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

To: Craig Stevenson who wrote (19497)	11/20/1998 8:52:00 AM
From: Kelly Igou	Respond to of 29386

Craig, I just reread the shareholder rights stuff... Let's say you had 10,000 shares as of the effective date of distribution of the "rights" to buy preferred shares at $20. Now you would have 10,000 common and essentially options on 10,000 preferred at $20/share. The acquirer in the deal would have to acquire a majority of the voting stock in order to take control, and would probably tender an offer for all the common. What about the preferred? I'm given to understand the preferred will trade on the OTC market, but how would it be priced? Does anyone understand how this works?