The private activity bonds for American Airlines are now trading around their full face value.

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So this time round, the bank's denials have not been taken at full face value.

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When Daewoo collapsed nearly three years ago, bondholders were compensated at almost full face value.

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Did he calculate the tax based on the full face value of your purchase, or the discounted amount you paid for it?

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But Elliott insisted on full face value plus past due interest.

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Some loan pools already have seen default rates exceeding 40%, a big reason many subprime bonds trade at a fraction of their face value, and their holders won't recover their full principal balance, despite the recent rally.

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"I think Dr Fox has made a very full and frank admission on the things that did go wrong and I think we should take that at face value subject to the investigation that will be published later today, " he told presenter John Humphrys.

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