Stephenson Real Estate Recapitalization Stephenson Real Estate Company was founded $25$ years ago by the current CEO, Robert Stephenson. The company purchases real estate, including land and buildings, and rents the property to tenants. The company has shown a profi t every year for the past $18$ years, and the shareholders are satisfi ed with the company$$s management. Prior to founding Stephenson Real Estate, Robert was the founder and CEO of a failed alpaca farming operation. The resulting bankruptcy made him extremely averse to debt fi nancing. As a result, the company is entirely equity fi nanced, with $12$ million shares of common stock outstanding. The stock currently trades at $$31\mathrm{.}40$ per share. Stephenson is evaluating a plan to purchase