| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
DORAL FINANCIAL CORP [ DRL ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 09/13/2007 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock | 09/13/2007 | J(1) | 191,355(4) | D | (1) | 48,221,343(4) | I | See Footnote(2) | ||
| Common Stock | 09/13/2007 | J(1) | 191,355(4) | A | (1) | 48,412,698(4) | I | See Footnote(3) | ||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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| Explanation of Responses: |
| 1. On September 13, 2007, Doral Holdings Delaware, LLC transferred 191,355 shares of common stock of the Issuer to Doral Strategic Co-Investment, L.P. in exchange for an aggregate amount of $2,535,522.78, which represented the sum of the initial purchase price paid by Doral Holdings Delaware, LLC for the shares, plus expenses related to such purchase, plus an amount calculated at the rate of 1.5% per month from July 19, 2007 to the date of such transfer of the shares of common stock. |
| 2. Following the reported transaction, 48,221,343 shares of common stock are owned directly by Doral Holdings Delaware, LLC. Doral Holdings, L.P. is the managing director of Doral Holdings Delaware, LLC and Doral GP Ltd. is the general partner of Doral Holdings, L.P. Accordingly, each of Doral Holdings, L.P. and Doral GP Ltd. may be deemed to be an indirect beneficial owner of the shares of common stock owned directly by Doral Holdings Delaware, LLC. Each of Doral Holdings, L.P. and Doral GP Ltd. disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein. |
| 3. Following the reported transaction, 191,355 shares of common stock are owned directly by Doral Strategic Co-Investment, L.P. Doral GP Ltd. is the general partner of Doral Strategic Co-Investment, L.P. Accordingly, Doral GP Ltd. may be deemed to be an indirect beneficial owner of the shares of common stock owned directly by Doral Strategic Co-Investment, L.P. Doral GP Ltd. disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein. |
| 4. The share numbers reported herein reflect a 1-for-20 reverse stock split effective August 17, 2007. |
| DORAL GP LTD. By: /s/ David E. King, director | 09/13/2007 | |
| DORAL HOLDINGS DELAWARE, LLC By: Doral Holdings, L.P., its managing member, By: Doral GP Ltd., its general partner. By: /s/ David E. King, director | 09/13/2007 | |
| DORAL HOLDINGS, L.P. By: Doral GP Ltd., its general partner, By: /s/ David E. King, director | 09/13/2007 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||