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Per a 13G filed with the SEC due to portfolio activity on August 6th, 2010, Eric Mindich's hedge fund Eton Park Capital has disclosed a new position. Eton Park has revealed a 7.52% ownership stake in Doral Financial Corporation (NYSE:DRL) with 8,444,354 shares. However, this percentage is based on the current amount of shares outstanding. Realistically, Doral will have more shares outstanding due to conversion of "mandatorily convertible non-cumulative non-voting preferred stock". So if you were to base the figure on the anticipated number of shares outstanding, Eton Park would own a 6.63% stake.

Breaking down the position at Mindich's hedge fund, we see that they own 3,827,091 shares of common stock and then 21,932 shares of preferred stock which will convert into 4,617,263 additional common shares. All in all, this is a newly disclosed position as it did not appear in our past coverage of Eton Park's portfolio. Mindich founded Eton Park after being named the youngest partner in Goldman Sachs (NYSE:GS) history at age 27. He launched with $3 billion in 2004, one of the largest hedge fund launches ever. Mindich's hedge fund is primarily arbitrage focused and we've detailed some of their previous new positions as well.

Doral Financial Corporation is "a bank holding company. Doral Financial’s operations are principally conducted in Puerto Rico. The Company also operates in the New York City metropolitan area. Doral Financial manages its business through three operating segments: banking (including thrift operations), mortgage banking and insurance agency."

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Source: Eric Mindich's Eton Park Discloses New Doral Financial Position