Mulligan Manufacturing (MM) has a current market value of $100 million and has $80 million in debt. MMs current assets are expected to be worth either $80 million or $130 million next year with equal probability. MM also has a project that in one year has a 20% probability a $25 million payoff and an 80% probability of a -$10 million payoff. For simplicity assume the discount rate is zero. What is the expected value of the project? How much better/worse off would MM shareholders be if they engage in the project? How much better/worse off are MM shareholders if they engage in the project, but bondholders can convert their bonds to 80% of MMs equity?