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Question
Jim created a shoe-manufacturing corporation by contributing $1,000. He stayed as the sole shareholder and director of the corporation. To inject further capital into the corporation, he loaned the corporation $100,000 and secured the loan in exchange for all the corporation's assets. Five years into operations, the corporation has still failed to make profits and consequently files for bankruptcy. Who has been defrauded?
A. Ordinary shareholders
B. Preferred shareholders
C. Nonshareholder-creditors
D. Board of directors
Answer
This answer is hidden. It contains 135 characters.
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