Sec Form 13G Filing - COOPERMAN LEON G filing for ONITY GROUP INC (ONIT) - 2021-01-21

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)*

 
OCWEN FINANCIAL CORPORATION
(Name of Issuer)
 
Common Stock, par value $0.01 per share
(Title of Class of Securities)
 
675746309
(CUSIP Number)
 
January 15, 2021
(Date of Event Which Requires Filing of this Statement)
 
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
☐
Rule 13d-1(b)
 
 
☑
Rule 13d-1(c)
 
 
☐
Rule 13d-1(d)
 
 *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 the disclosures provided in a prior cover page.

The information required in 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).



 
 
CUSIP No.
675746309
 
Page 2 of 5
 
 
1
NAME OF REPORTING PERSONS
 
 
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
 
 
LEON G. COOPERMAN
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
 
 
(b) ☒
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
United States
 
 
 
 
NUMBER OF SHARES
BENEFICIALLY OWNED
BY EACH REPORTING
PERSON WITH
5
SOLE VOTING POWER
 
 
779,037
 
 
 
 
6
SHARED VOTING POWER
 
 
-0-
 
 
 
 
7
SOLE DISPOSITIVE POWER
 
 
779,037
 
 
 
 
8
SHARED DISPOSITIVE POWER
 
 
-0-
 
 
 
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
779,037
 
 
 
 
10
CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES
 
 
☐
 
 
 
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 
 
9.0%
 
 
 
 
12
TYPE OF REPORTING PERSON
 
 
IN
 
 
 
 
 


CUSIP No.
675746309
 
Page 3 of 5


Item 1(a).
Name of Issuer:

OCWEN FINANCIAL CORPORATION
Item 1(b).
Address of Issuer’s Principal Executive Offices:

1661 Worthington Road, Suite 100, West Palm Beach, Florida 33409
Item 2(a).
Name of Person Filing:

This statement is filed on behalf of Leon G. Cooperman (“Mr. Cooperman”). Mr. Cooperman is engaged in, among other activities, investing for his own account. Mr. Cooperman is the Managing Member of Omega Associates, L.L.C. (“Associates”), a limited liability company organized under the laws of the State of Delaware. Associates is a private investment firm formed to invest in and act as general partner of investment partnerships or similar investment vehicles. Associates is the general partner of a limited partnership organized under the laws of Delaware known as Omega Capital Partners, L.P. (“Capital LP”), a private investment firm comprised of Cooperman family funds engaged in the purchase and sale of securities for investment for its own account.
 
Mr. Cooperman is the ultimate controlling person of Associates and Capital LP. The principal business office of Associates and Capital LP is 810 Seventh Avenue, 33rd floor, New York, New York 10019.
 
Mr. Cooperman is married to an individual named Toby Cooperman, and has an adult son named Michael S. Cooperman. Mr. Cooperman has investment authority over the Shares held by Toby Cooperman and Michael S. Cooperman.
Item 2(b).
Address of Principal Business Office or, if None, Residence:

St. Andrews Country Club, 7118 Melrose Castle Lane, Boca Raton, FL 33496
Item 2(c).
Citizenship:

United States
 
 
Item 2(d).
Title of Class of Securities:

Common Stock, par value $0.01 per share (the “Shares”)
 
 
Item 2(e).
CUSIP Number:

675746309
 
 
CUSIP No. 
675746309
 
Page 4 of 5
 
Item 3.
If this Statement is Filed Pursuant to Sections 240.13d-1(b), or 240.13d-2(b) or (c);

This Item 3 is inapplicable.
 
 
Item 4.
Ownership.
 
 
(a)(b)
Amount beneficially owned and percent of Class:

Mr. Cooperman may be deemed the beneficial owner of 779,037 Shares, which constitutes approximately 9.0% of the total number of Shares outstanding, calculated based on the 8,683,994 Shares issued and outstanding as of October 30, 2020, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2020. This consists of 645,702 Shares owned by Capital LP; 66,667 Shares owned by Mr. Cooperman; 33,334 Shares owned by Toby Cooperman; and 33,334 Shares owned by Michael S. Cooperman.

The 779,037 Shares beneficially owned by Mr. Cooperman reflect the 1-for-15 reverse stock split of the Issuer's common stock which became effective on August 13, 2020.
 
 
(c)
Number of shares as to which such person has:
 
 
(i)
Sole power to vote or to direct the vote

779,037
 
 
(ii)
Shared power to vote or to direct the vote

0
 
 
(iii)
Sole power to dispose or to direct the disposition of

779,037
 
 
(iv)
Shared power to dispose or to direct the disposition of

0
 
 
CUSIP No. 
675746309
 
Page 5 of 5
 
Item 5.
Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ☐
 
 
Item 6.
Ownership of More than Five Percent on Behalf of Another Person.

This Item 6 is not applicable.

Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

This Item 7 is not applicable.
Item 8.
Identification and Classification of Members of the Group.

This Item 8 is not applicable.

Item 9.
Notice of Dissolution of Group.

This Item 9 is not applicable.

Item 10.
Certification.
 
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 
DATED: January 21, 2021
 
LEON G. COOPERMAN
 
By: /s/ Edward Levy           
Edward Levy
Attorney-in-Fact
Duly authorized under POA effective as of August 10, 2016 and filed on August 12, 2016.

* Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).