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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
FINET HOLDINGS CORPORATION
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(Name of Issuer)
Common Stock, $.01 Par Value Per Share
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(Title of Class of Securities)
317922300
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(CUSIP Number)
February 16, 1999
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(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
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).
Page 1 of 6 Pages
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CUSIP No. 317922300 13G Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cumberland Associates LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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5 SOLE VOTING POWER
5,710,001
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NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 5,710,001
WITH
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,710,001
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.23%
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12 TYPE OF REPORTING PERSON*
OO, IA
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*SEE INSTRUCTION BEFORE FILLING OUT!
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Item 1(a) Name of Issuer:
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Finet Holdings Corporation (the "Issuer")
Item 1(b) Address of Issuer's Principal Executive Offices:
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3021 Citrus Circle
Walnut Creek, California 94598
Items 2(a) Name of Person Filing:
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This statement is being filed by Cumberland Associates LLC.
Cumberland Associates LLC is a limited liability company
organized under the laws of the State of New York, and is engaged
in the business of managing, on a discretionary basis, thirteen
securities accounts (the "Accounts"), the principal one of which
is Cumberland Partners. K. Tucker Andersen, Gary Tynes, Oscar S.
Schafer, Bruce G. Wilcox, Glenn Krevlin, Andrew Wallach and
Eleanor Poppe are the members (the "Members") of Cumberland
Associates LLC.
Item 2(b) Address of Principal Business Office:
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The address of the principal business and office of Cumberland
Associates LLC and each of the Members is 1114 Avenue of the
Americas, New York, New York 10036.
Item 2(c) Citizenship:
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Cumberland Associates LLC is a New York limited liability
company. Each of the Members is a citizen of the United States.
Item 2(d) Title of Class of Securities:
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Common Stock, par value $.01 per share (the "Shares")
Item 2(e) CUSIP Number:
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317922300
Item 3 Not Applicable
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Item 4. Ownership:
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Item 4(a) Amount Beneficially Owned:
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Page 3 of 6 Pages
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As of the date hereof, Cumberland Associates LLC may be deemed
the beneficial owner of 5,710,001 Shares.
Item 4(b) Percent of Class:
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The number of Shares of which Cumberland Associates LLC may be
deemed to be the beneficial owner constitutes approximately 8.23%
of the total number of Shares outstanding.
Item 4(c) Number of shares as to which such person has:
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(i) Sole power to vote or to direct the vote: 5,710,001
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of:
5,710,001
(iv) Shared power to dispose or to direct the disposition of: 0
Item 5 Ownership of Five Percent or Less of a Class:
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If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
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The beneficial owners of the Accounts have the right to
participate in the receipt of dividends from, or proceeds from
the sale of, the Shares held for each Account in accordance with
their ownership interests in each such Account.
Item 7 Identification and Classification of the
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Subsidiary Which Acquired the Security Being
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Reported on By the Parent Holding Company:
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Not Applicable
Item 8 Identification and Classification of Members of the Group:
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Page 4 of 6 Pages
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Not Applicable
Item 9 Notice of Dissolution of Group:
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Not Applicable
Item 10 Certification:
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By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the Issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 5 of 6 Pages
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SIGNATURE
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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.
Dated: February 16, 1999
CUMBERLAND ASSOCIATES LLC
By: /s/ Bruce G. Wilcox
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Name: Bruce G. Wilcox
Title: Member
Page 6 of 6 Pages