By the looks of this Ocwen doesn't plan on changing!

CEO-led group bids to buy Ocwen

From: http://www.bizjournals.com/southflorida/stories/2008/01/14/daily14.html

An investor group led by Ocwen Financial Corp. Chairman and Chief Executive Officer William C. Erbey wants to buy all of the company's outstanding shares for $7 each, Ocwen said.
The group includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
The letter says the deal would be financed by equity from investment funds managed by the group and equity investments by Erbey, other members of Ocwen's senior management team and certain other existing shareholders of the company, as well as about $150 million of debt or other financing to be used to repurchase the company's debt obligations.
Erbey would remain chairman and CEO of Ocwen (NYSE: OCN) and said he expects senior leadership would stay.
Erbey beneficially owns about 19.7 million shares - a 31 percent stake in the company - a filing with the Securities and Exchange Commission shows.
Ocwen said its board has formed a special committee of independent directors to consider the proposal and has hired Evercore Group as an independent financial adviser to assist with the review.
Shares closed up $2.13 to $6.11. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.

Moody's reviewing Ocwen debt

Moody's Investor Service said the chief executive officer-led buyout of Ocwen Financial Corp. led it to place all of the company's ratings on review with direction uncertain.
The investor group -- which includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P -- wants to buy all of Ocwen's (NYSE: OCN) outstanding shares for $7 each. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
Moody's said its review will focus on how the proposed acquisition would change Ocwen's capital structure. The ratings agency said, given its initial review of the transaction, Ocwen's debt could decline and its credit profile could improve if the buyout takes place. However, Moody's said the possibility that the company could receive and consider other offers brings an added uncertainty to the ultimate capital structure of the company.
Moody's also said it will evaluate the terms and structure of the transaction. It noted that there are "change of control" provisions in the junior subordinated debentures due 2027 -- rated "Caa1" -- that allow the holders of the securities to require the company to repurchase the debentures.
All of Moody's ratings for Ocwen's debt are below investment grade. It holds a "B2" rating for its senior unsecured shelf debt; a "Caa1" rating for its junior subordinated shelf, backed preferred shelf debt, and backed preferred stock; and a "Caa2" rating for its preferred shelf debt.
Shares closed up 7 cents to $6.16. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.