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

To: George Dawson who wrote (17962)	9/8/1998 10:39:00 AM
From: Greg Hull	Read Replies (1) \| Respond to of 29386

George, 1. My initial concern was with the arithmetic of Table. 1 My first reaction is that they were using something other than base 10 arithmetic, because I could not get the numbers to add up in all directions. Then I concluded that the current ownership numbers may not represent actual ownership, but rather the maximum possible ownership. There was mention of a 60 day period for the numbers given, that is sometime within 60 days of the filing date those numbers might be true. When I worked from outstanding shares on 8/26/98 and added the preferred shares at current convertible rate, the 25M shares outstanding made sense. Do you still feel that the 25M figure underrepresents the full dilution? I would think you can cover and convert at the same time. I'm still unclear why the preferred shareholders would have to cover their short position before converting. Why not be long and short at the same time? 3. There is also some confusion about the ability of the preferred stock holders ability to short the stock. I agree. I have been under several misconceptions regarding the convertible offerings. I remember reports on this board in the past stating that shorting was not allowed. When I read the S-3 and 8-K I concluded that shorting was prohibited only for short specific periods of time. I think we could do all ourselves a favor if we would attempt to confirm the information provided by others. I don't think anyone has intentionally misled the board. What was the phrase, "trust but verify"? Speaking of shorting, a link for current short positions (as of the 15th of the month I believe) has been posted a number of times. Would someone please post it one more time for me? I'm interested in tracking the increase in short positions in the last few months. Greg

To: George Dawson who wrote (17962)	9/8/1998 11:16:00 AM
From: Greg Hull	Respond to of 29386

George, Reading these SEC reports is a full time job. I think they could eliminate the 200 word sentences and give you all the facts on a 3 x 5 card. I'm glad it's not my full time job. 200 word sentences make my brain hurt. Several years ago I ran across the following, written by Keneth J. Epstein: "When Niels Bohr was asked, 'What variable is complementary to truth?', his answer was 'Clarity.' "This aphorism can be regarded as a minimum uncertainty wisdom packet in that it is not perfectly clear, and it is not rigorously true, but it is as clear as it can be, considering how true it is, and it is as true as it can be, considering how clear it is. "In my opinion, such an optimal wisdom packet can be defined as common sense (or uncommon sense if you will), which too many people confuse with pernicious misconceptions, that lead them to act as if their notions were perfectly clear, or rigorously true, or both. "Truth eigenstates (like energy eigenstates) can take an infinitely long time to achieve, and clarity eigenstates (like instantaneous impressions) can be misleading. Science leans toward truth, advertising leans toward clarity, and government leans toward common sense, if we elect people who do not confuse it with common misconceptions." Greg