Shortchangers Corp is unable to pay its debts and is up for bankruptcy liquidation. The book value of its assets is $30 million and includes buildings, equipment, and short term assets. The total liquidation value of these assets is $25 million. The administration fees for the bankruptcy trustees is $1 million. All wages, taxes, and other business expenses have already been settled/ paid. Shortchangers' debt consists of two bonds. The first, Bond A, is senior, secured by buildings that can be liquidated for $4 million, and is owed $20 million. The second, Bond B, is junior in payment priority and is owed $15 million. The book value of equity is $10 million. Assume that bankruptcy law is strictly followed in terms of the proposed distribution. Choose the correct statement from the following (the payout below refers to all claims from a particular security):

a. Holders of Bond A receive a total payout of $25 million.

b. Holders of equity receive $10 million.

c. Holders of Bond A receive $16 million more than holders of Bond B.

d. Holders of Bond B receive $5 million more than holders of equity.

e. Holders of Bond B receive $15 million.