<PAGE> 1
THIS REPORT HAS BEEN FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION
VIA EDGAR
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / CHECK THIS BOX IF NO LONGER
SUBJECT TO SECTION 16. FORM 4 OR
FORM 5 OBLIGATIONS MAY CONTINUE.
SEE INSTRUCTION 1(b).
FILED PURSUANT TO SECTION 16(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
SECTION 17(a) OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 OR
SECTION 20(f) OF THE INVESTMENT COMPANY ACT OF 1940
Commission File Number 000-24747
C Y G N E T F I N A N C I A L C O R P O R A T I O N
(Exact name of registrant as specified in its charter)
Delaware 86-0917503
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
2525 E. Camelback Road,
Suite 1150
Phoenix, Arizona 85016
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (602) 522-3100
<PAGE> 2
1. NAME AND ADDRESS OF REPORTING PERSON*:
ERIC J. SPLAVER
2525 E. Camelback Rd., Suite 1150
Phoenix, Arizona 85016
2. ISSUER NAME AND TICKER OR TRADING SYMBOL:
CYGNET FINANCIAL CORPORATION/CGNTR
3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY):
4. STATEMENT FOR MONTH/YEAR: 9/98
5. IF AMENDMENT, DATE OF ORIGINAL (MONTH/YEAR):
6. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
DIRECTOR
X OFFICER Chief Financial Officer 10% OWNER OTHER
7. INDIVIDUAL OR JOINT/GROUP FILING (CHECK APPLICABLE LINE)
X FORM FILED BY ONE REPORTING PERSON
<TABLE>
<CAPTION>
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. TITLE OF 2. TRANS- 3. TRANS- 4. SECURITIES ACQUIRED (A) 5. AMOUNT OF 6. OWNER- 7. NATURE OF
SECURITY ACTION ACTION OR DISPOSED OF (D) SECURITIES SHIP INDIRECT
DATE CODE (INSTR. 3, 4 AND 5) BENEFICIALLY FORM: BENEFICIAL
(INSTR. 8) OWNED AT DIRECT OWNER-
END OF MONTH (D) OR SHIP
INDIRECT
(MONTH/ (I)
DAY/ (A) OR
YEAR) CODE V AMOUNT (D) PRICE (INSTR. 3 AND 4) (INSTR. 4) (INSTR. 4)
NONE
* If the form is filed by more than one reporting person, see Instruction 4(b)(v). Reminder: Report on
a separate line for each class of securities beneficially owned directly or indirectly.
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount 8. Price
Security sion or action action Derivative cisable and of Underlying of
(Instr. 3) Exercise Date Code Securities Ac- Expiration Securities Deriv-
Price of (Month/ (Instr. 8) quired (A) or Date (Instr. 3 and 4) ative
Deriv- Day/ Disposed of (D) (Month/Day/ Secur-
ative Year) (Instr. 3, 4, Year) ity
Security and 5) (Instr. 5)
-----------------------------------
Date Expira- Amount or
-------------------------- Exer- tion Title Number of
Code V (A) (D) cisable Date Shares
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9/1/98- Common
Rights+ $7.00 9/21/98 P 5,000 9/21/98 9/21/98 Stock 5,000 $.02
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<CAPTION>
<S> <C> <C> <C>
1. Title of Derivative 9. Number of 10. Ownership 11. Nature of
Security Derivative Form of Indirect
(Instr. 3) Securities Derivative Beneficial
Beneficially Security: Ownership
Owned at End Direct (D) (Instr. 4)
of Month or Indirect (I)
(Instr. 4) (Instr. 4)
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Rights+ 5,000 D
</TABLE>
Explanation of Responses:
+ Acquired these additional Rights to purchase Cygnet common stocks in the
open market on or about 9/21/98. On or about 9/25/98 the Cygnet Rights offering
and related Cygnet common stock issuance was terminated by the Cygnet Board of
Directors. Excluded from the Rights' total reported in this Form 4 are
approximately 9,460 Rights which the Reporting Person acquired as a result of
being a shareholder of Ugly Duckling Corporation ("UDC") via a 1 for 4 (1 Right
of Cygnet for every 4 shares of common stock of UDC) grant of Rights. These
Rights, were part of a pro rata grant to all holders of common stock of UDC.
(See Rule 16a-9).
1) Power-of-attorney form included with and part of the filing hereto.
Eric J. Splaver
/s/ Judith A. Boyle 10/7/98 SEE FOLLOWING
- ------------------------------ -------- POWER OF ATTORNEY
**Signature of Reporting Person Date
By: Judith A. Boyle
Attorney-In-Fact 1)
**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.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
<PAGE> 4
POWER OF ATTORNEY
(E. SPLAVER)
I hereby appoint Steven P. Johnson, Judith A. Boyle and Steven D. Pidgeon,
and each of them, attorney-in-fact for me, each with full power of substitution,
to prepare, execute and deliver on my behalf reports required to be filed by me
pursuant to Section 16 of the Securities Exchange Act of 1934, as amended
("Section 16"), and Rule 144 and Rule 145 under the Securities Act of 1933
(singly or collectively ("Rule 144")). Among other things, each attorney-in-fact
is authorized to file original reports (either electronically or otherwise),
signed by me or on my behalf, on Forms 3, 4 and 5, and Form 144 with the
Securities and Exchange Commission, and to provide any necessary copies of such
signed forms to The NASDAQ Stock Market and Cygnet Financial Corporation as
required by the rules under Section 16 and Rule 144 as in effect from time to
time.
This power of attorney is effective from the date hereof until September 1,
1999, unless earlier revoked or terminated.
/s/ Eric J. Splaver
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Eric J. Splaver
Dated: August 3, 1998
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