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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
New Century Financial Corp
(Name of Issuer)
Common Stock
(Title of Class of Securities)
64352D101
(CUSIP Number)
Carolyn S. Reiser, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
November 30, 1999
(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(e), 13d-1(f) or 13d-1(g), check
the following box /X/.
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
* 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 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).
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 control number.
SEC 1746 (10-97)
<PAGE>
CUSIP No. 64352D101 Page 2 of 22 Pages
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1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Vincent Andrew Carrino
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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*
AF, 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 of America
--------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 158,800
BENEFICIALLY -------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 6,820,391
REPORTING -------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 158,800
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,820,391
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,979,191
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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)
47.4%
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14 TYPE OF REPORTING PERSON*
IN
<PAGE>
CUSIP No. 64352D101 Page 3 of 22 Pages
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1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Brookhaven Capital Management, LLC
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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*
AF
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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
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 6,820,391
REPORTING -------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,820,391
--------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,820,391
--------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
46.4%
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14 TYPE OF REPORTING PERSON*
OO, IA
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CUSIP No. 64352D101 Page 4 of 22 Pages
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1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Watershed Partners, L.P.
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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 SOURCE OF FUNDS*
WC
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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 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,761,807
REPORTING -------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,761,807
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,761,807
--------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.4%
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14 TYPE OF REPORTING PERSON*
PN
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CUSIP No. 64352D101 Page 5 of 22 Pages
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1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Watershed (Cayman) Ltd.
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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 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------
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
Cayman Islands
--------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 897,683
REPORTING -------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
897,683
--------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
897,683
--------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
--------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
<PAGE>
CUSIP No. 64352D101 Page 6 of 22 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of New
Century Financial Corp. (the "Issuer"). The principal executive office of
the Issuer is located at 18400 Von Karman, Suite 1000, Irvine, CA 92612.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and
controlling persons, and the information regarding them, are as follows:
(a) Brookhaven Capital Management Co., LLC ("LLC"), Watershed
Partners, L.P. ("Watershed"), Watershed (Cayman) Ltd. ("Cayman") and
Vincent Andrew Carrino ("Carrino") (collectively, the "Filers").
(b) The business address of LLC, Watershed and Carrino is 3000
Sandhill Road, Building 3, Suite 105, Menlo Park, CA 94025. The business
address of Cayman is c/o Hemisphere Management Limited, Hemisphere House, 9
Church Street, Hamilton HM11, Bermuda.
(c) Carrino is the manager and principal member of LLC and the sole
director of Cayman. LLC is an investment advisory firm that is the general
partner of Watershed and the investment adviser to Cayman. Watershed is
an investment limited partnership. Cayman is a Cayman Islands investment
company.
(d) During the last five years, none of the Filers has been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of the Filers was a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was 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 finding any violation with respect to such laws.
(f) Carrino is a citizen of the United States of America. Watershed
is a Delaware limited partnership. Cayman is a Cayman Islands company.
LLC is a California limited liability company.
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CUSIP No. 64352D101 Page 7 of 22 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as
follows:
Purchaser Source of Funds Amount
LLC* Funds under Management $75,649,581.26
Watershed Working Capital $53,801,083.63
Cayman Working Capital $10,354,895.65
Carrino Personal Funds $ 294,840.00
Carrino Other $ 1,002,493.00
* Includes Stock held by Watershed and Cayman
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the purchase of the Stock reported herein was and is
for investment. Other than as described below, none of the Filers has any
present plans or proposals that relate to, or would result in, any
transaction or event described in Item 4 of Schedule 13D. The Filers may
decide to purchase additional shares of the Stock at any time and may
dispose of shares of the Stock at any time in any lawful manner. None of
the Filers has any present plans or intentions to acquire or dispose of any
Stock other than for the purpose of investment.
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CUSIP No. 64352D101 Page 8 of 22 Pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock by each Filer at the date hereof is
reflected on that Filer's cover page. The Filers have effected the
following open market transactions in the Stock since September 30, 1999:
Purchase Number Price
Name or Sale Date of Shares per Share
LLC P 09/30/1999 5,000 17.5535
Watershed P 09/30/1999 1,000 17.5
Watershed P 09/30/1999 10,000 17.5535
Watershed P 09/30/1999 13,000 17.5284
Watershed P 09/30/1999 5,000 17.375
Watershed P 09/30/1999 1,100 17.5
LLC P 09/30/1999 8,000 17.625
LLC P 09/30/1999 5,000 17.625
Cayman P 09/30/1999 7,200 17.5535
Cayman P 09/30/1999 10,000 17.5
Watershed P 10/04/1999 188,000 17.125
LLC P 10/04/1999 20,000 17.125
Cayman S 10/04/1999 50,000 17.125
LLC S 10/04/1999 156,000 17.125
Watershed P 10/05/1999 50,000 17.125
Watershed P 10/05/1999 5,000 17.3538
Cayman S 10/05/1999 15,000 17.125
LLC S 10/05/1999 35,000 17.125
Watershed P 10/06/1999 2,500 17.6875
Watershed P 10/07/1999 2,000 17.5
LLC P 10/08/1999 500 16.9375
Watershed P 10/12/1999 14,500 14.7091
Watershed P 10/12/1999 52,000 14.5
Watershed P 10/12/1999 10,000 14.85
Watershed P 10/12/1999 15,000 14.8125
Watershed P 10/12/1999 11,200 14.4766
LLC S 10/12/1999 36,000 14.9375
Cayman P 10/12/1999 36,000 14.9375
Cayman S 10/12/1999 52,000 14.5
LLC P 10/28/1999 7,000 14.1827
LLC P 10/28/1999 6,000 14.1827
LLC P 10/29/1999 2,000 13.75
Watershed S 10/29/1999 200 13.6875
LLC P 10/29/1999 1,200 13.73
LLC P 11/04/1999 2,000 14.5344
Watershed P 11/05/1999 5,000 14.625
Watershed P 11/05/1999 5,000 14.5975
LLC P 11/08/1999 3,500 14.625
Watershed P 11/11/1999 2,000 14.375
Watershed P 11/18/1999 2,700 15.1759
Watershed P 11/19/1999 3,000 16.1875
LLC P 11/19/1999 1,200 16.1875
<PAGE>
CUSIP No. 64352D101 Page 9 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
LLC P 11/23/1999 5,000 15.9463
Cayman P 11/24/1999 3,000 15.8938
Watershed P 11/26/1999 1,200 16.1875
Watershed P 11/29/1999 4,000 15.9375
Watershed P 11/29/1999 1,300 15.8702
Watershed S 11/29/1999 500 15.875
LLC P 11/29/1999 2,500 15.75
Watershed P 11/30/1999 4,000 15.5469
LLC P 11/30/1999 10,000 15.5625
LLC P 11/30/1999 9,500 15.6875
LLC P 11/30/1999 13,900 15.7257
Carrino P 12/01/1999 3,000 15.25
LLC S 12/02/1999 15,000 15.375
Cayman P 12/02/1999 25,000 15.375
LLC P 12/02/1999 5,500 15.5
LLC S 12/02/1999 10,000 15.375
LLC S 12/02/1999 5,500 15.5
Watershed P 12/03/1999 10,000 16.085
Watershed P 12/06/1999 25,000 15.625
LLC P 12/06/1999 2,500 15.835
LLC S 12/06/1999 25,000 15.625
Watershed P 12/07/1999 1,500 15.0208
LLC P 12/07/1999 20,000 16.75
Watershed P 12/08/1999 9,000 16.1723
Watershed S 12/08/1999 13,500 16.375
LLC P 12/08/1999 9,500 16.1723
Watershed P 12/10/1999 400 15.5
Watershed P 12/13/1999 1,200 15.5
Watershed P 12/15/1999 3,000 15.2292
Watershed P 12/16/1999 10,000 15.5906
Watershed P 12/17/1999 42,600 15.6948
Watershed S 12/17/1999 42,000 15.6994
Watershed P 12/17/1999 2,000 15.4375
Watershed P 12/20/1999 5,000 15.125
Watershed S 12/20/1999 20,000 15.375
Cayman P 12/20/1999 22,300 15.354
LLC S 12/21/1999 3,000 15.25
Watershed P 12/21/1999 3,000 15.375
Watershed S 12/21/1999 35,000 15.75
LLC P 12/21/1999 3,000 15.375
LLC S 12/21/1999 7,000 15.75
Cayman P 12/21/1999 37,000 15.75
LLC P 12/21/1999 5,000 15.75
Cayman P 12/22/1999 2,500 15.375
Cayman P 12/23/1999 700 15.3125
Cayman P 12/23/1999 3,600 15.4375
<PAGE>
CUSIP No. 64352D101 Page 10 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
LLC P 12/27/1999 3,100 15.3609
Cayman P 12/27/1999 900 15.3609
LLC P 12/28/1999 1,200 15.4375
Watershed P 12/29/1999 2,000 15.5
Cayman P 12/29/1999 2,200 15.5
Watershed P 12/30/1999 10,000 15.5
Cayman P 12/30/1999 10,000 15.5625
Watershed P 01/04/2000 7,500 14.7292
Watershed P 01/06/2000 2,500 13.5
Watershed P 01/10/2000 14,000 13.375
Watershed P 01/11/2000 1,200 13.1979
Watershed P 01/12/2000 2,000 11.9375
Watershed S 01/13/2000 1,000 11.8125
Watershed P 01/13/2000 4,900 11.75
Watershed S 01/13/2000 1,000 12.5
Watershed S 01/13/2000 1,000 13.25
Watershed P 01/14/2000 2,000 13.0625
Watershed P 01/18/2000 4,900 12.75
Watershed P 01/18/2000 10,000 12.3688
Watershed P 01/19/2000 5,500 11.5114
Watershed P 01/19/2000 1,300 11.4423
Watershed P 01/20/2000 500 11.1
Watershed P 01/21/2000 500 10.75
LLC P 01/24/2000 6,000 10.5625
Watershed P 01/25/2000 2,400 10.1042
LLC P 01/25/2000 10,000 10
LLC P 01/25/2000 11,100 9.625
Watershed P 01/26/2000 900 9.125
Watershed P 01/27/2000 9,000 9.4792
Watershed P 01/27/2000 2,100 9.2813
Cayman P 01/27/2000 2,400 9.375
Watershed P 01/28/2000 75,200 9.25
Watershed P 01/28/2000 11,100 9.7117
Watershed P 01/28/2000 2,000 10
Cayman P 01/28/2000 30,000 9.25
Cayman P 01/28/2000 1,700 10
LLC S 01/28/2000 105,200 9.25
Cayman P 01/31/2000 1,600 10.125
Watershed P 02/01/2000 5,000 9.75
Watershed P 02/01/2000 12,300 9.5561
Watershed P 02/02/2000 1,000 11.25
Watershed P 02/02/2000 28,000 10.6014
Watershed P 02/02/2000 1,500 10.5
Cayman P 02/02/2000 12,000 10.6014
Cayman P 02/02/2000 16,000 10.7715
<PAGE>
CUSIP No. 64352D101 Page 11 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
Watershed P 02/03/2000 10,300 10.444
LLC P 02/03/2000 5,000 10.444
Cayman P 02/03/2000 10,100 10.4765
Cayman P 02/03/2000 2,200 10.4375
Watershed P 02/04/2000 5,200 10.4736
Watershed P 02/04/2000 2,000 10.125
Watershed P 02/07/2000 200 10.0625
Watershed P 02/08/2000 2,700 9.6875
Carrino P 02/09/2000 13,000 9.41
Watershed P 02/09/2000 9,300 9.4039
LLC P 02/09/2000 3,000 9.4039
Cayman P 02/09/2000 10,000 9.4039
Watershed P 02/10/2000 8,700 9.324
Watershed S 02/10/2000 32,000 9.5
Cayman P 02/10/2000 32,000 9.5
LLC P 02/11/2000 4,900 8.9885
Cayman P 02/11/2000 7,400 9.0912
LLC P 02/14/2000 4,100 9.8674
Watershed P 02/15/2000 3,100 10.2601
Watershed P 02/15/2000 9,500 10.1586
Cayman P 02/16/2000 22,300 9.6875
Cayman P 02/16/2000 7,200 10.296
Watershed P 02/17/2000 6,800 9.9288
Watershed P 02/18/2000 1,000 10
LLC P 02/22/2000 10,000 9.8331
LLC P 02/22/2000 20,000 9.7813
LLC P 02/23/2000 2,500 9.625
Watershed S 02/28/2000 15,400 9.1672
Cayman P 02/28/2000 24,000 9.2434
Watershed S 02/29/2000 20,000 9.4375
Cayman P 02/29/2000 23,500 9.4229
Watershed P 03/01/2000 1,000 8.25
Watershed P 03/03/2000 40,500 7.3904
LLC S 03/03/2000 38,000 7.375
Carrino P 03/06/2000 3,500 6.73
Carrino P 03/06/2000 600 6.74
Watershed P 03/06/2000 220,000 6.6595
Watershed S 03/06/2000 36,500 6.6566
Watershed S 03/06/2000 900 7.25
Watershed S 03/06/2000 1,000 7.375
Cayman P 03/06/2000 27,100 6.6595
Cayman S 03/06/2000 20,000 6.6566
LLC S 03/06/2000 188,400 6.6566
Carrino P 03/07/2000 5,000 7.50
<PAGE>
CUSIP No. 64352D101 Page 12 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
Carrino P 03/08/2000 5,000 7.54
Watershed P 03/08/2000 1,200 7.625
Watershed P 03/09/2000 10,000 7.5656
Watershed S 03/09/2000 1,000 8
Carrino P 03/10/2000 15,000 7.25
Cayman P 03/10/2000 16,900 7.1376
Carrino P 03/13/2000 12,000 6.56
Carrino P 03/13/2000 3,000 6.57
LLC P 03/13/2000 20,000 6.4965
Watershed P 03/13/2000 10,000 6.4965
Watershed P 03/13/2000 25,000 6.4625
LLC P 03/13/2000 34,750 6.4965
Cayman P 03/13/2000 10,000 6.4965
Cayman P 03/14/2000 12,000 6.6354
Cayman P 03/14/2000 7,500 6.5
Cayman P 03/14/2000 10,000 6.5625
LLC P 03/15/2000 10,800 6.8475
Cayman P 03/15/2000 20,000 6.8475
Cayman P 03/15/2000 15,000 6.6875
Carrino P 03/16/2000 15,000 7.03
Watershed P 03/16/2000 2,300 7.1033
Carrino P 03/17/2000 33,500 6.83
Watershed P 03/17/2000 25,000 6.75
Watershed P 03/17/2000 25,000 6.8197
LLC P 03/17/2000 25,000 6.8197
Cayman P 03/17/2000 27,000 6.8197
LLC P 03/20/2000 25,000 6.89
LLC P 03/20/2000 5,000 6.95
Watershed P 03/20/2000 8,500 6.6544
LLC P 03/20/2000 25,000 6.89
Watershed P 03/21/2000 26,900 7.4858
Watershed P 03/21/2000 25,000 7.2875
Watershed P 03/22/2000 8,500 9.0699
Watershed S 03/22/2000 500 9
LLC P 03/23/2000 7,700 9.2561
Watershed P 03/24/2000 5,900 9.179
Watershed P 03/27/2000 4,000 9.1125
Carrino P 03/28/2000 2,000 9.13
Watershed S 03/28/2000 100 9.5
LLC P 03/28/2000 3,000 9.4507
Cayman P 03/28/2000 7,300 9.4507
Carrino P 03/29/2000 12,700 9.13
Watershed P 03/29/2000 11,100 9.2855
Watershed P 03/30/2000 4,400 9.0625
Cayman P 03/30/2000 5,600 9.3686
Cayman P 03/30/2000 6,500 9.9543
Cayman S 03/30/2000 400 10.25
Cayman S 03/30/2000 600 10.5
<PAGE>
CUSIP No. 64352D101 Page 13 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
Watershed P 03/31/2000 1,500 10
Watershed P 03/31/2000 28,200 9.5904
Watershed P 03/31/2000 20,000 10
Watershed P 04/03/2000 6,000 9
Watershed P 04/03/2000 3,600 9.2057
Watershed P 04/03/2000 2,800 9.25
Watershed P 04/04/2000 500 9.2313
Carrino P 04/05/2000 4,000 8.56
Watershed P 04/05/2000 2,000 8.875
Watershed P 04/06/2000 2,000 8.75
LLC P 04/07/2000 2,000 8.81
LLC P 04/07/2000 25,300 9.0304
Cayman S 04/07/2000 20,000 9
Watershed P 04/11/2000 26,300 8.1948
Cayman P 04/11/2000 5,000 8.25
Carrino P 04/12/2000 17,500 8.00
Watershed P 04/12/2000 39,800 7.5163
Watershed P 04/13/2000 50,000 7.625
Cayman S 04/13/2000 50,000 7.625
LLC P 04/14/2000 4,300 7.5509
Watershed P 04/17/2000 6,000 7.3125
LLC P 04/17/2000 13,500 7.3046
Cayman S 04/17/2000 175,517 9.9374
Watershed P 04/19/2000 5,000 6.9713
Watershed P 04/20/2000 2,900 7.0237
Watershed P 04/24/2000 400 7
Watershed P 04/26/2000 2,000 7
Watershed P 04/28/2000 700 6.875
Watershed P 05/05/2000 1,000 6.5188
LLC P 05/08/2000 700 6.5179
LLC P 05/08/2000 300 6.5625
LLC P 05/09/2000 3,900 6.0897
Watershed P 05/10/2000 25,900 6.0625
LLC S 05/10/2000 50,000 6.125
Cayman S 05/10/2000 24,800 6.0625
Carrino P 05/11/2000 1,800 5.84
LLC P 05/11/2000 7,800 5.9075
Carrino P 05/12/2000 11,000 5.43
LLC P 05/12/2000 11,300 5.43
LLC P 05/12/2000 11,300 6.1999
LLC P 05/12/2000 20,000 5.3438
LLC P 05/12/2000 28,901 5.6356
LLC P 05/15/2000 30,000 7.0211
Watershed P 05/15/2000 17,200 6.8964
LLC P 05/15/2000 27,000 6.8964
Watershed P 05/16/2000 300 7
Watershed P 05/16/2000 3,000 7.5344
<PAGE>
CUSIP No. 64352D101 Page 14 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
Watershed P 05/17/2000 27,500 6.9489
Watershed P 05/17/2000 200 6.875
Watershed P 05/17/2000 24,800 7.2412
LLC P 05/17/2000 7,500 7.8033
LLC P 05/17/2000 38,000 7.75
Cayman S 05/17/2000 2,900 6.7907
Watershed P 05/18/2000 20,000 7.9375
Watershed P 05/18/2000 38,900 7.9578
Watershed P 05/18/2000 1,400 7.625
LLC P 05/18/2000 22,500 8.0669
Cayman S 05/18/2000 20,000 7.9375
Cayman S 05/18/2000 400 7.6875
LLC P 05/19/2000 20,000 8.3006
Watershed P 05/19/2000 20,000 8.3125
Watershed P 05/19/2000 5,000 8.3006
Watershed P 05/19/2000 34,156 8.0964
Watershed P 05/19/2000 25,000 7.75
Watershed P 05/19/2000 4,500 7.6875
LLC P 05/19/2000 5,000 8.3006
Cayman S 05/19/2000 25,000 7.75
Watershed P 05/22/2000 2,000 8.5
Watershed P 05/22/2000 22,300 8.448
Watershed P 05/23/2000 4,500 8.9375
Watershed P 05/23/2000 12,500 8.896
Watershed P 05/23/2000 7,500 8.875
Watershed P 05/24/2000 60,100 8.427
Watershed P 05/24/2000 4,100 8.343
Watershed P 05/25/2000 20,000 8.4375
Watershed P 05/25/2000 22,700 8.5584
Watershed P 05/25/2000 5,000 8.5
Watershed P 05/26/2000 5,000 9.0137
Watershed P 05/26/2000 3,000 8.875
Watershed P 05/26/2000 7,900 8.875
Watershed P 05/26/2000 43,600 8.9216
Watershed P 05/30/2000 29,200 8.9374
Carrino S 05/31/2000 2,700 8.62
Watershed P 05/31/2000 10,000 8.75
Watershed P 05/31/2000 2,700 8.625
Watershed P 05/31/2000 85,500 9.0173
Watershed P 05/31/2000 19,900 9.2021
LLC P 05/31/2000 25,000 9.2021
Watershed P 06/01/2000 13,000 8.8846
Watershed P 06/01/2000 4,500 9.4972
Carrino P 06/02/2000 5,000 9.40
LLC P 06/05/2000 15,000 8.9191
<PAGE>
CUSIP No. 64352D101 Page 15 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
Watershed P 06/05/2000 22,500 8.9069
Watershed P 06/05/2000 24,000 8.9191
Cayman P 06/06/2000 4,500 9.1458
Cayman P 06/06/2000 10,000 8.5625
Watershed P 06/08/2000 2,500 7.625
Watershed P 06/08/2000 9,700 7.7577
Watershed P 06/08/2000 25,000 7.7509
Watershed P 06/09/2000 7,500 6.75
Watershed P 06/09/2000 25,000 6.8324
Watershed P 06/09/2000 6,000 6.5625
Cayman P 06/09/2000 25,300 6.8324
Carrino P 06/12/2000 18,300 6.25
Watershed P 06/12/2000 3,800 6.3125
Watershed P 06/12/2000 13,300 6.4551
Watershed P 06/13/2000 5,000 6.7488
Watershed P 06/13/2000 10,000 6.734
Watershed P 06/13/2000 3,900 6.8622
Carrino P 06/14/2000 7,500 6.52
Watershed P 06/14/2000 15,000 6.9354
Watershed P 06/14/2000 13,500 6.875
Watershed P 06/14/2000 10,100 6.4653
Carrino P 06/15/2000 1,000 6.75
LLC P 06/15/2000 400 7.336
Watershed S 06/15/2000 1,000 6.75
LLC P 06/16/2000 2,100 7.5893
Cayman P 06/19/2000 5,700 7.3958
LLC P 06/20/2000 1,800 7.1649
Watershed S 06/21/2000 9,200 7.4158
Cayman P 06/21/2000 30,000 7.4985
Cayman P 06/21/2000 11,200 7.6602
LLC P 06/22/2000 6,400 7.8975
LLC P 06/22/2000 15,000 7.8941
Cayman P 06/22/2000 15,000 7.8941
Watershed S 06/23/2000 36,100 8.679
Cayman P 06/23/2000 22,000 8.7729
LLC P 06/26/2000 12,500 7.8954
LLC P 06/26/2000 45,000 7.7386
Cayman P 06/26/2000 7,300 7.8954
LLC P 06/27/2000 20,000 7.3234
LLC P 06/27/2000 38,600 7.4151
LLC P 06/28/2000 20,000 7.3169
LLC P 06/28/2000 2,500 7.375
LLC P 06/28/2000 8,500 7.4346
<PAGE>
CUSIP No. 64352D101 Page 16 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
LLC P 06/29/2000 2,000 7.9688
LLC P 06/29/2000 13,000 7.254
LLC P 06/29/2000 25,000 7.9688
LLC P 06/29/2000 2,000 7.254
LLC P 06/29/2000 18,900 7.2774
LLC P 06/29/2000 15,000 7.254
Watershed P 06/30/2000 85,000 8.625
Watershed P 06/30/2000 26,000 8.2906
Watershed P 06/30/2000 45,900 8.5652
LLC P 06/30/2000 25,000 8.5652
Cayman P 06/30/2000 38,100 8.3406
Watershed P 07/03/2000 9,600 7.7549
Watershed P 07/05/2000 27,900 7.8886
Watershed P 07/05/2000 6,000 7.375
LLC S 07/05/2000 2,000 7.375
Watershed P 07/06/2000 6,400 7.666
Watershed P 07/06/2000 7,400 8.0196
Watershed P 07/06/2000 20,000 7.819
Watershed P 07/07/2000 25,000 8.25
Watershed S 07/07/2000 10,000 8.25
Watershed P 07/10/2000 5,000 8.1
Watershed P 07/10/2000 10,000 8.25
Watershed P 07/10/2000 9,700 8.0139
Watershed P 07/11/2000 12,500 8.6803
Watershed S 07/11/2000 1,200 8.7916
Watershed P 07/12/2000 5,300 8.8812
Watershed P 07/13/2000 4,900 8.8731
Watershed P 07/14/2000 3,500 8.9821
Watershed P 07/14/2000 3,700 9.1098
Watershed P 07/17/2000 16,400 9.0259
Watershed P 07/18/2000 13,500 9.0699
Watershed P 07/18/2000 6,900 9.1549
Watershed P 07/19/2000 48,001 9.126
Watershed P 07/19/2000 5,000 8.625
Watershed P 07/19/2000 5,000 9
Watershed P 07/19/2000 2,500 8.625
Watershed P 07/19/2000 10,000 9.3431
Watershed P 07/19/2000 200 8.6875
Watershed P 07/20/2000 13,200 9.7112
Watershed P 07/20/2000 5,000 9.75
Watershed P 07/21/2000 7,700 9.9255
Watershed P 07/21/2000 1,200 9.75
Watershed P 07/24/2000 7,000 10.1134
Cayman P 07/24/2000 4,200 9.744
<PAGE>
CUSIP No. 64352D101 Page 17 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
LLC P 07/25/2000 10,000 10.0638
Watershed P 07/25/2000 8,000 9.9219
LLC P 07/25/2000 10,000 9.9531
LLC P 07/26/2000 8,400 10.9959
Watershed P 07/26/2000 2,200 10.4602
Watershed P 07/26/2000 5,900 10.25
Watershed S 07/26/2000 2,200 10.8295
LLC P 07/26/2000 11,000 10.9886
LLC P 07/26/2000 5,000 10.9959
LLC P 07/26/2000 25,000 10.8615
Watershed P 07/27/2000 10,000 10.25
Watershed P 07/27/2000 17,450 10.5549
Watershed P 07/27/2000 30,000 10.4601
Watershed P 07/27/2000 5,000 10
Watershed P 07/28/2000 16,500 11.1035
Watershed P 07/28/2000 500 10.75
Watershed P 07/28/2000 6,600 11.0019
LLC P 07/31/2000 7,500 11.5993
LLC P 07/31/2000 5,000 11.6344
Watershed P 07/31/2000 17,500 11.6026
Watershed P 07/31/2000 7,500 11.5993
LLC P 07/31/2000 5,000 11.6026
LLC P 07/31/2000 10,000 11.5993
Cayman P 07/31/2000 5,000 11.6344
Cayman P 07/31/2000 6,000 11.4844
Watershed P 08/01/2000 2,500 11.82
Watershed P 08/01/2000 2,000 11.8125
Watershed P 08/02/2000 7,100 11.9621
Watershed P 08/02/2000 16,300 11.7492
Watershed S 08/02/2000 2,000 11.5625
Carrino S 08/03/2000 7,000 12.18
Watershed P 08/03/2000 4,100 11.9634
Watershed P 08/03/2000 1,800 12.0208
Watershed S 08/03/2000 700 12
Watershed S 08/03/2000 1,100 11.875
Watershed P 08/04/2000 4,500 12.6917
Watershed S 08/04/2000 2,400 12.7396
Watershed P 08/07/2000 13,400 12.9482
Cayman P 08/07/2000 10,000 12.8744
Watershed P 08/08/2000 2,600 13.2308
Watershed P 08/09/2000 6,300 13.4167
Watershed P 08/09/2000 4,800 13.2552
<PAGE>
CUSIP No. 64352D101 Page 18 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
Watershed P 08/10/2000 14,200 13.3213
Watershed P 08/10/2000 28,800 13.4894
LLC S 08/10/2000 500 13.5
Cayman P 08/10/2000 10,000 13.8037
Watershed P 08/11/2000 50,000 14.25
Watershed P 08/11/2000 35,000 11.8214
Watershed P 08/11/2000 101,200 12.1296
Watershed S 08/11/2000 5,500 12.9432
LLC P 08/11/2000 15,000 11.3917
LLC P 08/11/2000 19,500 11.7424
Cayman P 08/11/2000 45,000 12.4379
Watershed P 08/14/2000 10,000 12
Watershed P 08/14/2000 15,050 11.6556
Watershed P 08/14/2000 1,000 11.5
Watershed P 08/14/2000 7,500 12
Cayman P 08/14/2000 10,000 11.625
Watershed P 08/15/2000 15,000 11.25
Watershed P 08/15/2000 10,400 11.2169
Watershed P 08/15/2000 93,800 11.2192
Watershed P 08/15/2000 5,000 10.625
Watershed P 08/15/2000 3,000 11.5
Watershed P 08/16/2000 15,000 11.0625
Watershed P 08/16/2000 13,500 11.375
Watershed P 08/16/2000 5,000 11.125
Watershed P 08/16/2000 131,400 11.5675
Watershed P 08/16/2000 1,000 11.25
Watershed S 08/16/2000 15,000 11
Watershed S 08/16/2000 55,700 11.5945
Watershed S 08/16/2000 13,500 11.3125
Watershed P 08/17/2000 52,500 11.6623
Watershed P 08/17/2000 28,300 11.7997
LLC S 08/17/2000 13,100 11.937
Cayman P 08/17/2000 19,100 11.716
LLC P 08/18/2000 2,000 11.97
Watershed P 08/18/2000 4,800 11.6191
Watershed P 08/18/2000 16,500 11.9439
Cayman P 08/18/2000 5,000 11.125
Watershed P 08/21/2000 13,900 12.0572
Watershed P 08/21/2000 2,700 11.875
Watershed P 08/21/2000 3,600 12.0556
Watershed P 08/22/2000 10,000 11.8438
Watershed P 08/22/2000 8,500 11.8515
Watershed P 08/22/2000 4,800 11.8047
Watershed P 08/22/2000 5,000 12
Watershed P 08/23/2000 9,400 11.8511
Watershed P 08/25/2000 1,100 11.6875
<PAGE>
CUSIP No. 64352D101 Page 19 of 22 Pages
Purchase Number Price
Name or Sale Date of Shares per Share
LLC P 08/28/2000 7,500 11.63
Carrino S 08/28/2000 7,500 11.56
Watershed P 08/28/2000 4,000 11.125
Watershed P 08/28/2000 25,300 11.1729
Watershed P 08/28/2000 19,800 11.1983
Cayman P 08/28/2000 6,000 11.3177
Cayman P 08/28/2000 7,500 11.125
Watershed P 08/29/2000 20,000 11.1875
Watershed P 08/29/2000 7,000 10.9848
Watershed P 08/29/2000 10,000 11
Watershed P 08/29/2000 3,400 11.0938
LLC P 08/29/2000 2,500 11.1875
Cayman P 08/29/2000 2,500 11.1875
Cayman P 08/29/2000 10,000 10.9375
Cayman P 08/30/2000 4,300 10.8125
Watershed P 08/31/2000 10,000 11.4375
Watershed P 08/31/2000 7,500 11.0625
LLC P 08/31/2000 40,000 11.3021
Watershed P 08/31/2000 10,000 11.44
Watershed P 08/31/2000 144,000 11.22
Watershed P 08/31/2000 21,800 11.21
Watershed S 09/01/2000 20,000 11.8125
Watershed S 09/01/2000 92,600 11.375
LLC S 09/01/2000 70,000 11.375
LLC P 09/01/2000 10,000 11.5938
LLC P 09/01/2000 1,800 11.5347
Watershed P 09/01/2000 162,600 11.44
Watershed P 09/01/2000 20,000 11.81
Watershed P 09/05/2000 25,700 10.9504
Watershed P 09/05/2000 13,100 11.0138
Watershed P 09/06/2000 8,000 10.9285
<PAGE>
CUSIP No. 64352D101 Page 20 of 22 Pages
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
LLC is a registered investment adviser whose clients, including Watershed
and Cayman, have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the Stock. LLC is the
general partner of Watershed, which is an investment limited partnership.
LLC is the investment adviser to Cayman, which is an investment company.
Carrino is the sole manager and majority member of LLC and the sole
director of Cayman. No single client of LLC, other than Watershed and
Cayman, holds more than 5 percent of the Stock.
Each of the Filers disclaims beneficial ownership of the Stock for purposes
of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, except to
the extent of its pecuniary interest in the Stock.
LLC and Carrino constitute a group as defined in Rule 13d-5(b)(1) under the
Securities Exchange Act of 1934. The other Filers are filing jointly and
disclaim membership in a group.
<PAGE>
CUSIP No. 64352D101 Page 21 of 22 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify
that the information set forth in this statement is true, complete and
correct.
DATED: October 12, 2000
BROOKHAVEN CAPITAL MANAGEMENT, LLC /s/ Vincent A. Carrino
By: /s/ Vincent A. Carrino Vincent A. Carrino
Manager
WATERSHED PARTNERS, L.P. WATERSHED (CAYMAN) LTD.
By: BROOKHAVEN CAPITAL MANAGEMENT, LLC By: /s/ Vincent A. Carrino
General Partner Director
By: /s/ Vincent A. Carrino
Manager
SCHEDULE 13G
CUSIP No. 64352D101
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule
13G (and any amendments or supplements thereto) required under section
13(d) and all reports required under Section 16 of the Securities Exchange
Act of 1934, as amended, in connection with transactions by the undersigned
in securities of New Century Financial Corp. For that purpose, the
undersigned hereby constitute and appoint Brookhaven Capital Management,
LLC, a California limited liability company, as their true and lawful agent
and attorney-in-fact, with full power and authority for and on behalf of
the undersigned to prepare or cause to be prepared, sign, file with the SEC
and furnish to any other person all certificates, instruments, agreements
and documents necessary to comply with section 13(d) and section 16(a) of
the Securities Exchange Act of 1934, as amended, in connection with said
transactions, and to do and perform every act necessary and proper to be
done incident to the exercise of the foregoing power, as fully as the
undersigned might or could do if personally present.
DATED: October 12, 2000
BROOKHAVEN CAPITAL MANAGEMENT, LLC
By: /s/ Vincent A. Carrino /s/ Vincent A. Carrino
Manager Vincent A. Carrino
WATERSHED PARTNERS, L.P.
By: BROOKHAVEN CAPITAL MANAGEMENT, LLC WATERSHED (CAYMAN) LTD.
General Partner By: /s/ Vincent A. Carrino
Director
By: /s/ Vincent A. Carrino
Manager
Page 22 of 22
CSR\4193\016\1116375.01
