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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: Craig Stevenson who wrote (19907)	12/26/1998 1:31:00 PM
From: George Dawson	Read Replies (1) of 29386

Craig, I would be very happy to see it trending back to pre-conversion levels where it was stable at about 400K for a while. I would also like to see the negative slope of the last two months (also -400K/month) continue. I concur with Greg's earlier post by the way (at least until we are refuted by an expert) that it would seem to me you could deliver convertible shares for either a short or long position and make a profit. I don't think either of these positions is "naked" as long as you have conversions at a fixed price to close the deal within the required settlement period. Technically this is not "shorting against the box", since you would keep emptying the box and your intent is not to defer capital gains but convert for maximum gain. If this is correct there will be a point where it is better to sell long than short and we should see substantial changes in the short sales. As far as a selling point for the convertible holders, given their profits I imagine somebody has run the numbers to lock in what they want for profit and what (if any) they want to leave at risk on the upside. George

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