Troubled Guaranty Financial Group Shorts Disappear

The troubled Guaranty Financial Group (GFG) has been purchased by Banco Bilbao Vizcaya Argentaria, S.A. ADR (BBVA), the first time that a foreign bank has bought a failed U.S. bank. The short position had been as high as 24% of the outstanding shares, but had fallen as low as 1%. It currently stands at 7%, but the deal involves FDIC guarantees so this position is likely to disappear.

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Comments

[whatusay:]

so buy gfg or wait ?


On Aug 25 08:28 PM Lawrence G McDonald wrote:

> The equity market is overbought, a lot of late comers are performance
> chasing, putting money to work in equities because they missed the
> big April-May party. But this recovery will be W-shaped, and not
> look like the present V. My money says a correction is only around
> the corner. Enjoy the ride while it lasts!
> lawrencegmcdonald.com

Aug 25 08:54 PM

[edexter:]

I think it will go bankrupt but it appears they have not yet... I am not sure why there would be a value. It appears someone bought in the after hours trading at .29 cents... in the day time it was 11 cents, I suspect it would drop to where it was when there is more volume today. This is based on a quote from interactive brokers..

Aug 28 08:17 AM

[edexter:]

it might be worth while to sell with a limit price to get the higher price from the after-hours person

Aug 28 08:18 AM