In response to recent
developments in the negotiations between Doral Financial Corporation and the
Puerto Rico Treasury Department, Matthew D. McGill of Gibson, Dunn and
Crutcher issued the following statement:
"Doral has not left the negotiations. The Treasury Department attempted on
Thursday to introduce into the negotiations so-called "business points"
conceived by its new outside counsel, Foley & Lardner, that were contrary to
the provisions of the agreement reached and sworn to by the parties in front
of Judge Perez-Perez of the Court of the First Instance. Foley & Lardner
recently represented Doral in a related matter and that raises a conflict of
interest. It has a duty of loyalty to its client, Doral, from acting
adversely to Doral. For that reason, Doral sought guidance from Judge
Perez-Perez as to how to proceed. Judge Perez-Perez ruled that the parties
will continue negotiations today under her supervision, without the
participation of Foley & Lardner, and according to the terms previously agreed
by the parties."
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