SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
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)
March 21, 1997
(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 7,100,000 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 7,100,000 shares
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,100,000
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
{ }
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.2%
14. TYPE OF REPORTING PERSON*
IN (both reporting persons are individuals)
Schedule 13D Amendment No. 1 dated April 4, 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:
3021 Citrus Circle, Suite 150
Walnut Creek, California 94598
ITEM 2 -- Identity and background
a. Name: Jose Maria Salema Garcao and Maria Luisa Garcao
b. Residence or Business Address:
Quinta 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 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 make further 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: 7,100,000 (of which 4,100,000 represents
warrants)
Percentage Ownership of Class: 28.2%
b. Shares of Sole Power to Vote: Jose Maria Salema Garcao has sole
power to vote the 7,100,000 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
7,100,000 shares
c. Purchases during the last 60 days:
On March 21, 1997 Jose Maria Salema Garcao purchased
1,000,000 shares of the Company's Common Stock at an average
per share price of $0.60. The purchase was effected via a
privately negotiated transaction. On the same date Jose Maria
Salema Garcao and the Company entered into an agreement
whereby Mr. Garcao was granted Common Stock Purchase Warrants,
each with a 5-year term, as
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follows: a warrant to purchase up to 200,000 Common shares at
$1.50 per share; up to 200,000 Common shares at $2.00 per
share; and up to 200,000 Common shares at $2.50 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.
April 14, 1997 /s/ Jose Maria Salema Garcao
----------------------------
Jose Maria Salema Garcao
April 14, 1997 /s/ Maria Luisa Garcao
----------------------
Maria Luisa Garcao
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