"The financing for the acquisition included $1.5 billion of senior debt, $1 billion of mezzanine debt and $800 million of corporate debt, of which $200 million was previously converted to equity."

Did you get all that?

Bloomberg's Hui-yong Yu and David M. Levitt report on the seizing of some of CNL Hotels and Resorts, placeholders for some of America's best known golf resorts like La Quinta, Doral, PGA West, Wailea and the Arizona Biltmore, by a combo platter of hedge funds, investors, banks and gulp, mezzanine debt collectors.

Morgan Stanley has suffered losses from its real estate funds after the credit crisis pummeled property values and soured deals made at peak prices. The company bought CNL Hotels in 2007 for about $6.7 billion, adding luxury resorts including the Grand Wailea Resort Hotel & Spa in Maui; La Quinta Resort & Club and PGA West in La Quinta, California; and the Arizona Biltmore Resort & Spa in Phoenix.

The financing for the acquisition included $1.5 billion of senior debt, $1 billion of mezzanine debt and $800 million of corporate debt, of which $200 million was previously converted to equity.

For those of you not as well versed as I in corporatespeak, here's a definition of mezzanine debt. And don't you dare suggest this site isn't teaching you valuable life lessons.