Debt/Total Capital
	Actual	10%	20%
Book Value:
Debt	0	22,589	45,178
Equity	225,888	203,299	180,710
Total capital	225,888	225,888	225,888
Market Value:
Debt	0	22,589	45,178
Equity	643,773
Total capital	643,773

California Pizza Kitchen (CPK) is all equity financed and is considering undertaking a debt-for-equity swap. Specifically, CPK is considering issuing $22.589M of debt (or 10% of the book value of the total capital) and using the proceeds to repurchase the firm's equity. Tax rate of 32.5%.

After the announcement of the recapitalization, what is the value of CPK's equity?