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

To: Kerry Lee who wrote (18241)	9/25/1998 5:29:00 PM
From: Greg Hull	Respond to of 29386

Kerry, <<The 15% number is CUMULATIVE from the period where they became eligible to convert>> Thanks for the clarification on the 15%/month requirement. I'm sure that has to be in at least one of the SEC filings. If I get a chance I'll dig into it this weekend. <<From what I understand, conversion/sale of the stock usually go hand in hand from a timing perspective, BUT theoretically they can convert at a buck and hang on to the shares indefinitely and/or sell and a later date at a much higher price>> I'm not surprised to see this. Since they are limited to holding about 700K common shares each, there would not be much converting going on at these file sale prices before the holding limit was hit. <<The 15% per month stipulation implies that the fastest period to unwind a Series C position is 7 months.>> So the quickest they can unwind is 7 months from 6/98 and the longest time to unwind is 36 months from 2/98. Greg