A company, now worth $95M, has a $120M face-value bond maturing soon, held in $20M blocks by six institutional investors. This means the company is facing bankruptcy (i.e., it owes more than what it is worth), which it wants to avoid be- cause it would be worth only $60M in bankruptcy. Suppose the company makes a voluntary exchange offer: exchange your 1/6 claim on the existing bond for a 1/6 claim on a bond with face value $90M. (a) Show that everybody would win if the offer succeeded, but the offer won't succeed. (b) How could you modify the offer to increase the chance of success?