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When a bankruptcy proceeding is initiated in a court of law, some types of securities have a higher priority than others. This means that the

When a bankruptcy proceeding is initiated in a court of law, some types of securities have a higher priority than others. This means that the owner or holder of one type of security will be paid back before others.

Of the securities that follow, which has the lowest priority in a bankruptcy proceeding?

(a) convertible bonds;

(b) common stock;

(c) Preferred stock; or

(d) Straight bond.

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