Klose Corp. is worth $15 million as an operating company. The company is in financial distress, and if it were liquidated, the company’s value would only be $8 million. To avoid liquidation, an adjustment bureau prepared a reorganization plan that needed the approval of Klose’s 10 creditors. Each creditor currently has a claim of $1.5 million toward Klose’s assets. The workout plan proposes that each creditor accept a settlement of $1 million in exchange for the $1.5 million outstanding debt. The equity holders will be entitled to a claim of $5 million [$15 million – (10 x $1 million)]. However, 2 of the 10 creditors did not agree to the workout plan and refused to tender their bonds for $1 million when the actual face value of the bonds is $1.5 million for each creditor. Considering that two creditors still have a claim of $1.5 million each against Klose’s assets, the remaining 8 creditors also rejected the workout plan. Klose Corp.'s situation represents the:

a. Fraudulent conveyance problem
b. Common pool problem
c. Holdout problem