December 20, 2002

Floyd Norris column on how Navistar International used its weak pension plans as cash cow by selling $175 million of its stock to pension plans and putting that money back into plans; says Navistar last week raised $190 million by selling five-year convertible bonds in deal underwritten by Credit Suisse First Boston; adds Navistar's credit rating is below investment grade, but interest rate on bonds is only 2.5 percent; graph (M)

Quirks in US tax code can add up to much larger tax savings for small-business buyers of giant sport utility vehicles than buyers of clean-fuel cars; environmental groups want tax breaks ended; note that despite concerns from nation's growing dependence on imported oil, deductions provide far greater incentive to buy gas guzzlers than fuel-efficient cars; eligible buyer of 2003 Hummer H2 could deduct $34,912 of $48,800 base price in vehicle's first year of service, translating into tax savings of nearly $13,000 for someone in highest personal income tax bracket; biggest piece in package of tax breaks is immediate deduction for any depreciable capital expense of $24,000 this year, rising to $25,000 starting next year; charts; photo (M)

New York Yankees sign Japanese outfielder Hideki Matsui to three-year, $21 million contract; photo (M)

Dennis Publishing, publisher of successful Maxim magazine, plans two television specials on ESPN and NBC that are related to magazine; Dennis Publishing is co-sponsor of The Maxim NFL Beach Bash in February, one-hour ESPN show that will run after Pro Bowl and feature actors Jennifer Love-Hewitt and Orlando Jones as hosts; special will be partly awards show and partly filled with parodies of hit TV shows; Maxim's Hot 100, issue of magazine that displays women on rise in variety of fields--and poses--will come to life as one-hour show on NBC in June; Dennis Publishing owner Felix Dennis says programs are just beginning of effort to develop entire cable channel called Maxim Entertainment Network, or MEN; photo (M)

George Vecsey Sports of The Times column discusses success of New Jersey Nets over past year, which has drawn sellout crowds and celebrities to games against marquee teams like Los Angeles Lakers; photo (M)