A high level of debt in a firm's capital structure combined with financial distress is likely to accentuate any conflicts between shareholders and bondholders. Management acting in the interests of shareholders may take certain actions when a company is highly levered, subject to financial distress and close to bankruptcy. Given this scenario, which of the following is less likely to reflect a focus on enhancing the interests of shareholders relative to bondholders? a. Reducing further investment in profitable projects b. Reinvestment of retained earnings in the firm in order to increase its reserves. c. Bolstering dividend distributions and making asset sales to enable distributions to shareholders d. Playing for time and delaying bankruptcy e. Investing in high risk projects