Which one of the following types of securities has no priority in a bankruptcy proceeding?

Common stock has no priority in a bankruptcy proceeding. When a company goes bankrupt, its assets are liquidated, and the proceeds are distributed to creditors. The hierarchy of claims generally starts with secured debts, such as senior debt, followed by unsecured debts, which can include convertible bonds and preferred stock. Common stockholders, however, are at the bottom of this hierarchy. This means that they are only paid after all other obligations, including debt and preferred stock obligations, have been satisfied. As a result, if there are any remaining assets after all senior obligations are met, common stockholders may receive some portion, but often they receive nothing at all.