Tony|NNP Lama|NNP Co.|NN said|VBD that|IN Equus|NNP Investment|NNP II|NNP Limited|NNP Partnership|NNP has|VBZ proposed|VBN changing|VBG the|DT offer|NN for|IN the|DT company|NN to|TO $13.65|NN in|IN cash|NN and|CC stock|NN from|IN an|DT all|JJ -|- cash|NN transaction|NN .|. 

Under|IN terms|NNS of|IN the|DT new|JJ proposal|NN ,|, Equus|NNP ,|, managed|VBN by|IN Equus|NNP Capital|NNP Corp|NNP .|. ,|, Houston|NNP ,|, would|MD pay|VB $12|NN cash|NN and|CC one|CD new|JJ preferred|VBN share|NN with|IN a|DT liquidation|NN preference|NN of|IN $1.65|NN a|DT share|NN for|IN each|DT of|IN Tony|NNP Lama|NNP 's|POS 2.1|CD million|CD shares|NNS outstanding|JJ .|. 
Previously|RB ,|, it|PRP offered|VBD $13.65|NN a|DT share|NN in|IN cash|NN ,|, or|CC $29|NN million|CD .|. 

The|DT El|NNP Paso|NNP ,|, Texas|NNP ,|, maker|NN of|IN Western|JJ boots|NNS and|CC leather|NN accessories|NNS said|VBD the|DT preferred|JJ stock|NN would|MD accrue|VB dividends|NNS at|IN a|DT 12|CD %|NN rate|NN ,|, but|CC would|MD n't|RB be|VB paid|VBN for|IN the|DT first|JJ two|CD years|NNS .|. 
The|DT stock|NN would|MD be|VB redeemed|VBN in|IN five|CD years|NNS ,|, subject|JJ to|TO terms|NNS of|IN the|DT surviving|VBG company|NN 's|POS debt|NN .|. 

Neither|DT Equus|NNP nor|CC Tony|NNP Lama|NNP gave|VBD a|DT reason|NN for|IN the|DT changed|VBN offer|NN and|CC Tony|NNP Lama|NNP could|MD n't|RB be|VB reached|VBN for|IN comment|NN .|. 
However|RB ,|, Tony|NNP Lama|NNP said|VBD it|PRP would|MD promptly|RB submit|VB the|DT offer|NN to|TO a|DT special|JJ committee|NN of|IN the|DT company|NN 's|POS board|NN .|. 

