CRAZY EDDIE <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."