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LAPINE TECHNOLOGIES GOES TO PRU-BACHE TRADE CORP, KYOCERA

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.

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