Carl C. Icahn has disposed of more than 7 million shares of Guaranty Financial Group, the bankrupt Texas bank whose assets were seized two months ago and sold to Banco Bilbao Vizcaya Argentaria SA.
In a filing with the Securities and Exchange Commission on Wednesday, Mr. Icahn and his affiliates reported they had sold their entire stake in Guaranty’s bankrupt holding company in a private transaction for a “nominal” amount.
The Austin, Texas-based company and three affiliates filed for protection from creditors in late August with the U.S. bankruptcy court in Dallas. At the time, Guaranty said it had $24.3 million of assets and $323.4 million of debts as of June 30. Its filing includes the holding company, which was not part of the Aug. 21 asset sale to BBVA.
The bank was the second-largest to fail this year, after Colonial BancGroup, according to the Federal Deposit Insurance Corp.
Guaranty’s largest investors included Mr. Icahn and fellow billionaire Robert Rowling. Mr. Icahn started building his stake in the bank in 2007, according to public filings and likely unloaded them at a significant loss.
—Zachery Kouwe
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