What is going on at M&M Pizza?

How do the financial statements for M&M Pizza vary with the proposed repurchase plan? Do the alternative policies improve the expected dividends per share?

What impact does the repurchase plan have on M&M$\text{'}$s weighted$-$average cost of capital?

What are the debt and equity claims worth under the alternative scenarios? You may note that the present value of a perpetual cash flow stream is equal to the expected payment divided by the associated required return.

Which proposal is best for investors? What do you recommend that Miller do$?$

How would your analysis in questions $2$ and $3$ and recommendation in question $4$ change if the new tax law is implemented? Please note that, with corporate taxes, the expected debt$-$to$-$equity ratio under the share repurchase plan is $0\mathrm{.}588,$ and the number of remaining shares outstanding is $39\mathrm{.}4$ million.