Seeking Alpha

Ocwen buys back portion of Wilbur Ross' stake

  • Ross converted 100K of his 162K shares of preferred stock into common, and Ocwen (OCN) immediately repurchased for about $158.7M. Ross became an owner of a sizable chunk of Ocwen after the company purchased his Homeward Residential about one year ago.
  • To facilitate the purchase, Ocwen amended its loan facility agreement to allow purchases of preferred stock as well as up to $1.5B of common shares.
  • Ross: "The sale was made strictly for portfolio management reasons and does not reflect any change in our enthusiasm for Ocwen and its management, or my continuing role on the Ocwen Board of Directors."
  • Press release.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio: