Fraud could be true,,,,,,,, ◾Net operating cash flow has significantly decreased to -$3.79 million or 777.99% when compared to the same quarter last year. In addition, when comparing to the industry average, the firm's growth rate is much lower.
I would be careful touching them, NASDAQ halted trading of that stock,,,,,,, NEW YORK, June 19, 2014 (GLOBE NEWSWIRE) -- The NASDAQ Stock Market(R) (NDAQ) announced that trading was halted today in China Mobile Games & Entertainment Group Ltd. (CMGE) at 14:50:07 Eastern Time for "additional information requested" from the company at a last price of $14.63.
Trading will remain halted until China Mobile Games & Entertainment Group Ltd. has fully satisfied NASDAQ's request for additional information.
For news and additional information about the company, please contact the company directly or check under the company's symbol using InfoQuotes
The Court of First Instance further determined that the annulment by Secretary Acosta is not ultra vires if her actions are based on the causes for annulment provided under the Closing Agreement and Section 6051.07 the Internal Revenue Code of Puerto Rico of 2011, which causes are limited to events of fraud, malfeasance or misrepresentation of material facts. However, the Court of First Instance stated that the basis upon which Treasury Department annulled the Closing Agreement, specifically citing alleged “simulation” or “illegal artifice,” is not a valid cause of action under the Closing Agreement or Puerto Rico law. Therefore, the Court of First Instance ruled that the Treasury Department has five days from the date of this ruling to notify Doral as to the basis of the annulment, at which time Doral can appeal the decision with the Treasury Department. Finally, the Court of First Instance asserted that it would retain jurisdiction to determine the legal validity of the Closing Agreement until the Treasury Department asserts a valid basis under the Closing Agreement to annul the Closing Agreement. SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DORAL FINANCIAL CORPORATION
Date: June 17, 2014 By:
/s/ Enrique R. Ubarri
Enrique R. Ubarri
Executive Vice President and General Counsel
Item 8.01. Other Events.
As previously disclosed, on Thursday, June 5, 2014, Doral Financial Corporation and certain of its subsidiaries (collectively, “Doral”) filed a lawsuit against the Commonwealth of Puerto Rico, the Puerto Rico Department of the Treasury (the “Treasury Department”) and its Secretary, Hon. Melba Acosta Febo, in her official capacity, as defendants, in the Court of First Instance of Puerto Rico (the “Court of First Instance”) seeking a declaratory judgment that the Closing Agreement dated March 26, 2012 (the “Closing Agreement”) between Doral and the Treasury Department is a valid agreement, that it remains binding and effective, and that Doral is owed $229 million. Doral also filed a Writ for Certification in the Supreme Court of Puerto Rico requesting the Supreme Court take Doral’s case for immediate review. On Friday, June 6, 2014, the Supreme Court ordered that the Court of First Instance hear the case on an expedited basis and specifically that it hold an evidentiary hearing on or before June 12, 2014 and render its judgment on or before June 26, 2014.
On Monday, June 16, 2014, the Court of First Instance issued a ruling holding that it lacks jurisdiction to determine whether the tax payments at issue under the Closing Agreement were made by Doral during the periods in question and whether Doral is entitled to a refund. However, the Court of First Instance determined that the purported annulment by the Treasury Department of the Closing Agreement is not a final decision, but rather is only a preliminary adverse determination to commence a formal adjudicative process, thereby providing Doral its opportunity to challenge the decision through an administrative proceeding before the Treasury Department, and affording Doral the benefits of due process of law.
I like other peoples opinions on stock, on what they think might be a good buy, besides whats to talk about on NBG, its just a Greek bank that dilutes its stock then does reverse splits, other then that this is a great stock to flip.
jo here are my thoughts on yahoo if you shorted them you will do great, expect the stock to continue to drop in price, check out the MFI and RSI chart, jo I know you bought yahoo but its important to keep an eye on the charts, when you added more the MFI and RSI couldnt go any higher, it was maxed out, next target price it has to hit to fall lower is 33.41 sorry to see you bought them, but if I knew you were going to buy them I would have told you what the charts said then you make your own decision, good luck
a bankrupt country and there judge wouldn't back the country but the PROTECTED THE INVESTORS,, WASHINGTON/BUENOS AIRES (Reuters) - The U.S. Supreme Court declined on Monday to hear Argentina’s appeal over its battle with hedge funds that refused to take part in its debt restructurings, an unexpected move that risks toppling Latin America's No 3 economy into a new default.
The high court left intact lower court rulings that ordered Argentina to pay $1.33 billion to the so-called holdouts who refused 2005 and 2010 debt swaps in the wake of its catastrophic 2001-02 default on $100 billion.
This could open the door to claims from other holdouts worth as much as $15 billion, a hefty sum for a slowing economy struggling with rapidly dwindling foreign reserves.
The news triggered a nosedive in Argentine stocks and bonds after investors expected the court to delay its decision and give Argentina time to negotiate with holdouts or restructure its exchange bonds outside of New York legislation.
The impact on global markets was muted given the country's economic isolation since its default.
Argentina has previously refused to pay up. It argues it does not have the funds and cannot give holdouts preferential treatment over exchange bondholders after many of them bought the debt at a massive discount and are claiming payback in full.
Hello Marcus, if Mudd said case dismissed there would be no reason for it going to administrative procedure. They might use different terms then the U.S but what I believe that to mean is for Doral and PR try and seek an agreement before the judge gives his decision and Mudd thinking when the judge said that that the outlook doesn't look good for Doral. Actually the Judge is probably trying to tell the PR administration to make a deal or otherwise DRL will be entitled to the entire amount plus damages. Remember DRL has all the paper work to back there case and the PR administration has none, and DRL has a signed agreement from the PR administration on the agreement to pay DRL back, that's a closed cased, DRL wins.
but with over 3 million shares shorted you shorts know you will have to cover and it will cost you dearly. total amount of shares now owned by 4 funds is 27.02 percent of the 6.5 million shares with an additional 750,000 shares bought by insiders and 1.6 million shares held by funds only leaves 4.15 million shares, I would much rather be long then short,,,, here`s some more good news for you shorts, the lead counsel is the former U.S Solicitor General and here is part of what he said in the court room June 5th and he got the case expedited for a fast hearing,,,,,,,,,, "This is a blatant violation of contract and lawless act by the Hacienda and the Commonwealth of Puerto Rico," said Ted Olson, lead counsel for Doral Financial Corporation and former United States Solicitor General. "Doral and the Commonwealth have a binding and enforceable agreement that awards Doral the tax refund it is owed. If this administration can tear up the agreements reached by the last administration, then no taxpayer, employer, or investor in Puerto Rico is safe. We will ask the courts to uphold the rule of law and require that the Commonwealth live by its agreements."
you have a total of 7 posts and your first one was a reply on how low do we go tomorrow last week, guess your short this stock and want others to sell. now watch my post I put up
Here`s the reason for all the lawsuits against DRL. I am changing the subject LOL, Lawyers are sueing DRL for investors claiming that DRL didn't take a tax write off. The SEC allowed the PR debt to be a credit on DRL books, but when PR annulled it then the lawyers came out saying DRL should have taken a tax write off, but that issue didn't come up until the SEC recommend they do that, and the SEC is not a court or law firm. PR has an obligation to pay its debt back to DRL so DRL should win this case and all those private lawyers that represent private investors will disappear. DRL did nothing illegal,,,,,,,,, The investigation is focused on: (i) potential breaches of fiduciary duty on the part of the Doral Board of Directors involving the under-reporting of loan losses on its financial statements; and (ii) the assertion that a purported tax refund of over $200 million claimed to be owed the Company by the government of Puerto Rico could constitute an element of its required capital reserve under federal law; and; (ii) whether the securities laws were violated with respect to the facts surrounding the disclosures of the understatement of loan-loss reserves and the disallowance of the claimed tax refund as required capital reserve by the Federal Reserve Bank of New York.
The news is out, Gazporm just shut off the gas supply to Ukraine, and gazporm stock is going down, sherbank has heavy volume today as it loos like they are trying to keep it up.,,,,Russia had demanded $1.95 billion by Monday for past-due bills. At talks over the weekend in Kiev, Ukraine was ready to accept a compromise of paying $1 billion now and more later, but Russia rejected the offer, the European Commission said.
Sergei Kupriyanov, spokesman for the Russian gas giant Gazprom, said since Ukraine missed the deadline, from now on it had to pay in advance for energy. Yet that's a nearly impossible demand for the cash-strapped nation, which is fighting an insurgency and investigating possibly billions lost to corruption under its former pro-Russian president, Viktor Yanukovych.
Europe gets about 30 percent of its gas from Russia, and about half of that goes through the pipelines across Ukraine. In 2013, Ukraine imported nearly 26 billion cubic meters of gas from Russia, just over half of its annual consumption.
Steve Lococo, the president and senior portfolio manager of Omaha-based asset management firm Footprints Asset Management and Research, believes Doral Financial was making progress toward an operating turnaround before Puerto Rico's Treasury Department claimed that it didn't owe Doral Financial nearly $230 million and the FDIC sent a warning letter.
"The letter from FDIC threw a monkey wrench into [its operational efforts], and it's unfortunate," Lococo said by phone on Tuesday. However, Lococo said he doesn't believe the bank's regulators are on the cusp of a takeover.
"The FDIC is not in business to seize banks...They want to see Doral go forward," Lococo said.
Doral Financial is the sole guarantor on $200 million in senior unsecured notes due April 26, 2022, issued by the Puerto Rico Conservation Trust Fund.
The company's two largest investors are RIMA Senvest Management LLC (7.58%) and Raging Capital Management LLC (6.83%), followed by Attiva (5.65%) and Footprints (5.56%).
but Attiva just up there amount of shares to 7.35 so total by all 4 is 27.02 meaning they bought 1.6 million shares out of the 6.5 million shares and insiders just bought 750,000 shares leaving 4.15 million shares for regular investor, so if they DRL wins the case a lot of investors will snap up whats left.
WOW this is news I didn't see, if PR doesn't pay the bank back then FDIC might pulled out of PR, they cannot bankrupt a bank and make the American people pay for what there government wont pay. PR is a territory of the U.S and banking laws along with Tier 1 in PR has to meet the same requirements as in the U.S, I cannot see a judge weigh in PR`s favor when they know whats at stake, good artical
You did the right thing by removing those posts, I just don't want others to think we are the bad guys when we have discussion or even talk about stocks. Also your correct on what last night bought out. Without making a long story, I wanted to ask jo.ster what`s the difference between what Hitler did and what the current Israel leader is doing by killing innocent Palestinian people and stealing there land to build more homes on? Have a great evening
Hello Krim, first of all good article on GDXJ, also I just wanted to say I am taking down posts I put up and now hope they understand that they cant be hypocrites, everyone has a right to there belief and any discussion should be done freely. I hope you understand my position, and good luck