Filer Manufacturing has 7.6 million shares of common stock outstanding. The current share price is $46, and the book value per share is $3. Filer Manufacturing also has two bond issues outstanding. The first bond issue has a face value of $68.6 million and a coupon rate of 6.3 percent and sells for 109.0 percent of par. The second issue has a face value of $58.6 million and a coupon rate of 6.8 percent and sells for 107.5 percent of par. The first issue matures in 7 years, the second in 28 years.

Suppose the company