A tranche is just a bucket, if you will, of the asset.

Now you pay this guy 24 million.

little bit more reward than senior, but they have less risk than this equity tranche.

So out of the 100 million every year, 24 million is going to go to these guys, 21 million is going to go to these guys, and then whatever's left over is going to go to the equity tranche.

This is also 1000.

So in this situation what we did is we raised out of the 1 billion we needed 400 million from the senior tranche, 300 million from the mezzanine tranche, and then 300 million from the equity tranche.

It all comes out of the equity tranche.

But definitely until about 2006.

This guy is still going to get 24 million, this guy is still going to get 21 million, but now this guy is going to get 45 million.

Let's say some of these borrowers start defaulting.

So 300,000 shares, seven 7 .

Or private placements in some way.

Similarly we issued 300,000 shares at 1000 per share on the mezzanine tranche.

So I use it essentially just to build a big vault, right?

Essentially these were private equity sales.

You just feel richer.

But anyway, I'll try to move on without my pen.

Boy, Sal, that sounds amazing.

An ongoing free press investigation turned the attention to who owns the voting machine companies.

You pay this guy 21 million or this group of guys or gals 21 million.

And then this top tranche, you could call it the most junior tranche. it's sometimes called the equity tranche.

And maybe they give this tranche, and I'm making up things, but maybe they give it a AA rating.

I took 100,000 of it, turned it into cash, and just went on a great one year long vacation.

A senior just means, if this entity were to lose money, these people get their money back first.