Hi Kent,
-M sharedmem_directory
places shared memory files in the specified directory
instead of in the default location, $SYBASE. If sharedmem_directory starts with “/”, the
directory name is assumed to be absolute. Otherwise, the directory name is interpreted
relative to $SYBASE.
Please refer details in the utility document link below
http://froebe.net/blog/wp-content/uploads/2013/09/ASE-15.7-SP100-Utility-Guide-Sybase-Inc_.pdf
Hope this helps.
Regards,
Deepak Kori