SAN FRANCISCO — In one of the most complicated bankruptcy cases involving municipal debt, Las Vegas Monorail Co. bondholders are battling on multiple fronts to try and ­recover some of their money.

Nothing is settled, but it appears certain that senior bondholders will take a large haircut from more than $450 million in par value they hold while lower-ranked investors will get nothing. The payments to top-tier bondholders hinge on the outcome of the court proceedings, a rehabilitation plan for bond insurer Ambac Assurance Corp., also in bankruptcy, and a further potential settlement between a majority of bondholders and Ambac.

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