CRAZY EDDIE &lt;CRZY> SETS DEFENSIVE RIGHTS
  Crazy Eddie Inc said its board has
  adopted a defensive shareholder rights plan and said it has
  received "friendly inquiries" on its acquisition.
      It said under the plan, shareholdrs of record as of April
  21 will receive a right to purchase under certain circumstances
  at a price of 42 dlrs 0.01 preferred share for each common
  share held.  The rights will expire April Nine.
      The company said the rights would be exercisable 20
  business days after a party were to acquire 20 pct or more of
  Crazy Eddie common stock or announce a tender or exchange offer
  that would result in ownership of 30 pct or more.
      Crazy Eddie said if a party owning 20 pct or more of its
  stock were to merge into it or if a party were to acquire 40
  pct or more of Crazy Eddie stock, right holders other than the
  acquiring party would be entitled to acquire common shares or
  other securities or assets with a market value equal to twice
  the rights' exercise price.
      If after a party acquired 20 pct or more of its stock Crazy
  Eddie were acquired or 50 pct of its earnings power or assets
  sold, rightholders other than the acquirer would be entitled to
  buy shares of the acquirer's common stock worth twice the
  rights' exercise price, the company said.
      Crazy Eddie said if a party were to acquire 30 pct or more
  of its common stock and then fail to acquire Crazy Eddie within
  180 days thereafter, rightholders would be entitled to exchange
  their Crazy Eddie common stock for subordinated notes of Crazy
  Eddie maturing either one year or, above a certain dollar limt,
  five years after issuance.
      Crazy Eddie said adoption of the plan is not in response to
  any known effort to acquire control of it.  But the company
  said it has become aware of some "possible accumulations" of
  its stock has has received some "friendly inquiries."
  

