LaPine Technologies Inc, the Milpitas, California company formed by Anthony LaPine to develop and manufacture 3.5 Winchesters, has been rescued by Prudential Bache Trade Corp, which ends up with 66%, and existing manufacturing partner and investor Kyocera Corp of Japan with 34%. Other existing holders in the privately held company will get between 5 cents and 18 cents apiece for their shares, for which they paid 33 cents a shot, but they will also get warrants and notes that would be convertible into between 15% and 22.5% of the company on maturity. The rescuers have converted some $15m of short-term debt into equity and long-term debt.
