Replies to post #148 on Guaranty Financial Group Inc. (fka GFGFQ) (fka )

[iwant1mil]

Bids are starting to roll in. GFG is going to be worth more than Gold ----------

UDPATE 1-Guaranty Financial draws bid -- sources
Tue Aug 18, 2009 8:34pm EDT
Email | Print | Share| Reprints | Single Page[-] Text [+] Market News
Stock futures signal losses; eyes on HP | Video
Global stocks stung by more China losses Oil slips towards $69 after surge on U.S. stock draw More Business & Investing News... Featured Broker sponsored link
* Consortium led by Gerald Ford bids -- source
* Consortium bids despite FDIC rule uncertainty -- sources

* Other bids expected by Tues. deadline -- sources

By Megan Davies and Paritosh Bansal

NEW YORK, Aug 18 (Reuters) - A consortium that is led by financial services executive Gerald Ford and includes several private equity firms submitted a bid for troubled bank Guaranty Financial (GFG.N), despite uncertainty over U.S. regulation guidelines, sources familiar with the matter said on Tuesday.

It was unclear how many offers were submitted in total by Tuesday's deadline for bids, but sources said that there were also expected to be bids from other parties.

The Ford consortium includes Blackstone Group (BX.N), Carlyle Group [CYL.UL], Oak Hill Capital and TPG [TPG.UL], the sources said.

The Financial Times reported on Monday that Canada's Toronto Dominion (TD.TO) and JPMorgan (JPM.N) had expressed interest in Guaranty. Another reported to have been interested is U.S. Bancorp.

The Federal Deposit Insurance Corporation recently published tough proposals for private capital investors in failed banks and the industry is awaiting final guidelines from the U.S. regulator.

It was unclear how the Ford-led bid had been structured amid the uncertainty over the proposed FDIC guidelines.

However, private equity executives and observers have previously said that it would be unlikely any deal would be inked in accordance with the original guidelines proposed, which they view as too harsh.

The guidelines include a proposal that banks to be bought by private equity have a Tier 1 leverage ratio of 15 percent, far higher than the 5 percent required of well-capitalized banks. That is widely expected to be reduced when the FDIC publishes its final guidelines, industry sources have previously told Reuters. (Reporting by Megan Davies and Paritosh Bansal; Editing by Gary Hill)