Question: What has effectively occurred when we say that shareholders have not exercised their call option on the assets of a leveraged firm? Multiple Choice Shareholders

What has effectively occurred when we say that shareholders have not exercised their call option on the assets of a leveraged firm?
Multiple Choice
Shareholders have converted their shares into debt.
Shareholders have defaulted on firm's debt.
Shareholders have done nothing.
Shareholders have purchased more shares.
Shareholders have sold their shares in the firm.

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