Suppose that a recently-healthy firm has just defaulted, has been liquidated, and where the firm's assets were worth $100 million before the liquidation. Also suppose that the firm had, at the time of its liquidation, $12 in preferred stock claims, $45 million in debt claims, $65 million in common stock claims, and that the liquidation process racked up a total of $10 million in legal and administrative expenses. Past which recovery rate would common stock investors start to receive proceeds from the liquidation process?
a. 37%
b. 50%
c. 67%
d. 83%