They did not default. It was a voluntary "haircut" if I remember the rules aright. Which is to say everyone had to agree to get less money back but the credit

They did not default. It was a voluntary "haircut" if I remember the rules aright. Which is to say everyone had to agree to get less money back but the credit default swaps were not triggered. One hedge fund at least did not sign up to the haircut and got full face value back by playing chicken on whether they'd defaulted.