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

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 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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