Shoddy journalism from Bloomberg goes out with a catchphrase headline of "Tranche Warfare", and then doesn't talk about Tranche Warfare at all. Honestly I just skimmed it, and wouldn't even recommend doing that, but I don't think they even describe tranche warfare or discuss it in any way. Instead, they just regurgitate stories about loans like ESH - which didn't make sense when they were done, and make references to mezzanine debt.
However embarrassed I am for the journalists involved, I've been waiting to use this image for months and months, so I'm going to waste it on this non-review of their non-story.
I'm ready to see some real tranche warfare where the special charges some nonperforming property owner 100 bps to extend their loan and push a loss off for a few years, while some front-pay investor cries foul and sues the bejeezus out of them. They should pick on LNR first - they're going down soon.