I am not sure what you mean. What Bonds are you talking about AGO's debt or the Bonds that they insure? They would still be on the hook. However the shareholder's would see over $40 a share and that is consevative depending how many shares they could buyback. At this stage of the game I think that putting AGO in runoff makes more sense than keping it going. Frederico in the conference calls I listened to said he agonizes over this question all the time. They are dealing with moron politicans and idiots at the rating agency's that are to late to the game and are now trying to save face by acting tuff.Take a look at Frederico's 4/13/12 presentation reponse to Moody's it is a work of art.He gives it to them right between the eyes. However they will still give AGO a downgrade because they are strict orders to downgrade everything.