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

To: Patrick Sharkey who wrote (20085)	1/12/1999 6:35:00 PM
From: eric sahlin	Read Replies (1) \| Respond to of 29386

Regarding AR's post on Yahoo about a rumored buyout: From what I understand looking at the recent ANCR 10K: Dunwoody received a 5 year warrant to purchase 90,644 shares at $7.281/share expiring in five years. INRANGE has warrants to purchase the following: 250K shares at $2.50/share 250K shares at $5.00/share 250K shares at $10.00/share Excercise period (for INRANGE) starts March 24, 1999 and ends Sept. 24, 2003. Given these facts and Cal's Corner (~$7.25/share) I would think that if ANCR is acquired between 8 5/8 and 11 1/2 dollars per share INRANGE and Dunwoody might be a little upset. 1/3 of the INRANGE's warrants would be worthless in a buyout under $10 per share and Dunwoody would have a pretty "weak" return for its efforts in finding preferred stock buyers. Dunwoody, INRANGE, CAL and employees (with repriced options) all have strong incentives to have the stock price "go really high". Interesting that warrants (incentives) were given to INRANGE. The employee "repriced options" are not excercisable until October 21, 1999. Myself and a lot of others, I think, would be a little upset if ANCR sells itself for 8 5/8 to 11 1/2 per share. Seems like the FC market is just getting started; it's too early to sell out. Eric