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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: George Dawson who wrote (17962)9/8/1998 10:39:00 AM
From: Greg Hull  Read Replies (1) of 29386
 
George,

1. My initial concern was with the arithmetic of Table. 1

My first reaction is that they were using something other than base 10 arithmetic, because I could not get the numbers to add up in all directions. Then I concluded that the current ownership numbers may not represent actual ownership, but rather the maximum possible ownership. There was mention of a 60 day period for the numbers given, that is sometime within 60 days of the filing date those numbers might be true.

When I worked from outstanding shares on 8/26/98 and added the preferred shares at current convertible rate, the 25M shares outstanding made sense. Do you still feel that the 25M figure underrepresents the full dilution?

I would think you can cover and convert at the same time.

I'm still unclear why the preferred shareholders would have to cover their short position before converting. Why not be long and short at the same time?

3. There is also some confusion about the ability of the preferred stock holders ability to short the stock.

I agree. I have been under several misconceptions regarding the convertible offerings. I remember reports on this board in the past stating that shorting was not allowed. When I read the S-3 and 8-K I concluded that shorting was prohibited only for short specific periods of time.

I think we could do all ourselves a favor if we would attempt to confirm the information provided by others. I don't think anyone has intentionally misled the board. What was the phrase, "trust but verify"?

Speaking of shorting, a link for current short positions (as of the 15th of the month I believe) has been posted a number of times. Would someone please post it one more time for me? I'm interested in tracking the increase in short positions in the last few months.

Greg
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