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Doral Financial Issues Release Including New Statement on Legal Counsel Matthew McGill, Says Has Not Left Negotiations


 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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