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1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

Northeast ' s raised bid , which was supported by PS of New Hampshire ' s official shareholder committee , is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company , the largest utility in New Hampshire .

PS

Does PS refer to Public Service Co. of New Hampshire?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

Northeast ' s raised bid , which was supported by PS of New Hampshire ' s official shareholder committee , is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company , the largest utility in New Hampshire .

trying to acquire the company ,

Why do other groups want to acquire the company?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

The $ 2 . 25 billion value claimed by Northeast , based in Hartford , Conn . , is the highest yet given to a bid .

highest yet given to a bid

Why do the bids keep getting higher?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

Some of the three other bidding groups are expected to increase their offers tomorrow , a date set for revised offers by a bankruptcy court judge .

other bidding groups

Who are these other bidding groups?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

Some of the three other bidding groups are expected to increase their offers tomorrow , a date set for revised offers by a bankruptcy court judge .

three other bidding groups

who are the other groups?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

Some of the three other bidding groups are expected to increase their offers tomorrow , a date set for revised offers by a bankruptcy court judge .

expected to increase their offers

Why are the offers expected to increase?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

A hearing is set for Nov . 15 , but participants don ' t expect a resolution until July 1990 .

don ' t expect a resolution until July 1990

Why is a resolution not expected until July?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

A hearing is set for Nov . 15 , but participants don ' t expect a resolution until July 1990 .

July 1990

what ended up happening?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

A hearing is set for Nov . 15 , but participants don ' t expect a resolution until July 1990 .

July 1990

Is July 1990 a typo or was the resolution already agreed upon?

1 Northeast Utilities raised its bid for Public Service Co. of New Hampshire, which is operating under Bankruptcy Code protection, to $2.25 billion from $1.85 billion. 2 Northeast's raised bid, which was supported by PS of New Hampshire's official shareholder committee, is a prelude to what is expected to be a round of higher bids by the other groups trying to acquire the company, the largest utility in New Hampshire. 3 The $2.25 billion value claimed by Northeast, based in Hartford, Conn., is the highest yet given to a bid. 4 Some of the three other bidding groups are expected to increase their offers tomorrow, a date set for revised offers by a bankruptcy court judge. 5 A hearing is set for Nov. 15, but participants don't expect a resolution until July 1990. 6 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors and assume $100 million in pollution control bonds. 7 Secured creditors would recover both principal and interest, while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January 8 The biggest change in Northeast's offer was in improvements made for equity holders who had been given short shrift previously. 9 Assuming full operation of the Seabrook nuclear power plant, which is completed but isn't yet operating, equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds. 10 Northeast's previous offer had proposed that equity holders receive just $165 million. 11 In addition, Northeast promised the State of New Hampshire that rate increases would be limited to 5.5% annually for seven years. 12 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies. 13 Wilbur Ross, financial adviser to the equity holders said, 'Given the state's strong bargaining position . . . we believe the NU plan provides the best recovery available' to PS of New Hampshire's equity holders. 14 Officials of PS of New Hampshire couldn't be reached for comment. 15 The company has filed an internal reorganization plan it valued at $2.2 billion that would require 5.5% rate increases. 16 That plan would leave existing preferred shareholders with at least a 41% stake and give common shareholders as little as 13%. 17 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan that would require rate increases of only 4.8% annually for seven years. 18 The state of New Hampshire has favored that plan. 19 The other bidder is United Illuminating Co., New Haven, Conn., with a bid valued at $2.2 billion and and a proposal for seven years of 5.5% rate increases.

A hearing is set for Nov . 15 , but participants don ' t expect a resolution until July 1990 .

but participants don ' t expect a resolution

Why don't participants expect a resolution until July 1990?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

Manville Corp . said it offered to buy $ 500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust ' s liquidity and reduce the potential number of Manville shares outstanding .

liquidity

How would this improve the trust's liquidity?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

Manville Corp . said it offered to buy $ 500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust ' s liquidity and reduce the potential number of Manville shares outstanding .

improve the trust ' s liquidity

What percentage does this improve the trust's liquidity?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

Manville Corp . said it offered to buy $ 500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust ' s liquidity and reduce the potential number of Manville shares outstanding .

convertible preferred stock

What is convertible preferred stock?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value .

improve shareholder value

How would this improve shareholder value?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value .

made the offer within the past several weeks

Was there a proxy statement releasing the actual date for the offer?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value .

improve shareholder value

How would this improved shareholder value?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

It said it would purchase the stock at market price .

market price

What is market price of the stock?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

It said it would purchase the stock at market price .

purchase the stock at market price

What is the current stock market price for the stock?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn ' t been made . " We are considering that offer along with all other alternatives , " the trust spokeswoman said . " We need to look at how to maximize our cash flow to pay our beneficiaries . "

other alternatives , "

What are some of the other alternatives?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn ' t been made . " We are considering that offer along with all other alternatives , " the trust spokeswoman said . " We need to look at how to maximize our cash flow to pay our beneficiaries . "

offer along with all other alternatives

What are some of the other alternatives?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

The trust , created as part of Manville ' s bankruptcy - law reorganization to compensate victims of asbestos - related diseases , owns 7 . 2 million of the Series A convertible preferred shares , which are each convertible into 10 Manville common shares .

Series A convertible preferred shares ,

What are Series A convertible preferred shares?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

The trust , created as part of Manville ' s bankruptcy - law reorganization to compensate victims of asbestos - related diseases , owns 7 . 2 million of the Series A convertible preferred shares , which are each convertible into 10 Manville common shares .

convertible preferred shares ,

How much are the preferred shares worth in comparison to the common shares?

1 Manville Corp. said it offered to buy $500 million of its convertible preferred stock from the Manville Personal Injury Settlement Trust in a move that would improve the trust's liquidity and reduce the potential number of Manville shares outstanding. 2 Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value. 3 It said it would purchase the stock at market price. 4 Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision hasn't been made. 'We are considering that offer along with all other alternatives,' the trust spokeswoman said. 'We need to look at how to maximize our cash flow to pay our beneficiaries.' 5 The trust, created as part of Manville's bankruptcy-law reorganization to compensate victims of asbestos-related diseases, owns 7.2 million of the Series A convertible preferred shares, which are each convertible into 10 Manville common shares. 6 The trust also owns half of Manville's 48 million common shares outstanding. 7 Based on Manville's closing price yesterday of $9.25 a share, Manville's offer would purchase about 5.4 million of its preferred shares, or about 75% of the trust's preferred stock holding. 8 In addition to the stock and 20% of Manville's profits beginning in 1992, the trust is supposed to receive $2.5 billion over its 27-year life. 9 But it initially was funded with about $765 million and may soon face a cash crunch. 10 As of June 30, it had settled about 15,000 of 81,000 claims filed and its unpaid claims totaled $136 million, a large portion of its $268 million in cash and marketable securities. 11 Since most of its assets are tied to Manville, a forest and building products concern, the trust might also want to diversify its holdings. 12 As part of its offer, Manville said it requested changes in some covenants between it and the trust to allow Manville to 'reflect a more typical corporate ownership and financial structure.' A Manville spokesman wouldn't elaborate on the proposed changes. 13 But he said they are 'to a large degree, housekeeping,' although some may generate some disagreement. 14 Manville said the shares issued to the trust were intended to be sold, as needed, and that Manville has the right of first refusal to buy those shares.

The trust , created as part of Manville ' s bankruptcy - law reorganization to compensate victims of asbestos - related diseases , owns 7 . 2 million of the Series A convertible preferred shares , which are each convertible into 10 Manville common shares .

convertible preferred shares ,

What are convertible preferred shares?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

Probably the most clear - cut Soviet violation , for example , is the Krasnoyarsk radar . - - " Arms Control Reality , " Nov . 20 , 1984 , the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty .

ABM treaty

What is the ABM treaty?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

Probably the most clear - cut Soviet violation , for example , is the Krasnoyarsk radar . - - " Arms Control Reality , " Nov . 20 , 1984 , the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty .

Krasnoyarsk radar

What is the Krasnoyarsk radar?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

Probably the most clear - cut Soviet violation , for example , is the Krasnoyarsk radar . - - " Arms Control Reality , " Nov . 20 , 1984 , the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty .

Probably the most clear - cut Soviet violation ,

Why is this the most clear-cut violation?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

Probably the most clear - cut Soviet violation , for example , is the Krasnoyarsk radar . - - " Arms Control Reality , " Nov . 20 , 1984 , the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty .

editorials

What are the sources for these editorials?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

Probably the most clear - cut Soviet violation , for example , is the Krasnoyarsk radar . - - " Arms Control Reality , " Nov . 20 , 1984 , the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty .

ABM treaty .

What is the ABM treaty?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

Probably the most clear - cut Soviet violation , for example , is the Krasnoyarsk radar . - - " Arms Control Reality , " Nov . 20 , 1984 , the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty .

Krasnoyarsk radar

What is the Krasnoyarsk radar?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

- - " Whether the installation is for early warning or space track , it clearly is not deployed , " the lawmakers said . " Thus we judge it to be not a violation of the ABM treaty at this time . " The delegation included a reporter from the New York Times , aides to Sen . Edward M . Kennedy and Rep . Les AuCoin , and Natural Resources Defense Council staff members . - - The Washington Post , Sept . 9 , 1987 .

delegation

What delegation is being referenced?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

- - " Whether the installation is for early warning or space track , it clearly is not deployed , " the lawmakers said . " Thus we judge it to be not a violation of the ABM treaty at this time . " The delegation included a reporter from the New York Times , aides to Sen . Edward M . Kennedy and Rep . Les AuCoin , and Natural Resources Defense Council staff members . - - The Washington Post , Sept . 9 , 1987 .

the lawmakers

Who are the lawmakers?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

- - " Whether the installation is for early warning or space track , it clearly is not deployed , " the lawmakers said . " Thus we judge it to be not a violation of the ABM treaty at this time . " The delegation included a reporter from the New York Times , aides to Sen . Edward M . Kennedy and Rep . Les AuCoin , and Natural Resources Defense Council staff members . - - The Washington Post , Sept . 9 , 1987 .

treaty

What is this treaty and how did it come about?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

- - The U . S . S . R . has taken unprecedented unilateral measures of openness , by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow , so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union . - - Letter from Eduard Shevardnadze to U . N . Secretary - General Perez de Cuellar , reported in Tass , June 10 , 1988 .

Eduard Shevardnadze

Who is Shevardnadze?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

- - The U . S . S . R . has taken unprecedented unilateral measures of openness , by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow , so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union . - - Letter from Eduard Shevardnadze to U . N . Secretary - General Perez de Cuellar , reported in Tass , June 10 , 1988 .

unprecedented

Why is this explained as unprecedented rather than due to other reasons?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

- - The U . S . S . R . has taken unprecedented unilateral measures of openness , by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow , so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union . - - Letter from Eduard Shevardnadze to U . N . Secretary - General Perez de Cuellar , reported in Tass , June 10 , 1988 .

Eduard Shevardnadze

Who is Eduard Shevardnadze?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

- - The construction of this station equal in size to the Egyptian pyramids constituted , I say it directly , a clear violation of ABM . - - Eduard Shevardnadze , Oct . 23 , 1989 .

Eduard Shevardnadze ,

Who is this

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

- - The construction of this station equal in size to the Egyptian pyramids constituted , I say it directly , a clear violation of ABM . - - Eduard Shevardnadze , Oct . 23 , 1989 .

I say it directly , a clear violation of ABM

Why is this a clear obstruction?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

We ' re happy , we guess , to receive confirmation of the Krasnoyarsk violation from the Soviets , five years after we started writing about it .

confirmation

what kind of confirmation and why?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

We ' re happy , we guess , to receive confirmation of the Krasnoyarsk violation from the Soviets , five years after we started writing about it .

five years after we started writing about it

Why 5 years after?

1 Probably the most clear-cut Soviet violation, for example, is the Krasnoyarsk radar. -- 'Arms Control Reality,' Nov. 20, 1984, the first of some 20 Journal editorials saying that Krasnoyarsk violated the ABM treaty. 2 -- 'Whether the installation is for early warning or space track, it clearly is not deployed,' the lawmakers said. 'Thus we judge it to be not a violation of the ABM treaty at this time.' The delegation included a reporter from the New York Times, aides to Sen. Edward M. Kennedy and Rep. Les AuCoin, and Natural Resources Defense Council staff members. -- The Washington Post, Sept. 9, 1987. 3 -- The U.S.S.R. has taken unprecedented unilateral measures of openness, by giving American representatives a possibility to inspect the building site of the Krasnoyarsk radar as well as radar vans in the areas of Gomel and Moscow, so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union. -- Letter from Eduard Shevardnadze to U.N. Secretary-General Perez de Cuellar, reported in Tass, June 10, 1988. 4 -- The construction of this station equal in size to the Egyptian pyramids constituted, I say it directly, a clear violation of ABM. -- Eduard Shevardnadze, Oct. 23, 1989. 5 We're happy, we guess, to receive confirmation of the Krasnoyarsk violation from the Soviets, five years after we started writing about it. 6 Perhaps even the American apologists will now accede. 7 Without question, something intriguing is going on in the policy chambers of the Politburo. 8 As it bids for new agreements, new loans and indeed admission to the civilized world, the Soviet government has recognized it has a credibility problem. 9 So after 70 years, it is confessing the obvious, hoping to be believed about other things. 10 It's not enough. 11 If the Soviets want to be believed, they need to start telling the truth about more than the totally obvious. 12 Our own test of 'glasnost's' authenticity would be a Soviet decision to open itself to a complete international examination of one of the most troubling mysteries in U.S.-Soviet relations -- the reported 1979 anthrax outbreak at a Soviet military facility in Sverdlovsk. 13 The U.S. government has never waivered in its assessment of this incident as an accident at a biological weapons facility there, and hence a violation of the 1972 Biological Weapons Convention. 14 The Pentagon's recently issued 'Soviet Military Power,' though in general adopting a softer line, repeated the Sverdlovsk assessment. 15 It also was detailed in Congressional testimony this past February: An explosion at the Microbiology and Virology Institute in Sverdlovsk released anthrax germs that caused a significant number of deaths. 16 Since Mr. Shevardnadze did not address this topic before the Supreme Soviet, the Soviet Union's official position remains that the anthrax deaths were caused by tainted meat. 17 We doubt this claim just as we doubted Mr. Shevardnadze's assurance last year that Krasnoyarsk didn't violate the ABM treaty. 18 And just as we did not believe the tendentious claims of the Congressmen and arms-control advocates who visited Krasnoyarsk, we are in no way persuaded by the assent to the tainted-meat theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year. 19 The Soviets' explanation is that the anthrax came from one lot of animal feed made from the bones of cattle that grazed on soil that was naturally infected with anthrax spores. 20 Harvard's Matthew Meselson -- who we read has sold something called the 'scientific community' on the notion that 'yellow rain' attacks on the Laotian Hmong were in fact the result of fecal showers by giant bees -- found the Soviet anthrax scenario 'completely plausible.' 21 We don't believe it. 22 And we certainly do not believe that Mr. Gorbachev or any of his emissaries yet deserve to have the West take their word for it. 23 Sverdlovsk is a large gray cloud over glasnost and indeed over the legitimacy of the arms-control process itself. 24 The U.S. government's Sverdlovsk complaint, as with Krasnoyarsk, is no mere political posturing. 25 Biological weapons violations have figured little in political debate, and indeed have not been pressed vigorously enough by the U.S. government. 26 But the stated U.S. position is detailed and specific, and the prospect of biological warfare is profoundly chilling. 27 The Soviets should be willing to set in motion a process that would allow them to acknowledge that Sverdlovsk violated the 1972 agreement or, alternatively, that would give U.S. specialists reasonable confidence that this was a wholly civilian accident. 28 Until that happens, glasnost cannot begin to deserve the kind of credibility Mr. Shevardnadze was bidding for with his confessions on Monday.

We ' re happy , we guess , to receive confirmation of the Krasnoyarsk violation from the Soviets , five years after we started writing about it .

we guess ,

Why are they uncertain about their happiness?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

From the Sept . 30 - Oct . 4 issue of The Economist :

Sept . 30 - Oct

is it weekly?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

What defeated General Aoun was not only the weight of the Syrian army .

Aoun

who is he?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

What defeated General Aoun was not only the weight of the Syrian army .

What defeated

What defeated him then?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

What defeated General Aoun was not only the weight of the Syrian army .

defeated

Who defeated General Aoun?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

The weight of Lebanon ' s history was also against him ; and it is a history Israel is in danger of repeating .

danger of repeating

Why are they in danger of repeating it?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

The weight of Lebanon ' s history was also against him ; and it is a history Israel is in danger of repeating .

Israel

How is Israel in danger of repeating this?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

Like Lebanon , and however unfairly , Israel is regarded by the Arab world as a colonial aberration .

colonial aberration

why are they an aberration?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

Like Lebanon , and however unfairly , Israel is regarded by the Arab world as a colonial aberration .

a colonial aberration .

Why does the Arab world regard Israel as a colonial aberration?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

Like Lebanon , and however unfairly , Israel is regarded by the Arab world as a colonial aberration .

colonial aberration

What is a colonial aberration?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

Like Lebanon , and however unfairly , Israel is regarded by the Arab world as a colonial aberration .

colonial aberration

Why is Israel considered a \"colonial aberration\"?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians .

settlement

What sort of settlement?

1 From the Sept. 30-Oct. 4 issue of The Economist: 2 What defeated General Aoun was not only the weight of the Syrian army. 3 The weight of Lebanon's history was also against him; and it is a history Israel is in danger of repeating. 4 Like Lebanon, and however unfairly, Israel is regarded by the Arab world as a colonial aberration. 5 Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians. 6 Like Lebanon, Israel is being remade by demography. 7 In Greater Israel more than half the children under six are Muslims. 8 Within 25 years Jews will probably be the minority. 9 Yet Israel will neither share power with all these Arabs nor, says its present prime minister, redraw its borders closer to its pre-1967 Jewish heartland. 10 By not choosing one of these options, Israelis will condemn themselves, as the Maronites did, to perpetual war with the Muslims in their midst, and so to the internal erosion of their state. 11 Unlike the Maronites, Israel's Jews will not let themselves become the weakest force in a system of private armies; Jerusalem will become Belfast before it becomes Beirut. 12 But that is not much of a consolation to draw from the failure of General Aoun.

Its best hope of acceptance by its neighbours lies in reaching a settlement with the Palestinians .

acceptance

Why do they need to be accepted by their neighbors?

1 Short interest in Nasdaq over-the-counter stocks rose 6% as of mid-October, its biggest jump since 6.3% last April. 2 The most recent OTC short interest statistics were compiled Oct. 13, the day the Nasdaq composite index slid 3% and the New York Stock Exchange tumbled 7%. 3 The coincidence might lead to the conclusion that short-sellers bet heavily on that day that OTC stocks would decline further. 4 As it happens, the Nasdaq composite did continue to fall for two days after the initial plunge. 5 However, the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed, or settled, by Oct. 13, rather than trades that occurred on that day, according to Gene Finn, chief economist for the NASD. Generally, it takes five business days to transfer stock and to take the other steps necessary to settle a trade. 6 The total short interest in Nasdaq stocks as of mid-October was 237.1 million shares, up from 223.7 million in September but well below the record level of 279 million shares established in July 1987. 7 The sharp rise in OTC short interest compares with the 4.2% decline in short interest on the New York Stock Exchange and the 3% rise on the American Stock Exchange during the September-October period. 8 Generally, a short seller expects a fall in a stock's price and aims to profit by selling borrowed shares that are to be replaced later; the short seller hopes the replacement shares bought later will cost less than those that were sold. 9 Short interest, which represents the number of shares borrowed and sold, but not yet replaced, can be a bad-expectations barometer for many stocks. 10 Among 2,412 of the largest OTC issues, short interest rose to 196.8 million shares, from 185.7 million in 2,379 stocks in September. 11 Big stocks with large short interest gains as of Oct. 13 included First Executive, Intel, Campeau and LIN Broadcasting. 12 Short interest in First Executive, an insurance issue, rose 55% to 3.8 million. 13 Intel's short interest jumped 42%, while Campeau's increased 62%. 14 Intel makes semiconductors and Campeau operates department-store chains and is strained for cash. 15 Meritor Savings again had the dubious honor of being the OTC stock with the biggest short interest position on Nasdaq. 16 Meritor has headed the list since May. 17 First Executive and troubled Valley National Corp. of Arizona were next in line. 18 Short selling isn't necessarily bad for the overall market. 19 Shorted shares must eventually be replaced through buying. 20 In addition, changes in short interest in some stocks may be caused by arbitrage. 21 For example, an investor may seek to profit during some takeover situations by buying stock in one company involved and shorting the stock of the other. 22 Two big stocks involved in takeover activity saw their short interest surge. 23 Short interest in the American depositary receipts of Jaguar, the target of both Ford Motor and General Motors, more than doubled. 24 Nasdaq stocks that showed a drop in short interest included Adobe Systems, Class A shares of Tele-Communications and takeover targets Lyphomed and Jerrico. 25 The NASD, which operates the Nasdaq computer system on which 5,200 OTC issues trade, compiles short interest data in two categories: the approximately two-thirds, and generally biggest, Nasdaq stocks that trade on the National Market System; and the one-third, and generally smaller, Nasdaq stocks that aren't a part of the system. 26 Short interest in 1,327 non-NMS securities totaled 40.3 million shares, compared with almost 38 million shares in 1,310 issues in September. 27 The October short interest represents 1.04 days of average daily trading volume in the smaller stocks in the system for the reporting period, compared with 0.94 day a month ago. 28 Among bigger OTC stocks, the figures represent 2.05 days of average daily volume, compared with 2.14 days in September. 29 The adjacent tables show the issues in which a short interest position of at least 50,000 shares existed as of Oct. 13 or in which there was a short position change of at least 25,000 shares since Sept. 15 (see accompanying tables -- WSJ Oct. 25, 1989).

Short interest in Nasdaq over - the - counter stocks rose 6 % as of mid - October , its biggest jump since 6 . 3 % last April .

its biggest jump since 6 . 3 % last April .

Why did it make such a big jump?

1 Short interest in Nasdaq over-the-counter stocks rose 6% as of mid-October, its biggest jump since 6.3% last April. 2 The most recent OTC short interest statistics were compiled Oct. 13, the day the Nasdaq composite index slid 3% and the New York Stock Exchange tumbled 7%. 3 The coincidence might lead to the conclusion that short-sellers bet heavily on that day that OTC stocks would decline further. 4 As it happens, the Nasdaq composite did continue to fall for two days after the initial plunge. 5 However, the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed, or settled, by Oct. 13, rather than trades that occurred on that day, according to Gene Finn, chief economist for the NASD. Generally, it takes five business days to transfer stock and to take the other steps necessary to settle a trade. 6 The total short interest in Nasdaq stocks as of mid-October was 237.1 million shares, up from 223.7 million in September but well below the record level of 279 million shares established in July 1987. 7 The sharp rise in OTC short interest compares with the 4.2% decline in short interest on the New York Stock Exchange and the 3% rise on the American Stock Exchange during the September-October period. 8 Generally, a short seller expects a fall in a stock's price and aims to profit by selling borrowed shares that are to be replaced later; the short seller hopes the replacement shares bought later will cost less than those that were sold. 9 Short interest, which represents the number of shares borrowed and sold, but not yet replaced, can be a bad-expectations barometer for many stocks. 10 Among 2,412 of the largest OTC issues, short interest rose to 196.8 million shares, from 185.7 million in 2,379 stocks in September. 11 Big stocks with large short interest gains as of Oct. 13 included First Executive, Intel, Campeau and LIN Broadcasting. 12 Short interest in First Executive, an insurance issue, rose 55% to 3.8 million. 13 Intel's short interest jumped 42%, while Campeau's increased 62%. 14 Intel makes semiconductors and Campeau operates department-store chains and is strained for cash. 15 Meritor Savings again had the dubious honor of being the OTC stock with the biggest short interest position on Nasdaq. 16 Meritor has headed the list since May. 17 First Executive and troubled Valley National Corp. of Arizona were next in line. 18 Short selling isn't necessarily bad for the overall market. 19 Shorted shares must eventually be replaced through buying. 20 In addition, changes in short interest in some stocks may be caused by arbitrage. 21 For example, an investor may seek to profit during some takeover situations by buying stock in one company involved and shorting the stock of the other. 22 Two big stocks involved in takeover activity saw their short interest surge. 23 Short interest in the American depositary receipts of Jaguar, the target of both Ford Motor and General Motors, more than doubled. 24 Nasdaq stocks that showed a drop in short interest included Adobe Systems, Class A shares of Tele-Communications and takeover targets Lyphomed and Jerrico. 25 The NASD, which operates the Nasdaq computer system on which 5,200 OTC issues trade, compiles short interest data in two categories: the approximately two-thirds, and generally biggest, Nasdaq stocks that trade on the National Market System; and the one-third, and generally smaller, Nasdaq stocks that aren't a part of the system. 26 Short interest in 1,327 non-NMS securities totaled 40.3 million shares, compared with almost 38 million shares in 1,310 issues in September. 27 The October short interest represents 1.04 days of average daily trading volume in the smaller stocks in the system for the reporting period, compared with 0.94 day a month ago. 28 Among bigger OTC stocks, the figures represent 2.05 days of average daily volume, compared with 2.14 days in September. 29 The adjacent tables show the issues in which a short interest position of at least 50,000 shares existed as of Oct. 13 or in which there was a short position change of at least 25,000 shares since Sept. 15 (see accompanying tables -- WSJ Oct. 25, 1989).

The most recent OTC short interest statistics were compiled Oct . 13 , the day the Nasdaq composite index slid 3 % and the New York Stock Exchange tumbled 7 % .

slid 3 % and

Why did it drop?

1 Short interest in Nasdaq over-the-counter stocks rose 6% as of mid-October, its biggest jump since 6.3% last April. 2 The most recent OTC short interest statistics were compiled Oct. 13, the day the Nasdaq composite index slid 3% and the New York Stock Exchange tumbled 7%. 3 The coincidence might lead to the conclusion that short-sellers bet heavily on that day that OTC stocks would decline further. 4 As it happens, the Nasdaq composite did continue to fall for two days after the initial plunge. 5 However, the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed, or settled, by Oct. 13, rather than trades that occurred on that day, according to Gene Finn, chief economist for the NASD. Generally, it takes five business days to transfer stock and to take the other steps necessary to settle a trade. 6 The total short interest in Nasdaq stocks as of mid-October was 237.1 million shares, up from 223.7 million in September but well below the record level of 279 million shares established in July 1987. 7 The sharp rise in OTC short interest compares with the 4.2% decline in short interest on the New York Stock Exchange and the 3% rise on the American Stock Exchange during the September-October period. 8 Generally, a short seller expects a fall in a stock's price and aims to profit by selling borrowed shares that are to be replaced later; the short seller hopes the replacement shares bought later will cost less than those that were sold. 9 Short interest, which represents the number of shares borrowed and sold, but not yet replaced, can be a bad-expectations barometer for many stocks. 10 Among 2,412 of the largest OTC issues, short interest rose to 196.8 million shares, from 185.7 million in 2,379 stocks in September. 11 Big stocks with large short interest gains as of Oct. 13 included First Executive, Intel, Campeau and LIN Broadcasting. 12 Short interest in First Executive, an insurance issue, rose 55% to 3.8 million. 13 Intel's short interest jumped 42%, while Campeau's increased 62%. 14 Intel makes semiconductors and Campeau operates department-store chains and is strained for cash. 15 Meritor Savings again had the dubious honor of being the OTC stock with the biggest short interest position on Nasdaq. 16 Meritor has headed the list since May. 17 First Executive and troubled Valley National Corp. of Arizona were next in line. 18 Short selling isn't necessarily bad for the overall market. 19 Shorted shares must eventually be replaced through buying. 20 In addition, changes in short interest in some stocks may be caused by arbitrage. 21 For example, an investor may seek to profit during some takeover situations by buying stock in one company involved and shorting the stock of the other. 22 Two big stocks involved in takeover activity saw their short interest surge. 23 Short interest in the American depositary receipts of Jaguar, the target of both Ford Motor and General Motors, more than doubled. 24 Nasdaq stocks that showed a drop in short interest included Adobe Systems, Class A shares of Tele-Communications and takeover targets Lyphomed and Jerrico. 25 The NASD, which operates the Nasdaq computer system on which 5,200 OTC issues trade, compiles short interest data in two categories: the approximately two-thirds, and generally biggest, Nasdaq stocks that trade on the National Market System; and the one-third, and generally smaller, Nasdaq stocks that aren't a part of the system. 26 Short interest in 1,327 non-NMS securities totaled 40.3 million shares, compared with almost 38 million shares in 1,310 issues in September. 27 The October short interest represents 1.04 days of average daily trading volume in the smaller stocks in the system for the reporting period, compared with 0.94 day a month ago. 28 Among bigger OTC stocks, the figures represent 2.05 days of average daily volume, compared with 2.14 days in September. 29 The adjacent tables show the issues in which a short interest position of at least 50,000 shares existed as of Oct. 13 or in which there was a short position change of at least 25,000 shares since Sept. 15 (see accompanying tables -- WSJ Oct. 25, 1989).

The most recent OTC short interest statistics were compiled Oct . 13 , the day the Nasdaq composite index slid 3 % and the New York Stock Exchange tumbled 7 % .

compiled Oct . 13 ,

Why did the Nasdaq and the NYSE drop on October 13?

1 Short interest in Nasdaq over-the-counter stocks rose 6% as of mid-October, its biggest jump since 6.3% last April. 2 The most recent OTC short interest statistics were compiled Oct. 13, the day the Nasdaq composite index slid 3% and the New York Stock Exchange tumbled 7%. 3 The coincidence might lead to the conclusion that short-sellers bet heavily on that day that OTC stocks would decline further. 4 As it happens, the Nasdaq composite did continue to fall for two days after the initial plunge. 5 However, the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed, or settled, by Oct. 13, rather than trades that occurred on that day, according to Gene Finn, chief economist for the NASD. Generally, it takes five business days to transfer stock and to take the other steps necessary to settle a trade. 6 The total short interest in Nasdaq stocks as of mid-October was 237.1 million shares, up from 223.7 million in September but well below the record level of 279 million shares established in July 1987. 7 The sharp rise in OTC short interest compares with the 4.2% decline in short interest on the New York Stock Exchange and the 3% rise on the American Stock Exchange during the September-October period. 8 Generally, a short seller expects a fall in a stock's price and aims to profit by selling borrowed shares that are to be replaced later; the short seller hopes the replacement shares bought later will cost less than those that were sold. 9 Short interest, which represents the number of shares borrowed and sold, but not yet replaced, can be a bad-expectations barometer for many stocks. 10 Among 2,412 of the largest OTC issues, short interest rose to 196.8 million shares, from 185.7 million in 2,379 stocks in September. 11 Big stocks with large short interest gains as of Oct. 13 included First Executive, Intel, Campeau and LIN Broadcasting. 12 Short interest in First Executive, an insurance issue, rose 55% to 3.8 million. 13 Intel's short interest jumped 42%, while Campeau's increased 62%. 14 Intel makes semiconductors and Campeau operates department-store chains and is strained for cash. 15 Meritor Savings again had the dubious honor of being the OTC stock with the biggest short interest position on Nasdaq. 16 Meritor has headed the list since May. 17 First Executive and troubled Valley National Corp. of Arizona were next in line. 18 Short selling isn't necessarily bad for the overall market. 19 Shorted shares must eventually be replaced through buying. 20 In addition, changes in short interest in some stocks may be caused by arbitrage. 21 For example, an investor may seek to profit during some takeover situations by buying stock in one company involved and shorting the stock of the other. 22 Two big stocks involved in takeover activity saw their short interest surge. 23 Short interest in the American depositary receipts of Jaguar, the target of both Ford Motor and General Motors, more than doubled. 24 Nasdaq stocks that showed a drop in short interest included Adobe Systems, Class A shares of Tele-Communications and takeover targets Lyphomed and Jerrico. 25 The NASD, which operates the Nasdaq computer system on which 5,200 OTC issues trade, compiles short interest data in two categories: the approximately two-thirds, and generally biggest, Nasdaq stocks that trade on the National Market System; and the one-third, and generally smaller, Nasdaq stocks that aren't a part of the system. 26 Short interest in 1,327 non-NMS securities totaled 40.3 million shares, compared with almost 38 million shares in 1,310 issues in September. 27 The October short interest represents 1.04 days of average daily trading volume in the smaller stocks in the system for the reporting period, compared with 0.94 day a month ago. 28 Among bigger OTC stocks, the figures represent 2.05 days of average daily volume, compared with 2.14 days in September. 29 The adjacent tables show the issues in which a short interest position of at least 50,000 shares existed as of Oct. 13 or in which there was a short position change of at least 25,000 shares since Sept. 15 (see accompanying tables -- WSJ Oct. 25, 1989).

The coincidence might lead to the conclusion that short - sellers bet heavily on that day that OTC stocks would decline further .

short - sellers bet heavily

How would they know this was going to happen?

1 Short interest in Nasdaq over-the-counter stocks rose 6% as of mid-October, its biggest jump since 6.3% last April. 2 The most recent OTC short interest statistics were compiled Oct. 13, the day the Nasdaq composite index slid 3% and the New York Stock Exchange tumbled 7%. 3 The coincidence might lead to the conclusion that short-sellers bet heavily on that day that OTC stocks would decline further. 4 As it happens, the Nasdaq composite did continue to fall for two days after the initial plunge. 5 However, the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed, or settled, by Oct. 13, rather than trades that occurred on that day, according to Gene Finn, chief economist for the NASD. Generally, it takes five business days to transfer stock and to take the other steps necessary to settle a trade. 6 The total short interest in Nasdaq stocks as of mid-October was 237.1 million shares, up from 223.7 million in September but well below the record level of 279 million shares established in July 1987. 7 The sharp rise in OTC short interest compares with the 4.2% decline in short interest on the New York Stock Exchange and the 3% rise on the American Stock Exchange during the September-October period. 8 Generally, a short seller expects a fall in a stock's price and aims to profit by selling borrowed shares that are to be replaced later; the short seller hopes the replacement shares bought later will cost less than those that were sold. 9 Short interest, which represents the number of shares borrowed and sold, but not yet replaced, can be a bad-expectations barometer for many stocks. 10 Among 2,412 of the largest OTC issues, short interest rose to 196.8 million shares, from 185.7 million in 2,379 stocks in September. 11 Big stocks with large short interest gains as of Oct. 13 included First Executive, Intel, Campeau and LIN Broadcasting. 12 Short interest in First Executive, an insurance issue, rose 55% to 3.8 million. 13 Intel's short interest jumped 42%, while Campeau's increased 62%. 14 Intel makes semiconductors and Campeau operates department-store chains and is strained for cash. 15 Meritor Savings again had the dubious honor of being the OTC stock with the biggest short interest position on Nasdaq. 16 Meritor has headed the list since May. 17 First Executive and troubled Valley National Corp. of Arizona were next in line. 18 Short selling isn't necessarily bad for the overall market. 19 Shorted shares must eventually be replaced through buying. 20 In addition, changes in short interest in some stocks may be caused by arbitrage. 21 For example, an investor may seek to profit during some takeover situations by buying stock in one company involved and shorting the stock of the other. 22 Two big stocks involved in takeover activity saw their short interest surge. 23 Short interest in the American depositary receipts of Jaguar, the target of both Ford Motor and General Motors, more than doubled. 24 Nasdaq stocks that showed a drop in short interest included Adobe Systems, Class A shares of Tele-Communications and takeover targets Lyphomed and Jerrico. 25 The NASD, which operates the Nasdaq computer system on which 5,200 OTC issues trade, compiles short interest data in two categories: the approximately two-thirds, and generally biggest, Nasdaq stocks that trade on the National Market System; and the one-third, and generally smaller, Nasdaq stocks that aren't a part of the system. 26 Short interest in 1,327 non-NMS securities totaled 40.3 million shares, compared with almost 38 million shares in 1,310 issues in September. 27 The October short interest represents 1.04 days of average daily trading volume in the smaller stocks in the system for the reporting period, compared with 0.94 day a month ago. 28 Among bigger OTC stocks, the figures represent 2.05 days of average daily volume, compared with 2.14 days in September. 29 The adjacent tables show the issues in which a short interest position of at least 50,000 shares existed as of Oct. 13 or in which there was a short position change of at least 25,000 shares since Sept. 15 (see accompanying tables -- WSJ Oct. 25, 1989).

The coincidence might lead to the conclusion that short - sellers bet heavily on that day that OTC stocks would decline further .

short - sellers

What are short-sellers?

1 Short interest in Nasdaq over-the-counter stocks rose 6% as of mid-October, its biggest jump since 6.3% last April. 2 The most recent OTC short interest statistics were compiled Oct. 13, the day the Nasdaq composite index slid 3% and the New York Stock Exchange tumbled 7%. 3 The coincidence might lead to the conclusion that short-sellers bet heavily on that day that OTC stocks would decline further. 4 As it happens, the Nasdaq composite did continue to fall for two days after the initial plunge. 5 However, the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed, or settled, by Oct. 13, rather than trades that occurred on that day, according to Gene Finn, chief economist for the NASD. Generally, it takes five business days to transfer stock and to take the other steps necessary to settle a trade. 6 The total short interest in Nasdaq stocks as of mid-October was 237.1 million shares, up from 223.7 million in September but well below the record level of 279 million shares established in July 1987. 7 The sharp rise in OTC short interest compares with the 4.2% decline in short interest on the New York Stock Exchange and the 3% rise on the American Stock Exchange during the September-October period. 8 Generally, a short seller expects a fall in a stock's price and aims to profit by selling borrowed shares that are to be replaced later; the short seller hopes the replacement shares bought later will cost less than those that were sold. 9 Short interest, which represents the number of shares borrowed and sold, but not yet replaced, can be a bad-expectations barometer for many stocks. 10 Among 2,412 of the largest OTC issues, short interest rose to 196.8 million shares, from 185.7 million in 2,379 stocks in September. 11 Big stocks with large short interest gains as of Oct. 13 included First Executive, Intel, Campeau and LIN Broadcasting. 12 Short interest in First Executive, an insurance issue, rose 55% to 3.8 million. 13 Intel's short interest jumped 42%, while Campeau's increased 62%. 14 Intel makes semiconductors and Campeau operates department-store chains and is strained for cash. 15 Meritor Savings again had the dubious honor of being the OTC stock with the biggest short interest position on Nasdaq. 16 Meritor has headed the list since May. 17 First Executive and troubled Valley National Corp. of Arizona were next in line. 18 Short selling isn't necessarily bad for the overall market. 19 Shorted shares must eventually be replaced through buying. 20 In addition, changes in short interest in some stocks may be caused by arbitrage. 21 For example, an investor may seek to profit during some takeover situations by buying stock in one company involved and shorting the stock of the other. 22 Two big stocks involved in takeover activity saw their short interest surge. 23 Short interest in the American depositary receipts of Jaguar, the target of both Ford Motor and General Motors, more than doubled. 24 Nasdaq stocks that showed a drop in short interest included Adobe Systems, Class A shares of Tele-Communications and takeover targets Lyphomed and Jerrico. 25 The NASD, which operates the Nasdaq computer system on which 5,200 OTC issues trade, compiles short interest data in two categories: the approximately two-thirds, and generally biggest, Nasdaq stocks that trade on the National Market System; and the one-third, and generally smaller, Nasdaq stocks that aren't a part of the system. 26 Short interest in 1,327 non-NMS securities totaled 40.3 million shares, compared with almost 38 million shares in 1,310 issues in September. 27 The October short interest represents 1.04 days of average daily trading volume in the smaller stocks in the system for the reporting period, compared with 0.94 day a month ago. 28 Among bigger OTC stocks, the figures represent 2.05 days of average daily volume, compared with 2.14 days in September. 29 The adjacent tables show the issues in which a short interest position of at least 50,000 shares existed as of Oct. 13 or in which there was a short position change of at least 25,000 shares since Sept. 15 (see accompanying tables -- WSJ Oct. 25, 1989).

As it happens , the Nasdaq composite did continue to fall for two days after the initial plunge .

continue to fall

Why did it continue to fall?

1 Short interest in Nasdaq over-the-counter stocks rose 6% as of mid-October, its biggest jump since 6.3% last April. 2 The most recent OTC short interest statistics were compiled Oct. 13, the day the Nasdaq composite index slid 3% and the New York Stock Exchange tumbled 7%. 3 The coincidence might lead to the conclusion that short-sellers bet heavily on that day that OTC stocks would decline further. 4 As it happens, the Nasdaq composite did continue to fall for two days after the initial plunge. 5 However, the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed, or settled, by Oct. 13, rather than trades that occurred on that day, according to Gene Finn, chief economist for the NASD. Generally, it takes five business days to transfer stock and to take the other steps necessary to settle a trade. 6 The total short interest in Nasdaq stocks as of mid-October was 237.1 million shares, up from 223.7 million in September but well below the record level of 279 million shares established in July 1987. 7 The sharp rise in OTC short interest compares with the 4.2% decline in short interest on the New York Stock Exchange and the 3% rise on the American Stock Exchange during the September-October period. 8 Generally, a short seller expects a fall in a stock's price and aims to profit by selling borrowed shares that are to be replaced later; the short seller hopes the replacement shares bought later will cost less than those that were sold. 9 Short interest, which represents the number of shares borrowed and sold, but not yet replaced, can be a bad-expectations barometer for many stocks. 10 Among 2,412 of the largest OTC issues, short interest rose to 196.8 million shares, from 185.7 million in 2,379 stocks in September. 11 Big stocks with large short interest gains as of Oct. 13 included First Executive, Intel, Campeau and LIN Broadcasting. 12 Short interest in First Executive, an insurance issue, rose 55% to 3.8 million. 13 Intel's short interest jumped 42%, while Campeau's increased 62%. 14 Intel makes semiconductors and Campeau operates department-store chains and is strained for cash. 15 Meritor Savings again had the dubious honor of being the OTC stock with the biggest short interest position on Nasdaq. 16 Meritor has headed the list since May. 17 First Executive and troubled Valley National Corp. of Arizona were next in line. 18 Short selling isn't necessarily bad for the overall market. 19 Shorted shares must eventually be replaced through buying. 20 In addition, changes in short interest in some stocks may be caused by arbitrage. 21 For example, an investor may seek to profit during some takeover situations by buying stock in one company involved and shorting the stock of the other. 22 Two big stocks involved in takeover activity saw their short interest surge. 23 Short interest in the American depositary receipts of Jaguar, the target of both Ford Motor and General Motors, more than doubled. 24 Nasdaq stocks that showed a drop in short interest included Adobe Systems, Class A shares of Tele-Communications and takeover targets Lyphomed and Jerrico. 25 The NASD, which operates the Nasdaq computer system on which 5,200 OTC issues trade, compiles short interest data in two categories: the approximately two-thirds, and generally biggest, Nasdaq stocks that trade on the National Market System; and the one-third, and generally smaller, Nasdaq stocks that aren't a part of the system. 26 Short interest in 1,327 non-NMS securities totaled 40.3 million shares, compared with almost 38 million shares in 1,310 issues in September. 27 The October short interest represents 1.04 days of average daily trading volume in the smaller stocks in the system for the reporting period, compared with 0.94 day a month ago. 28 Among bigger OTC stocks, the figures represent 2.05 days of average daily volume, compared with 2.14 days in September. 29 The adjacent tables show the issues in which a short interest position of at least 50,000 shares existed as of Oct. 13 or in which there was a short position change of at least 25,000 shares since Sept. 15 (see accompanying tables -- WSJ Oct. 25, 1989).

However , the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed , or settled , by Oct . 13 , rather than trades that occurred on that day , according to Gene Finn , chief economist for the NASD . Generally , it takes five business days to transfer stock and to take the other steps necessary to settle a trade .

five business days

Why does it take so long to sell stock?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

Sales of North American - built cars and trucks plunged 20 . 5 % in mid - October from a year earlier , as domestic manufacturers paid the price for heavy incentives earlier this year .

heavy incentives

Were these incentives that were offered for or by them?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

Sales of North American - built cars and trucks plunged 20 . 5 % in mid - October from a year earlier , as domestic manufacturers paid the price for heavy incentives earlier this year .

heavy incentives

WHAT WERE THE HEAVY INCENTIVES?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

Sales of North American - built cars and trucks plunged 20 . 5 % in mid - October from a year earlier , as domestic manufacturers paid the price for heavy incentives earlier this year .

heavy incentives earlier this year

What were the incentives that went away?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

" People are waiting for { new } factory giveaways , " said Ben Kaye , sales manager of Bob Brest Auto World in Lynn , Mass . , whose sales are slow .

factory giveaways , "

What do they mean by 'factory giveaways'?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

" People are waiting for { new } factory giveaways , " said Ben Kaye , sales manager of Bob Brest Auto World in Lynn , Mass . , whose sales are slow .

waiting for { new } factory giveaways , "

What factory giveaways will be given?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

" People are waiting for { new } factory giveaways , " said Ben Kaye , sales manager of Bob Brest Auto World in Lynn , Mass . , whose sales are slow .

sales are slow

WHY ARE HIS SALES SLOW?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

This trend appears to be especially true at General Motors Corp . , which used both dealer and consumer incentives to ignite sales in August and September .

used both dealer and consumer incentives

How did GM use incentives?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

This trend appears to be especially true at General Motors Corp . , which used both dealer and consumer incentives to ignite sales in August and September .

dealer and consumer incentives

WHAT WERE THE INCENTIVES?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

Since then , deliveries have slumped .

deliveries have slumped

Why have deliveries slumped?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

Since then , deliveries have slumped .

Since then ,

WHEN DID DELIVERIES BEGIN TO SLUMP?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

GM ' s car sales dropped 24 . 8 % in mid - October to 69 , 980 , while truck sales fell 26 % to 37 , 860 .

sales dropped

WHY DID SALES DROP?

1 Sales of North American-built cars and trucks plunged 20.5% in mid-October from a year earlier, as domestic manufacturers paid the price for heavy incentives earlier this year. 2 'People are waiting for {new} factory giveaways,' said Ben Kaye, sales manager of Bob Brest Auto World in Lynn, Mass., whose sales are slow. 3 This trend appears to be especially true at General Motors Corp., which used both dealer and consumer incentives to ignite sales in August and September. 4 Since then, deliveries have slumped. 5 GM's car sales dropped 24.8% in mid-October to 69,980, while truck sales fell 26% to 37,860. 6 GM also had dismal results in the first 10 days of the month, while other auto makers reported mixed results. 7 All of the Big Three suffered in the just-ended period, however, with sales of all domestically made cars, including those built at Japanese-managed plants, falling 19% to 158,863 from a year earlier. 8 The seasonal adjusted annual selling rate was six million vehicles, a small improvement from the 5.8 million rate of early October, but a big drop from the 7.1 million rate a year ago. 9 Sales of domestically made trucks also continued to be sluggish in mid-October, dropping 22.8% to 94,543 from a year ago. 10 The Big Three auto makers already have slashed fourth-quarter production plans 10.4% below year-ago levels, but that may not be enough to prevent inventories from ballooning if sales don't improve. 11 Industry analyst John H. Qualls, a vice president with Hill & Knowlton in St. Louis, forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year, even if car sales improve to a 6.5 million vehicle rate for the quarter. 12 Ford Motor Co. reported a 21.2% drop in sales of domestic-made cars to 46,995 and a 24.2% drop in domestic trucks to 31,143. 13 The sales are being dragged down by a glut of 1989 vehicles, said Joel Pitcoff, a Ford analyst. 14 The earlier use of incentives depleted the market of 'scavengers' for bargain-basement 1989 cars, he said. 15 Town & Country Ford in Charlotte, N.C., still needs to move about 850 1989 cars and trucks. 16 Business had been fairly strong until Hurricane Hugo hit the area, but has been down since. 17 Chrysler Corp. also hit the rocks in mid-October. 18 The No. 3 U.S. auto maker had a 23.7% plunge in car sales to 22,336 and a 17.5% drop in truck sales to 22,925, which include its minivans and Jeeps. 19 Honda Motor Co., which continues to have short supplies of domestically made Accords, saw its sales of North American-built cars fall 14.1% to 8,355. 20 But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1% to 5,651. 21 A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales. 22 Toyota Motor Corp., which opened a plant in Georgetown, Ky., last year, saw sales triple to 6,256 vehicles. 24 a-Totals include only vehicle sales reported in the period. 25 c-Domestic car 26 d-Percent change greater than 999%. 27 x-There were 9 selling days in the most recent period and 9 a year earlier. 28 Percentage differences based on daily sales rate rather than sales volume.

GM ' s car sales dropped 24 . 8 % in mid - October to 69 , 980 , while truck sales fell 26 % to 37 , 860 .

GM ' s car sales dropped

Why did they drop?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

The Justice Department has distributed these new guidelines for U . S . Attorneys prosecuting RICO cases .

guidelines

What are the new guidelines?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

The Justice Department has distributed these new guidelines for U . S . Attorneys prosecuting RICO cases .

new guidelines

What are the guidelines?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

The Justice Department has distributed these new guidelines for U . S . Attorneys prosecuting RICO cases .

RICO

What does RICO represent?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

The Justice Department has distributed these new guidelines for U . S . Attorneys prosecuting RICO cases .

has distributed these new guidelines

What guidelines did they put forth?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

The Justice Department has distributed these new guidelines for U . S . Attorneys prosecuting RICO cases .

new guidelines

What are the new guidelines?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

The Justice Department has distributed these new guidelines for U . S . Attorneys prosecuting RICO cases .

RICO cases

What does RICO cases mean?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

The Justice Department has distributed these new guidelines for U . S . Attorneys prosecuting RICO cases .

these new guidelines

What are the new guidelines?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

A related editorial appears today .

related

Where can I find it?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

A related editorial appears today .

related editorial

What publication contains this editorial?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

A related editorial appears today .

A related editorial appears today

Who wrote the editorial?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

A related editorial appears today .

editorial appears

When today will the editorial appear?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

Under { RICO } , the government may seek a temporary restraining order ( TRO ) upon the filing of a RICO indictment , in order to preserve all forfeitable assets until the trial is completed and judgment entered .

{ RICO } ,

What is the meaning of RICO?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

Under { RICO } , the government may seek a temporary restraining order ( TRO ) upon the filing of a RICO indictment , in order to preserve all forfeitable assets until the trial is completed and judgment entered .

forfeitable assets

What are forfeitable assets?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

Under { RICO } , the government may seek a temporary restraining order ( TRO ) upon the filing of a RICO indictment , in order to preserve all forfeitable assets until the trial is completed and judgment entered .

{ RICO } ,

What does RICO stand for?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

Under { RICO } , the government may seek a temporary restraining order ( TRO ) upon the filing of a RICO indictment , in order to preserve all forfeitable assets until the trial is completed and judgment entered .

forfeitable assets

What are the assets?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press , because of a perception that pre - trial freezing of assets is tantamount to a seizure of property without due process .

publicized

Which cases for example?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press , because of a perception that pre - trial freezing of assets is tantamount to a seizure of property without due process .

criticism in the press ,

Which press outlets have been critical?

1 The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases. 2 A related editorial appears today. 3 Under {RICO}, the government may seek a temporary restraining order (TRO) upon the filing of a RICO indictment, in order to preserve all forfeitable assets until the trial is completed and judgment entered. 4 Such orders can have a wide-ranging impact on third parties who do business with the defendants, including clients, vendors, banks, investors, creditors, dependents, and others. 5 Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press, because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process. 6 In order to ensure that the rights of all interested parties are protected, the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions. (It should be noted that these requirements are in addition to any other existing requirements, such as review by the Asset Forfeiture Office.): 8 As part of the approval process for RICO prosecutions, the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section. 9 The prosecutor must show that less-intrusive remedies (such as bonds) are not likely to preserve the assets for forfeiture in the event of a conviction. 11 In seeking approval of a TRO, the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties, balanced against the government's need to preserve the assets. 13 In deciding whether forfeiture (and, hence, a TRO) is appropriate, the Section will consider the nature and severity of the offense; the government's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant's crime. 15 When a RICO TRO is being sought, the prosecutor is required, at the earliest appropriate time, to state publicly that the government's request for a TRO, and eventual forfeiture, is made in full recognition of the rights of third parties -- that is, in requesting the TRO, the government will not seek to disrupt the normal, legitimate business activities of the defendant; will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them; will not seek to vitiate legitimate business transactions occurring between the defendant and third parties; and will, in all other respects, assist the court in ensuring that the rights of third parties are protected, through proceeding under {RICO} and otherwise. 16 The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or, at the latest, at the first proceeding before the court concerning the TRO.

Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press , because of a perception that pre - trial freezing of assets is tantamount to a seizure of property without due process .

seizure of property without due process

Does this violate the innocent until proven guilty policy?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Procter & Gamble Co . , helped by a gain from a lawsuit settlement and continued growth overseas , posted a 38 % rise in fiscal first - quarter net income .

settlement

What are the details of the settlement?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Procter & Gamble Co . , helped by a gain from a lawsuit settlement and continued growth overseas , posted a 38 % rise in fiscal first - quarter net income .

helped by a gain from a

What was this lawsuit settlement and how did it help them?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Procter & Gamble Co . , helped by a gain from a lawsuit settlement and continued growth overseas , posted a 38 % rise in fiscal first - quarter net income .

helped by a gain from a lawsuit settlement

Why did Procter & Gamble have a lawsuit settlement?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Net for the quarter ended Sept . 30 climbed to $ 551 million , or $ 1 . 66 a share , from $ 400 million , or $ 1 . 18 a share , a year earlier .

$ 1 . 66 a share ,

is that high?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Per - share figures have been adjusted for a 2 - for - 1 stock split effective Oct . 20 .

adjusted for a 2 - for - 1

Why was it adjusted for a 2 for 1 split.

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Per - share figures have been adjusted for a 2 - for - 1 stock split effective Oct . 20 .

Per - share figures have been adjusted

Why did figures get adjusted?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Per - share figures have been adjusted for a 2 - for - 1 stock split effective Oct . 20 .

2 - for - 1 stock split

what is that?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Sales increased 6 % to $ 5 . 58 billion from $ 5 . 27 billion .

Sales

What are some examples of their sales?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Earnings at the consumer - products giant were boosted by a gain of $ 125 million , or about 25 cents a share , stemming from last month ' s settlement of litigation with three of P & G ' s competitors over patents on P & G ' s Duncan Hines cookies .

litigation

How have the company's competitors been affected by this?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Earnings at the consumer - products giant were boosted by a gain of $ 125 million , or about 25 cents a share , stemming from last month ' s settlement of litigation with three of P & G ' s competitors over patents on P & G ' s Duncan Hines cookies .

last month ' s settlement of litigation

How did the settlement get reached?

1 Procter & Gamble Co., helped by a gain from a lawsuit settlement and continued growth overseas, posted a 38% rise in fiscal first-quarter net income. 2 Net for the quarter ended Sept. 30 climbed to $551 million, or $1.66 a share, from $400 million, or $1.18 a share, a year earlier. 3 Per-share figures have been adjusted for a 2-for-1 stock split effective Oct. 20. 4 Sales increased 6% to $5.58 billion from $5.27 billion. 5 Earnings at the consumer-products giant were boosted by a gain of $125 million, or about 25 cents a share, stemming from last month's settlement of litigation with three of P&G's competitors over patents on P&G's Duncan Hines cookies. 6 Excluding the gain, P&G's earnings were close to analysts' predictions of about $1.40 a share for the quarter. 7 Wall Street had expected a modest rise in the company's domestic sales and earnings, and more substantial increases in overseas results. 8 One factor helping sales and earnings was a 3% price rise for most P&G products, except coffee, analysts said. 9 Unit volume, or amount of products shipped, rose about 11% in the international segment, with P&G continuing to win market share in Japan's diaper and detergent markets. 10 Jay Freedman, analyst with Kidder, Peabody & Co., said P&G's Always sanitary napkin, sold under the Whisper name in Japan, has firmly established itself as a leading brand. 11 He figures P&G will expand its personal-care product line in Japan to 'continue that momentum.' 12 P&G's U.S. shipments were up just 1%, partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter. 13 Hugh Zurkuhlen, analyst with Salomon Bros., predicts the shift will mean P&G's sales growth in the second quarter will be 'in the double digits.' 14 Also slowing growth in the U.S. were lackluster results for P&G's cooking oils, which had a strong year-earlier first quarter. 15 Last year's drought in the Midwest prompted retailers to stock up on oils ahead of anticipated price increases, boosting sales for Crisco and Puritan oils, analysts said. 16 For fiscal 1990, analysts expect P&G's sales to continue to grow, with earnings climbing between 15% and 20%. 17 Lynne Hyman, vice president of equity research for First Boston Corp., expects P&G to post net of about $4.20 a share, on a post-split basis. 'But I'm recognizing there's a good chance they'll do a bit better than that,' she says. 18 In fiscal 1989, P&G earned $3.56 a share, adjusted for the stock split. 19 One big factor affecting the fiscal second half will be the new stewardship of Edwin L. Artzt, who becomes chairman and chief executive officer in January. 20 Because of his remarkable success turning around P&G's international operations, analysts have high hopes for his tenure. 'If he does to the domestic operations what he did internationally,' says Mr. Zurkuhlen, 'this company will earn $6 or $7 a share in a few years.'

Earnings at the consumer - products giant were boosted by a gain of $ 125 million , or about 25 cents a share , stemming from last month ' s settlement of litigation with three of P & G ' s competitors over patents on P & G ' s Duncan Hines cookies .

Duncan Hines cookies

what kind of cookies?