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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

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Aug 24 5:00 PM EST

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To: Craig Stevenson who wrote (17354)	7/24/1998 12:21:00 PM
From: Greg Hull	Read Replies (3) of 29386

Craig, Thank you for asking the tough questions yesterday. Too bad none of the rest of us followed up with more of these issues after you were cut off. I did not think you were beating a dead horse. To whom does management answer? Wouldn't it be nice to be able to cut off your boss or an irate customer or client when you were in the hot seat? The two things that disturbed me the most from the call were 1) the elimination of LAN business pursuit just two months after the shareholders' meeting where they had the nice slide about the four segments of the LAN markets and the resellers or end users that they had lined up for each segment, and 2) the start-up comment from KH. When I worked for a conglomerate, months were spent planning for the division's meeting with the chairman. Many plans were considered before the meeting, but major initiatives weren't redirected just a few weeks after the meeting. How much time was spent considering what the shareholders should be told, and how much time was spent deliberating whether LAN pursuit should be dropped? This raises a concern for me regarding senior management's competence. Focusing on SAN alone may be the proper course of action, but why wasn't this decision made (announced) before the shareholders' meeting? When will the management team make their next shift? Could it be that all of the new hires in the last 12 months have SAN experience but no one has LAN experience? I did not realized when I began investing in Ancor that two years later the chairman and CEO would consider the company a start-up. Now of course I would rather that they switch directions than settle for less than $1M of revenue per year, but it is very disturbing to me nonetheless. I can't blame KH for what happened and didn't happen in 96 and early 97, but he can be blamed for what he has not done this year. I don't blame him for the SAN market not developing to date, but very good management would have developed a plan for the interim in case the slip that began in 96/97 continued into 99. On the (potentially) positive side, why do these new hires join Ancor, and why does management sound confident about future business? Greg

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