Tyler Cogburn, chief financial officer. Favors debt for three reasons. First, in his view, inflation will escalate so any money borrowed now can be repaid with “cheaper” dollars. Second, the covenants on the bonds aren’t very restrictive. Third-and this he givers the most emphasis-he feels that Meredith’s profits will soar and it would be “unfair” to existing stockholders to sell new stock at this time. Like Shreiner, believes the sales estimates of Exhibit 4 are low. Admits though, that the projects do involve risk.