Z Tranche

The bottom of the stack. That is, should something go awry in a company and it has to be liquidited by some angry judge, then the IRS is paid first, then vendors to the company, then the banks who had short-term credit lines, then the other debt lenders, then the preferred share investors, then the top stack of the common shareholders.

So where do you Z Tranche people come in? Yeah...at the bottom. The very end. The last. The Z. That's when you get paid, so uh...good luck with that.