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But the share-based "long term" payments more than made up for that decline.
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Saks said it had no long-term payments due until December 2010.
The reform law of 1946 established a ceiling on individual holdings and provided for expropriation and resale of excess land to the tenants against long-term payments.
The companies agreed to make long-term payments to the governments, and in return, the states agreed not to sue the companies for smoking-related injuries.
Though many of Puerto Rico's problems are reminiscent of Greece's — tax noncompliance, a stagnant economy, years of issuing long-term debt to cover short-term payments — investors have had a nearly insatiable appetite for its bonds.
The Hundred Days also included relief and reform measures, the former referring to short-term payments to individuals to alleviate hardship, the latter to long-range programs aimed at eliminating economic abuses.
Gov. George E. Pataki signed legislation yesterday allowing local governments to collect long-term payments in lieu of taxes reached through negotiations with the new owners of nuclear power plants.
But Chancellor Gerhard Schröder cut back the long-term payments, and as of next February, Germans who are out of work for more than a year will be entitled to benefits similar to ordinary welfare -- about $414 a month, plus money for rent and utilities.
The long-term payments were made under the Performance Unit Plan, a four-year program that compensated executives with cash if Enron's total shareholder return -- a combination of dividends and the increase in the stock price -- ranked sixth or greater compared with a number of alternative investments.
Primark paid $2m in short-term compensation and has committed to long-term payments of $9m.
To ensure sustainability, long-term payments are likely to be needed, raising the question of how they will be financed.
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