Which of the following statement is incorrect?

a. Preferred stock is also like equity because it has an infinite maturity and a lower-priority claim against the firm than bondholders have.

b. Staggered maturities bonds are packaged as a series of different bonds with different or staggered maturities and thus every few years a portion of the bond issue matures and is paid off.

c. A convertible bond is a bond that may be converted, at the option of the bonds owner, into a certain amount of another security, such as common stocks, issued by the same company.

d. Junk bonds are usually not trash and they are simply better than the investment grade bonds with the highest bond ratings.

e. Most of the answers are correct.