Guaranty Financial 8-K Bankruptcy or Receivership

Exhibit 99.4

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CASE NAME: Guaranty Financial Group Inc.	ACCRUAL BASIS
CASE NUMBER: 09-35582
JUDGE: Judge Houser

UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF TEXAS

DALLAS DIVISION

MONTHLY OPERATING REPORT

MONTH ENDING: April 30, 2011

IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS — 1 THROUGH ACCRUAL BASIS — 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.

RESPONSIBLE PARTY:
/s/ Dennis S. Faulkner	Title Chief Restructuring Officer
Original Signature of Responsible Party
Dennis S. Faulkner	Date 05/10/11
Printed Name of Responsible Party
PREPARER:
/s/ Jason A. Rae	Title Accountant
Original Signature of Preparer
Jason A. Rae	Date 05/09/11
Printed Name of Preparer

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CASE NAME: Guaranty Financial Group Inc.	ACCRUAL BASIS — 1
CASE NUMBER: 09-35582

COMPARATIVE BALANCE SHEET	(SEE GENERAL FOOTNOTE)
	AMENDED
	SCHEDULED		MONTH			MONTH	MONTH
ASSETS	AMOUNT		Apr-11			May-11	Jun-11
1. Unrestricted Cash		11,143,730		9,674,252
2. Restricted Cash				2,125,028
3. Total Cash		11,143,730		11,799,279
4. Accounts Receivable (Net)
5. Inventory
6. Notes Receivable
7. Prepaid Expenses		673,704		323,660
8. Other (Attach List)		880,141		2,233,668
9. Total Current Assets		12,697,575		14,356,607
10. Property, Plant & Equipment
11. Less: Accumulated Depreciation/Depletion
12. Net Property, Plant & Equipment
13. Due From Insiders
14. Other Assets — Net of Amortization (Attach List)
15. Other (Attach List)
16. Total Assets		12,697,575		14,356,607
POST PETITION LIABILITIES
17. Accounts Payable
18. Taxes Payable
19. Notes Payable
20. Professional Fees				689,002
21. Secured Debt
22. Other (Attach List)
23. Total Post Petition Liabilities				689,002
PRE PETITION LIABILITIES
24. Secured Debt
25. Priority Debt		84,031		84,031
26. Unsecured Debt		328,632,433		328,632,433
27. Other (Attach List)
28. Total Pre Petition Liabilities		328,716,464		328,716,464
29. Total Liabilities		328,716,464		329,405,465
EQUITY
30. Pre Petition Owners’ Equity				(316,018,889	)
31. Post Petition Cumulative Profit Or (Loss)				(1,685,633	)
32. Direct Charges To Equity				2,655,664
33. Total Equity				(315,048,859	)
34. Total Liabilities and Equity				14,356,607

This formþ doeso does not have related footnotes on Footnotes Supplement.

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CASE NAME: Guaranty Financial Group Inc.	SUPPLEMENT TO
CASE NUMBER: 09-35582	ACCRUAL BASIS — 1

COMPARATIVE BALANCE SHEET			(SEE GENERAL FOOTNOTE)
	SCHEDULED		MONTH		MONTH	MONTH
ASSETS	AMOUNT		Apr-11		May-11	Jun-11
A. 2008 Federal IncomeTax Refund		880,141
B. 2008 California Tax Refund				2,231,664
C. Due from Debtors-GGC, GGV & GHI				2,004
D.
E.
TOTAL OTHER ASSETS — LINE 8		880,141		2,233,668
A.
B.
C.
D.
E.
TOTAL OTHER ASSETS NET OF AMORTIZATION — LINE 14
A. Shares of Guaranty Financial Group	Unknown
B. Shares of Guaranty Group Capital, Inc.	Unknown
C. Shares of Guaranty Group Ventures, Inc.	Unknown
D. Shares of Guaranty Bank (Preferred)	Unknown
E. Shares of Master Trust (Common)	Unknown
F. Guaranty Holdings Inc I (Subsidiary)	Unknown
TOTAL OTHER ASSETS — LINE 15
POST PETITION LIABILITIES
A.
B.
C.
D.
E.
TOTAL OTHER POST PETITION LIABILITIES — LINE 22
PRE PETITION LIABILITIES
A.
B.
C.
D.
E.
TOTAL OTHER PRE PETITION LIABILITIES — LINE 27

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CASE NAME: Guaranty Financial Group Inc.	ACCRUAL BASIS — 2
CASE NUMBER: 09-35582

INCOME STATEMENT	(SEE GENERAL FOOTNOTE)
	MONTH			MONTH	MONTH	QUARTER
REVENUES	Apr-11			May-11	Jun-11	TOTAL
1. Gross Revenues
2. Less: Returns & Discounts
3. Net Revenue
COST OF GOODS SOLD
4. Material
5. Direct Labor
6. Direct Overhead
7. Total Cost Of Goods Sold
8. Gross Profit
OPERATING EXPENSES
9. Officer / Insider Compensation
10. Selling & Marketing
11. General & Administrative		28,290					28,290
12. Rent & Lease
13. Other (Attach List)
14. Total Operating Expenses		28,290					28,290
15. Income Before Non-Operating Income & Expense		(28,290	)				(28,290	)
OTHER INCOME & EXPENSES
16. Non-Operating Income (Att List)		28,081					28,081
17. Non-Operating Expense (Att List)
18. Interest Expense
19. Depreciation / Depletion
20. Amortization
21. Other (Attach List)
22. Net Other Income & Expenses		28,081					28,081
REORGANIZATION EXPENSES
23. Professional Fees		167,536					167,536
24. U.S. Trustee Fees		975					975
25. Other (Attach List)
26. Total Reorganization Expenses		168,511					168,511
27. Income Tax
28. Net Profit (Loss)		(168,720	)				(168,720	)

This formþ doeso does not have related footnotes on Footnotes Supplement.

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CASE NAME: Guaranty Financial Group Inc.	SUPPLEMENT TO
CASE NUMBER: 09-35582	ACCRUAL BASIS — 2

INCOME STATEMENT
	MONTH		MONTH	MONTH	QUARTER
OPERATING EXPENSES	Apr-11		May-11	Jun-11	TOTAL
A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
K.
TOTAL OTHER OPERATING EXPENSES — LINE 13
OTHER INCOME & EXPENSES
A. Interest Income-IRS Refund		28,081				28,081
B.
C.
D.
TOTAL NON-OPERATING INCOME — LINE 16		28,081				28,081
A.
B.
C.
D.
TOTAL NON-OPERATING EXPENSE — LINE 17
REORGANIZATION EXPENSES
A.
B.
C.
D.
E.
TOTAL OTHER REORGANIZATION EXPENSES — LINE 25

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CASE NAME: Guaranty Financial Group Inc.	ACCRUAL BASIS — 3
CASE NUMBER: 09-35582

CASH RECEIPTS AND	MONTH		MONTH	MONTH	QUARTER
DISBURSEMENTS	Apr-11		May-11	Jun-11	TOTAL
1. Cash — Beginning Of Month		10,924,722				10,924,722
RECEIPTS FROM OPERATIONS
2. Cash Sales
COLLECTION OF ACCOUNTS RECEIVABLE
3. Pre Petition
4. Post Petition
5. Total Operating Receipts
NON-OPERATING RECEIPTS
6. Loans & Advances (Attach List)
7. Sale of Assets
8. Other (Attach List)		904,148				904,148
9. Total Non-Operating Receipts		904,148				904,148
10. Total Receipts		904,148				904,148
11. Total Cash Available		11,828,870				11,828,870
OPERATING DISBURSEMENTS
12. Net Payroll
13. Payroll Taxes Paid
14. Sales, Use & Other Taxes Paid
15. Secured / Rental / Leases
16. Utilities
17. Insurance
18. Inventory Purchases
19. Vehicle Expenses
20. Travel
21. Entertainment
22. Repairs & Maintenance
23. Supplies
24. Advertising
25. Other (Attach List)		28,615				28,615
26. Total Operating Disbursements		28,615				28,615
REORGANIZATION DISBURSEMENTS
27. Professional Fees
28. U.S. Trustee Fees		975				975
29. Other (Attach List)
30. Total Reorganization Expenses		975				975
31. Total Disbursements		29,590				29,590
32. Net Cash Flow		874,558				874,558
33. Cash — End of Month		11,799,279				11,799,279

This formþ doeso does not have related footnotes on Footnotes Supplement.

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CASE NAME: Guaranty Financial Group Inc.	SUPPLEMENT TO
CASE NUMBER: 09-35582	ACCRUAL BASIS — 3

CASH RECEIPTS AND
DISBURSEMENTS
	MONTH		MONTH	MONTH	QUARTER
NON-OPERATING RECEIPTS	Apr-11		May-11	Jun-11	TOTAL
A.
B.
C.
D.
E.
TOTAL LOANS & ADVANCES- LINE 6
A. Interest		0				0
B. Refund — Michigan State Taxes
C. Refund — US Income Taxes & Interest		904,148				904,148
D. Refund — Insurance Premiums
E.
TOTAL OTHER NON-OPERATING RECEIPTS — LINE 8		904,148				904,148
OPERATING DISBURSEMENTS
A. Bowne
B. International Sureties		25,000				25,000
C. Computershare		1,782				1,782
D. US Trustee Fees for GGC		325				325
E. Corporation Service Company
F. Elite Document Technology
G. RR Donnelley Financial		1,508				1,508
H. Miller Advertising
TOTAL OTHER OPERATING DISBURSEMENTS — LINE 25		28,615				28,615
REORGANIZATION DISBURSEMENTS
A.
B.
C.
D.
E.
TOTAL OTHER REORGANIZATION DISBURSEMENTS — LINE 29

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CASE NAME: Guaranty Financial Group Inc.	ACCRUAL BASIS — 4
CASE NUMBER: 09-35582	(SEE GENERAL FOOTNOTE)

	SCHEDULED	MONTH	MONTH	MONTH
ACCOUNTS RECEIVABLE AGING	AMOUNT	Apr-11	May-11	Jun-11
1. 0 - 30
2. 31 - 60
3. 61 - 90
4. 91 +
5. Total Accounts Receivable
6. (Amount Considered Uncollectible)
7. Accounts Receivable (Net)

			MONTH:April-11
AGING OF POST PETITION TAXES AND PAYABLES
	0 - 30	31 - 60	61 - 90	91 +
TAXES PAYABLE	DAYS	DAYS	DAYS	DAYS	TOTAL
1. Federal
2. State
3. Local
4. Other (Attach List)
5. Total Taxes Payable
6. Accounts Payable

			MONTH:April-11
STATUS OF POST PETITION TAXES
	BEGINNING TAX		AMOUNT WITHHELD AND/OR
FEDERAL	LIABILITY *		ACCRUED		(AMOUNT PAID)		ENDING TAX LIABILITY
1. Withholding **
2. FICA — Employee **
3. FICA — Employer **
4. Unemployment
5. Other — Misc Adj
6. Other- Earned Income Credit
7. Total Federal Taxes		—		—		—		—
STATE AND LOCAL
8. Withholding
9. Sales
10. Excise
11. Unemployment
12. Real Property
13. Personal Property
14. Other (Attach List)		—
15. Total State And Local		—
16. Total Taxes		—

*	The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
**	Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit.

This formo doesþ does not have related footnotes on Footnotes Supplement.

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CASE NAME:Guaranty Financial Group Inc.	ACCRUAL BASIS — 5
CASE NUMBER:09-35582

The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.

MONTH: April-11           

BANK RECONCILIATIONS	Account # 1		Account # 2		Account # 3		Other Accounts
A.BANK:	Bank of America		Bank of America		Bank of America		(Attach List)
B.ACCOUNT NUMBER:	4429005271		4429005268		4429005284
					GFG GB Cash
			GFG Shareholder		(Stanford Realty)
C.PURPOSE (TYPE):	Operating		Svcs-MMKT		MMKT				TOTAL
1. Balance Per Bank Statement		—		452,745		1,796,032		9,550,502		11,799,279
2. Add: Total Deposits Not Credited
3. Subtract: Outstanding Checks
4. Other Reconciling Items
5. Month End Balance Per Books		—		452,745		1,796,032		9,550,502		11,799,279
6. Number of Last Check Written		3091		N/A		N/A

INVESTMENT ACCOUNTS
	DATE OF		PURCHASE	CURRENT
BANK, ACCOUNT NAME & NUMBER	PURCHASE	TYPE OF INSTRUMENT	PRICE	VALUE
7.
8.
9.
10. (Attach List)
11. Total Investments
CASH
12. Currency On Hand
13. Total Cash — End of Month					11,799,279

This formo doesþ does not have related footnotes on Footnotes Supplement.

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CASE NAME:Guaranty Financial Group Inc.	SUPPLEMENT TO
CASE NUMBER:09-35582	ACCRUAL BASIS — 5

MONTH: April-11           

BANK RECONCILIATIONS
A. BANK:	Bank of America		Bank of America		Bank of America
B. ACCOUNT NUMBER:	4429005297		4429005307		4429005501		TOTAL
	GFG WCMA		GFG Operating		GFG Reserve		OTHER BANK
C. PURPOSE (TYPE):	Treasury Fund		MMKT		MMKT		ACCOUNTS
1. Balance Per Bank Statement		24,411		7,401,064		2,125,028		9,550,502
2. Add: Total Deposits Not Credited
3. Subtract: Outstanding Checks
4. Other Reconciling Items
5. Month End Balance Per Books		24,411		7,401,064		2,125,028		9,550,502
6. Number of Last Check Written		N/A		N/A		N/A

INVESTMENT ACCOUNTS
	DATE OF	TYPE OF	PURCHASE	CURRENT
BANK, ACCOUNT NAME & NUMBER	PURCHASE	INSTRUMENT	PRICE	VALUE
A.
B.
C.
D.
E. Total Investments

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CASE NAME:Guaranty Financial Group Inc.	ACCRUAL BASIS — 6
CASE NUMBER:09-35582

MONTH: April-11           

PAYMENTS TO INSIDERS AND PROFESSIONALS

Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) — (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary.

INSIDERS
	TYPE OF		TOTAL PAID
NAME	PAYMENT	AMOUNT PAID	TO DATE
1.
2.
3.
4.
5.
6.
7.
8. (Attach List)
9. Total Payments To Insiders

PROFESSIONALS
	DATE OF COURT
	ORDER							TOTAL
	AUTHORIZING		AMOUNT	AMOUNT		TOTAL PAID		INCURRED
NAME	PAYMENT		APPROVED	PAID		TO DATE		& UNPAID *
1. Lain, Faulkner & Co.		12/29/09					179,144		139,886
2. Haynes & Boone		12/29/09					507,800		549,116
3. Pope Shamsie & Dooley		08/13/10			80,000		245,000
4.
5. (Attach List)
6. Total Payments To Professionals					80,000		931,944		689,002

* Include all fees incurred, both approved and unapproved

POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
	SCHEDULED		AMOUNTS		TOTAL
	MONTHLY		PAID		UNPAID
	PAYMENTS		DURING		POST
NAME OF CREDITOR	DUE		MONTH		PETITION
1.	$	—
2.
3.
5. (Attach List)
6. TOTAL			$	—	$	—

This formþ doeso does not have related footnotes on Footnotes Supplement.

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CASE NAME:Guaranty Financial Group Inc.	ACCRUAL BASIS — 7
CASE NUMBER:09-35582

MONTH: April-11          

QUESTIONNAIRE
	YES	NO
1. Have any Assets been sold or transferred outside the normal course of business this reporting period?			X
2. Have any funds been disbursed from any account other than a debtor in possession account?			X
3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties?			X
4. Have any payments been made on Pre Petition Liabilities this reporting period?			X
5. Have any Post Petition Loans been received by the debtor from any party?			X
6. Are any Post Petition Payroll Taxes past due?			X
7. Are any Post Petition State or Federal Income Taxes past due?			X
8. Are any Post Petition Real Estate Taxes past due?			X
9. Are any other Post Petition Taxes past due?			X
10. Are any amounts owed to Post Petition creditors delinquent?			X
11. Have any Pre Petition Taxes been paid during the reporting period?			X
12. Are any wage payments past due?			X

If the answer to any of the above questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.

INSURANCE
	YES	NO
1. Are Worker’s Compensation, General Liability and other necessary insurance coverages in effect?	See	Below
2. Are all premium payments paid current?	See	Below
3. Please itemize policies below.

If the answer to any of the above questions is “No”, or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary.

INSTALLMENT PAYMENTS
				PAYMENT
				AMOUNT &
TYPE OF POLICY	CARRIER	PERIOD COVERED		FREQUENCY
General Liability	Burlington Insurance Co.		7/1/10 - 7/1/11	Paid in Full
General Liability-Mortgagee in Possession	Lexington Insurance Co.		10/27/08 - 10/27/11	Paid in Full

This formo doesþ does not have related footnotes on Footnotes Supplement.

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CASE NAME:Guaranty Financial Group Inc.	FOOTNOTES
CASE NUMBER:09-35582	ACCRUAL BASIS

MONTH: April-11          

ACCRUAL BASIS
FORM NUMBER	LINE NUMBER		FOOTNOTE / EXPLANATION
General			The Office of Thrift Supervision appointed the FDIC as receiver for Guaranty Bank, an indirect subsidiary of the Debtor on August 21, 2009. The Debtor subsequently filed its petition with the U.S. Bankruptcy Court on August 27, 2009.
General			Effective February 1, 2011, all Bank of America Money Market Saving accounts over $250,000 were converted to Non-Interest Bearing accounts. This policy change was approved by the U.S. Trustee’s Office. During the month of February the final interest received was posted.
Accrual 1		1	Pursuant to the Order Implementing the Requirements of Section 345(B) of the Bankruptcy Code and the Region VI, Northern District of Texas, Guidelines for Chapter 11 Debtors-In-Possession filed on September 3, 2009, the Debtor’s transferred cash to its debtor-in-possession bank accounts.
Accrual 1		2	The Debtors and the FDIC contemplate that during the administration of this Chapter 11 case, certain assets, refunds and other recoveries, including, for example, tax refunds, insurance premium refunds and insurance recoveries (the “Reserve Funds”), will be paid to either the Debtors or the FDIC as receiver of Guaranty Bank. The Debtors and the FDIC may dispute the ownership of the Reserve Funds. They have agreed that the Reserve Funds will be deposited into a separate and segregated account at Bank of America. This amount represents the Reserve Funds plus accrued interest received through the filing of this report.
Accrual 1		8, 32	Since the tax returns are filed on a consolidated basis, any refunds received should be allocated among the consolidating entities. The amount of the allocations are unknown at this time. During November 2010 an additional refund from the IRS in the amount of $410,000 was recorded based upon a carryback claim bringing the total requested refund to $1,290,141. During the month of December 2010, $414,074 of this amount was received, in addition, a refund from the State of California for Franchise / Income Taxes for 2008 in the amount of $2,231,664 was recorded based upon the 2008 return. During the month of April, $904,148, the remaining amount due from the IRS, was received.
Accrual 1		7, 32	The payments listed on Item 9 “Payments Related to Debt Counseling or Bankruptcy” of the
Accrual 6			Debtor’s Statement of Financial Affairs include a residual retainer balance of $14,000 for Haynes & Boone. The retainer balance is disclosed in Haynes and Boone’s First Interim Fee Application that was filed in December 2009.