sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(A)
(Amendment No. )(1)
Origen Financial, Inc.
----------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
-----------------------------
(Title of Class of Securities)
68619E208
---------
(CUSIP Number)
JEREMY MINDICH
c/o Scopia Capital LLC
450 Seventh Avenue
New York, New York 10123
(212) 370-0303
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 20, 2006
----------------
(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 that 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 / /.
NOTE. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. SEE Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 24 Pages)
----------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on 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 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, SEE the
NOTES).
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 2 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOPIA PARTNERS LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
BENEFICIALLY 101,224
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
101,224
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
101,224
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 3 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOPIA PARTNERS QP LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
BENEFICIALLY 287,500
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
287,500
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
287,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 4 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOPIA PX LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
BENEFICIALLY 1,237,212
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,237,212
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,237,212
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 5 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOPIA LONG LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
BENEFICIALLY 52,394
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
52,394
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
52,394
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 6 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOPIA INTERNATIONAL LIMITED
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 348,465
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
348,465
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
348,465
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 7 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOPIA PX INTERNATIONAL LIMITED
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 506,680
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
506,680
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
506,680
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 8 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOPIA MANAGEMENT INC.
--------------------------------------------------------------------------------
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
NEW YORK
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,533,475
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,533,475
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,533,475
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 9 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOPIA CAPITAL LLC
--------------------------------------------------------------------------------
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
BENEFICIALLY 1,678,330
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,678,330
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,678,330
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 10 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MATTHEW SIROVICH
--------------------------------------------------------------------------------
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
BENEFICIALLY 2,533,475
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,533,475
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,533,475
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 11 of 24 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JEREMY MINDICH
--------------------------------------------------------------------------------
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
BENEFICIALLY 2,533,475
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,533,475
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,533,475
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 12 of 24 Pages
---------------------- ----------------------
The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
Item 1. SECURITY AND ISSUER.
(a) Class of Securities: Common Stock, $0.01 par value (the "Common
Stock").
(b) Issuer: Origen Financial, Inc. (the "Issuer"). The address of the
principal executive offices of the Issuer is 27777 Franklin Road, Suite
1700, Southfield MI 48034.
Item 2. IDENTITY AND BACKGROUND.
(a-c and f) The persons filing this statement are Scopia
Partners LLC, a Delaware limited liability company ("Scopia Partners"), Scopia
Partners QP LLC, a Delaware limited liability company ("Scopia QP"), Scopia PX
LLC, a Delaware limited liability company ("Scopia PX"), Scopia Long LLC, a
Delaware limited liability company ("Scopia Long" and together with Scopia
Partners, Scopia QP, Scopia PX, the "Scopia Domestic Funds"), Scopia
International Limited, a Bermuda exempt mutual fund company ("Scopia
International"), Scopia PX International Limited, a Bermuda exempt mutual fund
company ("Scopia PX International" and together with Scopia International, the
"Scopia Foreign Funds"), Scopia Management Inc. ("Scopia Management"), a New
York corporation, Scopia Capital, LLC, a Delaware limited liability company
("Scopia Capital"), Matthew Sirovich, a citizen of the United States of America,
and Jeremy Mindich, a citizen of the United States of America. Scopia Partners,
Scopia QP, Scopia PX, Scopia Long, Scopia International, Scopia PX
International, Scopia Management, Scopia Capital, Matthew Sirovich and Jeremy
Mindich are each referred to herein individually as a Reporting Person and
collectively as the Reporting Persons. The principal business address of each of
the Scopia Partners, Scopia QP, Scopia PX, Scopia Long, Scopia Management,
Scopia Capital, Matthew Sirovich and Jeremy Mindich is 450 Seventh Avenue, New
York, New York 10123. The principal business address of each of the Scopia
Foreign Funds is c/o Prime Management Company, 12 Church Street Mechanics
Building, Hamilton HM 11 Bermuda.
The principal business of each of Scopia Partners, Scopia QP,
Scopia PX, Scopia Long, Scopia International, Scopia PX International
(collectively referred to as the "Scopia Funds") is investing in securities. The
principal business of Scopia Capital is serving as the managing member of each
of the Scopia Domestic Funds. The principal business of Scopia Management is
serving as the investment manager of each of the Scopia Funds. The principal
occupation of each of Messrs. Jeremy Mindich and Matthew Sirovich are to (i)
serve as co-managing members of Scopia Capital and (ii) act as the President and
Executive Vice President, respectively, of Scopia Management. The name, business
address, present principal occupation or employment and citizenship of each
executive officers and board of directors of each of the Scopia Foreign Funds
and Scopia Management is set forth on Schedule A hereto.
Each of Scopia Management, Scopia Capital, Matthew Sirovich
and Jeremy Mindich is in a position to directly and indirectly determine the
investment and voting decisions made by each of the Scopia Funds. Accordingly,
the Reporting Persons are hereby filing a joint Schedule 13D. Each of Matthew
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 13 of 24 Pages
---------------------- ----------------------
Sirovich, Jeremy Mindich, Scopia Management and Scopia Capital disclaims
beneficial ownership of the shares of the Common Stock beneficially owned by the
Scopia Funds except to the extent of his/its respective pecuniary interest
therein.
(d) Neither the Reporting Persons nor any person listed in
Schedule A has, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) Neither the Reporting Persons nor any person listed in
Schedule A has, during the last five years, been 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.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price of the 101,224 shares of Common
Stock purchased by Scopia Partners and reported in this Schedule 13D is
approximately $686,953 (includes brokerage commissions). Purchases to date by
Scopia Partners of the shares reported herein as beneficially owned have been
made from Scopia Partners' working capital and any and all shares of Common
Stock to be acquired in the future shall be effected with Scopia Partners'
working capital.
The aggregate purchase price of the 287,500 shares of Common
Stock purchased by Scopia QP and reported in this Schedule 13D is approximately
$1,958,895 (includes brokerage commissions). Purchases to date by Scopia QP of
the shares reported herein as beneficially owned have been made from Scopia QP's
working capital and any and all shares of Common Stock to be acquired in the
future shall be effected with Scopia QP's working capital.
The aggregate purchase price of the 1,237,212 shares of Common
Stock purchased by Scopia PX and reported in this Schedule 13D is approximately
$8,151,001 (includes brokerage commissions). Purchases to date by Scopia PX of
the shares reported herein as beneficially owned have been made from Scopia PX's
working capital and any and all shares of Common Stock to be acquired in the
future shall be effected with Scopia PX's working capital.
The aggregate purchase price of the 52,394 shares of Common
Stock purchased by Scopia Long and reported in this Schedule 13D is
approximately $321,969 (includes brokerage commissions). Purchases to date by
Scopia Long of the shares reported herein as beneficially owned have been made
from Scopia Long's working capital and any and all shares of Common Stock to be
acquired in the future shall be effected with Scopia Long's working capital.
The aggregate purchase price of the 348,465 shares of Common
Stock purchased by Scopia International and reported in this Schedule 13D is
approximately $2,271,781 (includes brokerage commissions). Purchases to date by
Scopia International of the shares reported herein as beneficially owned have
been made from Scopia International's working capital and any and all shares of
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 14 of 24 Pages
---------------------- ----------------------
Common Stock to be acquired in the future shall be effected with Scopia
International's working capital.
The aggregate purchase price of the 506,680 shares of Common
Stock purchased by Scopia PX International and reported in this Schedule 13D is
approximately $3,257,512 (includes brokerage commissions). Purchases to date by
Scopia PX International of the Shares reported herein as beneficially owned have
been made from Scopia PX International's working capital and any and all shares
of Common Stock to be acquired in the future shall be effected with Scopia
International's working capital.
Item 4. PURPOSE OF TRANSACTION.
The Reporting Persons have purchased the shares of Common
Stock based on the Reporting Persons' belief that the shares of Common Stock
represent an attractive investment opportunity. Depending upon overall market
conditions, other investment opportunities available to the Reporting Persons,
and the availability of Common Stock at prices that would make the purchase of
additional Common Stock desirable, the Reporting Persons may endeavor to
increase their position in the Issuer through, among other things, the purchase
of Common Stock on the open market or in private transactions or otherwise, on
such terms and at such times as the Reporting Persons may deem advisable.
No Reporting Person has any present plan or proposal which
would relate to or result in any of the matters set forth in subparagraphs (a) -
(j) of Item 4 of Schedule 13D except as set forth herein or such as would occur
upon completion of any of the actions discussed above. Scopia Management intends
to review its investment in the Issuer on a continuing basis and may engage in
discussions with other stockholders, management or members of the Board of
Directors of the Issuer concerning the business, operations, capital structure
and future plans of the Issuer. Depending on various factors including, without
limitation, the Issuer's financial position and investment strategy, the price
levels of the Common Stock, conditions in the securities markets and general
economic and industry conditions, Scopia Management may in the future take such
actions with respect to its investment in the Issuer as it deems appropriate
including, without limitation, purchasing additional Common Stock, selling some
or all of its Shares, engaging in short selling of or any hedging or similar
transaction with respect to the Shares or changing its intention with respect to
any and all matters referred to in Item 4.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the close of business on October 16, 2006, (i)
Scopia Partners owns 101,224 shares of Common Stock which constitutes less than
1% of the outstanding shares of Common Stock (based upon 25,788,901 shares of
Common Stock outstanding as of August 1, 2006, as reported in the Issuer's
Quarterly Report for the period ended June 30, 2006 on Form 10-Q filed with the
Securities and Exchange Commission on August 9, 2006) (the "Outstanding
Shares"), (ii) Scopia QP owns 287,500 shares Common Stock which constitutes
approximately 1.1% of the Outstanding Shares, (iii) Scopia PX owns 1,237,212
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 15 of 24 Pages
---------------------- ----------------------
shares of Common Stock which constitutes approximately 4.8% of the Outstanding
Shares, (iv) Scopia Long owns 52,394 shares of Common Stock which constitutes
less than 1% of the Outstanding Shares, (v) Scopia International owns 348,465
shares of Common Stock which constitutes approximately 1.4% of the Outstanding
Shares, and (vi) Scopia PX International owns 506,680 shares of Common Stock
which constitutes approximately 2.0% of the Outstanding Shares. As managing
member of each of the Scopia Domestic Funds, Scopia Capital may be deemed to own
beneficially in the aggregate 1,678,330 shares of Common Stock or 6.5% of the
Outstanding Shares. As investment manager of each of the Scopia Funds, Scopia
Management may be deemed to own beneficially in the aggregate 2,533,475 shares
of Common Stock which constitutes approximately 9.8% of the Outstanding Shares.
Jeremy Mindich and Matthew Sirovich, as President and Executive Vice President
of Scopia Management, respectively, may be deemed to own beneficially in the
aggregate 2,533,475 shares of Common Stock which constitutes approximately 9.8%
of the Outstanding Shares.
Each of Matthew Sirovich, Jeremy Mindich, Scopia Management and Scopia
Capital disclaims beneficial ownership of the shares of Common Stock held by
each of the Scopia Funds except to the extent of his/its respective pecuniary
interest therein.
(b) Each of the Scopia Funds has the sole power to vote and
dispose of the shares of Common Stock it owns as reported in this Schedule 13D.
Scopia Management and Messrs. Matthew Sirovich and Jeremy Mindich, as the
investment manager of each of the Scopia Funds and as executive officer of
Scopia Management, respectively, has the power to vote and dispose of the shares
of Common Stock held by each of the Scopia Funds reported in this Schedule 13D.
Scopia Capital, as the managing member of the Scopia Domestic Funds, has the
power to vote and dispose of the shares of Common Stock held by each of the
Scopia Domestic Funds.
(c) Schedule B annexed hereto lists all transactions in the
Shares during the past sixty days by the Reporting Persons. All of such
transactions were effected in the open market.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the receipt of dividends from,
or proceeds from the sale of, the shares of Common Stock.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Other than as described herein, there are no contracts,
arrangements, understandings or relationships among the Reporting Persons, or
between the Reporting Persons and any other person, with respect to the
securities of the Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement by and among Scopia Partners LLC,
Scopia Partners QP LLC, Scopia PX LLC, Scopia Long LLC,
Scopia International Limited, Scopia PX International
Limited, Scopia Management Inc., Scopia Capital LLC,
Matthew Sirovich and Jeremy Mindich dated October 20,
2006.
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 16 of 24 Pages
---------------------- ----------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: October 20, 2006 SCOPIA PARTNERS LLC
By: Scopia Management Inc.
By: /s/ Jeremy Mindich
--------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA PARTNERS QP LLC
By: Scopia Management Inc.
By: /s/ Jeremy Mindich
--------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA PX LLC
By: Scopia Management Inc.
By: /s/ Jeremy Mindich
--------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA LONG LLC
By: Scopia Management Inc.
By: /s/ Jeremy Mindich
--------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA INTERNATIONAL LIMITED
By: /s/ Matthew Sirovich
--------------------------------
Name: Matthew Sirovich
Title: Director
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 17 of 24 Pages
---------------------- ----------------------
SCOPIA PX INTERNATIONAL LIMITED
By: /s/ Matthew Sirovich
--------------------------------
Name: Matthew Sirovich
Title: Director
SCOPIA MANAGEMENT INC.
By: /s/ Jeremy Mindich
--------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA CAPITAL LLC
By: /s/ Matthew Sirovich
--------------------------------
Name: Matthew Sirovich
Title: Managing Partner
/s/ Matthew Sirovich
------------------------------------
MATTHEW SIROVICH
/s/ Jeremy Mindich
------------------------------------
JEREMY MINDICH
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 18 of 24 Pages
---------------------- ----------------------
SCHEDULE A
NAME, BUSINESS ADDRESS, PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND CITIZENSHIP OF EXECUTIVE OFFICERS AND MEMBERS
OF THE BOARD OF DIRECTORS OF THE FOLLOWING REPORTING PERSONS:
SCOPIA INTERNATIONAL LIMITED*
Directors:
----------
Name Address Citizenship Principal Occupation
--------------------------------------------------------------------------------------------------------
Matthew Sirovich 450 7th Avenue,
New York, New York 10123 USA Co-Managing Member of
Scopia Capital LLC and
Executive Vice President of
Scopia Management Inc.
Joseph Kelly 12 Church St. Mechanics Bldg. UK Principal of Prime
Hamilton HM 11 Bermuda Management Limited
Carol Monaghan 12 Church St. Mechanics Bldg. Canada Principal of Prime
Hamilton HM 11 Bermuda Management Limited
*Managed by the Board of Directors
SCOPIA PX INTERNATIONAL LIMITED*
Directors:
----------
Name Address Citizenship Principal Occupation
--------------------------------------------------------------------------------------------------------
Matthew Sirovich 450 7th Avenue,
New York, New York 10123 USA Co-Managing Member of
Scopia Capital LLC and
Executive Vice President of
Scopia Management Inc.
Joseph Kelly 12 Church St. Mechanics Bldg. UK Principal of Prime
Hamilton HM 11 Bermuda Management Limited
Carol Monaghan 12 Church St. Mechanics Bldg. Canada Principal of Prime
Hamilton HM 11 Bermuda Management Limited
*Managed by the Board of Directors
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 19 of 24 Pages
---------------------- ----------------------
SCOPIA MANAGEMENT INC.
Directors:
----------
Name Address Citizenship Principal Occupation
--------------------------------------------------------------------------------------------------------
Jeremy Mindich 450 7th Avenue,
New York, New York 10123 USA Co-Managing Member of
Scopia Capital LLC and
President of
Scopia Management Inc.
Matthew Sirovich 450 7th Avenue,
New York, New York 10123 USA Co-Managing Member of
Scopia Capital LLC and
Executive Vice President of
Scopia Management Inc.
Executive Officers:
-------------------
Jeremy Mindich 450 7th Avenue,
New York, New York 10123 USA President
Matthew Sirovich 450 7th Avenue,
New York, New York 10123 USA Executive Vice President
Patrick White 450 7th Avenue,
New York, New York 10123 USA Chief Operating Officer
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 20 of 24 Pages
---------------------- ----------------------
SCHEDULE B
LIST OF TRANSACTION PURCHASED/(SOLD) IN THE PAST 60 DAYS OF THE TRANSACTION
Date Quantity Purchased/(sold) Price of Purchase/(sale)
---- ------------------------- ------------------------
SCOPIA PARTNERS LLC
9/1/2006 (335) ($5.9923)
10/2/2006 319 $5.6775
10/2/2006 (295) ($5.6623)
SCOPIA PARTNERS QP LLC
9/1/2006 (695) ($5.9923)
10/2/2006 (7,034) ($5.6623)
SCOPIA PX LLC
9/1/2006 (4,222) ($5.9923)
10/2/2006 45,106 $5.6775
10/2/2006 (3,605) ($5.6623)
SCOPIA LONG LLC
None
SCOPIA INTERNATIONAL LLC
9/1/2006 6,870 $6.0075
10/2/2006 (70,470) ($5.6623)
SCOPIA PX INTERNATIONAL LLC
9/1/2006 (1,618) ($5.9923)
10/2/2006 37,455 $5.6775
10/2/2006 (1,476) ($5.6623)
SCOPIA MANAGEMENT INC.
None
SCOPIA CAPITAL LLC
None
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 21 of 24 Pages
---------------------- ----------------------
MATTHEW SIROVICH
None
JEREMY MINDICH
None
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 22 of 24 Pages
---------------------- ----------------------
EXHIBIT INDEX
Exhibit Page
------- ----
1. Joint Filing Agreement by and among Scopia Partners 23
LLC, Scopia Partners QP LLC, Scopia PX LLC, Scopia
Long LLC, Scopia International Limited, Scopia PX
International Limited, Scopia Management Inc.,
Scopia Capital LLC, Matthew Sirovich and Jeremy
Mindich dated October 20, 2006.
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 23 of 24 Pages
---------------------- ----------------------
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange
Act of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a Statement on Schedule 13D dated October 20, 2006
(including amendments thereto) with respect to the Common Stock of Origen
Financial, Inc. This Joint Filing Agreement shall be filed as an Exhibit to such
Statement.
Dated: October 20, 2006 SCOPIA PARTNERS LLC
By: Scopia Management Inc.
By: /s/ Jeremy Mindich
----------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA PARTNERS QP LLC
By: Scopia Management Inc.
By: /s/ Jeremy Mindich
----------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA PX LLC
By: Scopia Management Inc.
By: /s/ Jeremy Mindich
----------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA LONG LLC
By: Scopia Management Inc.
By: /s/ Jeremy Mindich
----------------------------------
Name: Jeremy Mindich
Title: President
---------------------- ----------------------
CUSIP No. 68619E208 13D Page 24 of 24 Pages
---------------------- ----------------------
SCOPIA INTERNATIONAL LIMITED
By: /s/ Matthew Sirovich
----------------------------------
Name: Matthew Sirovich
Title: Director
SCOPIA PX INTERNATIONAL LIMITED
By: /s/ Matthew Sirovich
----------------------------------
Name: Matthew Sirovich
Title: Director
SCOPIA MANAGEMENT INC.
By: /s/ Jeremy Mindich
----------------------------------
Name: Jeremy Mindich
Title: President
SCOPIA CAPITAL LLC
By: /s/ Matthew Sirovich
----------------------------------
Name: Matthew Sirovich
Title: Managing Partner
/s/ Matthew Sirovich
--------------------------------------
MATTHEW SIROVICH
/s/ Jeremy Mindich
--------------------------------------
JEREMY MINDICH