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)
Harold D. Price
2450 Presidential Way, #1806
West Palm Beach, Florida 33401
(561) 686-5109
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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 10 Pages
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CUSIP No. 675746 10 1 13D Page 2 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Harold D. Price
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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
981,928
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
981,928
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
981,928
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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)
3.2%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 675746 10 1 13D Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
HAP Investment Partnership
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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
791,390
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
791,390
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
791,390
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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)
2.6%
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14 TYPE OF REPORTING PERSON*
PN
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CUSIP No. 675746 10 1 13D Page 4 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Annette Price
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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
791,390
-------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
791,390
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
791,390
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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)
2.6%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 675746 10 1 13D Page 5 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Harold Price Nominee Partnership
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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
Massachusetts
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH ----------------------------------------------------------
8 SHARED VOTING POWER
190,538
----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
190,538
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
190,538
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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*
PN
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CUSIP No. 675746 10 1 13D Page 6 of 10 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 Harold D. Price, his spouse Annette Price,
the Harold Price Nominee Partnership, a Massachusetts partnership ("Nominee
Partnership"), and HAP Investment Partnership, a Delaware partnership
("HAP")(collectively, the "Reporting Persons").
The partners of HAP are Mr. and Mrs. Price.
The partners of the Nominee Partnership are Mr. Price, his children,
Ronald Price and Sheryl Rothberg, and his grandchildren, Melissa Price, Jennifer
L. Price, Michelle L. Rothberg and David Rothberg.
Mr. and Mrs. Price's business address is 2450 Presidential Way, #1806,
West Palm Beach, Florida 33401. The business address of HAP is 657 Quarry
Street, Fall River, Massachusetts 02723. The business address of the Nominee
Partnership is 657 Quarry Street, Fall River, Massachusetts 02723.
Mr. Price is a retired executive of a garment manufacturer. Mrs. Price
is a housewife. HAP is an investment partnership for the investment of
securities. The Nominee Partnership is a partnership formed to act as nominee
for various trusts established for the benefit of Mr. Price's family members.
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. Price are United States citizens.
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CUSIP No. 675746 10 1 13D Page 7 of 10 Pages
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Item 3. Source and Amount of Funds or Other Consideration
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Prior to the Issuer's initial public offering, Mr. Price acquired
611,490 shares of Common Stock in March 1988 as nominee for various trusts for
the benefit of members of his family which were transferred to the Nominee
Partnership (327,552 shares were sold in the Issuer's initial public offering).
HAP acquired 1,436,990 shares of Common Stock from Mr. Price in December 1994.
Item 4. Purpose of Transaction
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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 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.
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. Price previously beneficially owned 1,720,928 shares of Common
Stock of the Issuer. Mr. Price currently beneficially owns 981,928 shares of
Common Stock of the Issuer, which represents approximately 3.2% of the
outstanding shares of Common Stock. Such amount includes 190,538 shares which
are held by the Nominee Partnership as nominee for various trusts for the
benefit of members of his family for which Mr. Price shares voting and
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CUSIP No. 675746 10 1 13D Page 8 of 10 Pages
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dispositive power with such partnership, and 791,390 shares held by HAP for
which Mr. Price shares voting and dispositive power with Mrs. Price.
HAP beneficially owns 791,390 shares of Common Stock of the Issuer
which represents approximately 2.6% of the outstanding shares of Common Stock.
Such shares are also deemed to be beneficially owned by the partners of HAP,
which are Mr. and Mrs. Price, with whom voting and dispositive power is shared.
HAP has sold 645,600 shares of Common Stock of the Issuer on the
following dates and terms:
Price Net of
Number of Settlement Commissions
Shares Trade Date Date Gross Price and Expenses
--------- ---------- ---------- --------------- --------------
100 09/05/97 09/12/97 $ 4,375.00 $ 4,371.85
4,800 09/08/97 09/25/97 210,000.00 209,849.00
16,600 09/12/97 09/25/97 722,725.82 722,203.72
90,800 09/05/97 09/25/97 3,966,661.56 3,963,805.33
30,600 09/30/97 10/03/97 1,286,524.98 1,284,646.09
6,000 10/01/97 10/06/97 253,500.00 253,131.55
85,000 10/02/97 10/07/97 3,633,750.00 3,628,528.87
156,900 10/03/97 10/08/97 6,865,473.30 6,855,830.45
254,800 10/06/97 10/09/97 11,419,065.84 11,403,397.20
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CUSIP No. 675746 10 1 13D Page 9 of 10 Pages
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The Nominee Partnership has sold 93,400 shares of Common Stock of the
Issuer on the following dates and terms:
Price Net of
Number of Trade Settlement Commissions
Shares Date Date Gross Price and Expenses
--------- ----- ---------- ----------- ------------
5,000 08/28/97 09/03/97 $ 211,875.00 $ 211,567.93
2,100 08/29/97 09/04/97 89,775.00 89,646.00
20,900 09/02/97 09/05/97 893,961.97 892,678.17
22,000 09/03/97 09/08/97 847,500.40 946,148.81
43,400 09/04/97 09/09/97 1,894,687.76 1,892,020.60
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.
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 10 of 10 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/ Harold D. Price
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Harold D. Price
/s/ Annette Price
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Annette Price
HAP INVESTMENT PARTNERSHIP
By: /s/ Harold D. Price
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Harold D. Price
HAROLD PRICE NOMINEE PARTNERSHIP
By: /s/ Harold D. Price
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Harold D. Price
