Icahn in investment deal with Guaranty Financial

On June 7, Icahn agreed to buy 1.1 million shares of Guaranty Financial's preferred shares for about $55 million. He also agreed to buy $175 million in units of subordinated notes and 406,000 shares of series B preferred stock.

In connection with the deal, Icahn will work with the company's board to nominate a representative to the board. Icahn also agreed not to seek additional board seats or attempt to gain control of the company.

Icahn reported holding roughly 3.5 million Guaranty Financial shares, representing a 7.7 percent stake in the Austin, Texas-based company.

Guaranty Financial spun off from packaging and building materials maker Temple-Inland Inc. at the end of last year.

Guaranty Financial shares lost 6 cents to close at $5.29 on Thursday.