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It is on the Grey Sheets (not the Pink Sheets), the worst market!
If GFG goes to the Grey Sheet the new low will be $0.01 ~ $0.001. If GFG can stay on the Pink Sheets then the new low will be $0.02.
open .375 - beginning short covering 30 minutes after the start
I have placed a more Buy orders:
20k to $ .1901
20k to $ .1101
100k to $ .09
etc.
$$$$$$$$$$$$$
More on the NEW owners.
Company Information
Banco Bilbao Vizcaya Argentaria SA (BBVA) is a diversified international financial group. Its business is structured in four areas: Spain and Portugal area, comprising retail banking, business banking, personal banking and all the operations with small and medium enterprises (SMEs), consumer finance, insurance and BBVA Portugal; the Global Business area, which includes all the customer services in Europe, America and Asia, as well as real estate projects and investment banking; the Mexico and South America areas, covering the activities of the Group's subsidiaries in this region, including pension-fund managers, insurance companies and international private banking business, and the United States (USA) business area, consisting of five divisions: Banking business in Texas, BBVA Bancomer USA, BBVA Puerto Rico, Bancomer Transfer Services (BTS) and BBVA Finanzia USA.
????
GFG - Guaranty Financial Group = Brokerage Services or Investment banking???
Investment banking bring a many money - see Citigroup etc...
Please note: there are time limits for filing a claim, as specified in the notice.
???????????????
"There was no publicly owned stock in Guaranty Bank. If you are an equity shareholder, your shares are in Guaranty Financial Group, Inc., Dallas, TX, the holding company for Guaranty Bank, and not the institution. Guaranty Financial Group, Inc. and the interests of equity, debt holders or other creditors of Guaranty Financial Group, Inc. are not included in the closure or receivership of the institution. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have".
My short position is little so 10k..lol.I hope that next week very good to cover my short position because I believe timing is perfect - GFG is dead. Shares price will fail sharply!!!!!
So what's going to happen to the shareholders?
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
1. Depositors
2. General Unsecured Creditors
3. Subordinated Debt
4. Stockholders
GFG is acquired by FDIC! The bankruptcy will cause the price down to $0.024 in the next week as CBCG did from $0.29 to $0.0604 today.
WRONG!!! Big news tonight.
http://www.fdic.gov/bank/individual/failed/guaranty-tx.html
Big news???? You`re funny...lol
I SAID MANIPULATIONS, see at google finance..
http://www.google.com/finance?q=NYSE:GFG
NEWS at german. that was german`s trader...Stock manipulation!!!!
Up 28%. The shorts are covering, good news on the way.
BEWARE: Stock manipulations from the german`s traders!!!!
Chapter 11 coming TODAY!!!!!
The stock is very nervous...
It will move with market & rumors tommorow ...other CIT group..:)
Maybe a buy-on-the-rumour spike? Then I will join. With a steady stoploss.
Yes. I play the Q-stocks!!!...:)
Re: Report: BBVA to take over Guaranty 20-Aug-09 12:46 am
Politically ain't gonna happen! I can hear it now in Texas!!! You want me to lose my investment in GFG and then you are gonna sell it to a Spanish Company????????? There will be another stand at the Alamo!! This deal since the Spanish Company is a front runner is now a buyout! NOT a bankruptcy of U.S. shareholders and then a sell of the assets to a Spanish Company/!! The FDIC will see themselves on CNBC! Carl Icahn will be all over the FDIC like fly on shlit!!
great info. Thanks
Shares Float 64,670,000
Total Shares Outstanding 108,914,265
% Owned by Insiders 20.66 %
% Owned by Institutions 59.80 %
Short Interest (Shares Short) 5,847,900
Days To Cover (Short Interest Ratio) 1.1
Short Percent of Float 9.04 %
Short Interest - Prior 10,009,300
Short % Increase / Decrease -41.58 %
Short Squeeze Ranking™ -9
First order just placed 10k $ .09
How much do you short?
BEWARE: GFG could sell its assets - without assets are GFG shares zero!!!!
About chapter 7:
Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States. (In contrast, Chapters 11 and 13 govern the process of reorganization of a debtor in bankruptcy). Chapter 7 is the most common form of bankruptcy in the United States.
So, I sold now....:( - 30 percent...:(
Tommorow $ .17....and chapter 7!!!!
Game Over!
well i just hopped on board for a little stake at .41
lets see if its a short ride or a long one.
:)
Guaranty Financial Group Inc. (the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 (the “Second Quarter 2009 Form 10-Q”). The Company is unable, without unreasonable effort and expense, to timely file the Second Quarter 2009 Form 10-Q because the Company has not completed its financial statements for the fiscal year ended December 31, 2008 or the quarters ended March 31, 2009 and June 30, 2009.
In my opinion GFG will fill BK at Friday !!!!!
http://www.daytrades.com/ Write GFG
BID: 7600 - $ .01
Grandfather story....check the latest news at Reuters
Where do we go from here. Very VOLITILE STOCK. Hammer
GAME OVER:
Big Texas bank on verge of failure
Guaranty Bank, which counts Carl Icahn as one if its backers, is teetering on the edge of insolvency. But it may not be easy for regulators to find a buyer.
NEW YORK (Fortune) -- Guaranty Bank is hardly a household name. But the Austin, Texas-based thrift's looming failure is shaping up as a big headache for bank supervisors -- not to mention a black eye for Carl Icahn and others in the smart money set.
Guaranty (GFG) could be soon seized by the government in what would be the biggest bank failure in a year that has already had 64 of them. Last week, the bank warned investors to expect a federal takeover after regulators forced a writedown of its risky mortgage investments and a bid to raise new capital failed.
Guaranty has $13.4 billion in assets and operates 160 branches in Texas and California -- two of the three best banking markets in the nation, thanks to their size and population growth.
But the bank's capital problems and its smallish, scattered network of branches could detract from Guaranty's appeal, making it tough for regulators to find a buyer quickly -- or without substantial federal subsidies.
"This may not be closed as quickly as you think, since it will require bids and rebids," said Miami banking consultant Ken Thomas.
That means resolving Guaranty's failure is likely to be costly to the FDIC's deposit insurance fund, whose balance is at its lowest point in almost two decades.
The Federal Deposit Insurance Corp. isn't the only one taking its lumps. So have some big investors.
Shares of the bank's parent, Guaranty Financial, have dropped 97% since a group led by billionaire Texas hotel mogul Robert Rowling and Icahn, the renowned New York corporate raider, poured $600 million into the company in June 2008.
Other big Guaranty holders whose stakes stand to be wiped out include hedge fund managers David Einhorn, who was among the most persistent skeptics of Lehman Brothers before its collapse, and Dan Loeb.
"Relatively low franchise value and the fact that two big money investors already got burned on this bank may suggest less interest than with BankUnited," said Thomas, referring to the Florida thrift that failed in May and was bought by a group of private equity investors.
BankUnited had half as many branches and operated in only one state, but had a strong competitive position in the most lucrative counties -- something Guaranty lacks.
Despite BankUnited's relative attractiveness, its sale to investors led by vulture investor Wilbur Ross was hardly a walkover for the FDIC. The deal cost the FDIC insurance fund $4.9 billion.
A big tab on Guaranty would be costly to the deposit fund, whose balance was $13 billion at the end of the first quarter. The FDIC has estimated failure costs on cases since then at $11.2 billion.
A spokesman for the FDIC stresses that it has already set aside an additional $22 billion for failure-related costs in 2009, and adds that congressional action this spring gave the agency access to $500 billion in Treasury credit.
Though Guaranty has been around since 1988, it came public less than two years ago. Guaranty was part of the Temple-Inland (TIN) cardboard-box conglomerate until Icahn pressured the company to split up at the end of 2007. Guaranty shares were then distributed to Temple-Inland holders.
Guaranty's chief executive at the time, Ken Dubuque, assured investors that despite the gale force winds sweeping the financial world, the bank would be safe.
"We're keenly aware of the importance of good credit, disciplines and effective risk management, in good times and in difficult times," he said on the bank's first earnings conference call in February 2008.
But Guaranty's risk management soon was found wanting. The bank aimed to expand beyond lending to the builders of office buildings, shopping centers and houses to new areas such as small business and corporate energy lending.
Because its thrift charter obliges Guaranty to keep 70% of its assets in housing-related investments, the bank matched growth in other areas with expanded investments in housing. That, Dubuque said, is how the bank ended up taking on a giant portfolio of mortgage-backed securities, backed largely by option adjustable-rate mortgages in California and Texas.
Next resistance 0.47, once hit, it will be 0.61, then back to 0.78. Cum before the deal hit. May not be this Week, it will only happen the earliest Next Wednesday.
GFG will not be let go, but Corus will mostly be sacrified as the impact to public is minimal. Icahn will not allow his investment down the drain as smart people will figure out.
Buy GFG, avoid Corus totally.
FDIC will not let another big Bank failure in such a short period. Anyway, the bids have already started since early June. There will not be any surprise. Bidding result will be announced soon with the help of FDIC to smoothen the "takeover".
GFG= Gold for Gold
dont they have buyer?
My cousin work for Mellon Bank and other two banks. He said..GFG will fill bancrupcy....
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Shares Outstanding As Of Last 10-Q : 109M Shares.
Shares Shorted: 5,847,897 Shares Or 5.9M Shares.
Status: FDIC Close On 08/21/2009. CH11 Filed In The Same Day.
Guaranty Financial Group, Inc., through its subsidiary, Guaranty Bank, provides commercial and retail banking products and services in the United States. The company offers various commercial banking services to business and commercial customers, including financing for commercial real estate, multifamily and homebuilder construction, mortgage warehouse financing, senior housing, and middle market businesses and companies engaged in the energy industry. It provides lines of credit; working capital loans; loans for acquisition, expansion, and development facilities; borrowing base loans; real estate construction loans; regional and national homebuilder loans; term loans; equipment financing; letters of credit; and other loan products. The company lends to corporations, regional companies, oil and gas producers, real estate developers, mortgage lenders, manufacturing and industrial companies, and other businesses. Guaranty Bank also offers a range of retail banking services to consumers and small businesses, including deposits, such as savings, checking, interest-bearing checking, money-market, and certificates of deposit; loans to individuals for personal, family, and household purposes, including secured and unsecured installment and term loans, home equity loans, and home equity lines of credit; and non-deposit investment products, such as mutual funds and variable annuity products through a non-affiliated registered broker-dealer and through licensed agents. The company, formerly known as Temple-Inland Financial Services, Inc., was founded in 1938 and is based in Austin, Texas. Guaranty Financial Group operates independently of Temple-Inland as of December 28, 2007.
Guaranty Financial Group Inc.
1300 MoPac Expressway South
Austin, TX 78746
Phone: 512-434-1000
Web Site: http://www.guarantygroup.com
% Held by Insiders1: 21.67%
% Held by Institutions1: 84.90%
52-Week High (13-Dec-07)3: 18.50
52-Week Low (23-May-08)3: 5.00
50-Day Moving Average3: 6.74
200-Day Moving Average3: 11.37
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