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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: iceburg who wrote (16920)	6/29/1998 10:09:00 PM
From: Craig Stevenson	Respond to of 29386

Steve, Thanks for the conversion update. I sure hope things turn around as promised. Adding several more million shares to the float doesn't sound good to me. Pretty soon we will be in the second half of 1998, and we will be able to legitimately ask some tough questions. Craig

To: iceburg who wrote (16920)	6/30/1998 12:27:00 AM
From: janski	Respond to of 29386

If I remember correctly there were penalties built into converting C series, before 1 year was up and the sooner the bigger the penalty. If there was a buyout they wouldn't be able to convert at a pre buyout price but some average of trading days. The extra 20M shares authorization was written into the Red D agreement. It wasn't Ancor foresight.

To: iceburg who wrote (16920)	6/30/1998 4:19:00 AM
From: Eleder2020	Respond to of 29386

>>>At $2/share this problem would compound and add nearly 8M shares to the float. I guess management foresaw this possibility and that is why they added 20M shares to their reservoir at the last meeting. The shorts probably glommed onto this fact as well. They gambled that Ancor wouldn't land a major OEM near term and they rolled a '7'.<<< Steve, I think that there is some additional shares diluted in the series B should ANCOR go this low. Somewhere in my mind I think it was around 20%.Either way the dilution looks ugly. It is hard to imagine that the long term holders didn't take at least partial advantage of this as much as Ken feels that these are loyal long term holders.On the other hand it doesn't make sense for the SERIES shareholders to totally tank the stock as at some point they will convert and a huge dilution is a killer long term for Small Caps. I guess we will find out how loyal they actually were. Was this not the month they could start converting? I think one can speculate endlessly on what has caused the share price to fall off the cliff but it seems like timing could be everything.My guess is that some of the shorts are about to go long,if they haven't already, if for nothing more then a quick bounce given the rumors they are circulating on Yahoo. Ed

To: iceburg who wrote (16920)	7/1/1998 11:32:00 PM
From: George Dawson	Read Replies (3) \| Respond to of 29386

Steve, I was talking to a fellow Ancorite earlier today and we agreed you know a lot more about the coversions, dilution, and how these shareholders can use these factors to their advantage. Would you mind posting a quick summary of the series, when they would be coverted, and what effect they would have on the float? Also what happens with all the additional shares authorized at this year's shareholders' meeting? Thanks, George D.