Tamarisk Corporation is a regional company which is an SEC registrant. The corporation's securities are thinly traded on NASDAQ.

Tamarisk Corp. has issued $18,000$ units. Each unit consists of a $$1,080$ par value, $12\%$ subordinated debenture and $18$ shares of $$9$ par

common stock. The units were sold to outside investors for cash at $$1,584$ per unit. Prior to this sale, the $2-$week ask price of common

stock was $$40$ per share. Twelve percent is a reasonable market yield for the debentures, and therefore the par value of the bonds is

equal to the fair value.