  We study the question of diagonalizability of the Hamiltonian for the
Faddeev-Reshetikhin (FR) model in the two particle sector. Although the two
particle S-matrix element for the FR model, which may be relevant for the
quantization of strings on $AdS_{5}\times S^{5}$, has been calculated recently
using field theoretic methods, we find that the Hamiltonian for the system in
this sector is not diagonalizable. We trace the difficulty to the fact that the
interaction term in the Hamiltonian violating Lorentz invariance leads to
discontinuity conditions (matching conditions) that cannot be satisfied. We
determine the most general quartic interaction Hamiltonian that can be
diagonalized. This includes the bosonic Thirring model as well as the bosonic
chiral Gross-Neveu model which we find share the same S-matrix. We explain this
by showing, through a Fierz transformation, that these two models are in fact
equivalent. In addition, we find a general quartic interaction Hamiltonian,
violating Lorentz invariance, that can be diagonalized with the same two
particle S-matrix element as calculated by Klose and Zarembo for the FR model.
This family of generalized interaction Hamiltonians is not Hermitian, but is
$PT$ symmetric. We show that the wave functions for this system are also $PT$
symmetric. Thus, the theory is in a $PT$ unbroken phase which guarantees the
reality of the energy spectrum as well as the unitarity of the S-matrix.
