DRL insiderbuys läuten Turnaround ein

Aktie stand 2005 bei $950  

Website: http://www.doralfinancial.com

Business Summary

Doral Financial Corporation, through its subsidiaries, provides banking, mortgage banking, and insurance services in Puerto Rico, New York, and Florida. Its banking services include accepting deposits from the general public and institutions; obtaining borrowings; originating and investing in loans, primarily residential real estate mortgage loans; and investing in mortgage-backed and other investment securities, as well as traditional banking services. The company?s banking services also comprise commercial loans, including lines of credit and term facilities to finance business operations and working capital for specific purposes, such as to finance the purchase of assets, equipment, or inventory; consumer credit, personal secured loans, lease financing receivables, and loans on savings deposits; interim, construction, and bridge loans secured by multifamily apartment buildings and other commercial properties; and gathering deposits through an Internet-based platform. Its mortgage banking services consist of mortgage loan securitization, underwriting, servicing, and related services, as well as mortgage origination services through wholesale correspondent and retail channels. The company?s insurance services include property, casualty, life, and title insurance products and services, offered primarily to its mortgage loan customers. It operates 29 branches in Puerto Rico, and 7 branches in New York and Florida. The company was founded in 1972 and is based in San Juan, Puerto Rico.  

Charttechnisch dürfte es morgen oder übermorgen schon zum Silbercross kommen ( MA20 kreutzt die MA50 von unten nach oben)  

Aktie sieht extrem bullisch aus!  

Book Value $3.75  

 

Aktie konsolidiert hier ein bißchen und hält sich erstaunlich starke in einem schwachen Marktumfeld!  

Perf. seit Threadbeginn:   +31,85%  

Schliesst heute auf Tageshoch! Das kann morgen etwas geben :)  

Seid ihr denn alle weg? Hallo? Hallo Hallo?!  

zwischen Doral und der Regierung von Puerto Rico finden statt.
Die Aktien fliegt.

Zitat:
Doral and the Treasury Department have entered into court-supervised negotiations to settle all claims by Doral with regards to the subject matter of the Lawsuit and, in connection therewith, have agreed to suspend the Hearings as of August 8, 2014. The parties have ten (10) business days from August 8, 2014 to finalize the terms of a settlement agreement. Although there is a proposed framework for settlement the final settlement is still being negotiated by the parties and remains subject to approval by the Court of First Instance.

 

was meint ihr. Lohnt es sich nachzulegen? Wie ist es eigentlich mit den 290 Mio. Dollar? Wie hoch müsste der Kurs stehen, wenn die nach dem Urteil die 290$ bekommen?  

Shortquote ist klein. Nächste Woche gibt es definitiv News. Bei den News ist immer ein Anstieg dabei gewesen. Bin nun fast all in. Also bitte Daumen drücken!!!  

Is the Big Day Near for Doral Financial Corporation (NYSE: DRL)? The Current Catalyst

Shares of Doral Financial Corporation (NYSE: DRL) surged today from last Friday’s closing price at $5.54 to $7.33 or up 32%. The climb has investors excited about the recent catalyst announced at the beginning of the week that Doral and the Puerto Rico Treasury Department entered into court negotiations to settle all claims by Doral.  

According to the Form 8-K, Doral filed a lawsuit against the Commonwealth of Puerto Rico in the Court of First Instance aiming to resolve the Closing Agreement dated March 26th, 2012 and collect the $229 million owed to Doral. Both parties have agreed to suspend the Hearings as of Friday August 8, 2014. 

Doral Financial Corporation (NYSE: DRL) and the Commonwealth of Puerto Rico have 10 business days from August 8, 2014 to finalize the terms of the settlement agreement. Although there is a proposed framework for settlement, the final agreement is still being negotiated by both parties and remains subject to approval by the Court of First Instance. The Court of First Instance also ruled that the Commonwealth of Puerto Rico will have the responsibility of indicating any misrepresentation of material fact by Doral with solid proof.

If Doral Financial Corp (NYSE: DRL), is awarded the full $229 million and with only a market cap of $48.7million, will shares reach back to a high of $24.74 once again? There are also many other factors to put into place like DRL growing cash issue and is this settlement really a cure to their overall problems?  Stay tune and find out here.

About (NYSE: DRL):

Doral Financial Corporation (Doral Financial) is a bank holding company. Doral Financial is engaged in retail banking activities in Puerto Rico and the United States through its banking subsidiary. Doral Financial has three wholly owned subsidiaries, which are Doral Bank (Doral Bank), Doral Insurance Agency, Inc. (Doral Insurance Agency) and Doral Properties, Inc. (Doral Properties). Doral Bank has three wholly owned subsidiaries in operation, Doral Mortgage, LLC (Doral Mortgage), Doral Money, Inc. (Doral Money), principally engaged in commercial lending in the New York metropolitan area, and CB, LLC, an entity incorporated to dispose of a real estate project. Effective October 1, 2011, the Company completed an internal reorganization by merging its two depository institution subsidiaries, Doral Bank, FSB and Doral Bank. In July 2014, Doral Financial Corp sold its non-performing assets. 

 

Hier ein Bericht, eingestellt im Yahoo-Board. Es bleibt spannend..

After two weeks of negotiations with the Department of the Treasury on the controversial reinstatement of $229 million, Doral Financial today left the negotiating table with the fiscal agent, claiming that there is a conflict of interest with one of the advisors who are using the State in the process for tuning a Pact.

The information emerged this afternoon following an urgent briefing motion filed by the Department of Justice before the Court of first instance. This judicial forum, under orders of judge Laureana Pérez Pérez, had given to Doral and finance 10 working days to reach an agreement. This period culminated Friday morning, date in which it was hoped an agreement that would put an end to the demand that settled him Doral to the Treasury after the public entity declaring null a pact signed in 2012 which gave right to the Bank to claim the refund by $229 million.

The urgent information motion, disclosed this afternoon, indicates that it was today scheduled a meeting between the parties to discuss the final draft of the agreement. "This document, which was ready to be delivered and discussed as part of the negotiation, unfortunately never could be circulated, much less discussed, before the decision to the applicant (Doral) to get up the table", indicates the motion.

The alleged conflict of interest, according to the motion, is related to the firm Foley & Lardner LLP, a law firm with expertise in issues of securities and Federal Affairs. The Government Development Bank had suggested him to finance advisory firm and put it at the disposal of the Treasury. "The agreement that is intended to reach has implications both federal laws in matters of 'securities' (values), by which the State... need advice on specific and technical issues such as which is intended to manage through the proposed agreement," States the motion.

Quelle:
http://finance.yahoo.com/mbview/threadview/...&tls=la%2Cd%2C2%2C3  

Hmm... Nachbörslich ist der Kurs auf jeden Fall mal gut abgesackt auf 8$. Hoffentlich kommt heute noch was. Sonst sehe ich uns wieder weit unter 8$ fallen!  

In Frankfurt bisher schon 1004 Aktien verscherbelt!  

@Fernandez: Blickst du aktuell noch durch?  

Gestern scheinen inoffiziell böse News durchgesickert zu sein... Deswegen ab 2 Uhr der Verfall. Oh mein Gott. Hoffentlich kommt noch ein offizielles Statement was gut ist, damit der Kurs zurück geht. Ich habe nur eine böse Sache gestern gelesen: Doral hat keine Steuern bezahlt... Und deswegen gibt's auch keine Kohle... Soweit habe ich es verstanden.  

Trotz der miesen News... hält es sich. Man macht noch Hoffnung indem man sagt, dass man es nach dem Trial doch schaffen wird die 290Mio zu beziehen. Noch tanzt der Kurs auf dem mittleren Bollinger Band rum. Das heisst bisher noch kein wirklicher Abwärtstrend obwohl der MACD dahin tendiert. Noch alles in Butter. Ich bin erstmal raus und warte auf neue Einstiegskurse. Alles unter 5€ sollte nicht sooo verkehrt sein. Aber abwarten... Zumindest erstmal  

Nach dieser Meldung ging es direkt mal 100te Prozente nach oben... Sollte doch nochmal was gehen? Hat das korrupte Puerto Rico Doral doch zu schnell verkauft? Es kommen immer mehr Nachrichten, die zeigen, dass manche Leute dort langsam aber sicher in den Knast wandern, weil sie "unstimmige" Verträge mit Doral abgeschlossen haben. Kann es dazu kommen, dass Doral das Geschäft eventuell doch wieder aufnehmen kann? Nun haben sie um 3 Monate mehr gebeten, um den Chapter 11 Fall besser abzuwickeln. Dies sollte auch im Interesse der Richter sein. Aber manchmal habe ich das Gefühl, dass alles schnell schnell gemacht, damit bloß nicht noch mehr ans Tageslicht kommt. Aber um das wirklich belegen zu können habe ich leider zu wenige Informationen.

Quelle: http://www.wsj.com/articles/...-to-control-bankruptcy-case-1435772551

The bankrupt parent of Puerto Rico’s failed  Doral Bank  wants three more months to control its chapter 11 case without the threat of rival proposals as it looks to sell off more assets.

In a Tuesday filing with U.S. Bankruptcy Court in Manhattan,  Doral Financial Corp.  said that while it has “achieved a number of important tasks” in its chapter 11 case so far, including selling its insurance unit, it needs until Oct. 7 to file a viable reorganization plan and until Jan. 5, 2016, to solicit votes on that plan. Without the approval of Judge  Shelley C. Chapman of U.S. Bankruptcy Court in Manhattan, those periods would expire after July 9 and Sept. 7, respectively.

”While the debtor has made substantial progress in this case, the debtor requires additional time to sell certain assets and negotiate a chapter 11 plan that will best maximize value for creditors,” Doral said in its filing.

A hearing on the matter is set for July 23, meaning Judge Chapman will likely enter a temporary extension in the meantime.

Such requests are typically approved by judges under the bankruptcy code, which gives a company control of its case at the beginning but requires court approval of extension requests beyond the initial 120 days. In the filing, Doral said its official committee of unsecured creditors supports the extension.

The request comes against the backdrop of a credit crisis in Puerto Rico, where a calamitous series of defaults is widely feared. The Wall Street Journal reported Wednesday that the Puerto Rico Electric Power Authority made a $415 million payment to bondholders, which will extend until September restructuring negotiations for a utility that is $9 billion in the hole.

Already in the process of liquidating some of its assets, Doral Financial filed for chapter 11 in March. It kept the insurance unit and several other subsidiaries, including Doral Properties Inc. and Doral Recovery Inc., out of chapter 11.

The bank’s collapse and the subsequent bankruptcy of the parent were just two of the latest signs of financial difficulties facing Puerto Rico, which has been mired for years in an economic slump. The island, a U.S. commonwealth, has more than $70 billion in debt and is battling a weak economy, declining population and high unemployment.



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Unlike U.S. cities like Detroit and Stockton, Calif., which restructured their debts by filing for bankruptcy, Puerto Rico’s government agencies are barred from using chapter 9—the part of the bankruptcy code dealing with municipal restructurings—to deal with their debt obligations. Bonds issued by Prepa and other government-owned utilities like water and highway agencies are widely held by mutual funds and individuals because of their tax advantages.

While Puerto Rico’s scramble to get its finances in order has been recent, Doral Bank had experienced problems for years. The bank’s history includes improper accounting, a recapitalization and two reverse stock splits. In February, an appeals court rejected Doral’s claim to a $229 million tax refund, overturning a lower-court decision to grant the money to the bank. That followed a January directive from the Federal Deposit Insurance Corp. to have an adequate capital plan within 30 days.

The tax refund and cash transfers could become elements of the chapter 11 case, as the holding company has said it would continue to pursue litigation on behalf of its creditors. Doral’s other assets include cash, loans and real estate in Puerto Rico. The holding company’s largest unsecured creditors include bondholders who hold approximately $170 million in claims. The holding company is also the guarantor for about $37 million outstanding on bonds issued by Doral Properties in 1999 and 2002.

Doral was the first bank failure in Puerto Rico since April 2010 and the largest U.S. bank to fail since then. The FDIC has said the bank’s failure will cost its insurance fund, paid for by insurance premiums from banks, about $750 million. The parent company is maintaining a staff of 12 employees to help wind down its operations, court papers show.

Write to Joseph Checkler at joseph.checkler@wsj.com


 

Die letzten 5 Monate...  

Quelle: http://www.nytimes.com/2015/07/08/business/...ines-on-repos.html?_r=0

In a little-noticed recent opinion, a distressed debt trader came awfully close to undermining the basis for the repo safe harbors. It did so mostly by making a common sense argument.

But the United States Court of Appeals for the Second Circuit blocked that possibility by noting that distressed debt trader was essentially trying to have it both ways.

The case arose out of the Lehman Brothers bankruptcy, or more precisely, the liquidation that is dealing with Lehman’s brokerage subsidiary.

In 2000 and 2001, Doral Financial of Puerto Rico entered into a repo agreement with Lehman whereby Doral could “sell” various securities to Lehman in exchange for cash. Doral promised to buy back those securities at a set point in the future, for slightly more than the cash it had received from Lehman.

If this all looks vaguely like a secured loan, it should. That’s what most repo transaction are.

Nonetheless, under both the bankruptcy code and the Securities Investor Protection Act, repo transactions are not treated like ordinary secured loans. Instead, they are exempt from the automatic stay and other features of normal insolvency law. This is just like the treatment of swaps and settlement payments under the much- and long-maligned — by academics at least — safe harbors.

In the case before the circuit court, Doral wanted to retrieve securities that it had given to Lehman when the Wall Street firm failed. But Doral ultimately sold whatever claims it had against the Lehman estate to distressed debt investors.

The investors in turn wanted to argue that Doral had been a customer of Lehman’s brokerage subsidiary. Being a customer would have entitled the investors to preferred treatment over other unsecured creditors in the SIPA liquidation proceedings.

It seems that the securities that Doral had given Lehman in exchange for cash had gone up in value. In other words, under the repo agreement, the distressed debt investors had a contractual right to buy those securities back from Lehman at a fixed cost that was now lower than the value of the securities.

Or more directly, as the holder of Doral’s claims, the investors could claim damages for Lehman’s breach of contract in failing to resell the securities. The measure of those damages would be the difference between the current market value of the securities and the contractual buyback price.

But that breach of contract claim would be of little value if it were a mere unsecured claim in the Lehman brokerage SIPA proceeding. Much better to be a priority customer claim.

The argument for being a customer was essentially that the sale of the securities to Lehman was a sham transaction, with all the economic risk of the securities remaining with Doral.

In short, the investors argued this was not really a sale, but something more like a “bailment,” or the delivery of something without a transfer of ownership. Basically Doral pawned some securities at the Lehman Brothers pawnshop.

If the distressed debt investors had succeeded in this argument, it would have raised serious questions about why repo transactions are not treated like secured loans.

Imagine a bankruptcy case where instead of the repo lender (Lehman) it is the repo borrower (Doral) that is in bankruptcy. Couldn’t it be argued that the borrower has a right to get its securities back, because they were never really sold in the first place?

As it happens, in this case the appeals court noted that Doral had signed a contract saying that it was transferring full title to Lehman. It’s hard to argue that Lehman was nonetheless holding the securities in trust.

But it does show how hard it is for sophisticated parties to know precisely where their interests lie with regard to special treatment in bankruptcy. Which might suggest that both the bankruptcy code and the Securities Investor Protection Act might benefit from a bit less of the special treatment of swaps, derivatives and repos.

Sometimes it makes better policy, and is just easier, to treat a secured loan like a secured loan.
 

Hallo? Bekommt hier ausser mir noch den Anstieg mit?! Ich such und such nach News die eine knapp 500% Anstieg der letzten 3 Monate rechtfertigt... Aber ich werde nicht fündig. Wisst ihr mehr?  

:) Mein Geld scheint Step by Step zurück zu kommen...