Answer: a) Common Stock
Explanation: In the event of a bankruptcy, the order of claims on the company’s assets follows a specific hierarchy. Senior debt holders are paid first, followed by straight bonds, convertible bonds, and preferred stock. Common stockholders hold the least priority in this hierarchy. This means that if a company liquidates its assets, common stockholders will only receive funds after all other types of securities have been satisfied. Therefore, common stock carries the highest risk in bankruptcy situations, as there might be little to no remaining value for them once higher-priority claims are settled.