-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 TqCtrYRZm/Sg7k4fXqmrWw==

<SEC-DOCUMENT>0001209191-04-027607.txt : 20040524
<SEC-HEADER>0001209191-04-027607.hdr.sgml : 20040524
<ACCEPTANCE-DATETIME>20040524181453
ACCESSION NUMBER:		0001209191-04-027607
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040521
FILED AS OF DATE:		20040524

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST ACCEPTANCE CORP /DE/
		CENTRAL INDEX KEY:			0001017907
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				751328153
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		3813 GREEN HILLS VILLAGE DRIVE
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37215
		BUSINESS PHONE:		615-844-2800

	MAIL ADDRESS:	
		STREET 1:		3813 GREEN HILLS VILLAGE DRIVE
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTE INVESTORS INC
		DATE OF NAME CHANGE:	19960701

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HUNTERS GLEN/ FORD, LTD.
		CENTRAL INDEX KEY:			0001289163

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12117
		FILM NUMBER:		04828160

	BUSINESS ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 1365
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		214-871-5938

	MAIL ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 1365
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bod15720_bod1hgf.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-05-21</periodOfReport>

    <issuer>
        <issuerCik>0001017907</issuerCik>
        <issuerName>FIRST ACCEPTANCE CORP /DE/</issuerName>
        <issuerTradingSymbol>FAC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001289163</rptOwnerCik>
            <rptOwnerName>HUNTERS GLEN/ FORD, LTD.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>200 CRESCENT COURT</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1350</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-05-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35482</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12919408</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-05-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35482</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-05-21</value>
            </exerciseDate>
            <expirationDate>
                <value>2004-05-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>35482</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>35482</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-05-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35482</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-05-21</value>
            </exerciseDate>
            <expirationDate>
                <value>2004-05-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>35482</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On April 1, 2004, Liberte Investors Inc. (&quot;Liberte&quot;) commenced a rights offering (the &quot;Rights Offering&quot;) pursuant to which Liberte distributed pro rata to its stockholders subscription rights (&quot;Rights&quot;) to purchase shares of common stock of Liberte at a purchase price of $4.00 per share.</footnote>
        <footnote id="F2">On December 15, 2003, Hunter's Glen/Ford, Ltd. (&quot;HG/F&quot;) entered into a certain Backstop Agreement (the &quot;Backstop Agreement&quot;) with Liberte, pursuant to which HG/F agreed to purchase all Rights that were not exercised by stockholders of Liberte upon expiration of the Rights Offering.  As of May 21, 2004, completed and executed certificates representing 35,482 Rights (the &quot;Backstop Rights&quot;) were not properly delivered to the subscription agent for the Rights Offering in accordance with the Notice of Guaranteed Delivery procedures for the Rights Offering.  On May 21, 2004, pursuant to its obligations under the Backstop Agreement, HG/F acquired the Backstop Rights and exercised the Backstop Rights to acquire 35,482 shares of common stock at a purchase price of $4.00 per share.</footnote>
        <footnote id="F3">Not applicable.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Gerald J. Ford, general partner of Hunter's Glen/Ford, Ltd.</signatureName>
        <signatureDate>2004-05-24</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----