Englis alternatives available to him as of April 1983: al office the following (a) $500 million of 12 , 20-year subordinated debentures (b) $400 million of common stock (c) $600 million of 7 5/8, 20-year convertible subordinated debentures with conversion price of $54 per share (i.e., each $1,000 bond would be converted into 18.52 common shares) (d) $1 billion of a unit package consisting of a $1,000 7 2, 10-year subordinated deben- ture and 18.18 warrants, each entitling the holder to purchase one share of MCI common stock for $55. The warrants would be exercisable until 1988 and are callable. The exercise price of the warrants would be payable either in cash or by surrender of the debentures valued at their principal amount. Which, if any, of these alternatives, would you recommend that Mr. English take? Why? In broad outline, what financing steps would you recommend he take over the next several years?