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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

0.0%

Aug 24 5:00 PM EST

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To: The Freep who wrote (19389)	11/14/1998 8:50:00 PM
From: iceburg	Read Replies (2) of 29386

The "going concern" issue needed to be addressed, and addressed immediately. You are correct about the Reg-D series B financing. However the series-C financing was thought out carefully and Ancor had many financing offers on the table. In their defense they thought they were in good shape and they were not concerned about a $3 conversion price no less $1. Most of the provisions in the Series-C were to set the conversion price in the event that ANCR was going up... Anyways, I wish they could have negotiated some sort of floor but that doesn't usually fly with venture capitalists and in this case the VCs made out like demons. The thing that disappointed me is that the Series-C Reg-D guys were supposedly the loyal ones from the Series B loan. If this stock didn't have a cult following they might have been able to push it to $0.50 and we would have 45M shares instead of $25M shares. The good thing about this whole mess is that it gave folks who could scare up some more money the opportunity to buy shares lower than dreamable ;-) Steve

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