SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13D

INFORMATION TP BE INCLUDED IN STATEMENTS FILED

PURSUANT TO RULE 13d-1(a)

AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box o.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7(b) for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

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United States

Securities and Exchange Commission

Schedule 13D

Item 1.  Security and Issuer

This statement relates to the Common Stock, with $.01 par value per share, issued by DORAL FINANCIAL CORPORATION (the “Company”), whose principal executive offices are located at 1451 Franklin D. Roosevelt Avenue, San Juan, PR 00920-2717

Item 2.  Identity and Background

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Item 3.  Source and Amount of Funds or Other Consideration

The Attiva Reporting Person and the Bluestone Reporting Person used working capital to make all acquisitions of Common Stock currently owned by each of them, respectively.

The Antonio Tomasello Reporting Person and the David Tomasello Reporting Person used personal funds to make all acquisitions of Common Stock currently owned by each of them, respectively.

Item 4.  Purpose of Transaction

The disclosures below are specifically intended to reflect information relating to clauses (a), (b), (c), (d) and (j) of Item 4 of Schedule 13D.

Each of the Reporting Persons intend to review his or its investments in the Issuer on a continuing basis and any of them may engage in discussions with management and the Board of Directors concerning the business, operations and future plans of the Issuer as he or it deems appropriate.

We are increasing our stake in Doral Financial  since we believe the money owed by the Puerto Rican Government to Doral, as per the signed agreement, will be paid in some way, shape or form.

Current Puerto Rican Government needs to stop “Livin’ La Vida Loca” , paraphrasing Puerto Rican singer Ricky Martin, and focus on attracting not only investment from mainland U.S. but also from the international investment community. If Puerto Rico cannot honor a signed agreement with U.S. Corporations what would  Japanese, European and Latin American corporations expect from Puerto Rico.

At the same time, we believe that Doral is making progress by selling non-core assets but it should also look into the compensation of the head of this “Community Bank”, who is not even a major owner of the common shares.  To give an example,  this is what Caribbean Business Weekly reported yesterday Thursday, May 29, 2014  “Banking on Bankers:  A group of bank presidents were comparing notes and discovered they are doing very well with annual salaries ranging from $1 million to $1.6 million in the case of Richard Carrion who, apart from heading the biggest bank of all, holds several positions at Popular Inc., including chairman, president & CEO. But they discovered that ailing Doral Bank President Glenn Wakeman’s more than $4 million annual take-home pay- plus a very golden parachute- puts them all to shame. Imagine, said one president, what he would be earning if the bank were doing well!”

We continue to believe that this short-term mess won’t stop Puerto Rico and Doral from moving forward in efforts to come out of the crisis, as such we are keeping our exposure to Puerto Rico through different investments, including our much bigger stake in Spanish Broadcasting Systems (SBSA) who owns 5 leading radio stations in Puerto Rico, Mega TV signal, and SBS entertainment division I the island but we are hedging our bets by immediately postponing future investments there from our affiliates and partners in Silicon Valley, Europe and Latin America until Puerto Rico regains lost credibility.

 

At the time of the filing, we are one of the largest shareholders of Doral Financial owning over 6% of the Company’s common stock.

Item 5.  Interest in Securities of the Issuer

(a)

As indicated in the Form 10K , filed by the Company with the Securities and Exchange Commission As of  March 12, 2014, there were 6,648,396 shares of common stock.

(b)

As of the date of this Schedule 13D: the Attiva Reporting person owns 1,818 shares of  Common Stock, the Bluestone Reporting Person owns 5,600 shares of  Common Stock, the Antonio Tomasello Reporting Person owns 375,664 shares of Common Stock and the David Tomasello Reporting Person owns 18,798 shares of  Common Stock. In the aggregate, this represents 401,880 shares of the Company’s Common Stock, which is approximately 6.04 % of the total shares of the Company’s Common Stock calculated in accordance with Rule 13d-3 promulgated under the Securities Act of 1934

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Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

As indicated in Item 5(b), the Attiva Reporting Person has granted David Tomasello, managing partner of the Attiva Reporting Person, the sole power to vote or direct the vote of  1,818  shares of the Company’s  Common Stock.  The Bluestone Reporting Person has granted  David Tomasello, Managing Director of Bluestone , the sole power to vote or direct the vote of 5,600 shares of the Company’s Common Stock.  The Antonio Tomasello Reporting Person has granted  David Tomasello, son of the Antonio Tomasello Reporting Person, the sole power to vote or direct the vote of 401,880 shares of the Company’s  Common Stock.

There are no contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Issuer, other than those disclosed in the present filing.

Item 7.  Material to Be Filed as Exhibits.

None

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Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 30, 2014

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 30, 2014

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 30, 2014

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 30, 2014