The Beacon has proposed a reorganization plan based on a going-concern value of 1.3 million after court costs and delinquent wages and taxes. The proposed financial structure is $400,000 in new mortgage debt, $200,000 in subordinated debt, and $700,000 in new equity. Secured creditors currently have a mortgage lien for $600,000 and the unsecured creditors are owed $950,000. What should the unsecured creditors receive if the reorganization plan is approved?

a. $700,000 in equity securites

b. $200,000 in subordinated debt and $700,000 in equity securities

c. $950,000 in new equity securities

d. 61.3% of the new mortgage debt, 61.3% of the subordinated debt, and 61.3.% of new equity

e. 82.6% of the subordinated debt and 82.6% of new equity