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To: John Bissell who wrote (3494)	2/19/1999 1:58:00 PM
From: doc	Read Replies (1) \| Respond to of 5300

I don't know the details. But it would be well worth your while to call the company and find out. I have owned a stock for a long time, Ancor Communications. They did a preferred offering about a year ago. The preferred shares were convertible to common based on a formula using previous x# of days closing price. Everyone thought these preferred shareholders were loyal long term holders. Turns out, they shorted the shit out of the stock driving it down to $1, converted to common and ended up dilluting the company to a tune of 100%. There was no risk, if the stock went up, they could convert and use the shares to cover their short. Ancor had the strength to recover, recently hitting $9. Other companies haven't been so lucky.