1
 Donald Trump, 
5001
span

2
who faced rising doubt about his bid for American Airlines parent AMR Corp. 
5002
span

3
even before a United Airlines buy-out came apart Friday,
2
concession

4
 withdrew his $7.54 billion offer.
5003
Same-Unit

5
 Separately, bankers 
5005
span

6
representing the group 
5006
span

7
trying to buy United 's parent UAL Corp.
6
elaboration-object-attribute-e

8
 met with other banks 
5007
Same-Unit

9
about reviving that purchase at a lower price, possibly around $250 a share, or $ 5.65 billion.
5007
reason

10
 But a lower bid could face rejection by the UAL board.
5009
span

11
 Mr. Trump, 
5011
span

12
who vowed Wednesday to go forward with the bid, 
11
elaboration-additional-e

13
said 
5012
Same-Unit

14
he was dropping it `` in light of the recent change in market conditions.
5013
span

15
 He said 
5016
attribution

16
he might now sell his AMR stake,
5016
Otherwise

17
 buy more shares, 
5016
Otherwise

18
or make another offer at a lower price.
5016
Otherwise

19
 The Manhattan real-estate developer acted 
5018
span

20
after the UAL buyers failed to obtain financing for their earlier $300-a-share bid,
19
circumstance

21
 which sparked a selling panic among analysts 
5020
span

22
that snowballed into a 190-point drop Friday in the Dow Jones Industrial Average.
21
elaboration-object-attribute-e

23
 News about UAL and AMR, 
5022
span

24
whose shares never reopened 
5023
span

25
after trading was halted Friday for the UAL announcement, 
24
circumstance

26
sent both stocks nosediving in composite trading on the New York Stock Exchange.
5024
Same-Unit

27
 UAL tumbled $56.875 to $ 222.875 on volume of 2.3 million shares, 
5026
List

28
and AMR declined by $22.125 to $ 76.50 
5026
List

29
as 4.7 million shares changed hands.
5026
circumstance

30
 Together, the two stocks wreaked havoc among takeover stock traders, 
31
result

31
and caused a 7.3 % drop in the Dow Jones Transportation Average, second in size only to the stock-market crash of Oct. 19, 1987.
5029
span

32
 Some said 
5032
attribution

33
Friday's market debacle had given Mr. Trump an excuse 
5032
span

34
to bail out of an offer 
5033
span

35
that showed signs 
5034
span

36
of stalling
35
elaboration-object-attribute-e

37
 even before problems emerged with the UAL deal.
5034
concession

38
 After reaching an intraday high of $107.50 the day Mr. Trump disclosed his bid Oct. 17, 
5037
Sequence

39
AMR's stock had retreated as low as $97.75 last week.
5037
Sequence

40
 Some takeover stock traders had been betting against Mr. Trump 
5039
span

41
because he has a record 
5040
span

42
of disclosing stakes in companies 
5041
span

43
that are potential takeover targets, 
42
elaboration-object-attribute-e

44
then selling at a profit 
5043
span

45
without making a bid.
44
manner

46
 He still hasn't proven his mettle as a big-league take-out artist, 
5045
span

47
said airline analyst Kevin Murphy of Morgan Stanley &amp; Co. 
46
attribution

48
 He's done this thing 
5047
span

49
where he 'll buy a little bit of a company 
5048
Sequence

50
and then trade out of it.
5048
Sequence

51
 He's written this book, ` The Art of the Deal.
5047
elaboration-additional

52
 ' Why doesn't he just follow through on one of these things ?
5049
rhetorical-question

53
 Mr. Trump withdrew his bid 
5052
Sequence

54
before the AMR board, 
5053
span

55
which is due to meet tomorrow,
54
elaboration-additional-e

56
 ever formally considered it.
5054
Same-Unit

57
 AMR had weighed a wide range of possible responses, from flat rejection to recapitalizations and leveraged buy-outs 
5056
span

58
that might have included either employees, a friendlier buyer such as Texas billionaire Robert Bass, or both.
57
elaboration-additional-e

59
 AMR had also sought to foil Mr. Trump in Congress 
5058
span

60
by lobbying for legislation 
5059
span

61
that would have bolstered the authority of the Transportation Department 
5060
span

62
to reject airline buy-outs.
61
elaboration-object-attribute-e

63
 Yesterday, Mr. Trump tried to put the blame for the collapse of the UAL deal on Congress, 
5062
span

64
saying 
5064
attribution

65
it was rushing through a bill 
5064
span

66
to protect AMR executives.
65
purpose

67
 I believe 
5068
attribution

68
that the perception 
5067
span

69
that legislation in this area may be hastily approved 
68
elaboration-object-attribute-e

70
contributed to the collapse of the UAL transaction, and the resulting disruption in the financial markets 
5069
span

71
experienced this past Friday,
70
elaboration-object-attribute-e

72
 Mr. Trump wrote members of Congress.
5066
attribution

73
 AMR declined to comment, 
5072
List

74
and Mr. Trump didn't respond to requests for interviews.
5072
List

75
 Mr. Trump never said 
76
attribution-n

76
how much AMR stock he had bought, 
5074
span

77
only that his holdings were substantial.
5075
Contrast

78
 However, he only received federal clearance 
5077
span

79
to buy more than $ 15 million of the stock on Sept. 20, 
5078
span

80
when the price rose $3.00 a share to $78.50.
79
circumstance

81
 Between then and his bid on Oct. 17, the price fluctuated between $75.625 and $ 87.375.
5077
elaboration-additional

82
 In an attempt 
5081
span

83
to persuade investors 
84
attribution

84
that his bid wasn't just a stock play, 
5082
span

85
Mr. Trump promised last week to notify the market 
5083
Same-Unit

86
before selling any shares.
5083
circumstance

87
 AMR was trading at around $84 yesterday before his withdrawal announcement, 
5086
Sequence

88
then immediately fell to about $76.
5086
Sequence

89
 Assuming 
90
attribution

90
that he paid a rough average price of $80 a share,
5088
span

91
 and assuming 
5091
attribution

92
he didn't sell
5091
span

93
 before his announcement reached the market,
92
circumstance

94
 Mr. Trump could be sitting with a modest loss with the stock at $76.50.
5092
span

95
 Some analysts said 
5095
attribution

96
AMR Chairman Robert Crandall might seize the opportunity
5095
span

97
 presented by the stock price drop
5096
span

98
 to protect the nation's largest airline with a defensive transaction, such as the sale of stock to a friendly holder or company employees.
97
purpose

99
 However, other knowledgeable observers said 
5099
attribution

100
they believed Mr. Crandall and the AMR board might well decide to tough it out 
5099
span

101
without taking any extra steps.
100
manner

102
 Some analysts said 
5102
attribution

103
they believed Mr. Trump, 
5102
span

104
whose towering ego had been viewed by some as a reason 
5103
span

105
to believe 
5105
attribution

106
he wouldn't back out, 
5105
List

107
might come back with a lower bid.
5105
List

108
 Ray Neidl of Dillon Read &amp; Co. said 
5108
attribution

109
Mr. Trump is stepping back 
5108
List

110
and waiting for the dust to settle.
5108
List

111
 I 'm sure
112
attribution

112
 he still wants AMR.
5110
span

113
 But others remained skeptical.
5112
span

114
 I was never sure 
115
attribution

115
Donald Trump really wanted to take AMR, 
5113
span

116
said John Mattis, a bond analyst with Shearson Lehman Hutton Inc.
5113
attribution

117
 What happened with United was a gracious way for him 
5116
span

118
to bow out.
117
elaboration-object-attribute-e

119
 Mr. Trump never obtained financing for his bid.
5116
elaboration-additional

120
 That skepticism would leave him with an even greater credibility problem
5119
span

121
 should he return 
120
condition

122
that would handicap him in any effort 
5121
span

123
to oust the board in a proxy fight.
122
elaboration-object-attribute-e

124
 Meanwhile, Citicorp and Chase Manhattan Corp., the two lead lenders on the UAL buy-out, met with other banks yesterday 
5123
span

125
to determine 
126
attribution

126
if they would be willing to finance the buy-out at a lower price.
5124
span

127
 Officials familiar with the talks said 
128
attribution

128
Citicorp had discussed lowering the offer to $250 a share, 
5126
span

129
but said 
5129
attribution

130
that price was a talking point 
5129
List

131
and that no decision has been made.
5129
List

132
 At $250 a share, the group would have to borrow about $ 6.1 billion from banks.
5127
elaboration-additional

133
 The first UAL deal unraveled 
5132
span

134
after Citibank and Chase couldn't raise $7.2 billion.
133
circumstance

135
 Citibank and Chase had agreed to commit $billion, 
5134
List

136
and said 
5136
attribution

137
they were highly confident 
5136
span

138
of raising another $4.2 billion.
137
circumstance

139
 Together, Citicorp and Chase received $million in fees 
5138
span

140
to raise the rest of the financing.
139
purpose

141
 But other banks balked at the low interest rate and banking fees 
5140
span

142
the UAL group was willing to pay them.
141
elaboration-object-attribute-e

143
 Officials familiar with the bank talks said 
5145
attribution

144
the UAL buy-out group 
5143
span

145
-- UAL pilots, management, and British Airways PLC -- 
144
elaboration-set-member-e

146
is now willing to pay higher bank fees and interest, 
5144
Same-Unit

147
but isn't likely to boost its $ 965 million equity contribution.
5147
span

148
 Nor is the group likely to come forward with a revised offer within the next 48 hours 
5148
span

149
despite the hopes of many traders. 
148
concession

150
 The group's advisers want to make certain 
151
attribution

151
they have firm bank commitments the second time around.
5150
span

152
 Even if the buy-out group is able to obtain financing, 
153
concession

153
the transaction still faces obstacles.
5152
span

154
 UAL's board could reject the new price as too low, 
5154
span

155
especially since there aren't any competing bids.
154
reason

156
 Los Angeles investor Marvin Davis, 
5156
span

157
whose $275-a-share offer was rejected by UAL's board,
156
elaboration-additional-e

158
 hasn't shown signs
5158
span

159
 of pursuing a $300-a-share back-up bid 
5159
span

160
he made last month.
159
elaboration-object-attribute-e

161
 In addition, the coalition of labor and management, longtime enemies 
5161
span

162
who joined forces only under the threat of Mr. Davis's bid, 
161
elaboration-object-attribute-e

163
could break apart now.
5162
Same-Unit

164
 The group's resilience gets its first test today 
5164
span

165
when 30 top pilot union leaders convene outside Chicago in a previously scheduled meeting.
164
circumstance

166
 Union Chairman F.C. 
5166
span

167
(Rick)
166
elaboration-additional-e

168
 Dubinsky faces the tough task 
5168
span

169
of explaining 
5170
attribution

170
why banks refused to finance a buy-out 
5170
span

171
the members approved overwhelmingly last week.
170
elaboration-object-attribute-e

172
 The pilot union is vowing to pursue an acquisition
5172
span

173
 whatever the board decides.
172
contingency

174
 But 
5176
Same-Unit

175
if the board rejects a reduced bid 
5174
List

176
and decides to explore other alternatives, 
5174
List

177
it could transform what has been a harmonious process into an adversarial one.
5193
span

178
 The pilots could play hardball
5178
span

179
 by noting 
5180
attribution

180
they are crucial to any sale or restructuring 
5180
span

181
because they can refuse to fly the airplanes.
180
result

182
 If they were to insist on a low bid of, say $200 a share,
183
condition

183
 the board mightn't be able to obtain a higher offer from other bidders
5182
span

184
 because banks might hesitate to finance a transaction 
5184
span

185
the pilots oppose.
184
elaboration-object-attribute-e

186
 Also, 
5188
Same-Unit

187
because UAL Chairman Stephen Wolf and other UAL executives have joined the pilots' bid,
5189
result-e

188
 the board might be forced to exclude him from its deliberations 
5189
span

189
in order to be fair to other bidders. 
188
purpose

190
 That could cost him the chance 
5191
span

191
to influence the outcome 
5192
Cause-Result

192
and perhaps join the winning bidder.
5192
Cause-Result

5001
span
5003
Same-Unit

5002
span
1
elaboration-additional-e

5003
multinuc
5004
span

5004
span
5010
span

5005
span
5007
Same-Unit

5006
span
5
elaboration-object-attribute-e

5007
multinuc
5008
span

5008
span
10
concession

5009
span
5003
elaboration-additional

5010
span
5021
span

5011
span
5012
Same-Unit

5012
multinuc
14
attribution

5013
span
5014
span

5014
span
5017
span

5015
span
5013
elaboration-additional

5016
multinuc
5015
span

5017
span
5004
elaboration-additional

5018
span
5019
Cause-Result

5019
multinuc
5014
elaboration-additional

5020
span
5019
Cause-Result

5021
span
5051
span

5022
span
5024
Same-Unit

5023
span
23
elaboration-additional-e

5024
multinuc
5025
span

5025
span
5028
span

5026
multinuc
5027
span

5027
span
5024
elaboration-additional

5028
span
5010
circumstance

5029
span
5030
span

5030
span
5025
elaboration-additional

5031
span
5036
span

5032
span
5031
span

5033
span
33
elaboration-object-attribute-e

5034
span
5035
span

5035
span
34
elaboration-object-attribute-e

5036
span
5029
interpretation-s

5037
multinuc
5038
span

5038
span
5031
circumstance

5039
span
5044
span

5040
span
40
reason

5041
span
5042
Sequence

5042
multinuc
41
elaboration-object-attribute-e

5043
span
5042
Sequence

5044
span
5037
background

5045
span
5046
span

5046
span
5039
explanation-argumentative

5047
span
5049
span

5048
multinuc
48
elaboration-general-specific-e

5049
span
5050
span

5050
span
5045
elaboration-additional

5051
span
5122
Topic-Drift

5052
multinuc
5055
span

5053
span
5054
Same-Unit

5054
multinuc
5052
Sequence

5055
span
5061
span

5056
span
5057
List

5057
multinuc
5052
elaboration-additional

5058
span
5057
List

5059
span
59
means

5060
span
60
elaboration-object-attribute-e

5061
span
5021
elaboration-additional

5062
span
5065
span

5063
span
63
means

5064
span
5063
span

5065
span
5055
elaboration-additional

5066
span
5070
span

5067
span
5068
Same-Unit

5068
multinuc
5066
span

5069
span
5068
Same-Unit

5070
span
5071
span

5071
span
5073
span

5072
multinuc
5070
elaboration-additional

5073
span
5062
explanation-argumentative

5074
span
5075
Contrast

5075
multinuc
5079
antithesis

5076
span
5080
span

5077
span
5079
span

5078
span
78
elaboration-object-attribute-e

5079
span
5076
span

5080
span
5071
elaboration-additional

5081
span
5083
Same-Unit

5082
span
82
elaboration-object-attribute-e

5083
multinuc
5084
span

5084
span
5085
span

5085
span
5100
span

5086
multinuc
5087
span

5087
span
5093
span

5088
span
5089
List

5089
multinuc
94
hypothetical

5090
span
5089
List

5091
span
5090
span

5092
span
5086
elaboration-additional

5093
span
5084
circumstance

5094
span
5097
Contrast

5095
span
5094
span

5096
span
96
elaboration-object-attribute-e

5097
multinuc
5087
elaboration-additional

5098
span
5097
Contrast

5099
span
5098
span

5100
span
5076
elaboration-additional

5101
span
5106
span

5102
span
5101
span

5103
span
103
elaboration-additional-e

5104
span
104
elaboration-object-attribute-e

5105
multinuc
5104
span

5106
span
5118
antithesis

5107
span
5109
span

5108
multinuc
5107
span

5109
span
5101
example

5110
span
5107
comment

5111
span
5085
comment

5112
span
5118
span

5113
span
5114
span

5114
span
5115
span

5115
span
113
example

5116
span
5117
span

5117
span
5114
explanation-argumentative

5118
span
5111
span

5119
span
5120
span

5120
span
5112
comment

5121
span
5119
elaboration-additional-e

5122
multinuc



5123
span
5125
span

5124
span
124
purpose

5125
span
5131
span

5126
span
5127
Contrast

5127
multinuc
5130
span

5128
span
5127
Contrast

5129
multinuc
5128
span

5130
span
5123
elaboration-additional

5131
span
5122
Topic-Drift

5132
span
5133
span

5133
span
5125
background

5134
multinuc
5137
span

5135
span
5134
List

5136
span
5135
span

5137
span
5141
span

5138
span
5140
antithesis

5139
span



5140
span
5146
span

5141
span
5132
circumstance

5142
span
5155
span

5143
span
5144
Same-Unit

5144
multinuc
5145
Contrast

5145
multinuc
5142
span

5146
span
5134
elaboration-additional

5147
span
5145
Contrast

5148
span
5149
span

5149
span
5151
span

5150
span
5148
result

5151
span
147
elaboration-additional

5152
span
5153
span

5153
span
5149
elaboration-additional

5154
span
5152
explanation-argumentative

5155
span
5163
span

5156
span
5157
Same-Unit

5157
multinuc
5160
span

5158
span
5157
Same-Unit

5159
span
158
elaboration-object-attribute-e

5160
span
5142
elaboration-additional

5161
span
5162
Same-Unit

5162
multinuc
5157
elaboration-additional

5163
span
5137
comment

5164
span
5165
span

5165
span
5155
elaboration-additional

5166
span
5167
Same-Unit

5167
multinuc
5164
elaboration-additional

5168
span
5171
span

5169
span
168
elaboration-object-attribute-e

5170
span
5169
span

5171
span
5167
Same-Unit

5172
span
5186
concession

5173
span
5168
elaboration-additional

5174
multinuc
177
condition-e

5175
span



5176
multinuc
5185
span

5177
span



5178
span
5181
span

5179
span
178
means

5180
span
5179
span

5181
span
5176
hypothetical

5182
span
5183
span

5183
span
5178
explanation-argumentative

5184
span
5182
result

5185
span
5186
List

5186
multinuc
5173
span

5187
span



5188
multinuc
5191
result

5189
span
5194
span

5190
span
5186
List

5191
span
5190
span

5192
multinuc
190
elaboration-object-attribute-e

5193
span
5176
Same-Unit

5194
span
5188
Same-Unit

