UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 2)
Ocwen Financial Corporation
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(Name of Issuer)
Common Stock, $.01 Par Value
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(Title of Class of Securities)
675746 10 1
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(CUSIP Number)
Barry N. Wish
1661 Worthington Road, Suite 100
West Palm Beach, Florida 33409
(561) 682-8000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
May 9, 2006
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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(e), 13d-1(f) or 13d-1(g), check the following box
9.
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 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 (the "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).
(Continued on following pages)
Page 1 of 10 Pages
SCHEDULE 13D
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CUSIP No. 889050 10 0 Page 2 of 10 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
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*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER 272,495
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 6,857,324
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 272,495
REPORTING ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 6,857,324
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,129,819
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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)
11.3%
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14 TYPE OF REPORTING PERSON*
IN
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Page 2 of 10 Pages
SCHEDULE 13D
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CUSIP No. 889050 10 0 Page 3 of 10 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
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*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 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 0
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 6,465,384
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 6,465,384
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,465,384
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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)
10.2%
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14 TYPE OF REPORTING PERSON*
CO
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Page 3 of 10 Pages
SCHEDULE 13D
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CUSIP No. 889050 10 0 Page 4 of 10 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
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*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 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 0
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 351,940
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 351,940
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
351,940
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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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Page 4 of 10 Pages
SCHEDULE 13D
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CUSIP No. 889050 10 0 Page 5 of 10 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
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*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 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 0
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 351,940
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 351,940
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
351,940
--------------------------------------------------------------------------------
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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Page 5 of 10 Pages
SCHEDULE 13D
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CUSIP No. 889050 10 0 Page 6 of 10 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
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*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 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 0
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 40,000
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 40,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
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14 TYPE OF REPORTING PERSON*
CO
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Page 6 of 10 Pages
Item 1. Security and Issuer
-------------------
The securities as to which this Amendment No. 2 to 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 1661 Worthington Road, Suite 100,
West Palm Beach, Florida 33409.
Item 2. Identity and Background
-----------------------
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 1661 Worthington Road, Suite 100, West
Palm Beach, Florida 33409. The address of Wishco, BNW Partners, BNW, Inc. and
the Foundation is 1661 Worthington Road, Suite 100, West Palm Beach, Florida
33409.
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 that makes
gifts to a wide variety of charities.
None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
None of the Reporting Persons has, 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 are 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 citizen of the United States.
Item 5. Interest in Securities of the Issuer
------------------------------------
(a)-(b) As of March 31, 2006, 63,396,645 shares of Common Stock were
outstanding. Subsequent to the transactions described in Item 5(c) below, Mr.
Wish beneficially owns 7,129,819 shares of Common Stock of the Issuer, which
represent approximately 11.3% of the outstanding shares of Common Stock. Such
amount includes 272,495 shares held directly by Mr. Wish for which he has sole
voting and dispositive power, 6,465,384 shares held by Wishco, with whom Mr.
Wish shares voting and dispositive power, 351,940 shares held by BNW Partners,
with whom Mr. Wish and BNW, Inc. share voting and dispositive power, and 40,000
shares held by the Foundation, with whom Mr. Wish shares voting and dispositive
power.
Wishco beneficially owns 6,465,384 shares of Common Stock of the
Issuer, which represent approximately 10.2% 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 351,940 shares of Common Stock of the
Issuer, which represent approximately 0.6% of the outstanding shares of Common
Stock. BNW, Inc. and Mr. Wish share voting and dispositive power over such
Page 7 of 10 Pages
shares. The Foundation beneficially owns 40,000 shares of Common Stock of the
Issuer, which represent 0.1% of the outstanding shares of Common Stock. As a
director of the Foundation, Mr. Wish shares voting and dispositive power over
such shares.
(c) During the past 60 days, the Reporting Persons have engaged in
transactions in the Common Stock as set forth below.
Reporting Number of Price Per Source of
Date Person Transaction Shares Share Funds
------- ---------- ----------- --------- --------- ----------
1. 3/13/06 Wishco Disposition 1,000 $9.884 N/A
2. 3/14/06 Wishco Disposition 1,000 $9.941 N/A
3. 3/15/06 Wishco Disposition 1,000 $9.938 N/A
4. 3/16/06 Wishco Disposition 1,000 $9.939 N/A
5. 3/17/06 Wishco Disposition 1,000 $9.857 N/A
6. 3/20/06 Wishco Disposition 1,000 $9.743 N/A
7. 3/21/06 Wishco Disposition 1,000 $9.690 N/A
8. 3/21/06 Foundation Disposition 1,000 $9.650 N/A
9. 3/22/06 Wishco Disposition 1,000 $9.550 N/A
10. 3/23/06 Wishco Disposition 1,000 $9.754 N/A
11. 3/24/06 Wishco Disposition 1,000 $9.971 N/A
12. 3/27/06 Wishco Disposition 1,000 $10.003 N/A
13. 3/28/06 Wishco Disposition 1,000 $10.066 N/A
14. 3/29/06 Wishco Disposition 1,000 $10.132 N/A
15. 3/30/06 Wishco Disposition 1,000 $10.155 N/A
16. 3/31/06 Wishco Disposition 1,000 $10.161 N/A
17. 4/3/06 Wishco Disposition 1,000 $10.147 N/A
18. 4/4/06 Wishco Disposition 1,000 $10.008 N/A
19. 4/5/06 Wishco Disposition 1,000 $10.000 N/A
20. 4/6/06 Wishco Disposition 1,000 $10.205 N/A
21. 4/7/06 Wishco Disposition 1,000 $10.291 N/A
22. 4/10/06 Wishco Disposition 1,000 $10.408 N/A
23. 4/10/06 Foundation Disposition 1,000 $10.408 N/A
24. 4/11/06 Wishco Disposition 1,000 $10.430 N/A
25. 4/12/06 Wishco Disposition 1,000 $10.490 N/A
26. 4/13/06 Wishco Disposition 1,000 $10.459 N/A
27. 4/17/06 Wishco Disposition 1,000 $10.532 N/A
28. 4/18/06 Wishco Disposition 1,000 $10.580 N/A
29. 4/19/06 Wishco Disposition 1,000 $10.670 N/A
30. 4/20/06 Wishco Disposition 1,000 $10.770 N/A
31. 4/21/06 Wishco Disposition 1,000 $10.810 N/A
32. 4/24/06 Wishco Disposition 1,000 $10.750 N/A
33. 4/25/06 Wishco Disposition 1,000 $10.721 N/A
34. 4/26/06 Wishco Disposition 1,000 $10.820 N/A
35. 4/27/06 Wishco Disposition 1,000 $11.012 N/A
36. 4/27/06 Foundation Disposition 1,000 $11.012 N/A
37. 4/28/06 Wishco Disposition 1,000 $11.160 N/A
38. 5/1/06 Wishco Disposition 1,000 $11.100 N/A
39. 5/2/06 Wishco Disposition 1,000 $11.030 N/A
40. 5/3/06 Wishco Disposition 1,000 $11.010 N/A
41. 5/4/06 Wishco Disposition 1,000 $11.200 N/A
42. 5/5/06 Wishco Disposition 1,000 $11.530 N/A
43. 5/5/06 Wishco Disposition 1,000,000 $11.000 N/A
44. 5/8/06 Wishco Disposition 1,000 $11.450 N/A
45. 5/9/06 Wishco Disposition 1,000 $11.560 N/A
46. 5/9/06 Foundation Disposition 1,000 $11.560 N/A
47. 5/10/06 Wishco Disposition 1,000 $11.520 N/A
Page 8 of 10 Pages
Item 7. Material to be Filed as Exhibits
--------------------------------
The following exhibits are included as exhibits to this Schedule:
1. The Stock Repurchase Agreement between Wishco, Inc. and Ocwen
Financial Corporation, dated as of May 5, 2006.
2. The joint filing agreement among the Reporting Persons is
included on the signature page.
Page 9 of 10 Pages
Signature
---------
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.
Date: May 9, 2006
/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
Page 10 of 10 Pages