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

To: George Dawson who wrote (17950)	9/5/1998 6:49:00 PM
From: janski	Read Replies (1) \| Respond to of 29386

Familiar looking switch from the Data General's Clariion site: clariion.com

To: George Dawson who wrote (17950)	9/5/1998 9:50:00 PM
From: Greg Hull	Read Replies (1) \| Respond to of 29386

I'm thinking out loud here. As of 8/26/98 there were 13,852,080 shares outstanding. If all convertible shares and warrants were converted/exercised, there would be 25,416,147 shares outstanding. Am I reading this correctly that the 25M figure includes Series C convertibles, even though they are not eligible to be converted today? On August 26, 1998, there were issued and outstanding a total of 13,852,080 shares of Common Stock. If all of the convertible preferred stock which the Company has issued as of August 26, 1998 were converted into shares of Common Stock on the date hereof and if all warrants issued to the holders of Series B Preferred Stock ("Investor Warrants") and the Agent Warrants were exercised, there would be outstanding 25,416,147 shares of Common Stock. What is in the best interests of the Series B preferred stock holders? Would there be any advantage to them to have Ancor go out of business? Don't they want to buy low and sell high like everyone else? What would it take for them to sustain a price below $1? If Ancor announced a Sequent type contract on Tuesday, what would the other smart money (non-shareholders) do? Wouldn't Series B holders convert all shares and watch them rise in value? Would they have any incentive to attempt to squelch a rise? Converting preferred shares does not in and of itself move the share price, does it? Am I incorrect in assuming that Series B holders just want to time the market, and jump in right as the train leaves the station? Assuming Series B holders have been selling short, wouldn't they cover about the time they convert? Would short covering cause the bid to rise, or would the shares be covered with newly issued converted shares, having no upward effect on the bid price? Do Series C holders have any incentive to keep the price down today? Wouldn't the interests of the Series C holders be best served by a low price next February and March? How can Series C holders, who are also Series B holders, suppress the price next year most effectively? Would they like a run up between now and February before suppressing, or a flat price for the next six months? Is there a way for me to "draft" behind the big boys going down the highway, instead of being flattened by them as they go over me? Greg

To: George Dawson who wrote (17950)	9/7/1998 8:06:00 PM
From: Greg Hull	Respond to of 29386

George, Now that I have read the S-3, I am going back to read the posts since last Friday. I see you already quoted many of the sections I posted later. I apologize to all for the redundancy. In one of your posts you commented: Stunning exhibition of the big money in action. At least I got the most recent information on how many outstanding shares are out there. Why do I get the feeling the dilution is potentially much, much greater than is mentioned in the S-3? Could you elaborated on your feeling? Are you thinking sub-$1 conversion price, or additional dilution through new offerings? Greg