i. Suppose that new investors think that whatever the decision chosen, both states remain equally likely. What is management's best course of action? Given that, do you think that these beliefs for investors make sense? ii. Suppose that new investors think that a spinoff takes place only if the true state is state 2, while an issuance of new equity in the conglomerate signals that the true state is state 1. Can managers always raise $15 billion if they stick to these supposed strategies? Can you think of something better to do rather than sticking to these postulated strategies, given these investor beliefs? iii. Suppose that new investors think that there will never be a spinoff and that if they do actually see one, it signals that the true state is state 2. What should management do?