Doral Financial-beginnt die Aufholjagd?? - 500 Beiträge pro Seite

[krausehausmeister]

Hallo zusammen,

ich möchte gerne einen Diskussionsthread eröffnen über das kürzlich fürchterlich verprügelte Finanzinstitut Doral Financial (Kürzel DRL; WKN 915292) aus Puerto Rico (Freistaat der USA).
Ich bin vor ca. 1 Woche eingestiegen, weil zwar eine Bilanzberichtigung der letzten Jahre stattfinden muss, jedoch der Zufluss aus dem operativen Geschäft nach wie vor intakt zu sein scheint und eine enor hohe Marge abwirft. Allein der Zufluss verspricht meinen Berechnungen zu Folge eine Verdreifachung des Unternehmenswertes von Doral, selbst wenn die Bilanzberichtigungen zu einem Verlust von knapp 2 Milliarden US $ führen sollten.
Im Raum stehen bislang Summen von circa 200 bis 500 Millionen US $. Natürlich sind das nur vage Vermutungen. Es kann weniger sein oder aber mehr.

Wer Lust hat, kann ja gerne etwas dazu schreiben.
Irgendwelche Meinungen???

Gruß Hausmeister

P.S: Sicher ein heisseres Eisen wie meine sonstigen vorgestellten Unternehmen, jedoch meine ich, dass das Risiko weniger groß ist als es den Anschein hat, die Chancen dafür aber exorbitant sein könnten.

[MrRipley]

Hi

Meine Meinung?
Ich kaufe heute oder morgen nach mangels Alternativen.

[krausehausmeister]

Hi MrRipley

Denk an meine Boardmail!

@ all

Auszug aus Motley Fool
http://www.fool.com/news/commentary/2005/commentary05063009.…

"You ask ...
"You bought Doral Financial (NYSE: DRL) on the day it hit its lowest price during this scandal. How did you know that it was done dropping when you bought it?"

I answer ...
In truth, I didn`t know. The Puerto Rican mortgage bank is going through a very tough time. Its complex derivative transactions ran afoul of accounting rules. As a result, it will have to restate past financial results and take multimillion-dollar asset writedowns. Also, just before my purchase, Doral said it technically defaulted on loan agreements because it hadn`t filed its financial reports with the Securities and Exchange Commission on time.

I had no earthly idea whether Doral was done dropping. What I did know was that even if the worst likely outcome were to take place, Doral was a tremendous bargain at less than $11 a share. It wasn`t at risk of cutting its dividend, which was yielding 6.5%. Following restatements, Doral`s per-share book value wouldn`t be much less than the stock`s under-$11 price. And the company`s business was still gushing cash.

The market had presented me with an offer I couldn`t refuse. I was willing to buy the stock and wait for the dust to settle."

Hausmeister

[jimmy007]

Doral ist ein fantastisches Unternehmen. Ich hatte mit einer kurzen Konsolidierung diese Woche gerechnet und das Miststück ist mir zweimal ganz knapp an meinem Limit vorbeigesaust, deswegen gebe ich zu, dass ich ein wenig sauer bin, sie noch nicht zu haben...

Aber wenn ich am WE Zeit gehabt habe, mein z.Z. etwas aufkommendes Ego zu beruhigen, werde ich nächste Woche einsteigen.

Ich kenne mich nicht so toll aus mit Latinoamerikanern, aber ein bisschen schon, und lasst es mich mal political correct formulieren. Sie neigen nicht gerade zu voll durchdachten Finanzplänen, oder besser gesagt, für eine Bank sind das wahrscheinlich sehr dankbare Kunden. Der GB ist meine Meinung nach sehr gut, auch wenn ich die fast 200 Seiten nicht im Detail studiert habe.

Die Bewertung ist lächerlich niedrig und der Absturz ist wie meistens bei solchen Geschichten vollkommen übertrieben. Kein 1000%er aber ein solides Langfristinvestment frei nach den Grundsätzen von Buffett, der übrigens ausdrücklich darauf hinweist, dass einer der wichtigsten Punkte ist, die guten Unternehmen ausfindig zu machen und vor allen Dingen unter ihrem inneren Wert zu kaufen.

[hopy00]

Doral Financial Provides Update Letter to Shareholders

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--May 27, 2005--Doral Financial Corporation (NYSE: DRL) today announced that it has mailed a special letter to shareholders, providing certain operational data for the first quarter of 2005 and an update on its restatement process and related matters. The full text of the letter follows:

May 27, 2005

Dear Shareholder:

Over the past several weeks, we have received many inquiries from shareholders and investors regarding the status and timing of the restatement effort Doral Financial Corporation is undertaking. This is understandable given our announcement of a restatement and the loss of equity value in Doral shares. While we are working diligently through the restatement process, it is premature for us to report definitive information on the timing and conclusion of the process. We currently estimate that the change in our valuation model will result in a reduction in the recorded fair value of our floating rate interest only strips (IOs) of approximately $600 million. However, we have not yet completed the restatement analysis or computed how this amount will be distributed among the affected periods.

Doral`s management team, working closely with the Board of Directors, is working expeditiously to resolve the accounting and valuation issues that led to the need to restate our financial results. Throughout this process, we will, to the extent possible, update our shareholders on the performance of our business. We, therefore, feel it is important that you be aware of the following:

-- Doral`s banking, mortgage origination, insurance and brokerage
businesses are sound and currently operating strongly.

-- The senior management of Doral Financial Corporation , the
Board of Directors and the Audit Committee composed of
Independent Directors of the Board all are focused on
addressing the issues related to the restatement and the
Company`s business model going forward.

-- At the same time operating management of the Company is
keeping its focus on running Doral`s businesses and realizing
their growth potential.

-- The issues leading to the restatement are related to the
accounting and valuation treatment of our IOs. The correction
will be non-cash in nature.

-- Doral is committed to rebuilding the value of its equity and
achieving strong, sustainable growth in shareholder value over
the long term.

With the restatement process underway, Doral will not report financial results in accordance with the Corporation`s regular quarterly timeframe. We are able to present certain unaudited and preliminary operational data for the first quarter ended March 31, 2005 that shows that strong operating progress was being achieved during the quarter:

-- As of March 31, 2005, the Company had cash and cash
equivalents of $2.8 billion, compared to $2.5 billion as of
December 31, 2004 and $2.0 billion as of March 31, 2004. Of
this amount, $1.85 billion was unencumbered as of March 31,
2005.

-- Our banking subsidiaries had aggregate deposits of
approximately $3.5 billion as of March 31, 2005, about equal
with the $3.6 billion as of December 31, 2004 and in excess of
the $3.2 billion held as of March 31, 2004.

-- Our mortgage loan servicing portfolio increased to $14.6
billion as of March 31, 2005, compared to $14.3 billion as of
December 31, 2004 and $13.1 billion as of March 31, 2004.

-- Loan production continued strong during the first quarter of
2005, aggregating $2.2 billion, compared to $1.8 billion for
the first quarter of 2004, of which $1.2 billion was
internally originated in each period.

-- Doral Financial and our banking subsidiaries are, and will
remain following the restatement, well-capitalized
institutions for federal banking regulatory purposes.

As Doral has previously reported, we have identified certain items that will require adjustments to our prior period financial statements for some or all of the periods from January 1, 2000 to December 31, 2004. As part of the restatement process, we are also reviewing other areas of our accounting. Based on our progress evaluation to date, we can provide you with the following update:

-- We will calculate future cash flows from our portfolio of
floating rate IOs with a valuation model that uses an implied
interest rate based on the forward yield curve rather than
using actual contractual or period-end LIBOR rates. We
estimate that this change in valuation model will result in a
reduction in their recorded fair value of approximately $600
million.

-- Working closely with our external advisors, First Manhattan
Consulting Group, we have developed new procedures to improve
our risk management systems and processes.

-- Our Audit Committee, comprised entirely of independent
directors, has instructed Latham & Watkins LLP to conduct an
independent examination into the circumstances leading to the
restatements.

-- Yesterday, we filed a Current Report on Form 8-K with the
Securities and Exchange Commission, providing an update on the
restatement process and summarizing some of the consequences
and potential risks to the Company from the restatement. We
encourage you to read this report. A copy of the report can be
obtained from the Securities and Exchange Commission`s website
at www.sec.gov or from the Company`s website at
www.dorafinancial.com.

At the conclusion of this thorough process, we will communicate with you promptly and fully as to the effect of the restatement on our historical earnings, as well as the basis for the Company`s business model moving forward.

The Board and management team of Doral Financial are committed to the long- term best interests of Doral shareholders. We are meeting the banking, mortgage, insurance and brokerage needs of our customers, and are confident that our many competitive strengths will translate into future growth and value creation for shareholders. We appreciate your continuing confidence in us.

Sincerely,

/s/ Salomon Levis

The Company, a financial holding company, is the largest residential mortgage lender in Puerto Rico, and the parent company of Doral Bank, a Puerto Rico based commercial bank, Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm, Doral Insurance Agency, Inc. and Doral Bank FSB, a federal savings bank based in New York City.

FORWARD LOOKING STATEMENTS

This press release contains certain "forward-looking statements" concerning the Company`s economic future performance. The words or phrases "expect," "believe," "anticipate," "look forward," "should" and similar expressions are meant to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that various factors, including regional and national economic conditions, changes in interest rates, competitive and regulatory factors and legislative changes, could affect the Company`s financial performance and could cause the Company`s actual results for future periods to differ materially from those anticipated or projected.

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

CONTACT: Doral Financial Corporation
Salomon Levis or Ricardo Melendez
787-474-1111

SOURCE: Doral Financial Corporation
------------------------------------------------------
mfg hopy

[MrRipley]

hopy,
und nun eine Zusammenfassung auf Deutsch?

[hopy00]

okay, ich werde demnächst eine freiere übersetzung reinstellen. aber heute abend wahrscheinlich nicht mehr, weil ich schon den ganzen tag in den kombjudr schaue und schon ganz eckige augen habe.

aber erwartet nicht zu viel, so doll ist mein denglish auch nicht


mfg hopy

[hopy00]

und nun die kartoffelübersetzung aus #5
--------------------------------------------------------


doral financial bereitet aktuelle mitteilung an aktionäre vor.

san juan, puerto rico- 27. mai 2005

doral financial wies darauf hin, dass das unternehmen einen brief an seine aktionäre gemailt habe, der verschiedene operative daten des 1. quartals 2005 und eine aktualisierung des neuformulierungsprozesses (der ergebnisse des unternehmens) enthält, sowie verwandte themen.


sehr geehrte aktionäre,

während der letzten wochen erhielten wir viele beschwerden von aktionären und investoren, die den stand und das timing der neuformulierungsanstrengungen beleuchten, die doral financial aktuell unternimmt.
dies ist unverständlich im hinblick auf die bekanntgabe der neuformulierung und den verlust (eines teils) des marktwertes von doral- aktien.
während wir fleissig am neuformulierungsprozess arbeiten, ist es verfrüht, endgültige informationen betreffend des timings und der schlussfolgerung dieses prozesses bekanntzugeben.
gegenwärtig schätzen wir, dass die veränderung in unserem bewertungsmodell auf eine reduzierung (...) um 600 mio. hiinauslaufen wird. jedoch haben wir die neuformulierungsanalyse noch nicht fertiggestellt oder errechnet, wie dieser wert über die betroffenen perioden verteilt wird.
dorals managementteam arbeitet eng mit dem vorstand zusammen, arbeitet schnell, um die bilanzierung zu lösen, die nötigerweise unseren finanziellen ergebnisse neu formuliert.
überall in diesem prozess wollen wir zum möglichen ausmass unsere aktionäre über die wertentwicklung unseres geschäfts informieren. deshalb denken wir, dass es wichtig ist, dass sie sich folgender sache gewärtig sind:

-dorals bank-, hypotheken-, versicherungs- und brokergeschäft sind einwandfrei und arbeiten emsig.

-das senior management von doral, das board of directors und der wirtschaftsprüfungsausschuss (audit committee)sind alle fokussiert auf alle verwandten angelegenheiten, die die neuformulierung betreffen.

-zur gleichen zeit behält das operative management seinen fokus auf die fortlaufenden geschäfte und nimmt das wachstumspotenzial dorals wahr.

-das ergebnis, das zur neuformulierung führt, ist verwandt mit der bilanzierungsauslegung unseres IOs. die korrektur wird unbar ausgeglichen

-doral verpflichtet sich, den marktwert wieder herzustellen und ein starkes und werthaltiges wachstum des unternehmenswertes über eine lange zeit herbeizuführen.


mit dem eingeleiteten neuformulierungsprozess wird doral keine neuen finanzberichte liefern, in übereinstimmung mit den regulären vierteljährlichem zeitfenster.
wir sind fähig, verschieden untestierte und vorläufige daten für das 1. quartal zu präsentierewn, das am 31. märz 2005 endete, und die zeigen, dass ein starker fortschritt während des quartals erreicht wurde.

-am 31.5.2005 hatte die firma barmittel in höhe von 2,8 mrd., verglichen mit 2,5mrd. am 31.12.2004 und 2mrd. am 31.3.2004 von diesem betrag waren 1,85 mrd. lastenfrei.

-unsere bankfilialen haben angehäufte einlagen von schätzungsweise 3,5 mrd., etwa gleich wie die 3,6 mrd. vom 31.12, und überschreitet aber die 3,2 mrd. vom 31.3.2004

-unser hypothekenportfolio wuchs an auf 14,6 mrd. zum 31.3.2005, verglichen mit 14,3 mrd. vom 31.12.2004 und 13,1 mrd. vom 31.3.2004.

die ausgabe von anleihen für andere unternehmen (loan production) setzte sich während des 1. quartals 2005 stark fort, häufte sich auf 2,2 mrd. an, verglichen mit 1,8 mrd. im 1. quartal 2004, von denen 1,2 mrd. intern in jeder periode entstanden sind.

-doral und unsere bankfilialen werden die neuformulierung weiter verfolgen, um weiter eine gut kapitalisierte institution für bankspezifische zwecke zu sein.


wie doral schon früher berichtet hat, haben wir verschiedene posten ausgemacht, die zu unseren vorherigen periodenergebnissen anpassungen benötigen, entweder für einige, oder für alle quartale vom 1.1.2000 bis 31.12.2004. als teil des neuformulierungsprozesses betrachten wir auch andere bereiche unserer bilanzierung. mit der fortschreitenden einschätzung können wir sie mit folgendem update beliefern:

-We will calculate future cash flows from our portfolio of
floating rate IOs with a valuation model that uses an implied
interest rate based on the forward yield curve rather than
using actual contractual or period-end LIBOR rates.
wir schätzen, dass diese veränderung im berechnungsmodell in eine reduzierung von schätzungsweise 600 mio. führen wird

-indem wir eng mit unserem berater zusammenarbeiten, der First Manhattan Consulting Group, entwickelten wir neue abläufe, um unser risikomanagement zu verbessern.

- unser buchprüfungskommittee, welches aus unabhängigen direktoren besteht, hat Latham+ Watkins LLP beauftragt, eine unabhängige untersuchung durchzuführen, die die umstände, die die neuformulierung nötig machten, durchleuchtet.

-gestern legten wir eine akte der form 8-K mit der SEC an, die ein update enthält, die den neuformulierungsprozess betrifft, und fassten einige der konsequenzen und möglichen risiken für das unternehmen zusammen, die durch die neuformulierung entstehen.
wir möchten sie ermutigen, diesen bericht zu lesen. eine kopie kann man erhalten von der SEC- website www.sec.gov oder auf der website der firma www.doralfinancial.com.


als schlussfolgerung dieses prozesses werden wir direkt, vollständig und sofort mit ihnen kommunizieren wegen des einflusses der neuformulierung unserer in der vergangenheit erzielten gewinne , und als basis für das geschäftsmodell unserer firma in der zukunft.

jetzt kommt nur noch bisschen blabla und der risikohinweis.


ende----------
----------------------------------------------------------



We currently estimate that the change in our valuation model will result in a reduction in the recorded fair value of our floating rate interest only strips (IOs) of approximately $600 million.


We will calculate future cash flows from our portfolio of
floating rate IOs with a valuation model that uses an implied
interest rate based on the forward yield curve rather than
using actual contractual or period-end LIBOR rates.


diese beiden sätze habe ich nicht geschafft.habe keine verständlichen sinn hineinbekommen, dazu fehlts mir an den finanzwörtern. wer hat lust, sich hier ranzutrauen, da es kernaussagen sind.
----------------------------------------------------------
eigentlich ist das meiste nur blabla
alles in allem wars ne heidenarbeit, halt in kartoffeldeutsch, aber immer noch besser als z.b. babelfish


mfg hopy

[MrRipley]

Vielen vielen Dank hopy


Gruß
R.Ripley

[hopy00]

geht in ordnung, habs gern getan.


mfg hopy

[hopy00]

ThinkEquity Partners LLC Announces Initiation of New Banking Industry Coverage
E-mail or Print this story

1 July 2005, 3:05pm ET

SAN FRANCISCO, July 1 /PRNewswire/ -- ThinkEquity Partners LLC, a research-centric investment firm, recently announced the initiation of coverage on eight Puerto Rican-based financial institutions. ThinkEquity Partners specialty finance analyst Audrey Snell initiated coverage on the following banking institutions:

Price at
Company Symbol Rating Initiation Price Target

Doral Financial Corp. DRL Accumulate $14.88 $20
Eurobancshares Inc. EUBK Buy $16.60 $21
First BanCorp. FBP Buy $38.64 $46
Oriental Financial
Group Inc. OFG Accumulate $14.38 $17
Popular, Inc. BPOP Accumulate $25.15 $27
R&G Financial
Corporation RGF Accumulate $17.49 $22
Santander BanCorp SBP Buy $24.75 $28
W Holding Company, Inc. WHI Buy $9.87 $14

Mentioned Last Change
BPOP 25.18 Down0.32dollars or (1.25%)
EUBK 16.95 Down0.30dollars or (1.73%)
DRL 16.41 Down0.21dollars or (1.26%)
FBP 20.47 Up0.33dollars or (1.63%)
OFG 15.32 Up0.23dollars or (1.52%)

ThinkEquity believes the regional community banks of Puerto Rico represent a compelling investment opportunity as the Commonwealth modernizes and builds out its infrastructure. The middle class is growing, as disposable income levels climb, driven by modernization and industrialization and the influx of businesses and job creation. Accordingly, Ms. Snell believes these are superior quality institutions which are trading at valuations not reflecting their growth rates or future prospects. Please see her recent report The Banks of Puerto Rico -- Superior Growth Driven by Secular Trends, dated June 26th 2005, for additional details.

About ThinkEquity Partners LLC

ThinkEquity Partners LLC is a research-centric institutional investment firm focused on the growth economy. ThinkEquity Partners is dedicated to providing focused insight, advisory services, and capital to institutional investors and corporate constituents in the knowledge economy`s key growth verticals, including technology, healthcare, media and consumer business services. For more information about ThinkEquity Partners, please visit http://www.thinkequity.com . Member NASD and SIPC.
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diese investmentfirma think equity partners gibt ein preisziel für verschiedene finanzinstitutionen an, für doral liegt es bei ihnen bei 20 dollar. schön wärs, hihi. aber man darf gerne skeptisch bleiben, was solche kursziele angeht, weil man selten weiss, wie sie zu ihren kurszielen kommen.


mfg hopy

[jimmy007]

Hallo Experten!

Wie schaut es heute aus? Habe cash und möchte rein in Doral. Gibt es Neuigkeiten? Konsolidierung oder geht es noch weiter runter?

[hopy00]

diese frage kann dir wohl niemand seriös beantworten!


mfg hopy

[MrRipley]

Hi jimmy,

wenn Du diese Woche noch reingehst machst Du nicht viel falsch.
Denk an meine Kerzentheorie - ist eingetroffen

Bou verkauft?

Gruß
der Blitzableiter

[jimmy007]

Hey MrRipley,

ist schon eine halbe Stunde vor deinem Posting geschehen. Ich sah Kerzen, ich sah Licht...

[hopy00]

ich bin eigentlich kein zocker, der alle paar tage rein und raus geht. habe aber vor 2-3 tagen zu 13,35 verkauft. der grund ist, dass ich mehrere jahre nortel networks hielt. auch dieser verein hatte bilanzmanipulationen und feuerte mehrere hohe chefs. seitdem bin ich ein gebranntes kind und extrem vorsichtig geworden.
eigentlich hoffe ich, unter 12 euro wieder reinzukommen, hab ja wahrscheinlich noch ein paar monate zeit, bis die bilanzen 00-04 nachgerechnet worden sind.

allen investierten langfristig viel erfolg!


mfg hopy

[krausehausmeister]

just for Info:

Bei Google gibt es auf der Startseite einen Button Sprachtools.
Dort kann man beguem englische Texte eingeben oder auch französiche, und erhält in 1 Sekunde (mit DSL Anschluss) eine freie Übersetzung in deutscher Sprache kostenlos.
Absoluter Wahnisnn!!

Damit habe ich auf einen Schlag Zugriff auf die französich sprachige Welt und bei der spanischen Welt kann man den text erst in Englisch übersetzen und dann von Englisch in Deutsch.

Unglaublich, was es schon alles gibt.

Sehr zu empfehlen.

Gruß Hausmeister

@hopy: Hast Du Dir noch die Mühe gemacht, und hast das alles zu Fuß übersetzt???
Sorry, ich hab es ja auch nicht gewusst, aber jetzt muss ich mal laut
(nimms mir nicht krumm, aber ich bin von dieser Entdeckung wirklich fasziniert)

[MrRipley]

Danke für den Tip Hausmeister,

dann kannst du dich ja bald den chinesischen, japanischen, vietnamesischen und indischen, baltischen oder skandinavischen Werten widmen.

[krausehausmeister]

Meldung von Doral!
(habs gelich mit dem Google Tool ins Deutsche übersetzt (den Sinn muss man sich deshalb selbst erschliessen):

"Doral Financial Corporation erklärt vierteljährliche Bardividende auf Stammaktien Montag Juli 18, 3:02 P.M. UND bestimmte funktionsfähige Daten San JUAN, Puerto Rico -- (BUSINESS WIRE) -- Juli 18, 2005 des zweiten Viertels der Firmareports -- Doral Financial Corporation (NYSERL - Nachrichten), eine variierte Firma der finanziellen Services, heute verkündet, daß die Direktion eine Quartalsdividende des regelmäßigen Bargeldes von $0,18 pro allgemeinen Anteil erklärte, an September 9, 2005 gezahlt zu werden zu den Aktionären der Aufzeichnung an August 25, 2005. Doral gab an, daß, während es nicht imstande ist, in diesem Augenblick komplette finanzielle Resultate während der Berichtsperiode zur Verfügung zu stellen wegen des vorher verkündeten Neuformulierungsprozesses, es bestimmte nichte geprüft und einleitende funktionsfähige Daten während des zweiten beendeten Viertels Juni 30, 2005 zur Verfügung stellt. Funktionsfähige Resultate des zweiten Viertels 2005 schlossen das folgende mit ein: Darlehenproduktion war eine vierteljährliche Aufzeichnung, die $2,30 Milliarde anhäuft, verglichen bis $2,16 Milliarde für das erste Milliarde des Viertels 2005 und $1,95 während des zweiten Viertels 2004, eine Zunahme des 6%-Viertel-Überviertels und 18%, das des vorherigen Jahres höher als das zweite Viertel ist. Während des beendeten Viertels Juni 30, 2005, erhöhten sich interne originations bis $1,45 Milliarde von $1,19 Milliarde im ersten Viertel 2005 und im zweiten Viertel 2004, eine Zunahme von 22%. Doral möchte Leser warnen, daß sie keine Folgerung von den Darlehenproduktionsdaten von Gewinn Dorals auf Verkauf der während der ersten und zweiten Viertel von 2005 zu berichtenden Pfandbriefdarlehen oder des Einkommens zeichnen sollten. Das Pfandbriefdarlehen, das Mappe instandhält, erhöhte sich bis $14,98 Milliarde ab Juni 30, 2005 verglichen bis $14,63 Milliarde ab März 31, 2005 und $13,53 Milliarde ab Juni 30, 2004, eine Zunahme von 2% Übermärz 31, 2005 und 11% Überjuni 30, 2004. Bankverkehrstochtergesellschaften Dorals erhöhten Ablagerungen bis $3,99 Milliarde ab Juni 30, 2005 von $3,53 Milliarde ab März 31, 2005 und $3,24 Milliarde ab Juni 30, 2004, eine Zunahme des 13%-Viertel-Überviertels und 23% Überjuni 30, 2004. Ab Juni 30, 2005, hatte die Firma Bargeld und Bargeldäquivalente von $2,7 Milliarde verglichen bis $2,8 Milliarde ab März 31, 2005 und $1,7 Milliarde ab Juni 30, 2004. Von dieser Menge $1,7 war Milliarde unencumbered ab Juni 30, 2005. Doral berichtete, daß es mit Sorgfalt funktioniert, um seinen Neuformulierungsprozeß zu folgern. Zusätzlich nahm die Firma die Gelegenheit wahr, zu bestätigen, daß bis jetzt sie eine Benachrichtigung über den Verzugseintritt nicht unter irgendeiner seiner zwei allgemeinen errichteten Urkunden empfangen hatte und dementsprechend die 60 und jeweilige 90-day Gnadenfristen für das Einordnen nicht seiner vierteljährlichen nichten geprüft finanziellen Resultate für das erste Viertel nicht noch angefangen hatte zu laufen. Doral Financial Corporation, eine finanzielle haltene Firma, ist die größte Wohnungsbauhypothekkreditgebende Stelle in Puerto Rico und die Muttergesellschaft von Bank Doral, von Handelsbank Puerto Rico, von Sicherheiten Doral, von gegründeter Emissionsbank Puerto Rico und von Institutionsbroker-Firma, Doral Insurance Agency, Inc. und Bank FSB, eine Bundessparungsbank Doral, die in New York City gegründet wird."

[krausehausmeister]

Eine Meldung von Doral.
Habs gelcih mit dem google Sprachtool ins Deutsche übersetzt:

"Doral Financial Corporation erklärt vierteljährliche Bardividende auf Stammaktien Montag Juli 18, 3:02 P.M. UND bestimmte funktionsfähige Daten San JUAN, Puerto Rico -- (BUSINESS WIRE) -- Juli 18, 2005 des zweiten Viertels der Firmareports -- Doral Financial Corporation (NYSE DRL - Nachrichten), eine variierte Firma der finanziellen Services, heute verkündet, daß die Direktion eine Quartalsdividende des regelmäßigen Bargeldes von $0,18 pro allgemeinen Anteil erklärte, an September 9, 2005 gezahlt zu werden zu den Aktionären der Aufzeichnung an August 25, 2005. Doral gab an, daß, während es nicht imstande ist, in diesem Augenblick komplette finanzielle Resultate während der Berichtsperiode zur Verfügung zu stellen wegen des vorher verkündeten Neuformulierungsprozesses, es bestimmte nichte geprüft und einleitende funktionsfähige Daten während des zweiten beendeten Viertels Juni 30, 2005 zur Verfügung stellt. Funktionsfähige Resultate des zweiten Viertels 2005 schlossen das folgende mit ein: Darlehenproduktion war eine vierteljährliche Aufzeichnung, die $2,30 Milliarde anhäuft, verglichen bis $2,16 Milliarde für das erste Milliarde des Viertels 2005 und $1,95 während des zweiten Viertels 2004, eine Zunahme des 6%-Viertel-Überviertels und 18%, das des vorherigen Jahres höher als das zweite Viertel ist. Während des beendeten Viertels Juni 30, 2005, erhöhten sich interne originations bis $1,45 Milliarde von $1,19 Milliarde im ersten Viertel 2005 und im zweiten Viertel 2004, eine Zunahme von 22%. Doral möchte Leser warnen, daß sie keine Folgerung von den Darlehenproduktionsdaten von Gewinn Dorals auf Verkauf der während der ersten und zweiten Viertel von 2005 zu berichtenden Pfandbriefdarlehen oder des Einkommens zeichnen sollten. Das Pfandbriefdarlehen, das Mappe instandhält, erhöhte sich bis $14,98 Milliarde ab Juni 30, 2005 verglichen bis $14,63 Milliarde ab März 31, 2005 und $13,53 Milliarde ab Juni 30, 2004, eine Zunahme von 2% Übermärz 31, 2005 und 11% Überjuni 30, 2004. Bankverkehrstochtergesellschaften Dorals erhöhten Ablagerungen bis $3,99 Milliarde ab Juni 30, 2005 von $3,53 Milliarde ab März 31, 2005 und $3,24 Milliarde ab Juni 30, 2004, eine Zunahme des 13%-Viertel-Überviertels und 23% Überjuni 30, 2004. Ab Juni 30, 2005, hatte die Firma Bargeld und Bargeldäquivalente von $2,7 Milliarde verglichen bis $2,8 Milliarde ab März 31, 2005 und $1,7 Milliarde ab Juni 30, 2004. Von dieser Menge $1,7 war Milliarde unencumbered ab Juni 30, 2005. Doral berichtete, daß es mit Sorgfalt funktioniert, um seinen Neuformulierungsprozeß zu folgern. Zusätzlich nahm die Firma die Gelegenheit wahr, zu bestätigen, daß bis jetzt sie eine Benachrichtigung über den Verzugseintritt nicht unter irgendeiner seiner zwei allgemeinen errichteten Urkunden empfangen hatte und dementsprechend die 60 und jeweilige 90-day Gnadenfristen für das Einordnen nicht seiner vierteljährlichen nichten geprüft finanziellen Resultate für das erste Viertel nicht noch angefangen hatte zu laufen. Doral Financial Corporation, eine finanzielle haltene Firma, ist die größte Wohnungsbauhypothekkreditgebende Stelle in Puerto Rico und die Muttergesellschaft von Bank Doral, von Handelsbank Puerto Rico, von Sicherheiten Doral, von gegründeter Emissionsbank Puerto Rico und von Institutionsbroker-Firma, Doral Insurance Agency, Inc. und Bank FSB, eine Bundessparungsbank Doral, die in New York City gegründet wird."

[jimmy007]

Verstehe kein Wort.
6%-Viertel-Überviertels?
Überjuni?
Verdammt, und unencumbered heisst doch umgegurkt, das muss das Sprachtool doch wissen, oder?

Also wat jetzt? Gut oder schlecht?

Übrigens, wenn man mal doch was per Hand übersetzen möchte, kenne ich nichts besseres als: http://dict.leo.org/?lang=de

[krausehausmeister]

#21

zu dem Link:
nee, danke. Sprachkurse belegen?? Dafür muss man intullent sein

Besser kopieren als kapieren!

zu Doral:
Sie zahlen eine Dividende.
Die Zahlen in diesem Quartal sind sogar noch besser als die im letzten Vergeleichsquartal vor einem Jahr (zumindest aus dem operativen Geschäft).
Immer noch sollte man hier nur bedingt mit einer kleinen Position zugreifen.Aber dabei sein sollte man schon
Die im Raum stehenden 600 Millionen an Bilanzfälschungen sind weniger als Portokasse und die Firma ist lächerlich gering bewertet.

Also warten und Teetrinken, selbst wenn es wieder erwarten erst einmal in die andere Richtung laufen sollte.
Ein Restrisiko bleibt natürlich wegen den noch ausstehenden Bilanzkorrekturen. Aber selbst wenn sie knapp 2 Milliarden US $ dabei verlieren würden, müsste der Kurs explodieren.
Aber wie heisst es so schön:
Gut Ding will ...

Hausmeister

[krausehausmeister]

um es noch etwas präziser zu machen, da ich das Wort "Explosion" im Zusammenhang mit Aktien nicht gern benutze.

Wenn es bei den rund 600 Millionen bleibt, die in der Bilanz bereinigt werden müssen und die Gewinne auf dem jetzigen Niveau bleiben und auch das Zinsumfeld, werden wir eine knappe Verfierfachung sehen.
Geht das Wachstum weiter, ist mehr drin.

[MrRipley]

Aus einem entfernten Bücherforum:

Verfasst am: 28.05.2005, 12:46 Titel: PhotoReading

--------------------------------------------------------------------------------

Kennt oder praktiziert sogar jemand von Euch PhotoReading?

Ich habe einen 3tägigen Kurs mitgemacht und es war lustig und sehr interessant. Leider ist es schon eine Weile her und wie das immer so ist, statt täglich zu üben hat sich der innere Schweinehund durchgesetzt und ich praktiziere es nicht mehr. Dabei soll es wahre Wunder wirken.

Es ist nicht für die Art von Büchern gedacht, bei denen es ein Genuss ist, sie Zeile für Zeile zu lesen, sondern eher für Sachbücher, um sich Wissen in kurzer Zeit und dauerhaft anzueignen (wenn es denn funktioniert). Bei mir war das Schlüsselerlebnis, als ich für meinen Spanischkurs einfach den Roman, den wir gerade im Unterricht lasen und gleich hinterher das Wörterbuch fotogelesen habe. Das ging innerhalb weniger Minuten. (Wie genau, erzähle ich später – das wird sowieso ein langer Beitrag!) Im Unterricht las jeder einen Absatz und übersetzte ihn danach. Idealerweise hatte man sich die Vokabeln vorher zuhause rausgeschrieben. Das hatte ich diesmal nicht getan und trotzdem flutschte die Übersetzung, als würde ich den Text schon kennen. Tat ich wohl auch, dank PhotoReading!

Verblüffend war auch die Lexikon-Übung, die wir während des PhotoReading-Kurses gemacht hatten. Jeder Teilnehmer las einen Band eines Lexikons. Am nächsten Abend (die Informationen sollen immer eine Weile im Gehirn "sacken") suchte dann ein Mitschüler einen Begriff aus dem betreffenden Lexikon heraus. Man konzentrierte sich und idealerweise erschien die Seite mit dem Begriff wie ein Foto vor dem Auge. So wundersam war es natürlich nicht, man hatte eher eine nebulöse Vorstellung. Man beschrieb also die Seite, befindet sich der Begriff auf der rechten oder linken Seite, im oberen, mittleren oder unteren Drittel, sind Fotos auf der Seite, große oder kleine, z. B. ein Porträt? Es funktionierte nicht bei allen gleich gut, aber die Ergebnisse waren beeindruckend.

Für die, die immer noch Geduld haben, es funktioniert wie folgt (Kurzform):

Man nimmt die Seiten nicht bewusst mit den Augen wahr, es ist im Gegenteil sogar empfehlenswert, die Augen "unscharf" zu stellen, wie man dies zum Betrachten von 3-D-Bildern macht. Mit diesem trüben Blick schaut man auf die Mitte des Buches, während man die Seiten schnell, aber regelmäßig umblättert. Auf diese Weise wird jede Seite "fotografiert" und im Unterbewusstsein abgelegt. Sie sind also nicht so präsent, dass man ab diesem Moment auswendig könnte, sondern diese Methode ist gut geeignet, um Hintergrundwissen zu speichern oder um ein späteres echtes Lesen vorzubereiten. Man kann auch Romane fotolesen, bevor man sie richtig liest. Die Kursleiterin beschrieb das Ergebnis so: wenn man den Roman dann richtig liest, wird es einem so vorkommen, als hätte man ihn vor 2 Wochen, 2 Jahren oder 20 Jahren schon einmal gelesen (je nachdem, wie "trainiert" man ist).

Man muss für das Fotolesen völlig entspannt sein, idealerweise im Alpha-Zustand. Während der Entspannungsphase und während des Lesevorgangs sollte man sich nicht stören lassen. Zum Selbststudium oder zur Vertiefung ist das Buch von Paul R. Scheele gut geeignet.

###
Jimmy, Du hast das Buch schon gelesen und verworfen, ich bin dabei und erwarte mir einiges, da es die Intuition bzw. das Unterbewusstsein anspricht.
Ich freue mich auf den Tag, wenn ich spanische, französische, japanisch oder englische Texte übersetzen kann.

[jimmy007]

@Hausmeister

Muss dich korrigieren und präzisieren:
Man muss nicht intelligent sein, sondern nur so wirken, oder besser noch nur intelligenter wirken als der andere.
...und...
Lieber gut kopiert als schlecht selbst gemacht. Mein Lebensmotto.

So, jetzt hab ich euch alles verraten, was man im Leben wissen muss.

Doral macht seinen Weg und ob sich der Kurs verfierfacht oder doch nur vervierfacht ist eine Frage der Zeit...

@MrRipley
Ich habe das Photoreading nicht wirklich verworfen. Ich habe es nur zu einem Zeitpunkt gelesen bzw. ein Seminar gemacht, als ich für so etwas mit Sicherheit noch nicht bereit und reif war (20/21).
Der Text beschreibt es übrigens sehr gut.

[krausehausmeister]

Mr Ripley:

ja, inzwsichen habe ich auch etwas über das Photoreading gehört. (ich glaube sogar von Dir!??).
Früher gab es auch mal so Bilder mit vielen farbigen Punkten, auf denen man auch nur etwas sehen kann, wenn man seinen Blick ins Leere schickt.

Jimmy:
Denke auch, dass diese Unsicherheit (wird der Kurs sich verfierfachen oder werden es nur 400 %) in Doral einfach bleibt. Damit müssen wir leben.
Was mir nur nicht ganz klar ist, worauf warten die Anleger bei Doral eigentlich noch???

[MrRipley]

Der Hausmeister fast schon euphorisch, wann sieht man das mal?

Ob Doral sich verfierfacht oder im Kurs das vierfache des jetzigen Kurses macht.
Tatsache ist, dass es ein Fourbagger werden könnte.
Vielleicht werden es auch nur 400% wer weiss
Sollte die Marke von 65€ geknackt werden wäre das sogar noch besser.

R.R.

[NoamX]

Mal etwas aus einem amerikanischen Board, wollte ich euch nicht vorenthalten:

Spent a few hours noodling around with some numbers and running an evaluation or two of Doral. Taking the SEC documents, I subtracted the value of the strips and adjusted the earnings and ran valuations on those lowered earnings. The first set of numbers is the values and growth that include the strips which are added to noninterest income.


Unadjusted earnings,dividends and growth

in millions except per share data

 

                          2004     2003     2002     2001     2000

interest income             570.84   452.57   415.6    356.09   325.545

non-interest income         450.38   411.77   255.39   191.13   150.32

EBIT                        501.72   393.37   260.98   158.26    96.15

net income                  489.63   321.99   220.97   143.85    84.66

dividends common

                      64.74    43.21    30.19    21.54     15.94

preferred                   33.29    21.09    13.73    9.41      6.81

basic EPS                   4.23     2.78     1.92     1.27      0.83

diluted EPS                 3.95     2.7      1.89     1.25      0.82

common DPS                  0.60     0.40     0.28     0.21      0.17

payout ratio                15.19%   14.81%   14.79%   16.10%    20.50%

shares common               107.9    107.9    107.7    100.8     64.2

shares diluted              119.7    112.7    109.4    102.4     94.7

value of strips             300.61   218.94   140.34   112.45    69.48

tax rate                    18.30%   2.40%    15%      12.90%    12.00%



Growth rates yoy

growth interest income      26%      9%        17%     9%        54%

growth noninterest income   9%       61%       34%     27%       18%

growth in EBIT              28%      51%       65%     65%       26%

growth in net income        52%      46%       54%     70%       25%

growth EPS basic            52%      45%       51%     53%       --

growth EPS diluted          46%      43%       51%     52%       22%

growth value strips         37%      56%       25%     62%       42%

The following are adjusted values for earnings and growth. The adjustments included subtracting the value of the strips from noninterest and net income. The taxes that were paid on the strips were credited back.

Adjusted income statement figures

 

                                   2004    2003    2002    2001    2000

adj EPS diluted               2.04    0.96    0.93    0.45    0.25

adj noninterest income        204.78  198.08  136.10  93.19   89.18

adj net income                244.03  108.30  101.68  45.91   23.52

growth adj noninterest income 3.4%    45.5%   46.1%   4.5%    6.9%

growth in adj net inc         125%    7%      121%    95%    -4%

growth adj EPS diluted        112%    3%      107%    81%    -9%

difference in EPS	/adj EPS    1.91    1.74    0.96    0.80    0.57

strips/noninterest inc        67%     53%     55%     59%     46%

strips/net income             61%     68%     64%     78%     82%

% change adj EPS              48%      64%     51%     64%    70%

adjusted noninterest income is noninterest income minus strips plus tax charged on strips

adjusted net income is net income minus strips plus taxes charged on strips
adjusted EPS is adjusted net income divided diluted common shares.
percentage change in adjusted EPS is the percentage decrease from diluted EPS that included the income from strips

The strips are a large percentage of noninterest income and net income. If the company restates and eliminates or at least lowers the value. Earnings are going to be much lower. When calculating a value, I used 10% for growth. I felt this approximated the almost 2/3 that would be lost charged against the CAGR od around 30%.
Even without the strips, earnings grew at a high rate from 2000.

Averages in growth

Arithmetic

interest income               32%

noninterest income            41%EBIT                          46%

net income                    62%

diluted EPS                   53%

adjusted noninterest income   28%

adjusted net income           65%

adjusted diluted EPS          56%

Compounded annual growth

 interest income               26%

noninterest income             33%EBIT                           38%

net income                     49%EPS                            38%

dilute EPS                     42%

adjusted noninterest income    21%

adjusted net income            37%

adjusted EPS diluted           31%

The interest from strips is only itemized for three years. The following adjusts net income and EPS for both the value added to noninterest income and the interest generated by the spread on the strips. It was also adjusted to eliminate the tax charge.

In millions except per share data

                           2004    2003    2002

interest from strips      55.6   37.0   43.9

taxes on interest         10.2   0.89   6.6

net income adj x 2        198.6  72.2   64.3

EPS dil adj x 2           1.66   0.64   0.59

Several valuation scenarios

The first valuation is by an excess return model. This model is based on the sum of equity currently invested in a firm and the present value of the excess cash that the firm may be expected to generate in the future.

Value of equity=
equity capital currently invested+ present value of future excess

The equity capital invested is the book value of equity. For Doral, there is no intangible value and the book value is not inflated by intangibles. I did however subtract the write down of the strips and that was $600 million deducted from equity. It was a decrease from the previous year and most likely explains the fairly low value.

The excess equity return is equal to:

(ROE-cost of equity)*equity capital invested

Here again, I have penalized Doral by using returns that are the restated net income and ROE ranges between 6% and 15% with these lowered values. This also contributes to the low valuation.

From the fundamentals the expected growth rate is around 10%. I gave them 3% stable growth. The ROE for the current year was calculated at 15%.I put the pay out ratio close to 30% since the dividend represents a much larger payout on the adjusted EPS.Currently according to the numbers in the SEC documents the pay out ratio is only 15%.

By this model they are worth $10.58. You could argue that the payout ratio may be too high if they in fact restate earnings that are higher than my restated earnings. Likewise the ROE could be argued to be higher depending on where the restatement comes in. I would also say that for this company, a 3% stable growth rate is most likely conservative.

A two stage dividend yields a little more generous valuation.
The EPS was $2.04 which was adjusted to exclude the value of strips when added to noninterest income. I gave them the current 60¢ in dividends. I also gave them the same 10% growth from fundamentals(the fundamentals were based on the company without the benefit of income from strips).

The cost of equity was 9.7%. And ROE was kept at 15%.The stable growth rate was 3%. The value of the stock was estimated at $28.30.

This is quite a range from $10.58 to $28.30. Even if you lower the growth rate to zero in the dividend discount model, the value is $19. The driving force is in the 3% stable growth and the growth in the dividend at an 80% pay out ratio in perpetuity. I would say the stock may be worth this amount in the future if they survive the current restatements and changes to the business. I believe the current value is probably much closer to the $10 figure and would provide the margin of safety necessary when dealing with a company in a state of flux.

The interesting finding is that income and earnings have a very respectable compounded annual growth rate without the inflated value of the strips. Unfortunately, by adding this to income over the past decade, earnings are now based on this floor. If the restatements cancel the effect of strips, they will be starting at a significantly lower base earnings, but if history is any guide they will grow at a CAGR of more than 30%. If mortgage originations slow significantly, they will of course have lower growth rates and the inflation of strips won`t be available to make up the deficit. Mortgage rates are still very low.The other concern is that the flattening yield curve will make the banking sector difficult.Mortgages remain very low, but the cost of borrowing is increasing and the spread between what the bank pays to borrow and what they pay in returns to customers is narrowing. This decreases profits.

I looked at growth rates over an 8 year period both with the strips and without. The growth was high for both and all across EBIT, net, and EPS. The company`s growth is not just an invention of too high valuation of strips. They are going to look in bad if the restatements subtract strips valuations from earnings and those reduced earnings are compared to the profits they enjoyed with the strips.

If business slows, they may suffer. Although I felt that examining growth over 8 years included a period of time not influenced by the real estate bubble that started around three years ago. Admittedly, they have done better since 2002. Prior years showed lower growth.


Financial companies in general are risky investments at present with the increasing cost of borrowing money and the potential for rising mortgage rates. Doral is still investment grade which is good news as far as their cost of borrowing.

The write up at VIC recommended shorting Doral when it was in the $40s. The authors argument was that the strips were overvalued and inflating earnings. In a way that was true. The author did not run an intrinsic value calculation, but if she had(using adjusted values without strips) she would also have concluded that company was overvalued. Even at the high end of the dividend discount valuation, the company was almost 100% over valued. With the value added figure, it would have been four fold too high.

There are many paths to the well. The key was knowing the company included the strips value in income and that the valuations were based on current LIBOR.
They are now selling at a much diminished price. If they survive and the mortgage business doesn`t falter, they may be a value at these prices. I would wait to see what they come out with regarding restatements.

[jimmy007]

Meine Fresse, das zeigt mir mal wieder die Grenzen meiner geitigen Leistungsfähigkeit auf. Gibt es dazu auch eine Executive Summary?

Was mich aber fast noch mehr interessieren würde ist das Board, in dem so fundamental diskutiert wird. Ich persönlich kenne nur die Art von 1-Satz-Posting.

[MrRipley]

Doral schickt sich an, meiner Kerzentheorie die Ehre zu machen
Kauflimit ca. 13,16€

[jimmy007]

Ja, ich bin am überlegen noch ein wenig nachzukaufen. Dank deiner Theorie habe ich heute aber noch gewartet.

Aber Doral ist einfach zu toll. Ich hoffe, dass der Hausmeister, hopy, noamx, du und ich da nicht in irgendwas reingeredet haben, ohne das Negative zu sehen, aber verdammt, das ist einfach ein gutes Unternehmen. Und es macht vielmehr Spass, den Kursanstieg laaaaangsam zu geniessen, gaaaaaaanz laaaaaaaaaaaaaangsam... unnichsonschnellaquickiedernatüalichauchmazischenreinnichschlechis...

P.S. NoamX: Verräts du uns noch den Link des qualitativ hochwertigen US-Forums?

[NoamX]

[posting]17.342.315 von jimmy007 am 25.07.05 23:32:29[/posting]Jimmy, du hast Boardmail

[MrRipley]

In NYSE wurde das "Gap" heute intraday geschlossen(ich sprach von der Kerzentheorie)!
Somit steht weiteren Anstiegen nichts mehr im Wege

Jimmy verstehst du nun was ich damit meine?
Morgen sollte es wieder teurer werden.

R.R.

[jimmy007]

Mein lieber MrRipley,

als du das geschrieben hast, wurde in New York gerade meine Order ausgeführt. Steigende Aktien soll man ja schliesslich nachkaufen, oder?

[hopy00]

@ krausehausmeister

ja, ich habe alles fein säuberlich auf mehrere blatt papier geschrieben und mit meinem kleinen lexikon und der onlinehilfe übersetzt, so wie ich es mal in der schule gelernt habe.
ich hoffe natürlich, dass man das dem text auch anmerkt!!!

ich musste hören, dass du uns verlassen hast? das ist schade und ein echter verlust, denn nur von den besten kann man gutes lernen!!! habe ich mal im deag-thread miterlebt, wo alle user, die kritisch oder negativ zur aktie standen, einfach glattgebügelt wurden mit der grenze zur beleidigung. eben unterstes niveau. das zeichnet wo: leider auch aus, dass die guten es nicht unbedingt benötigen, um erfolg zu haben...

wünsche dir eine gute wo:-freie zeit


mfg hopy

[NoamX]

Noch einmal zum Verständnis:

Aus: http://students.uww.edu/lashleyca31/Doral.doc

----

Recent Events
Doral Financial is definitely in a time of transition as the company repositions to deal with the rising interest rate environment. A recent wave of downgrades caused Doral Financial’s stock to split the hard way in the last month. Analysts and investors felt uneasy about the company’s structure and pricing assumptions, causing the stock to drop from around $40 in the beginning of March to $20 by April.

The most significant uneasiness arises from the company’s interest-only (IO) strips – a highly interest-sensitive security that is created when the company sells its mortgages to other financial institutions. As part of its mortgage business, the company generates fixed rate non-conforming mortgage loans, pools them, and sells most of them on a floating rate basis. Upon sale, the company capitalizes and records for accounting purposes a floating rate IO. This IO represents the excess spread between the fixed rate the company receives on the underlying mortgage loans and the floating rate based on 90 day LIBOR it pays to investors. The company recognizes gain on sale of mortgages as part of these transactions. In the case of the floating rate IOs, the recorded gain on sale represents the estimated present value of the excess interest spread, discounted over the expected life of the underlying mortgages, using the prepayment experience of the mortgage portfolio to calculate estimated life. Analysts feel Doral has been too aggressive in valuing their IO strips, which can hurt profits and impact the company’s capital structure.

On March 18, the company released a statement offering no explanation to the company’s unusual activity in the stock market “other than the recent downgrade of its common stock by certain analysts. Standard & Poor`s had also changed the company`s credit outlook to negative from stable when it reaffirmed the company`s investment grade credit rating.”

Due to interest rate increases, Doral recorded a $97.5 million impairment on its IO strips in the forth quarter; the total impairment for the year totaled $131 million. Therefore, if interest rates continue to rise, future impairments could occur. Gain-on-sale margins are also of concern as the creating of IO strips are a large component of gain-on-sales.

Stephen Simpson of Fool.com defends the company by writing “But that’s not to say that Doral is entirely helpless here. This bank controls about 45 percent of the Puerto Rican mortgage market…and the company does have at least some ability to raise pricing on non-conforming loans and dictate terms on loan sales.” Simpson’s opinion on investing in Doral is that if investors can accept the risk today, they will “probably come out okay in the long run, but those who don’t know the difference between IO, IPO’s, and C-3PO would do well to wait on the sidelines until the dust settles.”

Doral Financial has responded to the issue by announcing the sale of some of its IO strips. Management is also increasing its hedging activities, protecting the company from future impairments if interest rates do continue to rise. The company released the following statement in late March:


SAN JUAN, Puerto Rico--(BUSINESS WIRE)--March 23, 2005--Doral Financial Corporation announced today that it was evaluating various alternatives with respect to a possible sale of a portion of its portfolio of interest-only strips. The Company noted that it was engaged in preliminary discussions with a major financial institution regarding a possible sale of a portion of Doral Financial`s IOs. The discussions are preliminary in nature and are subject to completion of due diligence and the negotiation of an acceptable sale agreement. No assurance can be given that the sale will in fact be effected or on the terms thereof.

On April 14, CBS Marketwatch reported on Merrill Lynch’s downgrade of Doral. Consequently, Doral shares fell $2.02, or 10.5 percent to $17.29. ‘"We believe that the potential steps Doral may ultimately take to improve investors` perception of its business model and financial position could increase volatility in the share trading and lead to additional weakness in the stock," Merrill said in a research note Thursday.’

It’s also important to note that Merrill Lynch has been indicted for having “conflicts of interest between its analyst side and banking business” by Eliot Spitzer, attorney general for New York. Not to assume that Merrill downgraded Doral Financial to help their own banking business, but the indictment does hurt the company’s reputation as a top analyst.

...Doral released a statement announcing the restatement of earnings related to floating rate IO valuation. The CEO announced:

The company has determined that it is appropriate to correct the methodology used to calculate the fair value of its portfolio of floating rate interest only strips. The company`s preliminary estimate is that this correction will result in a decrease in the fair value of its floating rate IOs of between $400 million to $600 million as of December 31, 2004. The required adjustment cannot be taken as a charge in current period earnings but instead will have to be reflected in those periods during which the origination of floating rate IOs had a material impact on the company`s financial statements. The after-tax effect of the required adjustments as of December 31, 2004 is estimated to range between $290 million to $435 million.


As a result, Doral Financial will not be releasing their first quarter earnings until the corrections have been made. “As part of the restatement process, the company will also be reviewing all the assumptions and processes used to value its IOs and mortgage servicing rights and to calculate the gains on sale as well as management`s report on internal controls over financial reporting for 2004.”

----

@hopy: Warum ist der Hausmeister nicht mehr da?

[hopy00]

@noamx

das habe ich im thread von betterthantherest gelesen in der sparte "depotbesprechung". darin wurde erwähnt, dass er sich in einem anderen thread verirrt hätte, verbal scharf angegriffen wurde, wahrscheinlich beleidigt wurde, daraus die konsequenzen gezogen hat und wo: den rücken gekehrt hat.

mehr kann ich leider nicht dazu sagen.


mfg hopy

[NoamX]

[posting]17.377.858 von hopy00 am 28.07.05 16:07:13[/posting]Der Hausmeister ist ein echter Verlust für w:o, Leute die Kritik an ihren Aktien persönlich nehmen wären es dagegen nicht.

[hopy00]

falls es einem noch nicht bekannt sein sollte:
sammelklage gegen doral...ist allerdings schon etwas älter, hab eben vorausgesetzt, dass es jedem bekannt ist.
erinnert euch an bayer und den lipobay-skandal, das wurde teuer für bayer...und das ist in meinen augen auch der grund, warum doral nicht steigen kann, solange dieses damoklesschwert über doral hängt.

wird wohl, wie so oft in amerika, in einen vergleich münden, der viele millionen kosten dürfte. aber bis dahin dürften noch monate vergehen...


-------------------------------------------------------------

Scott + Scott, LLC Updates Doral - Investors Have Until Monday, June 20, 2005, To File Lead Plaintiff Petitions

COLCHESTER, Conn., June 15 /PRNewswire/ -- Scott + Scott, LLC announces that on April 21, 2005, its client filed a shareholder class action lawsuit against Doral Financial (Nachrichten). The action is summarized at http://biz.yahoo.com/pz/050527/79026.html.

If you purchased Doral securities during the Class Period between May 15, 2000, and May 26, 2005, and sustained damages you may -- no later than June 20, 2005 -- move for lead plaintiff appointment to represent the investor class.

A lead plaintiff must meet certain requirements mandated by law and shareholders will only be proposed for this position upon direct consultation with the firm.
----------------------------------------------------------

Lerach Coughlin Stoia Geller Rudman & Robbins LLP Expands Class Period for Class Action Suit Against Doral Financial Corp.
Lerach Coughlin Stoia Geller Rudman&Robbins LLP ("Lerach Coughlin") (http://www.lerachlaw.com/cases/doral/)" target="_blank" rel="nofollow ugc noopener">http://www.lerachlaw.com/cases/doral/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Doral Financial (Nachrichten) ("Doral") (NYSERL) publicly traded securities during the period between May 15, 2000 and May 26, 2005 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from April 21, 2005. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff`s counsel, William Lerach or Darren Robbins of Lerach Coughlin at 800/449-4900 or 619/231-1058, or via e-mail at [e-mail]. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/doral/." target="_blank" rel="nofollow ugc noopener">http://www.lerachlaw.com/cases/doral/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Doral and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Doral is a diversified financial services company engaged in mortgage banking, commercial banking, institutional broker-dealer activities and insurance agency activities.

The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the Company`s business and prospects. On January 19, 2005, the company reported fourth quarter earnings and for the first time warned of potential trouble with its hedging strategy against interest rate changes through its use of a derivative portfolio of interest-only strips ("IO Strips"). Doral was forced to record a $97.5 million pretax impairment charge on its derivative portfolio of IO Strips. On March 15, 2005, Doral filed its Annual Report on Form 10-K with the Securities and Exchange Commission ("SEC"). In its 2004 Annual Report the Company disclosed for the first time its use of overly aggressive assumptions in valuing its derivatives portfolio of IO Strips. In a matter of days Doral stock plummeted from $38.29 per share to $21.50 per share in extremely heavy volume of more than ten times the daily average.

Then on April 19, 2005, the Company announced that it had determined that "it is appropriate to correct the methodology used to calculate the fair value of its portfolio of floating rate interest only strips ("IOs"). The Company`s preliminary estimate is that this correction will result in a decrease in the fair value of its floating rate IOs of between $400 million to $600 million as of December 31, 2004." On May 26, 2005, the Company filed an 8-K with the SEC providing operational data and updating its restatement process. Then, on May 27, 2005, the Company issued a press release in which it stated that "the change in our valuation model will result in a reduction in the recorded fair value of our floating rate interest only strips (IOs) of approximately $600 million."

According to the complaint, the true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company was using overly aggressive and unrealistic assumptions to value its derivative portfolio of IO Strips used to hedge its mortgage portfolio against interest rate fluctuations; (b) the Company was using fraudulent accounting practices and materially overstated its net income, net gain on mortgage loan sales and net capital; and (c) the Company was using ineffective risk management and hedging strategies against the increasing risk of rising interest rates. As a result of these false statements, Doral`s stock price traded at inflated levels during the Class Period, increasing to as high as $49.45 per share on January 18, 2005. The Company sold $740 million worth of notes and $345 million worth of preferred stock during the Class Period. However, after the truth was revealed in Doral`s press release on May 27, 2005, the Company`s shares fell to below $12 per share.

Plaintiff seeks to recover damages on behalf of all purchasers of Doral publicly traded securities during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Lerach Coughlin, a 150-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.
----------------------------------------------------------
quelle: finanznachrichten


mfg hopy

[MrRipley]

war doch klar und ist auch eingepreist.
Ich sehe kommende Woche weiter steigende Kurse.

[hopy00]

bin ab heute wieder mit 218 stück dabei.


mfg hopy

[MrRipley]

wie man sich irren kann

vorzügliche Einkaufpreise

[Nupschbroker]

Die 10 Aktien auf Xetra zu 13€ sind wohl nur ein fake.. meine order wird nicht ausgeführt

[Nupschbroker]

bin erstmal raus, mal abwarten bis der markt sich ausgekotzt hat

[MrRipley]

Musst Du nach Frankfurt

Tja, jetzt heisst es Luft holen.
Verkaufen würde ich nicht da das eine fundamentale Sache ist.
Nachkaufen tue ich auch nicht, dazu ist mein Soll erfüllt.

Lasst euch nicht rausdrängen, in ein paar JAhren lachen wir darüber.

[jimmy007]

Ja, richtig. Im Nachhinein wäre es natürlich klüger gewesen, jetzt erst zu kaufen, da der Kurs unter meinem Kaufpreis liegt, aber wenn ich sie nicht hätte, würde ich genau in diesem Moment nachkaufen, und das meine ich vollkommen egofrei.

[MrRipley]

[curacanne]

ich glaube, drl geht noch runter. Bin schon drinnen und warte auf noch günstigere kurse,ich orientiere mich an einer p& f analyse.

cura

[MrRipley]

p&f?

Ich muss zugeben, dass der Kurs weiterfallen dürfte,
da es sich hierbei aber um eine antizykische Langfristanlage handelt,
sehe ich der Dinge die da kommen sehr gelassen entgegen, überinvestiert bin ich nicht.
Nachkaufen werde ich aber auch nicht, es sei denn, mir kommt ein unerwarteter Cashvogel aufs Konto geflogen

[curacanne]

Mr. Ripley .. point und figure chart bei stockcharts.com, dort gabs gerade ein double bottom breakdown, d.h. am 8.8..
cura

[MrRipley]

Ich glaube wieder an ein up!

Candlestick-Anal gegen P&F-Anal
mal sehen wer gewinnt

P&F halte ich mit für das Beste, habe mich aber nicht weiter damit befasst.

[curacanne]

[curacanne]

zZt setze ich auf u.a. auf p&f charts , bin demnach investiert u.a. in eln, et, palm. schaun wer mal
cura

[hopy00]

UPDATE 1-Doral Financial to replace CEO, CFO
Fri Aug 19, 2005 9:09 PM ET
Printer Friendly | Email Article | Reprints | RSS


(Adds details throughout)

LOS ANGELES, Aug 19 (Reuters) - Doral Financial Corp. (DRL.N: Quote, Profile, Research) on Friday said its board is replacing the chief executive and chief financial officer in a management shakeup intended to give a fresh start to Puerto Rico`s largest mortgage lender, which is in the midst of a major financial restatement.

The management shifts follow an informal probe announced in April by the U.S. Securities and Exchange Commission over the company`s pending restatement of financial statements from 2000 to 2004 and a downgrading of its financial rating.

John Ward, the non-executive chairman, was appointed interim chief executive, effective Sept. 15, following the resignation of CEO Salomon Levis, the company said. A search for a permanent replacement was underway.

Zoila Levis, currently president and chief operating officer, was made vice chairman of the board.

Additionally, Chief Financial Officer Ricardo Melendez was terminated effective Friday and temporarily replaced by Lidio Soriano, the company said in a statement.

"After receiving a report from Latham & Watkins LLP, independent counsel for the outside directors of the board, the board determined that these management changes are in the best interest of the company," Doral said.

Ward said the changes would "give Doral the basis for a fresh start and a highly professional management team to implement a clear business model to grow the company following the restatement process."

In May, the company reported that it was in default under two bond indentures, stemming from its failure to timely file its fiscal first-quarter report.

The San Juan-based company also reported then that a write-down to correct its accounting for floating-rate, interest-only securities known as "strips" could result in $435 million in after-tax, noncash charges.

"The Company continues to work expeditiously to complete the previously announced restatement of its financial statements for one or more of the periods ending on or prior to December 31, 2004 and to become current in its filings with the Securities and Exchange Commission," the company said in Friday`s statement.

Latham & Watkins was continuing an investigation into the circumstances surrounding the restatement, the company said.


© Reuters 2005. All Rights Reserved.

[Nupschbroker]

wird heute noch spannend..wohin der Kurs wohl geht

[hopy00]

kritische töne zum managementwechsel.
----------------------------------------

Doral Management Gets the Heave-Ho

By Stephen D. Simpson, CFA
August 22, 2005

From the perspective of a financial columnist, Puerto Rican bank Doral (NYSE: DRL) is a bit like the golden goose. Once a fantastic growth story, the stock has gotten blasted as the company has been forced to restate earnings due to overly aggressive valuation assumptions on certain interest-sensitive products.

Another shoe has now dropped as the company has shaken up the management team. Gone will be long-time CEO Salomon Levis, Director Emeritus David Levis, Treasurer Mario Levis, and CFO Ricardo Melendez. While Mr. Melendez had only been CFO since 2004, he had previously held the title of chief accounting officer since 1995 and had been with the company since 1991. Perhaps it`s little more than a matter of semantics, but it`s interesting to note that the members of the Levis family resigned, whereas Mr. Melendez was fired.

Replacing Salomon Levis in the big chair will be John Ward, the man appointed as non-executive chairman back in July. For now, this is an interim appointment and the board will be looking for a permanent replacement.

It should also be noted that this will not be a total break of the relationship between the Levis family and Doral. Zoila Levis will be kept on as president and chief operating officer and has been named vice chairman of the board. Recalling that the Levis family together owns about 8% of the stock, this is not entirely surprising.

So what should investors make of this shake-up?

It`s easy to be spooked by the fact that this move appears to have been instigated by a report from the independent council serving the outside directors of the board. That said, I don`t think there was much doubt that there had to be changes at the top. Given the apparent magnitude of the accounting changes involved, there was just too much money involved for top management to stay on with the company.

Although Salomon Levis (and the other family members in management) deserve some kudos for growing Doral to this point, a change will make it easier for Doral to put this matter squarely in the past. I`m not going to cast judgment on their behavior -- aggressive accounting is not necessarily a fireable offense -- but given the apparent scale of the restatement, it will be hard enough to restore investor confidence without the prime actors remaining at the company.

I would expect this announcement to rattle the stock a bit. First, some will question whether the company can continue to grow without the Levis family running the show. Others will wonder whether these moves aren`t the tip of a much uglier iceberg and a sign of even more bad news to come.

On a more positive note, the man now in charge has a strong background (including experience at American Express (NYSE: AXP) and Chase Manhattan bank - now part of JP Morgan Chase (NYSE: JPM)) in the banking business. What`s more, the company still appears to be solvent and growing. While risk-averse investors would still do well to stay away, this could be yet another buying opportunity for aggressive investors who can afford the possibility that things may in fact be much worse at Doral than we presently know.

[hopy00]

Morningstar Alert

DRL
08-23-05 09:12 PM
Stock Dividend Distribution
This stock has declared a cash dividend of $0.18 per share, effective on 08-23-2005. The stock will trade without this distribution as of that date. Record Splits and Dividends in your transaction portfolio or create one if you haven`t already. For details, go to
http://portfolio.morningstar.com/portasp/allview.asp

[hopy00]

U.S. Attorney Subpoenas Doral Documents
Thursday August 25, 6:21 pm ET
Doral Financial Receives Grand Jury Subpoena for Financial Documents

NEW YORK (AP) -- Doral Financial Corp., Puerto Rico`s largest home mortgage lender, said Thursday that it received a grand jury subpoena for financial documents dating back to 2000.

The stock was halted in after-hours trading ahead of the news. Doral shares closed up 18 cents at $14.58 on the New York Stock Exchange, and are down about 70 percent so far this year.

The company is in the process of restating financial reports from 2000 through 2004 and is already the subject of an informal investigation by the Securities and Exchange Commission into the restatements. Doral shareholders have sued the company charging that it issued misleading financial reports that caused holders to lose $2.7 billion.

The subpoena from the U.S. Attorney`s Office for the Southern District of New York seeks auditing and accounting records from the period in question. Doral said it plans to fully cooperate with the request.
---------------------------------------------
rechtsanwalt hat vorladung um dokumente vorzzulegen.


mfg hopy

[hopy00]

Doral Receives Document Subpoena from U.S. Attorney`s Office




* DRL plans to fully cooperate with the subpoena:
DRL announced yesterday that it has received a Grand Jury subpoena from the
U.S. Attorney`s Office for the Southern District of New York regarding the
production of certain documents, including financial statements and
corporate, auditing and accounting records prepared during the period from
January 1, 2000 to date. The company plans to fully cooperate and assist in
this matter.

* Subpoena not unusual given current financial restatement:
We believe that the subpoena relates to Doral`s restatement of financials
from Jan 1, 2000 to present. We do not find the subpoena unusual, as we
believe that it is in the same vain as recent subpoenas by the U.S.
Attorney`s Office to companies such as Nortel Networks and MBIA - both of
which are restating financials as well.

* We believe litigation risk will continue to hinder DRL stock:
We expect litigation risk to remain a big concern for investors, even after
restated financials are available
----------------------------------------------------
dieser analyst sagt, dass die vorladung nicht ungewöhnlich sei. wahrscheinlich ähnlich erfolglos wie bei nortel networks oder MBIA, welche beide auch eine neubilanzierung machen mussten. er glaubt, dass das risiko eines prozesses (der sammelklage?) dorals aktien hindern wird (höher zu steigen)
---------------------------------------------------
in meinen augen ist jetzt viel psychologie dabei, jeder negative baustein wird weiter für einen downmove gut sein.


mfg hopy

[MrRipley]

Wir dürfen davon ausgehen, dass das eingepreist ist.
Geduld!

[Nupschbroker]

bin auch wieder dabei

[hopy00]

Moody`s cuts, may further cut Doral Financial

http://today.reuters.com/news/newsArticleSearch.aspx?storyID…

Sept 6 - Moody`s Investors Service downgraded the senior debt rating of Doral Financial Corporation (DRL.N: Quote, Profile, Research) (Doral) to Ba1 from Baa3. The ratings remain on review for further possible downgrade. The rating action reflects concerns about the credit implications of the ongoing delay in filing financial statements, the uncertainty surrounding the board`s recent investigation, as well as concerns about corporate governance issues, litigation exposure and regulatory scrutiny. The rating agency expects to conclude the current rating review by September 30, 2005, at which time the NASDAQ filing extension will expire if Doral does not file its financial statements. Moody`s anticipates that this timeframe should allow for clarification on the findings of the board`s investigation as well as the filing of first and second quarter 2005 results along with any restatements of past financial reports. The rating agency noted that if Doral fails to file its financial statements by September 30, 2005, it risks having its shares delisted by the NASDAQ. Moody`s emphasized that if Doral fails to meet this deadline, its ratings could be lowered further.

[MrRipley]

Für diese Horrormeldung geht der Kurs aber so richtig in die Knie!

Klares Zeichen!
Doral ist von den Zittrigen bereinigt.

[Nupschbroker]

bin mal gespannt, wann die korrigierten Zahlen raus kommen - bis dahin bleibt "Dorhell" erstmal im Depot

[brokerbee]

Bin seit dem 16.6. mit einer kleinen Position dabei und habe heute aufgestockt (11,51 in Frankfurt). 6% Dividende, die reale Chance auf einen Verdoppler und die Analysen der Leute hier an Board, die Firmendaten bis ins Kleiste durchrechnen. Na wenn das keine Rakete wird.
Und nicht zuletzt, die Petro Kachsastanen, die uns Hausmeister im Frühjahr vorgestellt hatte, hat uns ja auch guten Gewinn beschert

[MrRipley]

Na dann hast du heute ja kräftig hingelangt
60 Stück oder habe ich da was übersehen?

[brokerbee]

Stimmt 1000 DM, meine alte Zocksumme. Mehr trau ich mich nicht.....
Na ja, sind jetzt zusammen etwas mehr als 1000 Euro
08.09.2005 19:29 32165621 Kauf ausgeführt Nein 60,00 STK DORAL FINL CORP. DL 1 0 11,55 EUR 693,00 EUR Frankfurt 08.09.2005 11,550
Haben ja sogar 11.55 gekostet......

[MrRipley]

Hast du kein Limit eingegeben?

[hopy00]

dividende von 0,18$ ist eingegangen. allerdings wird noch quellensteuer abgezogen

[brokerbee]

#68: Doch, 11,55. Das haben die Säcke voll ausgenutzt. 2,40 Euro mehr. Das wird den Kurs der Deutschen Börse AG bis Juni 2007 beflügeln und ich kann heute nicht in die Kantine, kein Geld .........

#69: Ist aber die 1/4-Jahresdividende, gell????

[hopy00]

ja

[MrRipley]

Dividende,? Wie.. wo... was...

dass ich das als Zocker noch einmal erleben darf

[brokerbee]

Dividende ist Zucker für Zocker........

[brokerbee]

Woran merkt man, dass Bier weibliche Hormone enthält? Wenn man 10 Stück getrunken hat labert man nur Scheiße und kann nicht mehr Auto fahren.

[MrRipley]

Darüber kann ich nicht lachen

[brokerbee]

War ja nur, weil bei uns im Dorf Weinfest ist. Gut dann eben was Alkoholfreies und nicht Frauenfeindlich (Was ich mit sicherheit auch nicht bin )

Phychostudie:
Die Cola-Dose
oder woran man den Student erkennt.

"Was soll den DAS schon wieder?", werden jetzt sicherlich einige fragen,
aber eine Dose öffnen heißt nicht gleich eine Dose öffnen. Vielmehr kann
man das Studienfach des sogenannten Dosen-Öffners erfahren, indem man
ihm beim öffnen der Dose zusieht. Es folgen nun einige einfache
Beispiele:

Der Pädagogik-Student Er sucht 2 Std. auf der Unterseite nach dem
Öffner, weil er nach pädagogischen Maßstäben nur dort sinnvoll
angebracht sein kann. Anschließend geht er ins Geschäft, reklamiert die
Dose und kauft sich dafür lieber einen Küstennebel. Denn den kann man
oben aufschrauben, und das ist eine viel wertvollere Erfahrung...

Der Kunst-Student Er macht einen Regentanz um die Dose. Es fängt an zu
regnen. Anschließend wartet er, bis die Cola-Dose genügend oxidiert ist,
bis er sie mit seinen zarten Fingern gefahrlos öffnen kann. Das Zischen
ist bei dieser Methode gleich Null.

Der Medizin-Student Zieht sich erst mal die weißen Handschuhe an und
desinfiziert die Cola-Dose mit einem Spray. Dann hält er die Dose mit
einer Hand fest. Mit dem Daumen und dem Zeiger packt er den Öffner (mit
ausgespreiztem kleinem Finger, Wichtig!) und zieht den Öffner so leicht
nach vorn, dass kaum ein Zischen wahrzunehmen ist. Dann klappt er den
Öffner zurück. Er setzt den desinfizierten, vergoldeten Schütt-Aufsatz
auf die Dose und schüttet sich einen Schluck in sein Kristall-Glas.

Der Student der Bundeswehr Er stellt die Dose in 50-80 cm Entfernung auf
und ballert mit seiner Uzi auf die Dose. Danach nimmt er die Dose und
versucht die auslaufende Cola zu trinken. Versuche mit Handgranaten
schlugen übrigens fehl, da sich die Cola im Umkreis von ca. 120 m
gleichmäßig verteilte. Die Kohlensäure kommt erst gar nicht zum Zischen.

Der Jura-Student Er liest sich nur kurz das Kleingedruckte auf der Dose
durch und beratschlagt dann mit seinen Kommunil... Kommilot... mit
seinen Mitstudenten, wie man wohl Coca-Cola eine Multi-Millionen-Dollar-
Klage unterjubeln kann. Bei dem Gedanken fängt er so heftig an zu
sabbern, dass er die Dose gar nicht mehr trinken muss.

Der Sport-Student Er packt die Dose in einer Hand und quetscht sie
solange bis der Verschluss durch den Druck wegspringt. Das er mit seiner
Hand danach drei Wochen nicht mehr benutzen kann stört ihn nicht, denn
schreiben ist eh nicht sein Ding. Abgesehen von einem leichten Knall ist
auch hier kein Zischen zu hören.

Der Informatik-Student Er schreibt erst ein Fluss-Diagramm und
programmiert dann eine Simulation, die ihm das Öffnen einer Cola-Dose
erklärt. Aus dem selbstgeschriebenem Doc-File kann er dann weitergehende
Informationen entnehmen und so die Dose öffnen. Das Zischen ist normal
bis etwas lauter.

Der Student der Ingenieurswissenschaft Baut sich aus Fischer-Technik
einen Cola-dosen-öffnungs-auto-maten. Das Öffnen erfolgt über einen
Kran-ähnlichen Arm, der über der Dose angebracht wird. Bastler, die über
einen Computer verfügen steuern das Öffnen natürlich über ihre
Schnittstelle direkt vom Computer aus. Durch die doch etwas wackelige
Konstruktion und der ungenauen Ansteuerung der Schrittmotoren zischt es
beim Öffnen etwas lauter.

Der Physik-Student Er berechnet den optimalen Aufzieh-Winkel unter
Beachtung des geringsten Energie-Aufwandes. Anschließend leistet er
Verformungsarbeit beim Aufziehen des Öffners. Die Cola ist für ihn die
unwichtigste Sache überhaupt. Ihn interessiert die Vektor-Addition der
Kräfte, die beim Öffnen auftreten oder der Energie-Gehalt des
entweichenden Gases. (Wobei er das Gas nachweist!). Das Zischen ist auch
nicht lauter als normal.

Der Chemie-Student Sprengt den Öffner plus Deckplatte mit einem
selbstgemachten Sprengstoff ab. Der Knall übertönt das Zischen. Er
analysiert die Zusammensetzung, wartet auf das Ergebnis, liest es, fängt
an zu schwitzen und stellt die Dose weg.

Der BWL-Student Obwohl an BWLer noch keine Cola verkauft werden darf
(Jugend-Schutz-Gesetz -- Irgendwer muss ja die Jugend vor denen
schützen!) kommen einige BWLer doch an eine Cola-Dose. Nachdem sie 3
Std. an der Dose rumgekratzt haben (mit dem Autoschlüssel) und den
Öffner (ohne die Dose zu öffnen) im Eifer ihres Unwissens abgebrochen
haben, legen sie die Dose auf die Strasse und heizen einmal mit ihrem
Polo rüber und dann noch mal über die ausgelaufene Cola, um die
Bakterien abzutöten. Anschließend schlürfen sie die Cola auf.

Der Soziologie-Student Versucht die Cola-Dose zu überreden, sich von
selbst zu Öffnen, Selbstinitiative zu ergreifen. Wenn das nach 5 Std.
härtester Konversation (sofern man davon sprechen kann, bis jetzt hat
noch keine Cola-Dose geantwortet) nichts hilft und die Dose immer noch
zu ist, bricht er heulend vor der Dose zusammen. Bis jetzt ist noch kein
Soziologe gesehen worden, der eine Cola trinkt, daher also auch kein
Zischen.

Der Philosophie-Student Er setzt sich neben die Cola-Dose und beginnt
darüber nachzugrübeln welche Beziehung das Öffnen dieser Dose zum
Metauniversellen Kontext hat und wie man daraus ableiten könnte das Gott
doch existiert. Dabei schläft er wie üblich ein. Als er aufwacht ist
bereits der nächste Tag angebrochen und er trinkt lieber nen Kaffee.

[hopy00]

das ende des september rückt näher.
bin gespannt, ob doral es schafft, die neuen bilanzen vorzulegen...

[jimmy007]

[hopy00]

aus einem anderen thread rüberkopiert:
-------------------------------------------


Hallo,

ich habe meine E-Mail-Adresse bei Doral auf den Verteiler gesetzt. Gestern habe ich eine neue Nachricht bekommen.
Die Kernaussagen sind:

Die nachgebesserten und geprüften Zahlen der vergangenen Jahre werden am 10. November bekanntgegeben (Nach Planung des Unternehmens). Die Zahlen für die ersten Quartale dieses Jahres kurz danach (kein genaues Datum genannt).
Nach gegenwärtigem Stand der Überprüfungen geht das Unternehmen von einer Korrektur des Eigenkapitals in Höhe von 720 Mio USD aus.
Die " prefered-stocks" notieren gegenwärtig an der Nasdaq. Hier hat das Unternehmen eine Deadline bis zum 30.September, also nächste Woche gesetzt bekommen, sonst kann (hier Betonung auf kann, denn es besteht meines Erachtens kein Automatismus, auch wenn ich für diesen Fall nicht verstehe wozu man eine Deadline setzt) es delisted werden.
Diese Deadline wird man nicht einhalten können, begründet wird das auch mit dem Führungswechsel.
Die " common-stocks" notieren an der NYSE und währen davon nicht betroffen.

Gruß grigri

[testersteron]

23.09.2005 00:10:00 (BUSINESS WIRE)

Doral Financial Provides Update on Timing of Restatement; Expects to File Restated Financial Statements by November 10, 2005

Doral Financial Corporation (NYSE: DRL) announced today that it expects to file its amended annual report on Form 10-K for the year ended December 31, 2004, including its restated financial statements, by November 10, 2005, and to file its quarterly reports on Form 10-Q for the first three quarters of 2005 as soon as practicable thereafter. Doral Financial believes that this schedule provides sufficient time for the Company to complete the restatement and for PricewaterhouseCoopers LLP to complete its audits for the periods involved.

Based on the results of its work to date, Doral Financial estimates that its consolidated stockholders` equity at December 31, 2004, will be reduced, on a pre-tax basis, by approximately $615 million related to corrections to the valuation of its interest-only strips ("IOs"), which is in line with the Company`s previously disclosed estimates. Also, as previously disclosed, the restatement process included the review of other accounting matters. Doral now estimates that these other matters will result in additional reductions to its consolidated stockholders` equity of approximately $70 million related to corrections to the valuation of its mortgage servicing assets and $35 million related to the correction of other accounting practices. The estimate for the adjustments related to the mortgage servicing assets is based on a market valuation of the Company`s servicing portfolio as of December 31, 2004. The estimate for the adjustments to IOs and mortgage servicing assets also reflect certain reclassifications between such asset categories. All the estimates included above are unaudited and have been calculated on a pre-tax basis because the Company is still calculating the required adjustments for tax accruals.

The Company noted that the estimated adjustments to its consolidated stockholders` equity and the proposed time schedule could change because of the ongoing work on the restatement, as well as the ongoing independent investigation being conducted by Latham & Watkins LLP, outside counsel to the Company`s independent directors and the Audit Committee.

John A. Ward, III, Chairman of the Board and Chief Executive Officer, stated that while he would have preferred that the Company file its restated financial statements sooner, it was important that the Company`s review of all relevant accounting issues and internal controls be detailed and comprehensive. He noted that the Company was working diligently to address these issues and to restore trust and confidence in its financial reporting process. Mr. Ward stated, "Although the involvement of new senior management in the process has inevitably caused some delay, we believe that a fresh perspective has improved the review process. We are committed to finalizing the restatement by the announced date."

Mr. Ward continued, "Doral is the premier mortgage franchise in Puerto Rico." He also noted that the Company had adequate capital and liquidity to meet its current operational needs and that it intended to continue to meet its financial obligations to bondholders and other creditors. Additionally, the Company and both of its banking subsidiaries will continue to be well capitalized for bank regulatory purposes after making the required adjustments to stockholders` equity.

Doral is requesting an extension from the Nasdaq Listing Qualifications Department of the current September 30, 2005 deadline for coming into full compliance with Nasdaq Marketplace Rule 4310(c)(14). As previously reported, Doral is currently not in compliance with that rule because of its failure to timely file its Quarterly Reports on Form 10-Q for the first two quarters of 2005. This could subject the Company`s preferred stock to delisting from Nasdaq. The Company`s common stock trades on the New York Stock Exchange while its preferred stock trades on Nasdaq.

The Company, a financial holding company, is the largest residential mortgage lender in Puerto Rico, and the parent company of Doral Bank, a Puerto Rico based commercial bank, Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm, Doral Insurance Agency, Inc. and Doral Bank FSB, a federal savings bank based in New York City.

FORWARD LOOKING STATEMENTS

This press release contains certain "forward-looking statements" concerning the Company`s economic future performance. The words or phrases "expect," "believe," "anticipate," estimate," "intend," "look forward," "should" and similar expressions are meant to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:

-- the Company`s ability to attract new clients and retain existing clients;

-- the Company`s ability to retain and attract key employees;

-- risks associated with the effects of global, national and regional economic and political conditions, including with respect to fluctuations in interest rates;

-- risks arising from material weaknesses in the Company`s internal control over financial reporting;

-- potential adverse effects to the Company`s financial condition, results of operations or prospects as a result of any required adjustments to prior period financial statements;

-- risks associated with the Company`s inability to prepare and timely file financial statements;

-- the Company`s ability to satisfy certain reporting covenants under its indentures;

-- potential adverse effects if the Company is required to recognize additional impairment charges or other adverse accounting-related developments;

-- potential adverse developments in connection with the ongoing in SEC inquiry;

-- potential adverse developments from enforcement actions that may be commenced by bank regulatory agencies;

-- potential downgrades in the credit ratings of our securities; and

-- developments from changes in the regulatory and legal environment for financial services companies in Puerto Rico and the United States.

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

Quelle: BUSINESS WIRE

[Nupschbroker]

was glaubt ihr, wo ist der Boden?

[NoamX]

Gute Frage.

Ich habe mich bei 14 erst einmal verabschiedet. Gründe waren (a) mein grundsätzlicher Pessimismus gegenüber dem amerikanischen Aktienmarkt im Allgemeinen und (b) gegenüber amerikanischen Finanzinstituten im speziellen. Der Immobilienmarkt in USA ist stark überhitzt und beim Zusammenbruch werden die Banken auf jeder Menge fauler Kredite sitzen.

Hat mit Doral im einzelnen weniger zu tun, aber ich habe für mich beschlossen, das Segment erst einmal zu meiden.

[brokerbee]

Wird schon wieder. Hab etwas zu früh den Einstieg gewagt. Trotzdem glaube ich an den Wert und bleibe drin.
Maximaler Verlust: 100%. Maximaler Gewinn: Unendlich. So ist die Börse

[MrRipley]

Als Langfristanlage ist eine Diskussion über einen Ausstieg unsinnig.
Wer überzeugt ist bleibt drin, so einfach ist das!
Doral ist bei mir eine relativ kleine Langfristposition, die ich aussitze, da die Strategie dies erfordert.
Ein Nachkauf würde sich für mich dann ergeben, wenn meine Depotstruktur es mir erlauben würde
und wenn die Situation relativ spekulationsfrei ist, also nach Meldung von konkreten Zahlen etc.
Dann ist es aber wahrscheinlich ein wenig spät

[brokerbee]

Vielleicht ist auch der Betrachtungszeitraum manchmal zu kurz gefasst. Vielleicht sprechen wir noch mal in 1 oder 2 Jahren über Doral und schauen dann mal, wo die stehen.
Allein wenn die dann (in 2 Jahren) bei 30 stehen würden, wäre es ein tolles Geschäft.
Ich warte auf die 30 Euronen (Kursziel)

[Nupschbroker]

MrRipley & Brokerbee: Ich denke ihr habt recht. Momentan wird der ganze Sektor in USA und Puerto Rico verprügelt. Außerdem ist im momentanen Kurs wohl schon sehr viel negatives eingepreist.

[hopy00]

unser geschätzter krausehausmeister, der threaderöffner, meinte, dass man sich jetzt wahrscheinlich am buchwert orientieren würde. dieser liegt etwa bei nochmals minus 5% vom jetzigen kurs. könnte durchaus sein, denn andere bewertungsmodelle können ja nicht angewendet werden, da ja keine zahlen verfügbar sind und auch noch das damoklesschwert der sammelklagen über doral hängt.

ich selbst werde wahrscheinlich ende oktober, also kurz vor den zahlen, nachkaufen für 1000€. ich hoffe, dass es dann immer noch 100 stück werden. oder mehr

immer locker bleiben und erstmal die zahlen im november abwarten.


mfg hopy

[hopy00]

Hab etwas zu früh den Einstieg gewagt.


...aber wann erwischt man schonmal den tiefpunkt?
bin selbst 20% im minus, finds aber noch nicht sooo schlimm.

[brokerbee]

#86/#88: Sehe ich auch so.
#87: Locker wie ein Rocker........

[hopy00]

neuer druck für doral
-------------------------------

Doral Financial Receives Extension from Nasdaq to November 1, 2005

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Oct. 6, 2005--Doral Financial Corporation (NYSE: DRL) announced that, on October 4, 2005, it received notice from The Nasdaq Stock Market ("Nasdaq") that a Nasdaq Listing Qualifications Panel (the "Panel") had extended to November 1, 2005 from September 30, 2005 the deadline for the Company to be in full compliance with Nasdaq Marketplace Rule 4310(c)(14). The Panel`s decision to continue the listing of the Company`s 7% Noncumulative Monthly Income Preferred Stock, Series A, 8.35% Noncumulative Monthly Income Preferred Stock, Series B and 7.25% Noncumulative Monthly Income Preferred Stock, Series C (collectively, the "Preferred Stock") on Nasdaq is subject to the Company filing its Quarterly Reports on Form 10-Q for the periods ended March 31, 2005 and June 30, 2005, and all filings that reflect restatements for prior periods, where required, on or before November 1, 2005. The Panel noted, however, that if the Company was unable to be in full compliance with Nasdaq Marketplace Rule 4310(c)(14) by the November 1, 2005 deadline, the Panel would not entertain any further requests for extension. Under Nasdaq rules, the Company may, within 15 days of the Panel`s determination, request that the Nasdaq Listing and Hearing Review Council review this decision.

Doral Financial Corporation , a financial holding company, is the largest residential mortgage lender in Puerto Rico, and the parent company of Doral Bank, a Puerto Rico based commercial bank, Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm, Doral Insurance Agency, Inc. and Doral Bank FSB, a federal savings bank based in New York City.

FORWARD LOOKING STATEMENTS

This press release contains certain "forward-looking statements" concerning the Company`s economic future performance. The words or phrases "expect," "believe," "anticipate," estimate," "intend," "look forward," "should" and similar expressions are meant to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:

-- the Company`s ability to attract new clients and retain
existing clients;

-- the Company`s ability to retain and attract key employees;

-- risks associated with the effects of global, national and
regional economic and political conditions, including with
respect to fluctuations in interest rates;

-- risks arising from material weaknesses in the Company`s
internal control over financial reporting;

-- potential adverse effects to the Company`s financial
condition, results of operations or prospects as a result of
any required adjustments to prior period financial statements;

-- risks associated with the Company`s inability to prepare and
timely file financial statements;

-- the Company`s ability to satisfy certain reporting covenants
under its indentures;

-- potential adverse effects if the Company is required to
recognize additional impairment charges or other adverse
accounting-related developments;

-- potential adverse developments in connection with the ongoing
in SEC inquiry;

-- potential adverse developments from enforcement actions that
may be commenced by bank regulatory agencies;

-- potential downgrades in the credit ratings of our securities;
and

-- developments from changes in the regulatory and legal
environment for financial services companies in Puerto Rico
and the United States.

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

CONTACT: Doral Financial Corporation
Investor Relations
Richard F. Bonini
or
Lucienne Gigante, 212-329-3733

SOURCE: Doral Financial Corporation

[Nupschbroker]

aua

[hopy00]

nur die ruhe bewahren. nicht angenehm, sehe ich auch so, aber immer noch besser, als ein gang zum zahnarzt.
hoffentlich kommen auch wirklich die zahlen am 10.11, ohne verschiebung!!!

[MrRipley]

endlich mal Volumen

[Nupschbroker]

morgen früh verkaufen????


Doral Financial Updates Status of Restatement and SEC Investigation
Tuesday October 25, 5:29 pm ET
Declares Dividend on Common Stock


SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Oct. 25, 2005--Doral Financial Corporation (NYSE: DRL - News) reported today that it no longer expects to file by November 10, its amended annual report on Form 10-K for the year ended December 31, 2004. The delay is principally attributable to new information regarding the Company`s mortgage loan sales to local financial institutions. Latham & Watkins LLP, outside counsel to the independent directors and the Audit Committee of the Board of Directors, is investigating this information, and the Company is assessing what effect, if any, this information may have on the Company`s financial statements. This information may impact the accounting treatment of some or all of these transactions as "sales" under Statement of Financial Accounting Standards (SFAS) 140. In the event that the Company determines that a transaction does not qualify as a "sale" for accounting purposes, the Company would record the transaction as a loan payable secured by mortgage loans and reverse the gain previously recognized with respect to such transaction.
ADVERTISEMENT


The Company expects that it will continue to meet its regulatory capital requirements following the impact, if any, of this information on its financial statements.

The Company continues to work diligently to complete the previously announced restatement, but cannot reasonably estimate at this time when the investigation and assessment of this new information will be concluded.

As previously announced, the Company`s preferred shares are subject to delisting from The Nasdaq Stock Market as a result of the Company`s inability to file, by November 1, 2005, its quarterly reports for the first two quarters of 2005. If The Nasdaq Stock Market proceeds with this delisting, the Company intends to seek a re-listing or alternative listing of its preferred shares as soon as practicable after the completion of the restatement and the publication of its delayed reports.

The Company also reported that, at a regularly scheduled meeting held on October 25, 2005, the Board of Directors voted to declare a dividend of $0.08 per share on the Company`s common stock payable on December 2, 2005 to holders of record as of the close of business on November 15, 2005. This dividend represents a reduction of approximately 56% from the previous quarterly dividend. The Board felt that the reduction in the quarterly dividend on the common stock was a prudent capital management decision. At the same meeting, the Board also declared the regular quarterly dividend on the Company`s 4.75% perpetual cumulative convertible preferred stock, in the amount of $2.96875 per share, payable on December 15, 2005 to holders of record as of the close of business on December 1, 2005.

In addition, the Company reported that the U.S. Securities and Exchange Commission (the "SEC") has issued a formal order of investigation in connection with the previously announced informal inquiry into the Company`s restatement of its consolidated financial statements. Opening a formal investigation enables the SEC to issue subpoenas for witnesses and documents, including third parties outside the Company. As part of the formal investigation, the Company has received a subpoena from the SEC seeking the production of documents principally regarding the restatement and related financial reporting matters and the terms of certain transactions with local financial institutions. The subpoena is similar to informal SEC document requests previously received by the Company, to which it has been responding. The Company is continuing to cooperate with the SEC in connection with this investigation.

The Company, a financial holding company, is the largest residential mortgage lender in Puerto Rico, and the parent company of Doral Bank, a Puerto Rico based commercial bank, Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm, Doral Insurance Agency, Inc. and Doral Bank FSB, a federal savings bank based in New York City.

FORWARD LOOKING STATEMENTS

This press release contains certain "forward-looking statements" concerning the Company`s economic future performance. The words or phrases "expect," "believe," "anticipate," estimate," "intend," "look forward," "should" and similar expressions are meant to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:

the Company`s ability to attract new clients and retain existing clients;
the Company`s ability to retain and attract key employees;
risks associated with the effects of global, national and regional economic and political conditions, including with respect to fluctuations in interest rates;
risks arising from material weaknesses in the Company`s internal control over financial reporting;
potential adverse effects to the Company`s financial condition, results of operations or prospects as a result of any required adjustments to prior period financial statements;
risks associated with the Company`s inability to prepare and timely file financial statements;
the Company`s ability to satisfy certain reporting covenants under its indentures;
potential adverse effects if the Company is required to recognize additional impairment charges or other adverse accounting-related developments;
potential adverse developments in connection with the ongoing in SEC inquiry;
potential adverse developments from enforcement actions that may be commenced by bank regulatory agencies;
potential downgrades in the credit ratings of our securities; and
developments from changes in the regulatory and legal environment for financial services companies in Puerto Rico and the United States.
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

[hopy00]

hab auch grad in mein mailfach geschaut und den bericht gelesen.
das musst du selbst entscheiden, ob du verkaufst!
leider ist das eingetreten, was ich befürchtet habe, dass die zeit für die bilanzberichtigung nicht ausreichend ist
also ich verkaufe nicht, habe jetzt leider auch keinen zeitlichen rahmen für einen nachkauf. vorgesehen war er für kurz nach dem 10.11, was ja jetzt hinfällig ist.


mfg hopy

[hopy00]

endlich mal Volumen

jau, heut hats geschnackelt

[hopy00]

In the event that the Company determines that a transaction does not qualify as a " sale" for accounting purposes, the Company would record the transaction as a loan payable secured by mortgage loans and reverse the gain previously recognized with respect to such transaction.

tja, habs fett hervorgehoben. am besten ist, ich schlaf mal drüber. gute nacht!


mfg hopy

[hopy00]

es ist wirklich schlimm geworden
kanns niemand verübeln, wenn er geschmissen hätte, der verlust ist sehr gross geworden. früher im thread hat einer gepostet, die hispanos neigen nicht zu voll durchdachten plänen, wenn man sich die anderen banken von puerto rico anschaut, dann könnte das stimmen.

mit freundlichen grüssen

hopy

[brokerbee]

Kurz gesagt, dumm gelaufen.........

Na, jetzt gehe ich auch nicht mehr raus.

[brokerbee]

Gestern hätte man nachkaufen sollen. Sind vom ATL - Tagestief schon fast wieder 10% rauf

[hopy00]

hier mal 2 statements aus einem ami-board:

My understanding of the new flap regarding the issue of whether some of the mortgages were really sold versus used as security to obtain a loan is that this could have a significant accounting implication. If I have a $10K mortgage that I sell the rights to you for $11K, then I can book a $1K profit. But if I borrow $11K from you, and I use my interest a $10K mortgage as security against that loan, then where is the profit? This is probably a poor example, and I`m sure that others can provide better insight.
-----------------------------------------

While I appreciate that they can cut the dividend any time they choose, as can any dividend payor, I am inclined to think that they won`t do it--witness the way it ravages their stock--unless forced to. That is likely, I would think, if one of two things happens:

1. Cash flow available to pay dividends drops too low or
2. Some of the stuff going on with the SEC results in a drop in their capital accounts to the point where conserving cash is a necessity to maintain their ratios.

I was soliciting input from our fellow board members to see if anyone knows any hard facts about either of these. For example, my impression of the rebooking of revenue improperly booked on sold mortgages sounds like a non-cash item, but does it affect the capital accounts. That kind of thing.

I`m inclined to think that the recent cut represents management`s best guess at a sustainable level because the market hates it when you go back again and again with this kind of thing. Better to do it all at one time, get it behind you and move forward--or so goes Common Management Wisdon.
-------------------------------------
damit hätten wir langsam alle negativen faktoren zusammen.


mfg hopy

[Nupschbroker]

das Hauptproblem ist doch das verspielte Vertrauen. Es hieß ja immer die ganze Geschichte sei ein "non-cash" issue, und die Dividende sei sicher. Außerdem wurden die Zahlen zum 10. November angekündigt.

Das Vertrauen wieder herzustellen ist jetzt sehr schwer. Sehr schade, gerade weil ein neues Management eingesetzt wurde...

[jimmy007]

[MrRipley]

So siehts leider aus jimmy

[Nupschbroker]

gestern +10%, heute +10% da ist wohl was im Busch..

[Prof.Rudickks]

Management will Optionen zu 10 USD realisieren.

[jimmy007]

[brokerbee]

Die 10 Dollar sind erreicht

[Prof.Rudickks]

@ brokerbee: "Die 10 Dollar sind erreicht "

Dann mal ran an die 20 USD !!!

[brokerbee]

Dear all,

we and the whole world have a big problem. What is the right translation of
" Kanzlerin" ? I found only " chancellor" , but that is the translation of " Kanzler" .
Perhaps Chanceless ? ? ? But I hope not! Maybe Chancetress or Chantress or Chantre` ? ? ?

Best regards

[Prof.Rudickks]

Wer in der internationalen Politik interessiert sich schon für das Merkeli-lein ???

In diesem Forum ist ein guter Draht zu Frau L. Gigante wichtiger !!!

[jimmy007]

Einen Tag geht es hoch, einen anderen runter...

Für mich bleibt Doral weiterhin ein klassischer Gap, dummerweise kriegen die Jungs die Zahlen einfach nicht zusammen. KBV liegt bei 0,8, der Laden erwirtschaftet nachhaltig Gewinne, zahlt ordentlich Dividende. Einzig diese Unsicherheit bei den Zahlen - aber wenn die raus ist...

[Prof.Rudickks]

Stimmt, vielleicht kommt bald der CFO mit den Zahlen = Weihnachtsmann mit den Geschenken !!!

[jimmy007]

RL&Feed=AP&Date=20051213&ID=5350210" target="_blank" rel="nofollow ugc noopener">http://news.moneycentral.msn.com/ticker/article.asp?Symbol=USRL&Feed=AP&Date=20051213&ID=5350210

First BanCorp Shares Fall on Restatement

NEW YORK (AP) - First BanCorp shares plunged Tuesday after the Puerto Rican bank said it will restate results because it found it wrongly accounted for mortgage-related transactions with Doral Financial Corp. and R&G Financial Corp. since 1999.

The bank -- one of Puerto Rico`s largest banks with about 40 branches on the island -- said in a filing with the Securities and Exchange Commission that investors should no longer rely on previous filed financial statements. First BanCorp will refile earnings for the periods from Jan. 1, 2001 through March 31, 2005.

Was ist davon zu halten? Die Aktie rasselt runter, nur weil sie in der schlechten PM einer anderen Aktie enthalten ist? Heute ist alles wieder gut...

Waren die Fehler jetzt nur "Interpretationsfehler", die andere auch begingen?

[grigri4]

Hallo,

wie es ausschaut ist man fast fertig mit dem Restatement. Die korrigierten Jahresabschlüsse kommen wohl die nächsten 60 Tage und kurz danach dann auch die korrigierten Quartalsabschlüsse. Der Korrekturbedarf liegt gegenwärtig schätzungsweise bei 910 Millionen USD, die Firma weist erneut darauf hin auch danach finanziell alle Mindestanforderungen zu erfüllen.

Doral Financial Corporation Reports Independent Investigation Substantially Complete and Provides Update on Restatement

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Dec. 15, 2005--Doral Financial Corporation (NYSE: DRL) (the "Company") stated today that the independent investigation being conducted by Latham & Watkins LLP ("Latham") at the direction of the Company`s Audit Committee has been substantially completed.

As previously announced, as part of this investigation, Latham examined the mortgage loan sale transactions between the Company and several local financial institutions. After receiving information from Latham concerning the results of its investigation, on December 14, 2005, the Company`s Audit Committee decided to record the mortgage sales transactions with FirstBank Puerto Rico ("FirstBank") as loans payable secured by mortgage loans and to reverse the gains previously recognized with respect to such transactions, because it is likely that at the time of the transactions there were oral agreements or understandings between former members of the Company`s management and First Bank providing recourse beyond the limited recourse established in the written contracts. During the restatement period, the Company entered into loan sale transactions with FirstBank aggregating to approximately $3.9 billion. In addition, while the Company has not made a final determination of the accounting treatment of the mortgage sale transactions with other local financial institutions, it expects that the accounting for these transactions will continue to qualify for "sale" treatment under SFAS 140, except as set forth below with respect to certain contemporaneous mortgage loans purchase and sale transactions.

The Audit Committee also decided to reverse a number of transactions involving the generally contemporaneous purchase and sale of mortgage loans from and to local financial institutions where the amounts purchased and sold, and other terms of the transactions, were similar. These include transactions with R&G Financial Corporation during the fourth quarter of 2004 and the first quarter of 2005 covering the purchase and sale of approximately $530 million in mortgage loans, as well as transactions covering the purchase and sale of approximately $200 million in mortgages with a local financial institution during 2000 and approximately $445 million in mortgages with another local financial institution during 2000 and 2001. The Company`s Audit Committee determined that there was insufficient contemporaneous documentation regarding the business purpose for these transactions in light of the timing and similarity of the purchase and sale amounts and other terms of the transactions. Accordingly, the Audit Committee determined to reverse the gains previously recognized with respect to these sales and record the transactions as loan payables secured by mortgage loans.

The Company also announced that, with the independent investigation substantially completed, absent new information, it anticipates that it will file its amended annual report on Form 10-K for the year ended December 31, 2004 within approximately 60 days, and its quarterly reports on Form 10-Q for the first three quarters of 2005 as soon as practicable after the filing of its amended annual report on Form 10-K.

As previously noted in its Form 8-K dated September 22, 2005, the Company had estimated that the corrections of the accounting issues addressed in the restatement would reduce its consolidated stockholders` equity, on a pre-tax basis, by approximately $720 million. As a result of the work completed to date and the matters described above, while the accounting has not been finalized, the Company currently estimates that its consolidated stockholders` equity at December 31, 2004 will be reduced, on a pre-tax basis, by approximately $910 million. The Company expects that it and its banking subsidiaries will continue to be "well capitalized" for bank regulatory purposes as of December 31, 2005.

All the estimates included above are unaudited and have been calculated on a pre-tax basis because the Company is still calculating the required adjustments for tax accruals.

Doral Financial Corporation , a financial holding company, is the largest residential mortgage lender in Puerto Rico, and the parent company of Doral Bank, a Puerto Rico based commercial bank, Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm, Doral Insurance Agency, Inc. and Doral Bank FSB, a federal savings bank based in New York City.

FORWARD LOOKING STATEMENTS

This press release contains certain "forward-looking statements" concerning the Company`s economic future performance. The words or phrases "expect," "believe," "anticipate," estimate," "intend," "look forward," "should" and similar expressions are meant to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:

-- the Company`s ability to attract new clients and retain
existing clients;
-- the Company`s ability to retain and attract key employees;
-- risks associated with the effects of global, national and
regional economic and political conditions, including with
respect to fluctuations in interest rates;
-- risks arising from material weaknesses in the Company`s
internal control over financial reporting;
-- potential adverse effects to the Company`s financial
condition, results of operations or prospects as a result of
any required adjustments to prior period financial statements;
-- risks associated with the Company`s inability to prepare and
timely file financial statements;
-- the Company`s ability to satisfy certain reporting covenants
under its indentures;
-- potential adverse effects if the Company is required to
recognize additional impairment charges or other adverse
accounting-related developments;
-- potential adverse developments in connection with the ongoing
in SEC inquiry;
-- potential adverse developments from enforcement actions that
may be commenced by bank regulatory agencies;
-- potential downgrades in the credit ratings of our securities;
and
-- developments from changes in the regulatory and legal
environment for financial services companies in Puerto Rico
and the United States.

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

CONTACT: Doral Financial Corporation
Richard F. Bonini / Lucienne Gigante
212-329-3733

SOURCE: Doral Financial Corporation

[Nupschbroker]

Schön Doral make my day!

[grigri4]

Was ist davon zu halten?

Doral Financial Corporation to Redeem the Entirety of Its $75 Million Senior Notes Due 2006 and to Commence Consent Solicitation

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Dec. 19, 2005--Doral Financial Corporation (NYSE: DRL) ("Doral") reported that, following the recent announcement of its proposed timetable for the completion of the restatement, its Board of Directors had authorized a number of initiatives designed to mitigate the uncertainty that could result in the event it were to receive a notice of default under its public indentures and thereby allow Doral to complete its restatement process in an orderly manner.

Specifically, the Board has authorized the redemption in whole of Doral`s 7.84% Senior Notes due October 10, 2006 (the "Notes") in the aggregate principal amount of $75 million. Pursuant to the terms of the indenture governing the Notes, the Notes will be redeemed at a redemption price equal to the greater of (i) 100% of their principal amount; and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the date of redemption on a semiannual basis at the Treasury Yield (as defined in the indenture) plus 25 basis points, plus in each case accrued interest to the date of redemption. Doral expects that the redemption price will exceed 100% of the principal amount of the Notes. As required by the terms of the indenture, the Company will retain an independent investment bank to calculate the redemption price. Doral intends to issue a press release setting forth the date fixed for redemption as soon as practicable.

Doral also announced that it will commence a consent solicitation to solicit the bondholders under the indenture dated as of May 14, 1999 (the "1999 Indenture") to temporarily forbear their right to declare an event of default as a result of the Company`s failure to comply with its reporting obligations under the 1999 Indenture. Doral will hire a consent solicitation agent for these purposes. The terms and conditions of the consent solicitation will be set forth in a Consent Solicitation Statement to be delivered by the consent solicitation agent. Doral expects to commence the consent solicitation as soon as practicable.

Doral also reiterated that it expects to file its amended annual report on Form 10-K for the year ended December 31, 2004 within approximately 60 days, and its quarterly reports on Form 10-Q for the first three quarters of 2005 as soon as practicable after the filing of its amended annual report on Form 10-K.

Doral Financial Corporation , a financial holding company, is the largest residential mortgage lender in Puerto Rico, and the parent company of Doral Bank, a Puerto Rico based commercial bank, Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm, Doral Insurance Agency, Inc. and Doral Bank FSB, a federal savings bank based in New York City.

FORWARD LOOKING STATEMENTS

This press release contains certain "forward-looking statements" concerning the Company`s economic future performance. The words or phrases "expect," "believe," "anticipate," estimate," "intend," "look forward," "should" and similar expressions are meant to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:

-- the Company`s ability to attract new clients and retain
existing clients;

-- the Company`s ability to retain and attract key employees;

-- risks associated with the effects of global, national and
regional economic and political conditions, including with
respect to fluctuations in interest rates;

-- risks arising from material weaknesses in the Company`s
internal control over financial reporting;

-- potential adverse effects to the Company`s financial
condition, results of operations or prospects as a result of
any required adjustments to prior period financial statements;

-- risks associated with the Company`s inability to prepare and
timely file financial statements;

-- the Company`s ability to satisfy certain reporting covenants
under its indentures;

-- potential adverse effects if the Company is required to
recognize additional impairment charges or other adverse
accounting-related developments;

-- potential adverse developments in connection with the ongoing
in SEC inquiry;

-- potential adverse developments from enforcement actions that
may be commenced by bank regulatory agencies;

-- potential downgrades in the credit ratings of our securities;
and

-- developments from changes in the regulatory and legal
environment for financial services companies in Puerto Rico
and the United States.

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

CONTACT: Doral Financial Corporation
Richard F. Bonini / Lucienne Gigante, 212-329-3733

SOURCE: Doral Financial Corporation

[jimmy007]

December 30, 2005 09:10 AM ET

Doral Interim CEO Named Operating Chief

NEW YORK (AP) - Doral Financial Corp., the top mortgage banking institution in Puerto Rico, said Friday it named interim Chief Executive John Ward III to the additional post of chief operating officer, replacing Zoila Levis, who is retiring.

The company said Levis will step down as operating chief on Jan. 31, but she will remain a board director.

Ward has been non-executive chairman of Doral`s board since July and interim CEO since September.

Doral earlier this year disclosed that it is the target of a formal investigation by the Securities and Exchange Commission over the way it accounted for mortgage portfolio sales. It also cut its quarterly dividend by 56 percent.

© 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

[jimmy007]

http://www.forbes.com/2005/12/20/saks-pfizer-pulte-in_mr_121…

"...The best investors at Marketocracy have long been invested in embattled Puerto Rican bank Doral Financial (nyse: DRL - news - people ), which tumbled earlier in the year after the U.S. Securities and Exchange Commission opened an investigation of its accounting. Gurus bought even more of the company last week, adding 26% to their holdings to make the company the 56th-ranked company in their portfolios, by dollar value. Last week, Doral said the SEC investigation was almost over. Its stock now sells for $10.58, a 38.4% rebound from its recent lows below $8, but still a long way from the nearly $50 it traded for at the beginning of the year. Doral sells for 2.7 times earnings. ..."

[jimmy007]

>12,00

[MrRipley]

Hallo

[MrRipley]

Haben die den Schlamassel nun komplett ins alte Jahr gesteckt?
Brauche ein Update!

[jimmy007]

Was? Erst bringst du mich auf den unseriösen und zwielichtigen Weg des Tradings und dann traust du dich, nach einer fundierten Info zu fragen?

Doral scheint aber auf dem Weg der Besserung und bereinigt nun langsam die "Intransparenzen". Soweit ich mich erinnere, steht Doral eigentlich ganz gut da, die Firma ist äusserst profitabel. Dummerweise sind ihnen ein paar Buchungs- und Bewertungsfehler unterlaufen, die wohl zu etwas geschönten Zahlen geführt haben. Alles in allem sind die wohl aber nicht total erfunden á la Worldcom, Flowtex oder was weiss ich, sondern eben "nur" sagen wir mal Über- oder Falschinterpretationen von einigen Geschäften. Die Neubewertung steht noch aus, dürfte aber nicht mehr lange dauern und so langsam setzt sich wohl hoffentlich ein Trend ein.

Haben die den Schlamassel nun komplett ins alte Jahr gesteckt?
Kann man so also nicht sagen, da es sich ja nicht um Abschreibungen oder sonst was handelt, sondern einfach darum, dass in der Vergangenheit Transaktionen nicht sauber bewertet wurden und deswegen alte Jahresabschlüsse neu bewertet werden müssen.

Ich bin weiterhin gespannt!

[MrRipley]

das reicht mir doch

Ich kann sowieso nicht investieren, all meine Kohle steckt woanders. Z
um Beispiel in einem dt. Technologiewert der damit droht, mich reich zu machen...

[jimmy007]

RL&Feed=Bcom&Date=20060210&ID=5495777" target="_blank" rel="nofollow ugc noopener">http://news.moneycentral.msn.com/ticker/article.asp?Symbol=USRL&Feed=Bcom&Date=20060210&ID=5495777

February 10, 2006 09:31:00 AM ETMarket Report -- Short Stories (DRL)

Doral Fincl Brean Murray resumes Accumulate. Target $21. The firm notes that expectations for 2005 EPS have continued to decline sharply and are now over 70% below the level expected a year ago. With the 2004 restatement expected over the near term, they are instating their 2004, 2005, 2006 and 2007 EPS ests at $1.48, $1.45, $1.62, and $1.90, respectively. Over the next two years, they believe that the co should be able to regain some of its EPS traction. Therefore, at a discounted multiple of 11x EPS versus the historic trend for the Puerto Rico Banks of 13x EPS, their target price is based on their current expectation of $1.90 for 2007.

Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond, and world FX market participants.

[grigri4]

Company Release - 02/27/2006 16:35

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Feb. 27, 2006--Doral Financial Corporation (NYSE: DRL):

-- Cumulative Adjustments Decrease Retained Earnings by $694.4
million as of December 31, 2004

-- Restated Net Income for 2004 of $214.8 million

-- Pre-tax Income for 2004 of $129.3 million

-- Company Remains Well Capitalized For Bank Regulatory Purposes
Notwithstanding Restatement Adjustments -

-- Company Discusses Factors Affecting 2005 Results and Future
Operations

-- Moving Forward to File 2005 Results As Soon As Practicable

Doral Financial Corporation (NYSE: DRL), a diversified financial services company, today announced the restated results of its previously issued consolidated financial statements for the years 2000 through 2004 (the "restatement") and the filing of its amended annual report on Form 10-K for the year ended December 31, 2004. "With the filing of our amended 2004 annual report on Form 10-K, the Company has completed a major step towards returning to timely financial reporting," stated John A. Ward III, the Company`s Chairman and Chief Executive Officer.

Restatement Highlights

-- The cumulative effect of the restatement through December 31,
2004 was a decrease to Doral Financial`s retained earnings of
$694.4 million, which includes a total decrease of $508.1
million for 2002, 2003 and 2004 and $186.3 million related to
periods prior to 2002.

-- On a pre-tax basis, the cumulative effect of the restatement
through December 31, 2004 was a decrease in income of $920.8
million, which includes a total decrease of $680.5 million for
2004, 2003 and 2002 and $240.3 million related to periods
prior to 2002.

-- As a result of the restatement, there was a decrease in Doral
Financial`s stockholders` equity of $688.2 million and a
decrease in Tier 1 capital of $591.7 million, or 35% in each
case, as of December 31, 2004, compared to previously reported
results.

-- After giving effect to the restatement, Doral Financial and
its banking subsidiaries remain "well capitalized" for bank
regulatory purposes as of December 31, 2004.

As part of the restatement process, current management concluded that the Company`s internal control over financial reporting was not effective as of December 31, 2004 and identified a number of material weaknesses, including but not limited to an ineffective control environment. As part of this ineffective control environment, the Company failed to appropriately design controls to prevent or detect instances of override or intervention by certain former members of senior management and the former director emeritus, and there were also inadequate mechanisms to identify and respond to such instances. For a discussion of the material weaknesses identified by management, see Item 9A "Controls and Procedures" in the Annual Report on Form 10-K/A.

John A. Ward III said, "We have concluded an exhaustive process examining Doral Financial`s accounting practices and internal controls from 2000 through 2004. With the restatement of our 2004 financial statements now behind us, we intend to move to complete as expeditiously as possible our financial statements and related quarterly and annual filings for 2005. On behalf of our entire senior management team and Board of Directors, we thank our employees, our customers and our investors for their support. In turn, we pledge to assure that the best interests of the Company and its stakeholders will be upheld as we continue to implement changes to the Company`s strategy and corporate governance practices."

The following table summarizes the key results of the restatement for each of the five years ended December 31, 2004.

Summary of Key Results of the Restatement for the Five Years Ended
December 31, 2004

Diluted Earnings Per Common
Net Income Share
(in thousands) (in dollars)
---------------------------- ----------------------------
As As
Year Ended Previously As Change Previously As Change
December 31, Reported Restated (%) Reported Restated (%)
------------ ---------- --------- ------- ----------- -------- -------

2004 $489,625 $214,794 (56%) $3.95 $1.63 (59%)
2003 321,299 142,138 (56%) 2.70 1.10 (59%)
2002 220,968 166,882 (24%) 1.89 1.40 (26%)
2001 143,851 97,709 (32%) 1.31 0.86 (34%)
2000 84,656 29,428 (65%) 0.82 0.24 (71%)


Tier 1 Capital
(in thousands)
---------------------------------------
As
Year Ended Previously
December 31, Reported As Restated Change(%)
---------------- -------------- -------------- ---------

2004 $1,705,733 $1,113,987 (35%)
2003 1,471,132 1,114,143 (24%)
2002 945,262 744,132 (21%)
2001 765,320 532,791 (30%)
2000 493,139 336,476 (32%)


Stockholders` Equity
(in thousands)
---------------------------------------
As
Year Ended Previously
December 31, Reported As Restated Change(%)
---------------- -------------- -------------- ---------

2004 $1,972,769 $1,284,617 (35%)
2003 1,592,440 1,182,362 (26%)
2002 1,044,971 804,379 (23%)
2001 762,120 577,675 (24%)
2000 505,710 365,679 (28%)


This press release should be read in conjunction with the Company`s 2004 10-K/A, which includes under "-- Certain Factors that May Affect Future Results" in Item 1, a discussion of some of the legal, regulatory, business and financial risks affecting the Company following the restatement.

Effects of Restatement on Balance Sheet and Regulatory Capital

Set forth below are Doral Financial`s, Doral Bank PR`s and Doral Bank NY`s capital ratios at December 31, 2004, based on existing Federal Reserve, FDIC and OTS guidelines, after giving effect to the restatement.

Banking Subsidiaries
---------------------------------
Doral Doral Well
Financial Doral Bank PR Bank Capitalized
(As Restated) (As Restated) NY Minimum
------------- ------------- ------- -----------

Total capital ratio
(total capital to
risk weighted assets) 14.8% 20.6% 21.5% 10.0%
Tier 1 capital ratio
(Tier 1 capital to
risk weighted assets) 14.4% 19.9% 21.2% 6.0%
Leverage ratio(1) 6.8% 5.5% 8.5% 5.0%
-----------------
(1) Tier 1 capital to average assets in the case of Doral Financial
and Doral Bank PR and Tier 1 Capital to adjusted total assets in
the case of Doral Bank NY.


As of December 31, 2004 and after giving effect to the restatement, each of Doral Financial, Doral Bank PR and Doral Bank NY were in compliance with all applicable regulatory capital requirements and are considered to be "well capitalized."

Doral Financial`s restated total assets reflect a significant increase in loans as a result of the recharacterization as secured borrowings of certain mortgage loan transfers to local financial institutions that did not meet the provisions of SFAS 140 for sale accounting.

Summary of Accounting Adjustments by Category

Doral Financial has classified the accounting practices and related adjustments that were affected by the restatement into six categories. This classification involves subjective judgments by management, and particular accounting errors may fall within more that one category. The cumulative impact of the changes to retained earnings through December 31, 2004 is summarized as follows:

Cumulative Increase
(Decrease) of Retained
Earnings Through
(In thousands) December 31, 2004
---------------------------------------------- -----------------------

Pre-tax Restatement Adjustments:
Recharacterization of mortgage loans sale
transactions as secured borrowings $ (595,525)
Valuation of IOs (283,082)
Accounting for servicing assets (23,144)
Accounting for derivative instruments and
investment securities (24,381)
Provision for loan and lease losses 7,195
Other accounting adjustments (1,863)
-----------
Total pre-tax restatement adjustments (920,800)
Tax impact of restatement adjustments 226,396
-----------
Total retained earnings and legal surplus
impact $ (694,404)
===========

The following is a summary of the most significant adjustments set forth above. For a complete description of the accounting adjustments by category, see Note 1 "--Restatement of Previously Issued Financial Statements -- Summary of Accounting Adjustments by Category" to the audited consolidated financial statements included in the 2004 Form 10-K/A.

1. Recharacterization of Mortgage Loans Sale Transactions as Secured Borrowings

As part of the restatement process, the Company has recharacterized as loans payable secured by mortgage loans a number of loan transfers that had been previously accounted for as sales. As a result, the Company reversed the gains previously recorded in connection with such transfers. The recharacterized transactions include:

-- As previously announced, the recharacterization of all
mortgage loan transfers to FirstBank. The independent
investigation conducted by Latham & Watkins LLP ("Latham"),
outside counsel for the Company`s independent directors and
the Audit Committee, found that it is likely that the former
treasurer and the former director emeritus of the Company
inappropriately entered into oral agreements or understandings
with FirstBank, providing recourse beyond the limited recourse
established in the written contracts. Based on an analysis of
these findings and other evidence reviewed by the Company, the
Company concluded that the mortgage loan sales to FirstBank
did not qualify as sales under SFAS 140, because these sales
did not satisfy the "reasonable assurance" standard of SFAS
140 regarding the isolation of assets in bankruptcy.

-- As previously announced, the reversal of a number of mortgage
loan sales involving the generally contemporaneous purchases
and sales of mortgage loans from and to other local financial
institutions where the amounts purchased and sold and other
terms were similar. The Company`s Audit Committee determined
that there was insufficient contemporaneous documentation to
substantiate the business purpose for these transactions in
light of the timing and similarity of the purchase and sale
amounts and other terms of the transactions; and

-- The recharacterization of certain transfers of mortgage loans
with full recourse provisions effected prior to 2000.

Except with respect to the generally contemporaneous and pre-2000 transactions referred to the above, the Company, after a thorough review of its loan sale contracts, concluded that the mortgage loan transfers to Banco Popular de Puerto Rico, Banco Santander Puerto Rico and Westernbank Puerto Rico continue to qualify for sales treatment under SFAS 140. Although these institutions have historically accounted for these transactions as sales, on February 20, 2006, Westernbank publicly announced that it had determined to reverse the accounting for these transactions because it received an opinion concluding that these transactions do not constitute "true sales." Subsequent to this announcement, the Company reassessed the accounting treatment of its transactions with Westernbank and, as part of such reassessment, obtained an independent opinion concurring with a previously obtained "true sale" opinion with respect to these transactions. As part of its internal review, Doral Financial also obtained confirmations from these institutions regarding the terms of the transactions.

2. Valuation of IOs

As part of the restatement process, Doral Financial concluded that the previous IO valuation was not in accordance with GAAP. The Company determined that to properly estimate the value of its portfolio of floating rate IOs, for financial reporting purposes, the valuation model used by the Company should be based on implied LIBOR rates derived from the forward yield curve at the date of valuation. Under the new model, the prepayment assumptions and discount rates incorporated into Doral Financial`s valuation model will no longer incorporate management`s assumptions regarding the future, but will be based on publicly available and independently verifiable market benchmarks and statistically derived relationships. In this regard, the independent investigation determined that in certain instances there was improper conduct by certain former members of management and a former director emeritus that contributed to the overvaluation of the IOs.

3. Accounting for Servicing Assets

Historically, the Company incorrectly extrapolated the value from a third-party valuation received for its conforming loan portfolio to the non-conforming loan portfolio. As part of the restatement process, the Company engaged a third party to perform a valuation of its entire servicing asset portfolio. The restated value of the Company`s servicing asset portfolio also reflects: (1) the reclassification of some of the Company`s retained assets between servicing assets and IOs and (2) the derecognition of certain servicing assets as a result of the recharacterization of certain mortgage loan sales as secured borrowings.

4. Accounting for Derivative Instruments and Investment Securities

As part of the restatement process, the Company reviewed its accounting for derivatives and concluded that it had not adequately recognized forward contracts that meet the definition of a derivative under SFAS 133 "Accounting for Derivative Instruments and Hedging Activities" for certain mortgage loans purchases and the simultaneous sale and securitization agreement entered into with a third party. As a result, Doral Financial corrected the previous accounting for these particular transactions to recognize the derivative instrument at execution and changed the cost basis of the resulting mortgage pools.

5. Other Accounting Adjustments

In addition to the adjustments described above, Doral Financial also reviewed other areas which resulted in adjustments to the Company`s consolidated financial statements.

Financial and Operational Overview

The following paragraphs provide an overview of various key result metrics based on the Company`s restated results for 2004 compared to 2003.

Net Income. During 2004, Doral Financial`s net income amounted to $214.8 million, compared to $142.1 million for 2003, and diluted earnings per common share were $1.63 for 2004, compared to $1.10 for 2003. The pre-tax income results for 2004, which decreased to $129.3 million, compared to $166.1 million for 2003, were adversely affected by the continued impact of rising short-term interest rates on Doral Financial`s net income. During 2004, Doral Financial obtained a return on average assets of 1.50%, compared to 1.37% for 2003, and a return on common equity of 30.20%, compared to 19.96% for 2003.

Doral Financial`s consolidated net income for the year ended December 31, 2004, includes an income tax benefit of approximately $85.5 million resulting from the implementation of tax planning strategies effected by Doral Financial. Without the tax benefit noted above and assuming an effective tax rate of 20%, Doral Financial`s net income and diluted earnings per share as of December 31, 2004 would have been $103.4 million and $0.63, respectively, and its return on average assets and average common stockholders` equity for such period would have been 0.72% and 11.67% respectively.

Net Interest Income. During 2004, net interest income was Doral Financial`s principal source of revenues. Net interest income for 2004 was $333.7 million, compared to $234.4 million for 2003, an increase of 42%. The increase in net interest income for the year 2004 compared to 2003 was principally due to an increase in Doral Financial`s average interest-earning assets coupled with a slight improvement on its interest rate margin. Average interest-earning assets grew by 38% compared to 2003, particularly in its loans portfolio, and investment and mortgage-backed securities, driven by a higher level of originations and the Company`s strategy to increase its tax-exempt income by investing in U.S. Treasury and agency and mortgage-backed securities. The Company also experienced a moderate increase in its net interest spread and margin during 2004. Doral Financial`s net interest spread and margin for 2004 were 2.26% and 2.48%, respectively, compared to 2.21% and 2.41%, respectively, for 2003. Net interest spread and margin improved during 2004 because rates paid by Doral Financial on its borrowings declined more in relative terms than the rates earned by Doral Financial on its loans and securities. The average rate paid by Doral Financial on its interest-bearing liabilities decreased by 41 basis points compared to 2003, while the average yield on its interest-earning assets decreased by 36 basis points compared to 2003. The decrease in rates on Doral Financial`s interest-bearing liabilities reflects a shift to shorter-term borrowings, including the issuance in 2004 of $740 million in floating rate notes due 2005 and 2007. The increase in the volume of interest-earning assets was funded through a combination of deposits, increased secured borrowings, including repurchase agreements, and the issuance of floating rate senior notes.

Net gains from mortgage loan sales and fees. Net gains from mortgage loan sales and fees, the Company`s second most significant source of revenues during 2004, was adversely affected by the rise in short-term interest rates and the flattening of the yield curve. For the year ended December 31, 2004, Doral Financial`s net gain on mortgage loan sales and fees was $83.6 million, compared to $94.7 million for 2003, a decrease of approximately 12%, notwithstanding a larger volume of sales. The average gain on loan sales margin decreased to 3.30% for 2004, compared to 4.10% for 2003. The volume of loans sales and securitizations was $2.5 billion for 2004, compared to $2.3 billion for 2003.

Net loss on securities held for trading. Doral Financial`s net loss on securities held for trading, which includes realized and unrealized gains or losses on its securities held for trading, including IOs, as well as on options, futures contracts and other derivatives used for interest rate risk management purposes, resulted in a loss of $105.0 million for 2004, compared to a loss of $22.4 million for 2003. The net loss on securities held for trading experienced during 2004 was principally due to realized and unrealized losses with respect to derivative instruments undertaken for risk management purposes. In the past, Doral Financial`s interest rate risk management program was designed to protect the value of the Company`s assets and income from substantial increases in long-term interest rates that cannot be absorbed in the normal course of business and was not adequately aligned to the sensitivity of the Company`s assets and liabilities to interest rate changes. As the yield curve flattened during the latter part of 2004, the Company experienced losses on the value of its derivatives as part of its trading activities.

Net gain on sale of investment securities. During 2004, net gain on sale of securities classified as available for sale amounted to $12.0 million, compared to $5.5 million in 2003, an increase mostly related to an increased volume of sales.

Net Servicing Income. Net servicing loss for 2004 was approximately $2.7 million, compared to a gain of $21.2 million for 2003. The decrease in net servicing income was principally due to increased impairment charges resulting from a decline in the estimated fair value of Doral Financial`s MSRs, driven by a slight decrease in mortgage rates during 2004. In 2003, as a result of the increase in interest rates and the associated decrease in anticipated prepayment rates, Doral Financial recovered $24.0 million from its MSR valuation allowance. In 2004, as rates remained constant and prepayment forecasts increased slightly from December 2003, Doral Financial recorded net impairment charges of $8.1 million through a higher impairment valuation allowance. Doral Financial recorded total amortization and impairment charges of $37.4 million during 2004, compared to $10.7 million for 2003.

Fee-Based Income. As Doral Financial has continued to develop as a diversified financial institution, its fee-based income has continued to increase. Commissions, fees and other income increased by 42% to $32.3 million for 2004, compared to $22.8 million for 2003. Commissions and fees earned in the banking and insurance agency operations were largely responsible for this increase.

Loan production. Loan production, which Doral Financial now defines as internal originations and loan purchases with the related servicing rights, experienced a slight increase during 2004. The volume of loan production by Doral Financial during 2004 and 2003 was approximately $5.5 billion and $4.9 billion, respectively. In the past, Doral Financial also included as part of its loan production conforming mortgage loans purchased on a wholesale basis from a U.S. financial institution without the related servicing rights. Such wholesale purchases without the associated servicing rights, which were discontinued during 2005, amounted to $2.3 billion and $1.6 billion for 2004 and 2003, respectively.

Restatement Background and Remediation Program

The Company announced the need to restate its financial statements in April 2005, following the determination by the Audit Committee and the Board of Directors that it was necessary to correct the methodology used to calculate the fair value of Doral Financial`s portfolio of floating rate IOs. Following this determination, Doral Financial initiated an internal review of the Company`s books, records and accounting practices, under the oversight of the Audit Committee and with the assistance of outside consultants. The internal review extended beyond issues surrounding the valuation of Doral Financial`s portfolio of floating rate IOs, and as a result, the Company corrected the accounting of a number of items in addition to the methodology used to calculate the fair value of the portfolio of floating rate IOs.

The internal review included the evaluation of information and a number of transactions from January 1, 2000 to the present. In certain cases, items in periods prior to 2000 were examined due to the nature of the transactions under review. As part of its internal review, Doral Financial also evaluated the appropriateness of certain of the Company`s prior accounting practices. Based on this evaluation, the restatement includes corrections of errors in prior accounting periods identified by the review. In certain instances, the restatement includes adjustments identified in previous audits but not considered at the time to be material.

In addition to Doral Financial`s internal review, Latham, outside counsel for the Company`s independent directors and for the Audit Committee of the Board of Directors, conducted an independent investigation into certain matters surrounding the restatement. As previously disclosed, on August 17, 2005, after discussing the results of the investigation to date, the Board of Directors determined that the departures of Salomon Levis, former chief executive officer and member of the board, Ricardo Melendez, former chief financial officer, Mario S. Levis, former treasurer, and David Levis, former director emeritus, from their positions were in the best interest of the Company. Accordingly, the Board of Directors asked for and accepted the resignations of Salomon Levis, Mario S. Levis and David Levis. In addition, the Board of Directors asked for the resignation of Ricardo Melendez, former chief financial officer. When that resignation was not tendered, Mr. Melendez was terminated from his position at Doral Financial.

As part of the restatement process, current management concluded that the Company`s internal control over financial reporting was not effective as of December 31, 2004 and identified a number of material weaknesses, including but not limited to an ineffective control environment.

Doral Financial is actively engaged in the implementation of remediation efforts to address the material weaknesses in the Company`s internal control over financial reporting as of December 31, 2004 identified by management and to enhance the Doral Financial`s overall corporate governance.

For a summary of the findings of the independent investigation, and a discussion of the material weaknesses identified by management and the remediation efforts, see Item 9A "Controls and Procedures" in the Annual Report on Form 10-K/A.

Factors Affecting 2005 Results and Future Operations

The restatement process has resulted in a number of financial, operational and legal difficulties that had a material adverse effect on Doral Financial`s results of operations for the year ended December 31, 2005. The Company expects earnings for 2005 to be substantially lower than for 2004, mainly as a result of the following factors:

-- a reduction in mortgage loan sales and related gain on sales,
in particular during the second half of 2005, as a result of
the inability of the Company to use its traditional sales
channels for non-conforming loans to local financial
institutions because of the uncertainty surrounding the
accounting treatment of sale transactions as well as reduced
gain on sale margins resulting from the interest rate
environment during 2005;

-- reduced net interest income as a result of the continued rise
in short-term interest rates and the flattening of the yield
curve;

-- losses incurred on the sale of lower-yielding investment
securities during the fourth quarter of 2005;

-- losses on derivatives during the first half of 2005 resulting
primarily from delays in properly aligning the Company`s risk
management practices to the interest rate sensitivity of the
Company`s financial assets; and

-- legal, accounting and other expenses related to the
restatement.

The Company`s operations remain fundamentally sound, as reflected by the following preliminary and unaudited operational data:

-- For the year ended December 31, 2005, internal originations
increased to $5.1 billion from $4.9 billion for 2004, an
increase of 4.4%, notwithstanding the difficult interest rate
environment during 2005;

-- The mortgage loan servicing portfolio increased to $15.6
billion as of December 31, 2005, compared to $14.3 billion as
of December 31, 2004, an increase of 9.6%; and

-- Several key business areas also showed growth, including an
increase in the commercial loan portfolio of approximately 26%
and an increase in insurance agency fees of 5%.

The Company and its banking subsidiaries expect to remain "well capitalized" for bank regulatory purposes as of December 31, 2005.

The Company has decided to make certain changes to its business strategy that will also impact its future earnings results. These changes will be implemented progressively beginning in 2006.

The changes in the Company`s strategy are principally designed to produce revenue and earnings streams that are more stable, transparent and easier to protect from interest rate risk and to make the Company`s operations more efficient. Among the changes in business strategies are the following:

-- retention of more mortgage loans in portfolio to increase net
interest income;

-- continue emphasis on fee income from insurance agency
operations;

-- diversification of loan sale and securitization channels for
mortgage loans and more balanced cash gains and non-cash gains
on mortgage loan sales;

-- diversification of loan product offerings;

-- implementation of a targeted cost reduction program; and,

-- targeted branch expansion.

Timing of 2005 Financial Reports

The Company also announced that it expects to file its quarterly reports on Form 10-Q for the first three quarters of 2005 as soon as practicable. Due to the work required to prepare and file these quarterly reports, the Company does not expect that it will be able to file its annual report on Form 10-K for the year ended December 31, 2005 by its due date of March 16, 2006. The Company plans to file its 2005 Form 10-K as soon as practicable after the filing of the quarterly reports.

The Company expects to host a conference call to discuss its 2005 earnings results, as well as respond to questions regarding the restatement results, shortly after the release of its 2005 financial results.

Doral Financial Corporation, a financial holding company, is the largest residential mortgage lender in Puerto Rico and the parent company of Doral Bank, a Puerto Rico commercial bank; Doral Securities, a Puerto Rico based investment banking and brokerage firm; Doral Insurance Agency, Inc.; and Doral Bank, FSB, a federal savings bank based in New York City.

Forward Looking Statements

This press release contains certain "forward-looking statements" concerning the Company`s economic future performance. The words or phrases "expect," "believe," "anticipate," estimate," "intend," "look forward," "should" and similar expressions are meant to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:

-- the outcome of the shareholder litigation that has been filed
subsequent to the Company`s restatement decision;

-- the outcome of the formal investigation by the Securities and
Exchange Commission and the inquiry opened by the U.S.
Attorney`s Office for the Southern District of New York into
certain matters relating to the Company`s restatement;

-- the Company`s ability to attract new clients and retain
existing clients;

-- the Company`s ability to retain and attract key employees;

-- risks associated with the effects of global, national and
regional economic and political conditions, including with
respect to fluctuations in interest rates;

-- risks arising from material weaknesses in the Company`s
internal control over financial reporting;

-- risks associated with the Company`s inability to prepare and
timely file financial statements;

-- potential adverse effects if the Company is required to
recognize additional impairment charges or other adverse
accounting-related developments;

-- potential adverse developments from enforcement actions that
may be commenced by bank regulatory agencies;

-- potential downgrades in the credit ratings of the Company`s
securities; and

-- developments from changes in the regulatory and legal
environment for financial services companies in Puerto Rico
and the United States.

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

CONTACT: Doral Financial Corporation
Investor Relations:
Richard F. Bonini, 212-329-3729

SOURCE: Doral Financial Corporation

[jimmy007]

Hmmm....
Darf ich jetzt meine Milchmädchen-Rechnung anstellen?

Früheres KGV lag bei 40USD/3,95USD-EPS=ca. 10
S&P KGV=20
Heutiges KGV = 11,72USD/1,63USD=7,2
Kursziel >16USD?

Mist, habe leider schon ein Dosenbier zuviel um jetzt noch den Buchwert und sonst was auszurechnen...

Die Meldung kam um 16.35h, also 25min vor Börsenschluss, oder? Der Markt hatte ja nur noch 25min Zeit zu reagiern.

Das schaut doch ganz gut aus für Dienstag, oder???

[Prof.Rudickks]

Sicher sind KGV und Buchwert für eine fundierte Bewertung einer Aktie wichtig. Nicht ohne Grung hat Fidelity (FMR Corp.) seinen Anteil an Doral auf über 10 Prozent erhöht.

Wer Fidelity kennt, wird wissen nach welcher Strategie da vorgegangen wird!

[Nupschbroker]

AUA

Doral ist mit großem Abstand der absolute Looser in meinem Depot

Hat sich jemand in letzter Zeit mal mit dem Wert befasst?

[Prof.Rudickks]

Dividende wurde komplett gestrichen, seitdem Kurs auf Tauchstation.

[MrRipley]

Doral ist immer noch ein fallendes Messer, Finger weg!

Wie sah eigentlich der letzte Q-Bericht aus?
Haben sie es eigentlich geschafft, alles Negative in das letzte Jahr zu quetschen?

[MrRipley]

ist doral jetzt an der otc gelistet?

[Nupschbroker]

@MrRipley: Doral ist nach wie vor an der NYSE gelistet.

Außerdem sind die Zahlen für 2005 jetzt da. Sind zwar schlecht aber sie sind da..

[GeldkommtzuGeld]

TOP INSTITUTIONAL HOLDERS

Holder Shares % Out Value* Reported
FMR CORPORATION (FIDELITY MANAGEMENT & RESEARCH CORP) 10,701,342 9.91 $68,595,602 30-Jun-06
FRANKLIN RESOURCES, INC 4,662,791 4.32 $29,888,490 30-Jun-06
STARK OFFSHORE MANAGEMENT, LLC 4,067,498 3.77 $26,072,662 30-Jun-06
Barclays Global Investors UK Holdings Ltd 3,791,633 3.51 $24,304,367 30-Jun-06
LOTSOFF CAPITAL MANAGEMENT 3,200,326 2.96 $20,514,089 30-Jun-06
RAMIUS CAPITAL GROUP LLC 2,750,783 2.55 $31,771,543 31-Mar-06
INTEGRITY ASSET MANAGEMENT LLC 2,372,890 2.20 $15,210,224 30-Jun-06
VANGUARD GROUP, INC. (THE) 2,218,159 2.05 $14,218,399 30-Jun-06
WISCONSIN CAPITAL MANAGEMENT 2,020,275 1.87 $12,949,962 30-Jun-06
NEW YORK LIFE INVESTMENT MANAGEMENT LLC 1,952,380 1.81 $12,514,755 30-Jun-06

Quelle http://finance.yahoo.com/q/mh?s=DRL

[GeldkommtzuGeld]

http://www.universal-investment.de/fondsdaten/pdf/5.pdf

[hopy00]

mal den thread bisschen in den fokus rücken, die nächsten monate dürften sehr spannend werden

[MrRipley]

zwei gedanken eine meinung, habe letzte woche auch an doral gedacht, könnte vielleicht interessant werden,
was vermutest du?

mfg
MrR

[wisi]

Am Kurs kann man aber noch nichts erkennen. Stabiler Abwärtstrend ohne Ende in Sicht...

Gruß, wisi.

[hopy00]

Antwort auf Beitrag Nr.: 26.920.183 von MrRipley am 14.01.07 21:52:41

was vermutest du?

ich vermute, dass es noch weiter abwärts geht, bis man weiss, wo das ganze geld herkommen soll. verlierer werden die aktionäre, wahrscheinlich über eine massive kapitalerhöhung, evtl. ohne bezugsrecht. vielleicht geht doral auch pleite, wenn niemand mehr einsteigen will. das wäre dann das worst case-szenario. im sommer wissen wir mehr...

bin seit 2,40 wieder mit 200 stück dabei, kann aber niemandem empfehlen, es mir nachzumachen.
bisschen nervenkitzel fürs depot, wahrscheinlich pure dummheit von mir...


mfg hopy

[MrRipley]

Antwort auf Beitrag Nr.: 26.931.236 von hopy00 am 15.01.07 11:04:35

ich lasse es bleiben, habe andere eisen im feuer.
der trend ist katastrophal.

[loard]

Doral fällt und fällt und ... wo geht die Reise hin?

Ich vermute bis zur Bekanntgabe, wie Doral die am Juli 2007 fällige Hypothek zurück bezahlt wird es keine Entspannung geben. Wie weit es noch herunter geht weiß wohl niemand.

Falls allerdings der Turn Around gelingt, könnte der Aktienkurs von Doral sich vervielfachen. Momentan ist alles negativ und eine mögliche Insolvenz zieht den Kurs immer weiter nach unten.


Wie schätzt ihr die Situation ein. Gibt es [noch] investierte?

Cheerio
loard



Hier was von Doral:

NEW YORK, March 2 (Reuters) - Doral Financial Corp. (DRL.N: Quote, Profile, Research) said it will post losses for 2006 and warned on Friday of a cash crunch if the mortgage lender is not able to refinance $625 million in debt that matures in July.

The Puerto Rican lender expects to sink to a net loss of at least $117 million for 2006 from a profit of $13.2 million in 2005. The company also said it had to delay the filing of its annual report.

Failure to refinance the $625 million debt and the absence of a capital injection from the outside may impair Doral's ability to continue to operate, the company said.

The company's stock has collapsed over the past two years amid charges that former senior management engaged in fraud. The stock closed down 6 cents at $2.11 on Friday, well below a peak of $49.95 in early 2005.

In the fourth quarter, Doral lost about $30 million on the sale of about $1.7 billion in securities. Meanwhile, it continues to be squeezed by compression in its net interest income, along with higher expenses related to legal problems and the restatement of previous years' financial results.

Last year, Doral agreed to pay a $25 million penalty to settle fraud charges with the U.S. Securities and Exchange Commission. Doral did not admit or deny the allegations.

The SEC said Doral overstated profit by about $921 million over several years. The mortgage company's former senior management is accused of manipulating the underlying assumptions for mortgage-sale related gains that helped the company generate 28 straight quarters of record profit.

Quelle: http://www.reuters.com/article/governmentFilingsNews/idUSN02…

[hopy00]

denen steht das wasser bis zum hals.
ich glaube aber trotzdem, dass sie es am schluss noch schaffen:


DORAL FINANCIAL TO SELL 11 EXISTING DORAL BANK, FSB NEW YORK BRANCHES
TO NEW YORK COMMERCIAL BANK
SAN JUAN, Puerto Rico, March 15, 2007 — Doral Financial Corporation (NYSE: DRL), a diversified financial services company, today announced that Doral Bank, FSB (“Doral Bank NY”), Doral Financial’s wholly owned New York City-based thrift subsidiary, entered into a definitive purchase and assumption agreement with New York Commercial Bank, the commercial bank subsidiary of New York Community Bancorp (NYSE: NYB), pursuant to which New York Commercial Bank agreed to acquire Doral Bank NY’s 11 existing branches in New York City.
Pursuant to the terms of the agreement, New York Commercial Bank will assume certain of Doral Bank NY’s assets and liabilities, including deposits of approximately $370 million. The purchase price for the transaction will be equal to the difference between the value of the assets sold and the liabilities assumed as of the closing date, plus a deposit premium of approximately 4% of the deposits assumed as of the closing date. The transaction is expected to result in a pre-tax profit to Doral Bank NY of approximately $10 million. Following the consummation of the transaction, Doral Financial intends to request the authorization of the Office of Thrift Supervision to distribute a substantial portion of Doral Bank NY’s capital to Doral Financial. Doral Bank NY is organized under a federal thrift charter and operates independently of Doral Bank Puerto Rico, Doral Financial’s principal banking subsidiary.
Commenting on the transaction, Glen R. Wakeman, Chief Executive Officer of Doral Financial, stated, “The sale of Doral Bank NY’s branches will allow us to focus our efforts on our well capitalized core Puerto Rico banking operations and improve our liquidity as we continue to strengthen our franchise for the benefit of our customers, employees and shareholders.” In addition, Mr. Wakeman noted, “We have structured the transaction in a way that will allow us to retain Doral Bank NY’s charter. We saw a unique opportunity to exit this non-core operation in a favorable market without losing the strategic value of our federal charter.”
Mr. Wakeman also noted “New York Commercial Bank is a solid institution that we anticipate will continue to provide excellent service to Doral Bank NY’s customers. We thank Doral Bank NY’s employees and customers for their loyalty over the years.”
The transaction, which is subject to regulatory approval and other customary conditions, is expected to be completed early in the third quarter of 2007.

[MrRipley]

was interessant ist, der internationale Geschäftsberichtedienst aus UK hat Doral neu in seiner Liste.
Heisst, Doral hat das Geld, die Berichte zu drucken...

Irgendwie widersprüchlich gell?

[elsolivars]

--Glass Lewis & Co. and PROXY Governance, Inc. Recommend a Vote ''FOR'' the Proposed Investment in Doral Financial by Doral Holdings, LLC--
Doral Financial (Nachrichten) Corporation (NYSERL) today reported that Glass Lewis& Co., and PROXY Governance, Inc. leading independent proxy voting advisory services, have recommended a vote "FOR" the proposed $610 million investment in Doral Financial by Doral Holdings, LLC. ("Holdings"), a newly formed entity in which Bear Stearns Merchant Banking and other investors, including funds managed by Marathon Asset Management, Perry Capital, the D. E. Shaw group, Tennenbaum Capital Partners, Eton Park Capital Management, Goldman Sachs&Co., Canyon Capital Advisors and GE Asset Management, will invest.

All three of the leading independent proxy voting advisory services have now recommended that their clients support the Holdings transaction. Institutional Shareholder Services had made a favorable recommendation to its clients on July 5, 2007.

In making its decision, Glass Lewis&Co. noted, “Financially, we believe the transaction to be fair to shareholders. . . Given the thoroughness of the strategic review, immediate liquidity concerns, and unanimous support of the board, we believe the transaction is in the best interests of the shareholders.“ The Glass Lewis&Co. report added, “In our opinion, the advisor's analysis shows the transaction to be more favorable than the alternative of liquidating the Company's assets.“

As previously announced, Institutional Shareholder Services (ISS), recommended a vote "FOR" the proposed $610 million investment in Doral Financial by Doral Holdings, LLC. ("Holdings") on July 5, 2007.

Dennis G. Buchert, chairman of the board of Doral Financial, stated, “We are pleased that all three leading independent proxy advisory services have recommended a vote 'FOR' the proposed investment transaction between Doral Financial and Holdings. The board of directors has recommended that shareholders vote to approve this transaction so that Doral Financial can recapitalize and existing shareholders can continue to participate in the future earnings and potential growth of the company.“

ADDITIONAL INFORMATION AND WHERE TO FIND IT

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE TRANSACTION FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BY DORAL FINANCIAL ON JUNE 18, 2007, AS SUPPLEMENTED ON JUNE 29, 2007, BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the proxy statement at the Internet worldwide website maintained by the Commission at http://www.sec.gov . In addition, documents filed by Doral Financial are available at the Commission's public reference room located at 100 F Street, N.E., Washington, D.C. 20594. Investors and security holders may call the Commission at 1-800-SEC-0330 for further information on the public reference room. Free copies of all of Doral Financial's filings with the Commission may also be obtained (without exhibits) by directing a request to or accessing www.doralfinancial.com.

FORWARD-LOOKING STATEMENTS

Information set forth in this release contains forward-looking statements, which involve a number of risks and uncertainties. Doral cautions readers that any forward-looking information is not a guarantee of future events or performance and that actual events and performance could differ materially from that contemplated by the forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the transaction and the likelihood of satisfying the conditions thereto, and the future results of the Company following the recapitalization, if completed.

The closing of the transaction is subject to a number of conditions. The following factors, among others, could cause actual events or results to differ from those set forth in the forward-looking statements: the risk that regulatory approvals of the transaction on the proposed terms will not be obtained on a timely basis, the risk that final court approval of the litigation settlement or consummation of that settlement will not occur on a timely basis, the risk that the Company will not be able to obtain shareholder approval, the risk that the sale of the New York branches on the contemplated terms and the receipt of regulatory approvals for Doral Bank FSB to pay the contemplated dividend of certain proceeds will not occur on a timely basis, the risk that the necessary regulatory approvals for the transfer to Doral Bank Puerto Rico of the mortgage servicing rights from Doral Financial on the contemplated terms will not be received on a timely basis, the risk that, because of adverse events affecting Doral or its business or otherwise, that one or more conditions to obligations of Holdings to make its investment will not be obtained, the risk that one of more of the investors will fail to fund their investment in Holdings and thus prevent Holdings from consummating its investment in the Company, the risk that the transaction or uncertainties with respect thereto could adversely affect customer relationships or otherwise adversely affect the Company or its business. Additional factors that may affect future results are contained in the Company's annual report on Form 10-K for the year ended December 31, 2006 and quarterly report on Form 10-Q for the first quarter of 2007, which are available at the SEC's web site at http://www.sec.gov.

[MrRipley]

habe dieses WE im Smartinvestor gelesen, dass ein Valueinvestor in einem puertoricanischem Hypothekenwert ist...
Kommt wohl nur Doral in Frage.
Der Fonds nennt sich Acatis Global xxx, ein Valuefonds.

Wie es scheint, firmiert Doral an der NASDAQ unter DRL zu 14USD.
Es gab wohl einen Reverse-Split 1:10 etc.

[MrRipley]

Doral Financial Corporation (NYSERL), a diversified financial services company, announced that, today, August 31, 2007, it paid the regular monthly cash dividend on the Company's 7% Noncumulative Monthly Income Preferred Stock, Series A (the "Series A Preferred Stock"), 8.35% Noncumulative Monthly Income Preferred Stock, Series B (the "Series B Preferred Stock") and 7.25% Noncumulative Monthly Income Preferred Stock, Series C (the "Series C Preferred Stock"), in the amount of $0.2917, $0.173958, $0.151042 per share, respectively. The dividend on each of the series was paid to the record holders as of the close of business on August 29, 2007 in the case of the Series A Preferred Stock, and to the record holders as of the close of business on August 15, 2007 in the case of Series B and Series C Preferred Stock.

Click here to find out more!

Doral also announced that the quarterly dividend on the Company's 4.75% perpetual cumulative convertible preferred stock, in the amount of $2.96875 per share, will be paid on September 15, 2007 to holders of record as of the close of business on September 1, 2007.

Doral Financial Corporation
Investor Relations & Media
Olga Mayoral-Wilson, APR
Lucienne Gigante
787-474-6711