transactions] [rel financed] * by [ARG2-by large amounts of debt] .
- But many investors remain wary about stocks , partly because they expect continued turbulence in the junk-bond market that *T*-2 would make it *EXP*-1 more difficult [ARG0 *] to [rel finance] [ARG1 corporate takeovers] .
- [ARG2 Convertible mortgages] have become an increasingly popular way 0 * to [rel finance] [ARG1 prestigious buildings] [ARGM-TMP of late] *T*-1 .
- [ARG0 *-1] To help *-2 [rel finance] [ARG1 the Carat purchase] , WCRS said 0 it plans an issue of Euroconvertible preferred shares once the market settles down .
- Refcorp is the [rel financing] [ARG0 unit] of Resolution Trust Corp. , a new government agency created * *-1 to rescue the nation 's troubled thrifts .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- Now , in the wake of [ARG0 UAL] 's troubles in * [rel financing] [ARG1 its buy-out] , the airline raiding game has been grounded *-1 .
- [ARG2 The sale price of McCall 's -- twice what Mr. Lang originally paid *T*-1 for it --] [ARGM-MOD will] [rel finance] [ARG1 Lang Communications ' buy-back of Time Warner 's 50 % interest in Working Woman and Working Mother] .
- Dr. Starzl said 0 [ARG1 the research] has been [ARGM-ADV largely] [rel financed] *-1 by [ARG0-by the National Institute of Health] and by university funds , and that Fujisawa did n't give the hospital any grants .
- The bond issue is TVA 's first public offering since [ARG0 the Financing Bank] was created *-1 in 1974 , * [ARGM-ADV primarily] to [rel finance] [ARG1 the TVA] .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- Their other staple has been [ARG1 corporate takeovers] , [ARGM-TMP often] hostile and [rel financed] * by [ARG2-by junk bonds] .
- Even if the banks resurrect a [rel financing] [ARG0 package] at $ 250 *U* a share , the two executives would still get about $ 25 million *U* less than 0 they stood *-1 to gain *T*-2 in the initial transaction .
- `` They shot the whole orchestra just because the piano player hit a bad note , '' said *T*-1 Laszlo Birinyi , president of Birinyi Associates Inc. , * referring to the stock market 's plunge Friday on news of trouble in [ARG0 *] [rel financing] [ARG1 the UAL Corp . buy-out] .
- UAL , which *T*-1 is trying *-3 to reconstruct [ARG1 a buy-out bid] that [ARG0 banks] [ARGM-MOD would] [ARGM-NEG n't] [rel finance] *T*-2 , represents the future of one of the most powerful ingredients in the bull market - corporate restructuring .
- An important element of this phenomenon -- the now-shaky market for [ARG2 junk bonds] , used * often * to [rel finance] [ARG1 restructurings and takeovers] -- continued *-1 to cast a pall over stocks .
- [ARG2 Funds] will be used *-1 *-3 to repay existing short-term debt and *-3 to [rel finance] [ARG1 capital spending] , it said 0 *T*-2 .
- Instead , the banks secured a promise *ICH*-1 from state-owned Bank of Communications that [ARG0 it] would lend Asia Development the entire $ 55 million *U* at maturity *-2 to [rel finance] [ARG1 repayment of the original borrowing] .
- A K mart spokesman said 0 [ARG1 the acquisition] [ARGM-MOD would] be [rel financed] *-1 with [ARG2-with short-term borrowings] .
- Meanwhile , Citicorp and Chase Manhattan Corp. , the two lead lenders on the UAL buy-out , met with other banks yesterday *-1 to determine if [ARG0 they] would be willing *-2 to [rel finance] [ARG1 the buy-out] [ARGM-ADV at a lower price] .
- Union Chairman F.C . -LRB- Rick -RRB- Dubinsky faces the tough task of * explaining why [ARG0 banks] refused *-2 to [rel finance] [ARG1 a buy-out 0 the members approved *T*-1 overwhelmingly last week] *T*-3 .
- If they were *-2 to insist on a low bid of , * say $ 200 *U* a share , the board might n't be able *-3 to obtain a higher offer from other bidders because [ARG0 banks] might hesitate *-4 to [rel finance] [ARG1 a transaction 0 the pilots oppose *T*-1] .
- The interest rate on short-term funds , which [ARG0 banks] borrow *T*-1 *-3 to [rel finance] [ARG1 longer-term loans to customers] , was `` sharply higher , '' Morgan said 0 *T*-2 .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- Pittsburg , Kan.-based National Pizza said 0 [ARG1 the transaction] [ARGM-MOD will] be [rel financed] *-1 [ARGM-MNR under its revolving credit agreement] .
- Skipper 's said 0 [ARG2 the merger] will help *-1 [rel finance] [ARG1 remodeling and future growth] .
- Mr. Spielvogel had said that [ARG0 Prudential-Bache] was prepared *-1 to [rel finance] [ARG1 either a management buy-out and restructuring , or a buy-out of Backer Spielvogel alone , led * by him] .
- -- Prevent companies that *T*-8 have made leveraged buy-outs from *-1 getting federal tax refunds resulting from losses caused * by interest payments on [ARG2 debt] issued * * to [rel finance] [ARG1 the buy-outs] , effective Aug. 2 , 1989 .
- These sorts of takeovers do n't require [ARG2 junk bonds or big bank loans] *-1 to [rel finance] [ARG1 them] , so Mr. Gabelli figures 0 they will continue .
- [ARG2 Negotiable , bank-backed business credit instruments] [ARGM-TMP typically] [rel financing] [ARG1 an import order] .
- [ARG0 Bankers Trust and Sumitomo] [rel financed] [ARG1 the $ 300 million *U* acquisition from Sears Roebuck] .
- There is plenty of money available from people who *T*-1 want *-3 to buy well-structured deals ; it *EXP*-4 's [ARG1 the stuff] that *T*-2 's [rel financed] [ARGM-MNR on a shoestring] that people are wary of *T*-5 . ''
- Many banks refused *-1 to back the $ 6.79 billion *U* transaction , but bankers said 0 it was not from any unwillingness [ARG0 *] to [rel finance] [ARG1 takeovers] .
- Trading dried up Friday in the market for [ARG2 high-yield junk bonds] , often used * *-1 to [rel finance] [ARG1 takeovers] .
- Over the weeked , however , two developments in other deals indicated that [ARG0 commerical banks and Wall Street firms] still are willing *-1 to commit billions of dollars *-2 to [rel finance] [ARG1 takeover bids launched * by major companies] .
- And they will be launching lower-priced and perhaps fewer deals , now that it *EXP*-1 's tougher [ARG0 *] to [rel finance] [ARG1 them] .
- Ramada , which *T*-1 first delayed *RNR*-3 and then shelved *RNR*-3 [ARG2 a $ 400 million *U* junk bond sale] that *T*-2 was designed *-4 to help * [rel finance] [ARG1 a restructuring] , fell 15.6 % * to close at 9 1\/2 .