Tannenbaum, Greenwood increase stake in Ocwen to 6.59%

By Angela McDaniels

Tacoma, Wash., May 22 - Ocwen Financial Corp. investors led by Steven Tannenbaum and Greenwood Investments, Inc. purchased 346,800 shares of the company's stock between March 12 and May 9.

The shares were priced from $4.07 to $6.17 each, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors also purchased $4 million of the company's 3.25% contingent convertible senior unsecured notes.

Including shares underlying the convertibles, the investors own 4,130,277 shares, or 6.59%, of the company's common stock.

On March 11, Ocwen announced that it was unable to reach a definitive agreement with a group of investors led by chief executive officer William C. Erbey that had proposed taking the company private for $7.00 per share.

As a result, the investor group terminated discussions with Ocwen.

An investor group that included Greenwood Investments had called the proposal "opportunistic and inappropriate" and said it planned to vote against the deal.

Ocwen is a West Palm Beach, Fla.-based business process outsourcing provider to the financial services industry that specializes in loan servicing, mortgage fulfillment and receivables management services.

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