What SDK are you using? If after reinstalling FB you are using anything other than the standard SDK that was installed, like 3.4, you may need to download the charting SDK:
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Greg Lafrance - Flex 2 and 3 ACE certified
Flex / AIR Development, Training, and Support Services
Hi, no I'm just using the standard SDK - 3.2. I could try using 3.4 and see what happens. I have now sorted the problem anyway. I created a new project and copied the source code over - no watermark now.
Aha, not it hasn't worked completely. The problem is with ILOG Elixir. I re-added the SWC and got the watermark back again. Hmm. My copy of Elixir is fully activated - I'll contact the ILOG people for help.