-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HGMBm43+wQcT/7BzlcooqZTwV90CUGzedHtXmlheRP9iSRh5Bbsz/wVWsGYuw70Y W1n/BI4kKN6w9L1CGm5oHQ== 0000950134-02-015562.txt : 20021213 0000950134-02-015562.hdr.sgml : 20021213 20021213110249 ACCESSION NUMBER: 0000950134-02-015562 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20021213 GROUP MEMBERS: DAVID EINHORN GROUP MEMBERS: JEFFREY A KESWIN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NEW CENTURY FINANCIAL CORP CENTRAL INDEX KEY: 0001036075 STANDARD INDUSTRIAL CLASSIFICATION: MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162] IRS NUMBER: 330683629 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-53469 FILM NUMBER: 02856536 BUSINESS ADDRESS: STREET 1: 18400 VON KARMAN STREET 2: SUITE 1000 CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 7148637243 MAIL ADDRESS: STREET 1: 18400 VON KARMAN STREET 2: SUITE 1000 CITY: IRWINE STATE: CA ZIP: 92612 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GREENLIGHT CAPITAL LLC CENTRAL INDEX KEY: 0001040272 IRS NUMBER: 133886851 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 420 LEXINGTON AVE SUITE 875 CITY: NEW YORK STATE: NY ZIP: 10170 BUSINESS PHONE: 2129731900 MAIL ADDRESS: STREET 1: 420 LEXINGTON AVENUE STREET 2: SUITE 875 CITY: NEW YORK STATE: NY ZIP: 10170 SC 13D 1 d01992sc13d.txt SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (Rule 13d-101) Under the Securities Exchange Act of 1934 NEW CENTURY FINANCIAL CORPORATION - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $0.01 par value per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 64352D101 - -------------------------------------------------------------------------------- (CUSIP NUMBER) GREENLIGHT CAPITAL, L.L.C. 420 Lexington Avenue, Suite 1740 New York, New York 10170 Tel. No.: (212) 973-1900 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) - with copies to - Eliot D. Raffkind Akin, Gump, Strauss, Hauer & Feld, L.L.P. 1700 Pacific Avenue, Suite 4100 Dallas, Texas 75201-4618 (214) 969-2800 November 8, 2002 - -------------------------------------------------------------------------------- (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 [ ] 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, as amended (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. Page 1 of 10 CUSIP No. 64352D101 13D - -------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Greenlight Capital, L.L.C. - -------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------- ----------------------------------------------------------------- 3 SEC USE ONLY - -------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------- ----------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 1,695,500 BENEFICIALLY ------- --------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 0 REPORTING ------- --------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 1,695,500 ------- --------------------------------- 10 SHARED DISPOSITIVE POWER 0 - -------------- ----------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,695,500 - -------------- ----------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.8% - -------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------- ----------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Page 2 of 10 CUSIP No. 64352D101 13D - -------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) David Einhorn - -------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------- ----------------------------------------------------------------- 3 SEC USE ONLY - -------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------- ----------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 1,695,500 BENEFICIALLY ------- --------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 0 REPORTING ------- --------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 1,695,500 ------- --------------------------------- 10 SHARED DISPOSITIVE POWER 0 - -------------- ----------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,695,500 - -------------- ----------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.8% - -------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------- ----------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Page 3 of 10 CUSIP No. 64352D101 13D 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey A. Keswin - -------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------- ----------------------------------------------------------------- 3 SEC USE ONLY - -------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------- ----------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 1,695,500 BENEFICIALLY ------- --------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 0 REPORTING ------- --------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 1,695,500 ------- --------------------------------- 10 SHARED DISPOSITIVE POWER 0 - -------------- ----------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,695,500 - -------------- ----------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.8% - -------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------- ----------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Page 4 of 10 SCHEDULE 13D This Schedule 13D (the "Schedule 13D") is being filed on behalf of Greenlight Capital, L.L.C., a Delaware limited liability company ("Greenlight") and Mr. David Einhorn and Mr. Jeffrey A. Keswin, the principals of Greenlight, relating to shares of common stock of New Century Financial Corporation, a Delaware corporation (the "Issuer"). This Schedule 13D relates to shares of common stock of the Issuer ("Common Stock") issuable to Greenlight Capital, L.P. ("Greenlight Fund"), of which Greenlight is the general partner, Greenlight Capital Offshore, Ltd. ("Greenlight Offshore"), for whom Greenlight acts as investment advisor, and Greenlight Capital Qualified, L.P. ("Greenlight Qualified"), of which Greenlight is the general partner. ITEM 1. SECURITY AND ISSUER Securities acquired: Shares of Common Stock, par value $0.01 per share Issuer: New Century Financial Corporation 18400 Von Karman, Suite 1000 Irvine, California 92612 ITEM 2. IDENTITY AND BACKGROUND (a) This statement is filed by: (i) Greenlight Capital, L.L.C., a Delaware limited liability company ("Greenlight"), (ii) Mr. David Einhorn and (iii) Mr. Jeffrey A. Keswin, the principals of Greenlight (the "Principals"). (b) The business address of Greenlight and the Principals is 420 Lexington Avenue, Suite 1740, New York, NY 10170. (c) Greenlight provides investment management services to private individuals and institutions. The principal occupation of both Mr. Einhorn and Mr. Keswin is investment management. (d) None of Greenlight and the Principals have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) None of Greenlight and the Principals have, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is 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 finding any violation with respect to such laws. (f) Greenlight is a Delaware limited liability company. Mr. David Einhorn and Mr. Jeffrey A. Keswin are both United States citizens Page 5 of 10 ITEM 3. SOURCE AND AMOUNT OF FUNDS As of December 11, 2002, Greenlight had invested (i) $4,167,055 through Greenlight Fund, (ii) $12,818,860 through Greenlight Qualified, and (iii) $16,403,143 through Greenlight. The above amounts include any commissions incurred in making the investments. The source of these funds was the working capital of each of Greenlight Fund, Greenlight Offshore and Greenlight Qualified, as the case may be. ITEM 4. PURPOSE OF THE TRANSACTION Greenlight, Mr. Einhorn and Mr. Keswin acquired shares of Common Stock for portfolio investment purposes. Greenlight, Mr. Einhorn and Mr. Keswin reserve the right to acquire, or dispose of, additional securities of the Issuer, in the ordinary course of business, to the extent deemed advisable in light of Greenlight's general investment and trading policies, market conditions, the availability of shares of Common Stock or other factors. Greenlight, Mr. Einhorn and Mr. Keswin hope to work with the Issuer's management and board of directors to identify and pursue opportunities to increase the value of the Shares. Except as disclosed above, none of the reporting persons have any plans or proposals of the type described in (a)-(j) of Item 4. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) As of December 11, 2002, Greenlight, Mr. Einhorn and Mr. Keswin beneficially own 1,695,500 shares of Common Stock of the Issuer, which represents 6.8% of the Issuer's outstanding shares of Common Stock, which such percentage was calculated by dividing (i) the 1,695,500 shares of Common Stock beneficially owned by Greenlight, Mr. Einhorn and Mr. Keswin as of the date hereof, by (ii) 24,929,463 shares of Common Stock outstanding as of October 31, 2002, based upon the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2002. (b) Greenlight, Mr. Einhorn and Mr. Keswin for the account of each of Greenlight Fund, Greenlight Offshore and Greenlight Qualified have the power to vote and dispose of the shares of Common Stock held by each such entity. The filing of this statement on Schedule 13D shall not be construed as an admission that Greenlight, Mr. Einhorn or Mr. Keswin is for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any of the 1,695,500 shares of Common Stock owned by Greenlight Fund, Greenlight Offshore or Greenlight Qualified. Pursuant to Rule 13d-4, Greenlight, Mr. Einhorn and Mr. Keswin disclaim all such beneficial ownership. (c) The transactions in the Issuer's securities by Greenlight during the last sixty days are listed as Annex A attached hereto and made a part hereof. (d) Not Applicable. Page 6 of 10 (e) Not Applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER Not Applicable. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 1 Joint Filing Agreement dated December 12, 2002, among Greenlight, Mr. Einhorn and Mr. Keswin. Page 7 of 10 ANNEX A
Transaction Buy/Sell Quantity Price per Date (shares) Share ($) - ------------------------------- ---------------------------- ---------------------------- ---------------------------- 10/16/02 Buy 30,000 19.00 11/01/02 Buy 45,000 20.91 11/07/02 Buy 370,000 20.56 11/08/02 Buy 392,000 20.54 12/04/02 Buy 60,000 20.17 12/05/02 Buy 101,000 20.25 12/06/02 Buy 57,000 20.70 12/09/02 Buy 100,700 21.48 12/10/02 Buy 72,400 21.89 12/11/02 Buy 4,400 22.02
Page 8 of 10 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: December 12, 2002 GREENLIGHT CAPITAL, L.L.C. By: /s/ JEFFREY A. KESWIN ----------------------------------- JEFFREY A. KESWIN, Managing Member /s/ DAVID EINHORN -------------------------------------------- David Einhorn /s/ JEFFREY A. KESWIN -------------------------------------------- Jeffrey A. Keswin Page 9 of 10 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION ------- ----------- 1 Joint Filing Agreement dated December 12, 2002, among Greenlight, Mr. Einhorn and Mr. Keswin.
Page 10 of 10 EX-1 3 d01992exv1.txt JOINT FILING AGREEMENT DATED DECEMBER 12, 2002 EXHIBIT 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including any and all amendments thereto) with respect to the Common Stock, par value $0.01 per share, of New Century Financial Corporation, and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings. The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13D and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate. This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument. IN WITNESS WHEREOF, the undersigned have executed this Agreement as of December 12, 2002. GREENLIGHT CAPITAL, L.L.C. By: /s/ JEFFREY A. KESWIN -------------------------------------------- JEFFREY A. KESWIN, Managing Member /s/ DAVID EINHORN ----------------------------------------------------- David Einhorn /s/ JEFFREY A. KESWIN ----------------------------------------------------- Jeffrey A. Keswin -----END PRIVACY-ENHANCED MESSAGE-----