SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
OCWEN FINANCIAL CORPORATION
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(NAME OF ISSUER)
COMMON STOCK, $0.01 PAR VALUE PER SHARE
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(TITLE OF CLASS OF SECURITIES)
675746 10 1
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(CUSIP NUMBER)
William C. Erbey
1675 Palm Beach Lakes Boulevard
West Palm Beach, Florida 33401
(561) 681-8000
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(NAME, ADDRESS, TELEPHONE NUMBER OF PERSONS
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
September 25, 1996
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(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 [ ].
Page 1 of 11 Pages
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CUSIP No. 675746 10 1 13D Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
William C. Erbey
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF, SC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO [ ]
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 1,203
PERSON WITH ---------------------------------------------------------
8 SHARED VOTING POWER
9,852,870
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9 SOLE DISPOSITIVE POWER
1,203
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10 SHARED DISPOSITIVE POWER
9,852,870
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,854,073
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.6%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 675746 10 1 13D Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
E. Elaine Erbey
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO [ ]
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH --------------------------------------------------------
8 SHARED VOTING POWER
6,848,790
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,848,790
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,848,790
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.6%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 675746 10 1 13D Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
FF Plaza Partners
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO [ ]
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH ------------------------------------------------------
8 SHARED VOTING POWER
6,848,790
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
6,848,790
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,848,790
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.6%
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14 TYPE OF REPORTING PERSON*
PN
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<PAGE>
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CUSIP No. 675746 10 1 13D Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Delaware Permanent Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO [ ]
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH ------------------------------------------------------
8 SHARED VOTING POWER
6,848,790
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
6,848,790
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,848,790
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.6%
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14 TYPE OF REPORTING PERSON*
CO
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CUSIP No. 675746 10 1 13D Page 6 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Erbey Holding Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO [ ]
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH ------------------------------------------------------
8 SHARED VOTING POWER
3,004,080
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
3,004,080
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,004,080
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
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14 TYPE OF REPORTING PERSON*
CO
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CUSIP No. 675746 10 1 13D Page 7 of 11 Pages
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ITEM 1. SECURITY AND ISSUER
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The securities as to which this Schedule 13D ("Schedule") relate are
the shares of common stock, $0.01 par value per share ("Common Stock"), of Ocwen
Financial Corporation (the "Issuer"). The address of the Issuer's principal
executive office is 1675 Palm Beach Lakes Boulevard, West Palm Beach, Florida
33401.
ITEM 2. IDENTITY AND BACKGROUND
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This Schedule is filed by William C. Erbey, his spouse E. Elaine Erbey,
FF Plaza Partners, a Delaware partnership ("FF Plaza"), Delaware Permanent
Corporation, a Delaware corporation ("Delaware Permanent") and Erbey Holding
Corporation, a Delaware corporation ("Erbey Holding")(collectively, the
"Reporting Persons").
The partners of FF Plaza are Mr. and Mrs. Erbey and Delaware Permanent.
Delaware Permanent and Erbey Holding are wholly owned by Mr. Erbey.
Mr. and Mrs. Erbey's business address is 1675 Palm Beach Lakes
Boulevard, West Palm Beach, Florida 33401. The business address of each of FF
Plaza, Delaware Permanent and Erbey Holding is 2400 Lemoine Avenue, Fort Lee,
New Jersey 07024.
Mr. Erbey is the Chairman of the Board of Directors, President and
Chief Executive Officer of the Issuer. Mrs. Erbey is retired. Each of FF Plaza,
Delaware Permanent and Erbey Holding is a holding company for the investment of
securities.
None of the Reporting Persons have, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
None of the Reporting Persons have, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which they were or is subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or a finding of any
violation with respect to such laws.
Mr. and Mrs. Erbey are United States citizens.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
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On September 6, 1996, the Issuer loaned Mr. Erbey funds to exercise
vested stock options to purchase 924,640 shares of Common Stock. Mr. Erbey
issued notes to the Issuer in the amount of $2.2 million, which bear interest at
10.5% per annum, are payable in two
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CUSIP No. 675746 10 1 13D Page 8 of 11 Pages
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equal installments on March 1, 1998 and March 1, 1999 and is secured by the
related shares of Common Stock. At the same time, the Issuer also agreed to loan
Mr. Erbey, on the same terms, up to $594,000 to fund the payment of additional
taxes owed in connection with the exercise of the stock options. Both of these
loans were subsequently repaid. Prior to the Issuer's initial public offering,
FF Plaza acquired its shares of Common Stock in December 1991 and Erbey Holding
acquired its shares of Common Stock in March 1988. Mr. Erbey was granted 801 and
402 shares of Common Stock in October 1996 and July 1997, respectively, pursuant
to the Company's Directors Stock Plan.
ITEM 4. PURPOSE OF TRANSACTION
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Mr. Erbey is presently the Chairman of the Board, President and Chief
Executive Officer of the Issuer. Mr. Erbey intends to continue to participate in
the management and operations of the Issuer. The Reporting Persons believe that
the shares of Common Stock are an attractive investment and acquired the shares
of Common Stock for investment purposes and not for the purpose of influencing
the management of the Issuer or exercising control.
The Reporting Persons currently have no plans or proposals (excluding
action which may be taken or proposed to be taken by the board of directors of
the Issuer of which Mr. Erbey is a member) which relate to or would result in:
(a) the acquisition by any person of additional securities of the Issuer or the
disposition of securities of the Issuer; (b) an extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving the
Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount
of assets of the Issuer or any of its subsidiaries; (d) any change in the
present board of directors or management of the Issuer, including any plans or
proposals to change the number or term of directors or to fill any existing
vacancies on the board; (e) any material change in the present capitalization or
dividend policy of the Issuer; (f) any other material change in the Issuer's
business or corporate structure; (g) changes in the Issuer's charter, bylaws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person; (h) causing a class of
securities of the Issuer to be delisted from a national securities exchange or
to cease to be authorized to be quoted in an inter-dealer quotation system of a
registered national securities association; (i) a class of equity securities of
the Issuer becoming eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) any action
similar to any of those enumerated above.
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CUSIP No. 675746 10 1 13D Page 9 of 11 Pages
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
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As of September 30, 1997, 30,252,610 shares of Common Stock were
outstanding.
Mr. Erbey beneficially owns 9,854,073 shares of Common Stock of the
Issuer which represents approximately 32.6% of the outstanding shares of Common
Stock. Such amount includes 1,203 shares which are held directly by Mr. Erbey
for which he has sole voting and dispositive power, 6,848,790 shares held by FF
Plaza for which Mr. Erbey shares voting and dispositive power with Mrs. Erbey
and Delaware Permanent, and 3,004,080 shares held by Erbey Holding, with whom
Mr. Erbey shares voting and dispositive power.
FF Plaza beneficially owns 6,848,790 shares of Common Stock of the
Issuer which represents approximately 22.6% of the outstanding shares of Common
Stock. Such shares are also deemed to be beneficially owned by the partners of
FF Plaza, Mr. and Mrs. Erbey and Delaware Permanent, among which voting and
dispositive power is shared.
Erbey Holding beneficially owns 3,004,080 shares of Common Stock of the
Issuer which represents approximately 9.9% of the outstanding shares of Common
Stock. Erbey Holding shares voting and dispositive power over such shares with
Mr. Erbey who owns all of the outstanding stock of Erbey Holding.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
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None of the Reporting Persons is a party to any contract, arrangement,
understanding or relationship (legal or otherwise) with respect to any
securities of the Issuer, other than the note described in Item 3 above and
agreements pertaining to issuances pursaunt to the Issuer's stock benefit plans.
Mr. Erbey is the Chairman of the Board, President and Chief Executive Officer of
the Issuer and has in the past and intends in the future to exercise his vote
and to serve the Issuer in an independent manner, and to vote his shares of
Common Stock individually and not pursuant to any understanding, arrangement or
agreement with any other persons. Mr. Erbey may be granted stock options or
stock in the future pursuant to the Issuer's stock benefit plans.
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CUSIP No. 675746 10 1 13D Page 10 of 11 Pages
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
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The following exhibits are included as exhibits to this Schedule:
The joint filing agreement among the Reporting Persons is included on
the signature page.
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CUSIP No. 675746 10 1 13D Page 11 of 11 Pages
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SIGNATURES
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned certify that the information set forth in this
Statement on Schedule 13D is true, complete and correct.
The undersigned hereby agree that this Statement on Schedule 13D filed
on or about this date with respect to the beneficial ownership of shares of
Common Stock of Ocwen Financial Corporation is being filed jointly on behalf of
each of the persons and entities named below.
October 29, 1997
/s/ WILLIAM C. ERBEY
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William C. Erbey
/s/ E. ELAINE ERBEY
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E. Elaine Erbey
FF PLAZA PARTNERS
By: /s/ WILLIAM C. ERBEY
---------------------------
William C. Erbey
DELAWARE PERMANENT CORPORATION
By: /s/ WILLIAM C. ERBEY
---------------------------
William C. Erbey
ERBEY HOLDING CORPORATION
By: /s/ WILLIAM C. ERBEY
---------------------------
William C. Erbey
