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X has 10 shareholders, each of whom owns 100 of its 1,000 outstanding shares of common stock (worth $100 per share). No other stock is outstanding. Determine whether the securities described in the situations below are debt or equity of X (support your answer with citations as necessary).
(a) X issues a secured standard form note to the bank promising unconditionally to repay in five years $1 million borrowed, plus interest at the bank's prime rate plus one percent.
(b) X issues to the public for cash $1 million worth of "pure preferred" stock (nonvoting, nonparticipating, nonconvertible), callable in five years at par, paying an 18% cumulative dividend.
(c) In return for a transfer of $1 million, X issues an unsecured promissory note for $1 million to Mr. Jones, a well-known local venture capitalist, payable in 10 years with interest keyed to X's profitability. The note is subordinated to all other debt. X could not have borrowed this amount on these terms from a bank.
How would you evaluate a proposed merger?
An original United States silver dollar from the late 1800s consists of about 24 grains of silver. Suppose that at current prices, the silver content of this coin is worth $2.25.
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