Hannover House Inc (HHSE)

[Steel Penny]

To those of you arguing over tranche and traunch I suggest you take a look-see at INVESTOPEDIA.

For Traunch it shows:

DEFINITION OF 'TRAUNCH'
One of a series of fund allotments earmarked for a specific purpose, such as a financing round in a start-up. Traunches are used by venture capital firms as a means of minimizing risk. Some experts believe "traunch" is a misspelling of "tranche", which means a slice or portion, and is used to describe instruments such as mortgage-backed securities that can be sliced into smaller pieces for sale to investors.

INVESTOPEDIA EXPLAINS 'TRAUNCH'
For example, a development-stage company that has sought venture capital funding may initially receive a $2 million traunch out of a $5 million financing round, with the balance to be received after a month.

For Tranche it shows:

"Tranche" is actually a French word meaning "slice" or "portion". In the world of investing, it is used to describe a security that can be split up into smaller pieces and subsequently sold to investors.

Mortgage-backed securities (MBS), such as a collateralized mortgage obligation (CMO), can often be found in the form of a tranche. These securities can be partitioned based on their maturities and then sold to investors based on their preferences.

For example, an investor might need cash flows in the short term and have no desire to receive cash in the future. Conversely, another investor could have a need for cash flows in the long term but not right now. To take advantage of this selling situation, an investment bank could split some security or asset, such as a CMO, into different parts so that the first investor receives the early cash flows of a mortgage and the second investor has the right to receive the latter cash flows. With the creation of these tranches, a security or issue that was once unattractive may enjoy some new found marketability.

It would appear that one is a piece of the whole and the other is a piece of the whole allocated for a specific purpose. In the real world this may be like trying to argue what the definition of is is. And do you really care?