1
 UAL Corp. 's board quashed any prospects for an immediate revival of a labor-management buy-out,
5002
span

2
 saying 
3
attribution

3
United Airlines' parent should remain independent for now.
5117
span

4
 As a result, UAL's chairman, Stephen M. Wolf, pulled out of the buy-out effort
5003
span

5
 to focus on running the company.
4
purpose

6
 The two developments put the acquisition attempt back to square one 
5007
List

7
and leaves the airline with an array of unresolved matters,
5006
span

8
 including an unsettled labor situation and a management
5005
span

9
 scrambling to restore its damaged credibility.
8
elaboration-object-attribute-e

10
 The effort
5010
span

11
 to create the nation's largest employee-owned company 
10
elaboration-object-attribute-e

12
began unraveling Oct. 13 
5118
span

13
when the labor-management group was unable to obtain financing for its $300-a-share, $6.79 billion offer.
12
circumstance

14
 Just last week it suffered another major setback
5012
span

15
 when British Airways PLC, the largest equity investor in the labor-management bid, withdrew its support.
14
explanation-argumentative

16
 Takeover stock traders,
5016
span

17
 focusing on the company's intention
5015
span

18
 to stay independent,
17
elaboration-object-attribute-e

19
 took the announcement as bad news.
5017
Same-Unit

20
 UAL,
5021
span

21
 which had risen $9.875 to $178.375 in composite trading on the New York Stock Exchange on reports of a new bid 
5020
span

22
being prepared by the group,
21
elaboration-object-attribute-e

23
 reversed course 
5119
Same-Unit

24
and plummeted in off-exchange trading after the 5:09 p.m. EDT announcement.
5120
List

25
 Among the first trades
5026
span

26
 reported by the securities firm of Jefferies & Co.,
5024
span

27
 which makes a market in UAL
5025
span

28
 after the exchange is closed,
27
temporal-after

29
 were 10,000 shares at $170, 6,000 shares at $162, 2,500 at $162, and 10,000 at $158.
5027
Same-Unit

30
 The rebound in UAL stock during regular trading hours Monday was its first daily gain 
5030
span

31
after six consecutive losses left the price 41% below its level before Oct. 13, the day 
5029
span

32
the group announced 
33
attribution

33
the bank financing couldn't be obtained for the original deal.
5028
span

34
 Twelve of UAL's outside directors met at a five-hour meeting yesterday in Chicago 
5033
span

35
to consider an informal proposal from the buy-out group for a revised bid.
34
purpose

36
 But the board said 
37
attribution

37
it wasn't interested for now.
5034
span

38
 That proposal,
5037
span

39
 valued at between $225 and $240 a share,
38
elaboration-additional-e

40
 would have transferred majority ownership to employees
5121
Same-Unit

41
 while leaving some stock in public hands.
5122
List

42
 The buy-out group had no firm financing for the plan.
43
circumstance

43
 And, with no other offers on the table, the board apparently felt no pressure to act on it.
5040
span

44
 The directors signaled, however,
5043
attribution

45
 that they would be willing to consider future offers or take some other action
5043
span

46
 to maximize shareholder value,
45
elaboration-object-attribute-e

47
 saying
48
attribution

48
 they would continue to explore all strategic and financial alternatives.
5042
span

49
 But it was clear that for the time being, the board wants the company to return to normalcy.
5051
span

50
 The board said 
5049
attribution

51
it concluded 
52
attribution

52
that the welfare of the company, its shareholders, its employees and the broader public . . . can best be enhanced by continued development of UAL as a strong, viable, independent company.
5049
span

53
 Mr. Wolf urged all employees to now turn their full attention to operating the airline.
5054
span

54
 He also vowed to make every effort
5053
span

55
 to nurture . . . a constructive new relationship 
5052
span

56
that has been forged with participating employee groups.
55
elaboration-object-attribute-e

57
 But Mr. Wolf faces a monumental task
5055
span

58
 in pulling the company back together again.
57
elaboration-object-attribute-e

59
 Labor problems top the list.
5084
span

60
 For a brief time, the buy-out effort seemed to solve his problems with United's pilot union.
5060
span

61
 In return for an ownership stake in the company, the pilots were willing to agree to a seven-year contract 
5058
span

62
that included a no-strike clause and significant wage concessions and productivity gains
61
elaboration-additional-e

63
 the union previously resisted.
5058
elaboration-object-attribute-e

64
 That contract was tied to the success of the buy-out.
5059
elaboration-additional

65
 As a good-will measure, the pilots had been working four extra hours a month
5062
List

66
 and had agreed to fly UAL's two new Boeing 747-400 aircraft.
5062
List

67
 It's uncertain if the pilots will continue to do so
5064
span

68
 without a contract settlement.
67
circumstance

69
 The union said late last night
5069
attribution

70
 that it is still committed to majority employee ownership 
5069
List

71
and that the labor disputes
5067
span

72
 that faced the company prior to the buy-out effort
71
elaboration-object-attribute-e

73
 still need to be addressed.
5068
Same-Unit

74
 The buy-out effort also worsened already-strained relations between United's pilot and machinist unions.
5079
span

75
 The machinists' criticisms of the labor-management bid and their threats of a strike 
5073
span

76
unless they received substantial wage increases this year 
75
condition-e

77
helped cool banks' interest
5072
span

78
 in financing the transaction.
77
elaboration-object-attribute-e

79
 The machinists previously had shown themselves to be an ally to Mr. Wolf,
5075
antithesis

80
 but he lost much of his credibility with that group 
5075
span

81
when he teamed up with the pilot union.
80
reason

82
 The machinists criticized the terms
5077
span

83
 Mr. Wolf and management received in the buy-out.
82
elaboration-object-attribute-e

84
 They paid $15 million for a 1% stake 
5080
List

85
and received an additional 9% of the company at no additional cost.
5080
List

86
 His credibility is also on the line in the investment community.
5092
span

87
 Until the collapse of this bid, Mr. Wolf was regarded as one of the nation's savviest airline executives
5086
span

88
 after engineering turnarounds of Tiger International Inc. and Republic Airlines.
87
reason

89
 But he and his chief financial officer, John Pope, sowed some of the seeds for the deal's failure 
5090
span

90
by insisting
91
attribution

91
 banks accept low financing fees and interest rates,
5088
span

92
 while they invested in the transaction only a small fraction of the $114.3 million 
5087
span

93
they stood to gain from sale of their UAL stock and options.
92
elaboration-object-attribute-e

94
 The board's actions leave takeover stock traders nursing some $700 million in losses and eager to respond to anyone 
5095
span

95
who might make a new offer.
94
elaboration-object-attribute-e

96
 It also inevitably leaves a residue of shareholder lawsuits.
5096
List

97
 Arbitragers said
5098
attribution

98
 they were disappointed 
5097
attribution

99
the company didn't announce some recapitalization or other plan
5097
span

100
 to maximize value.
99
elaboration-object-attribute-e

101
 One takeover expert noted
5100
attribution

102
 that arbitragers could force a recapitalization through the written consent process
5100
span

103
 under which holders may oust the board by a majority vote.
102
elaboration-object-attribute-e

104
 The machinists union has suggested 
5103
attribution

105
it may propose a recapitalization
5103
span

106
 that includes a special dividend for holders and a minority ownership stake for employees.
105
elaboration-object-attribute-e

107
 Los Angeles investor Marvin Davis,
5108
span

108
 whose $240-a-share offer for UAL in August triggered a bidding war,
107
elaboration-object-attribute-e

109
 says 
110
attribution

110
he remains interested in the airline.
5107
span

111
 However, he is restricted from making certain hostile moves by an agreement 
5110
span

112
he signed 
111
elaboration-object-attribute-e

113
to obtain confidential UAL data.
5110
elaboration-object-attribute-e

114
 Essentially, he can't make any hostile moves
5112
span

115
 unless he makes a tender offer at least $300 a share.
114
condition

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elaboration-object-attribute-e

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elaboration-additional

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elaboration-object-attribute-e

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temporal-after

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evidence

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antithesis

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evidence

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interpretation-s

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elaboration-additional

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antithesis

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antithesis

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60
explanation-argumentative

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List

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elaboration-additional

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elaboration-additional

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elaboration-additional

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elaboration-general-specific

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example

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antithesis

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Contrast

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Contrast

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multinuc
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explanation-argumentative

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elaboration-additional

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elaboration-additional

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elaboration-additional

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List

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5106
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circumstance

5100
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span

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List

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List

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multinuc
5096
elaboration-additional

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elaboration-additional

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span
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Same-Unit

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span
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Same-Unit

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multinuc
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span

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span

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elaboration-additional

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antithesis

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elaboration-additional

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1
elaboration-additional

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elaboration-additional

