SEC Form 4 · accession 0001140361-16-073036
ONITY GROUP INC. · ONIT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
William C Erbey
10% Owner
Period of report
Jul 20, 2016
Accepted (ET)
Jul 22, 2016 · 11:10 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000873860
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | May 12, 2016 | J | 2,440,000 | $0.00 | D | 0 | I | By Caritas Partners, LLC |
| Common StockF1 | May 12, 2016 | J | 2,440,000 | $0.00 | A | 7,849,704 | I | By Munus, L.P. |
| Common Stock | holding | — | — | — | 69,805 | D | ||
| Common Stock | holding | — | — | — | 1,000,000 | I | By Salt Pond Holdings, LLC | |
| Common Stock | holding | — | — | — | 9,020,852 | I | By Tribue Limited Partnership |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Call Options (obligation to sell)F2 | $8.00 | Jul 15, 2016 | E | 1 | D | Dec 29, 2015 | Jul 15, 2016 | Common Stock | 300,000 | 0 | I |
| Call Options (obligation to sell)F2 | $8.00 | Jul 15, 2016 | E | 1 | D | Dec 29, 2015 | Jul 15, 2016 | Common Stock | 300,000 | 0 | I |
| Call Options (obligation to sell)F3 | $2.50 | Jul 20, 2016 | S | 20,000 | D | Jul 20, 2016 | Jan 19, 2018 | Common Stock | 2,000,000 | 20,000 | I |
| Call Options (obligation to sell)F3 | $2.50 | Jul 20, 2016 | S | 20,000 | D | Jul 20, 2016 | Jan 19, 2018 | Common Stock | 2,000,000 | 20,000 | I |
Explanation of responses
- F1On May 12, 2016, 2,440,000 shares of Ocwen Financial Corp ("Ocwen") were transferred from Caritas Partners, LLC to Munus, L.P. This change in the form of Mr. Erbey's ownership did not change his pecuniary interest in the shares of Ocwen.
- F2On July 15, 2016, two call options previously written by Mr. Erbey via his holdings in Tribue Limited Partnership ("Tribue") expired out of the money.
- F3Option transaction entered into by Tribue in which Salt Pond Holdings, LLC (56.2% of which is owned by Mr. Erbey, 24.5% of which is owned by the Frederiksted Trust, a U.S. Virgin Islands Trust, and 19.3% of which is owned by Erbey Holding Corporation, Inc., a corporation wholly-owned by Mr. Erbey) has a 90% preferred limited partner interest and a 9.9% common limited partner interest and Mr. Erbey has a 0.1% general partner interest.