Evidently the word on the Modigliani-Miller theorem hasn't gotten out to the public just yet.

FORBES: Magazine Article

This both increases the volatility of equity returns and transfers value from debt to equity in the presence of default risks but has little to do with the Modigliani-Miller theorem in which default risk plays no part.

ECONOMIST: No soft option

Merton Miller and his colleague Franco Modigliani posited their capital structure irrelevance theorem in the late 1950s, when the dollar was as good as gold at least for foreign creditors.

FORBES: Debt-Free Firms Have The Edge With Rates Going Up