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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: Kerry Lee who wrote (20014)	1/8/1999 2:54:00 PM
From: Greg Hull	Read Replies (1) of 29386

Kerry, <<FACT: as of Dec 31/98 there was $2.3 million of Reg D remaining. As of this morning ( Jan 7/99), there is now only $920,000 left of Reg D yet to be converted . In other words, we bled thru $1.4 million of Reg D conversions in just 4 trading sessions.>> Thanks for the update. Not too long ago $1.4M of preferred stock would have converted into 1.4M shares of common stock. Luckily for us, it now converts into about 560K shares of common stock. Whether this was used to cover a short position or sold long we do not know. However, it is certainly much easier for us to absorb a mere 560K shares in a 4 day period now, and the remaining $920K will only add about 370K more shares - and then they're done! Greg P.S. I see you posted another message while I was typing this one. I believe the applicable period for determining the conversion price is now up to 22 days. I don't have my records in front of me now, but I think there are still some sub-$3 closing prices in the calculation for the next couple weeks. But at this point I really don't care any more - they've melted. G.

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