SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)
FINET HOLDINGS CORPORATION
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
(Title of Class of Securities)
317922201
(CUSIP Number)
Roger S. Mertz, Esq.
Severson & Werson
One Embarcadero Center, 26th Floor
San Francisco, CA 94111
(415) 398-3344
(Name, Address and Telephone Number
of Person Authorized to Receive Notices
and Communications)
December 30, 1996
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box { }.
Check the following box if a fee is being paid with the statement { }.
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SCHEDULE 13D
CUSIP No. 317922201
1. NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jose Maria Salema Garcao and Maria Luisa Garcao
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
a { }
b { }
3. SEC USE ONLY
4. SOURCE OF FUNDS*
PF for each reporting person
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
{ }
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Each reporting person has Portuguese citizenship.
NUMBER OF 7. SOLE VOTING POWER
SHARES Jose Salema has sole voting power
over the 5,500,000 shares
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH 9. SOLE DISPOSITIVE POWER
REPORTING None
PERSON WITH 10. SHARED DISPOSITIVE POWER
Jose Maria Salema Garcao and Maria
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Luisa Garcao share the power to
dispose of the 5,500,000 shares
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,500,000
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
{ }
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.3%
14. TYPE OF REPORTING PERSON*
IN (both reporting persons are individuals)
Schedule 13D dated January 10, 1997, filed by Jose Maria Salema Garcao
and Maria Luisa Garcao regarding the Common Stock of Finet Holdings Corporation.
ITEM 1 -- Security and Issuer:
Finet Holdings Corporation
Executive Office Address:
235 Montgomery Street, Suite 750
San Francisco, CA 94104
ITEM 2 -- Identity and background
a. Name: Jose Maria Salema Garcao and Maria Luisa Garcao
b. Residence or Business Address:
Quint Da Marinha
Lote CT-14
2750 Cascais, Portugal
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c. Present principal occupation and name of employer:
Management of joint investment portfolio
d. Criminal Convictions: None
e. Civil Judgments, etc.: None
f. Citizenship: Portugal for both
ITEM 3.-- Source and Amount of Funds or Other Consideration:
Personal Funds
ITEM 4 -- Purpose of Transaction
Each individual reporting person on this Schedule 13D has acquired
beneficial ownership of the securities for investment purposes. As a consequence
of the reporting persons' percentage securities holding, Finet has agreed to
appoint a person chosen by the reporting persons to the Company's Board of
Directors. As of the date hereof, the reporting persons have no present plans or
proposals with respect to any material change in the Company's business or
corporate structure or, generally, any other action referred to in instructions
(a) through (j) of Item 4 of Schedule 13D. Depending on market conditions and
other factors, the reporting persons may continue purchases of the Company's
securities or may sell or otherwise dispose of all or portions of such
securities, if such sales and purchases would be desirable investments.
ITEM 5 -- Interest in Securities of Issuer
a. Number of Shares: 5,500,000 (of which 3,500,000 represents
warrants)
Percentage Ownership of Class: 28.3%
b. Shares of Sole Power to Vote: Jose Maria Salema Garcao has sole
power to vote the 5,500,000 shares
Shares of Joint Power to Vote: 0
Shares of Sole Power to Dispose: 0
Shares of Joint Power to Dispose: Jose Maria Salema Garcao and
Maria Luisa Garcao share the power to dispose of the
5,500,000 shares
c. Purchases during the last 60 days:
On December 16, 1996 Jose Maria Salema Garcao purchased 1,000,000
shares of the Company's Common Stock at an average per share
price of $0.50. The purchase was effected via a privately
negotiated transaction. On the same date
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Jose Maria Salema Garcao and the Company entered into an
agreement whereby Mr. Garcao was granted a warrant to purchase up
to 1,000,000 shares of the Company's Common Stock over a
five-year term at an exercise price of $1.00 per share.
d. Power to Direct: None
e. Not applicable
ITEM 6 -- Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
The persons reporting on this Schedule 13D are related to each other by
marriage. Besides the shared power to dispose of the Company's securities owned
by them and otherwise as set forth in this statement, to the best knowledge of
the undersigned, there are no contracts, arrangements, understandings or
relationships (legal or otherwise) among or between the reporting persons, or
between any of the reporting persons and any other person with respect to any
securities of the Company, including but not limited to transfer or voting of
any of the securities of the Company.
ITEM 7 -- Material to Be Filed as Exhibits.
None.
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.
January 10, 1997 /s/ Jose Maria Salema Garcao
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Date Jose Maria Salema Garcao
January 10, 1997 /s/ Maria Luisa Garcao
- ---------------- -----------------------
Date Maria Luisa Garcao
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