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Pretty accurate AFAIK -- Bob Penny did coin the term to suggest use by tank crews. I wrote an article for the Fall 2015 GCA Journal on welds ("Rewelds") that details it. The issue is in the final stages of layout, should get mailed in two or three weeks.
They did exist albeit in a very small amount, about 200 units. My late father was in the 503rd PIR in the SWPA in WWII and he had one. I remember him telling me about it when I was in my late teens/early 20's. See Duff's red book Page 101. That information is verbatim from one of my dad's jump buddies. Also, several years ago I made a post in the cmp forums about this and all of the correspondences are there verbatim just as I received them. You'll have to do the cmp search on your own as I no longer have access to the cmp forums.
Jon
We're aware the short M1s existed. Our best information also shows they were mostly converted back to full rifles after the trial failed and very few retained for records and display...SANHS for one.