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15. Which of the following classes of securities have the highest priority for reimbursement in the event a corporation liquidates? A. Commercial paper B. Preferred stock C. Common stock D. Both A and C E. None of the above 16. What is an underwriting'syndicate as it relates to an initial public offering? A. A group of insurance companies who pay claims in case a company's stock drops in value 8. A group of investment banks who get together to underwrite the stock offering C. A group of mafia hoods who break stockbrokers' fingers in case stock prices fall D. All of the above E. None of the above