"This may likely be the last best hope for substantial recovery," Judge Daniels said.
There is thus no discernible basis for a substantial recovery for the mass of Americans.
But there is little hope of any substantial recovery of funds.
"This is going to require a very substantial recovery effort," Mr. Fugate said on Friday.
"Any hope we had for a substantial recovery this spring and summer," he said, "is now very much in question".
"The circumstances of the State of Alabama's case are such that we feel a substantial recovery should be sought".
"We expect to achieve a substantial recovery," said John J. Salinger, president of A.I.G.'s political risk unit.
Economists expect no substantial recovery in the housing market until at least the latter half of 2008.
This clearly assumes a substantial recovery in the fourth quarter as guided to this time last year and that did not materialise.
The company is confident that the unit's business "bottomed out in 2002 and will make a substantial recovery in 2003," the chief executive, Markus Gemuend, said.
If the coming news is bad enough, getting the extra security could be crucial to making a substantial recovery for the bondholders.
