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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)
Barry N. Wish
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
Barry N. Wish
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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 1,002
PERSON WITH -------------------------------------------------------
8 SHARED VOTING POWER
5,053,450
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9 SOLE DISPOSITIVE POWER
1,002
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10 SHARED DISPOSITIVE POWER
5,053,450
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,054,452
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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)
16.7%
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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
Wishco, Inc.
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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*
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 SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH ----------------------------------------------------------
8 SHARED VOTING POWER
4,807,480
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
4,807,480
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,807,480
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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)
15.9%
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14 TYPE OF REPORTING PERSON*
CO
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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
BNW 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*
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 SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH -------------------------------------------------------
8 SHARED VOTING POWER
175,970
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
175,970
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
175,970
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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)
0.6%
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14 TYPE OF REPORTING PERSON*
P
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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
BNW, Inc.
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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*
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 SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH ------------------------------------------------------
8 SHARED VOTING POWER
175,970
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
175,970
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
175,970
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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)
0.6%
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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
Barry Wish Family Foundation, Inc.
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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*
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 SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH ------------------------------------------------------
8 SHARED VOTING POWER
70,000
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
70,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,000
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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)
0.2%
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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 Barry N. Wish, Wishco, Inc., a Delaware
corporation controlled by Mr. Wish pursuant to his ownership of 93.0% of the
common stock thereto ("Wishco"), BNW Partners, a Delaware partnership of which
the partners are Mr. Wish and BNW, Inc., a Delaware corporation wholly owned by
Mr. Wish, and the Barry Wish Family Foundation, Inc., a charitable foundation of
which Mr. Wish is a director ("Foundation") (collectively, the "Reporting
Persons").
Mr. Wish's business address is 1675 Palm Beach Lakes Boulevard, West
Palm Beach, Florida 33401. The address of Wishco, BNW Partners and BNW, Inc. is
c/o Simon Masters Sidlow, 2002 West 14th Street, Wilmington, Delaware 19806 and
the address of the Foundation is 115 Via La Sclva, Palm Beach, Florida 33480.
Mr. Wish is the Chairman, Emeritus and a director of the Issuer. Wishco
is a holding company. BNW Partners is a general partnership formed for the
investment of securities and BNW, Inc. is an S corporation formed for the
investment of securities. The Foundation is a charitable foundation which makes
gifts to a wide variety of charities.
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. Wish is a United States citizens.
Item 3. Source and Amount of Funds or Other Consideration
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On September 9, 1996, the Issuer loaned Mr. Wish funds to exercise
vested stock options to purchase 175,970 shares of Common Stock. Mr. Wish issued
a note to the Issuer in the amount of $423,000, which bears interest at 10.5%
per annum, is payable in two 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. Wish, on the same
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CUSIP No. 675746 10 1 13D Page 8 of 11 Pages
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terms, up to $112,000 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 of Common Stock, Wishco
acquired its shares of Common Stock in March 1988, 957,570 of which were sold in
the Issuer's initial public offering on September 30, 1996. Mr. Wish was granted
667 and 335 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. Wish is presently the Chairman, Emeritus of the Board and a
director of the Issuer. Mr. Wish 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. Wish 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. Wish beneficially owns 5,055,792 shares of Common Stock of the
Issuer which represents approximately 16.7% of the outstanding shares of Common
Stock. Such amount includes 2,342 shares which are held directly by Mr. Wish for
which he has sole voting and dispositive power, 4,807,480 shares held by Wishco,
with whom Mr. Wish shares voting and dispositive power, 175,970 held by BNW
Partners, with whom Mr. Wish and BNW, Inc. share voting and dispositive power,
and 70,000 shares held by the Foundation, with whom Mr. Wish shares voting and
dispositive power.
Wishco beneficially owns 4,807,480 shares of Common Stock of the Issuer
which represents approximately 15.9% of the outstanding shares of Common Stock.
Wishco shares voting and dispositive power over such shares with Mr. Wish who is
the controlling stockholder of Wishco.
BNW Partners beneficially owns 175,970 shares of Common Stock of the
Issuer which represents approximately 0.6% of the outstanding shares of Common
Stock. BNW, Inc. and Mr. Wish share voting and dispositive power over such
shares.
The Foundation beneficially owns 70,000 shares of Common Stock of the
Issuer which represents approximately 0.2% of the outstanding shares of Common
Stock. Mr. Wish as a director of the Foundation shares voting and dispositive
power over such shares.
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 the Issuer's stock benefit plans. Mr. Wish is the
Chairman, Emeritus and a director 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. Wish 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/ Barry N. Wish
---------------------------
Barry N. Wish
WISHCO, INC.
By: /s/ Barry N. Wish
----------------------
Barry N. Wish
BNW PARTNERS
By: /s/ Barry N. Wish
----------------------
Barry N. Wish
BNW, INC.
By: /s/Barry N. Wish
----------------------
Barry N. Wish
BARRY WISH FAMILY
FOUNDATION, INC.
By: /s/ Barry N. Wish
----------------------
Barry N. Wish