0000905148-25-001489.txt : 20250507 0000905148-25-001489.hdr.sgml : 20250507 20250507205412 ACCESSION NUMBER: 0000905148-25-001489 CONFORMED SUBMISSION TYPE: 4/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230209 FILED AS OF DATE: 20250507 DATE AS OF CHANGE: 20250507 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Deer Park Road Corp CENTRAL INDEX KEY: 0001702490 ORGANIZATION NAME: STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34354 FILM NUMBER: 25923447 BUSINESS ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 BUSINESS PHONE: 9704574340 MAIL ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Deer Park Road Management Company, LP CENTRAL INDEX KEY: 0001655028 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34354 FILM NUMBER: 25923449 BUSINESS ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 BUSINESS PHONE: 970-457-4340 MAIL ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Deer Park Road Management GP, LLC CENTRAL INDEX KEY: 0001702367 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34354 FILM NUMBER: 25923448 BUSINESS ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 BUSINESS PHONE: 9704574340 MAIL ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: AgateCreek LLC CENTRAL INDEX KEY: 0001721440 ORGANIZATION NAME: STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34354 FILM NUMBER: 25923446 BUSINESS ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 BUSINESS PHONE: 9704574340 MAIL ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Craig-Scheckman Michael CENTRAL INDEX KEY: 0001702931 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34354 FILM NUMBER: 25923445 MAIL ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 FORMER NAME: FORMER CONFORMED NAME: Craig-Scheckman Michael David DATE OF NAME CHANGE: 20170404 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Burg Scott Edward CENTRAL INDEX KEY: 0001721438 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34354 FILM NUMBER: 25923444 MAIL ADDRESS: STREET 1: 1195 BANGTAIL WAY CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: ALTISOURCE PORTFOLIO SOLUTIONS S.A. CENTRAL INDEX KEY: 0001462418 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380] ORGANIZATION NAME: 07 Trade & Services EIN: 000000000 STATE OF INCORPORATION: N4 FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 33, BOULEVARD PRINCE HENRI STREET 2: L-1724 LUXEMBOURG CITY CITY: GRAND DUCHY OF LUXEMBOURG STATE: N4 ZIP: 50 BUSINESS PHONE: 352 24 69 79 00 MAIL ADDRESS: STREET 1: 33, BOULEVARD PRINCE HENRI STREET 2: L-1724 LUXEMBOURG CITY CITY: GRAND DUCHY OF LUXEMBOURG STATE: N4 ZIP: 50 FORMER COMPANY: FORMER CONFORMED NAME: Altisource Portfolio Solutions S.A. DATE OF NAME CHANGE: 20090625 FORMER COMPANY: FORMER CONFORMED NAME: Altisource Portfolio Solutions S.a.r.l. DATE OF NAME CHANGE: 20090422 4/A 1 form4.xml X0508 4/A 2023-02-09 2025-03-05 0001462418 ALTISOURCE PORTFOLIO SOLUTIONS S.A. ASPS 0001655028 Deer Park Road Management Company, LP 1195 BANGTAIL WAY STEAMBOAT SPRINGS CO 80487 true true See Remarks 0001702367 Deer Park Road Management GP, LLC 1195 BANGTAIL WAY STEAMBOAT SPRINGS CO 80487 true true See Remarks 0001702490 Deer Park Road Corp 1195 BANGTAIL WAY STEAMBOAT SPRINGS CO 80487 true true See Remarks 0001721440 AgateCreek LLC 1195 BANGTAIL WAY STEAMBOAT SPRINGS CO 80487 true true See Remarks 0001702931 Craig-Scheckman Michael 1195 BANGTAIL WAY STEAMBOAT SPRINGS CO 80487 true true See Remarks 0001721438 Burg Scott Edward 1195 BANGTAIL WAY STEAMBOAT SPRINGS CO 80487 true true See Remarks false Common Stock 2025-02-19 4 J 0 7253577 A 11530840 I See Footnotes Common Stock 2025-02-19 4 X 0 201015 0.01 A 11731855 I See Footnotes Common Stock 2025-02-19 4 S 0 2629 0.7645 D 11729226 I See Footnotes Common Stock 2025-02-19 4 X 0 90723 0.01 A 90723 I See Footnotes Common Stock 2025-02-19 4 S 0 1186 0.7645 D 89537 I See Footnotes Warrants (Right to Buy) 0.01 2023-02-09 4 J 0 201015 A 2024-02-14 2027-05-22 Common Stock 201015 201015 I See Footnotes Warrants (Right to Buy) 0.01 2023-02-09 4 J 0 90723 A 2024-02-14 2027-05-22 Common Stock 90723 90723 I See Footnotes Warrants (Right to Buy) 0.01 2025-02-19 4 X 0 201015 D 2024-02-14 2027-05-22 Common Stock 201015 0 I See Footnotes Warrants (Right to Buy) 0.01 2025-02-19 4 X 0 90723 D 2024-02-14 2027-05-22 Common Stock 90723 0 I See Footnotes Warrants (Right to Buy) 1.95 2029-04-02 Common Stock 7277201 4478278 I See Footnotes Warrants (Right to Buy) 1.95 2029-04-02 Common Stock 147424 90723 I See Footnotes Warrants (Right to Buy) 1.95 2032-04-30 Common Stock 7277201 4478278 I See Footnotes Warrants (Right to Buy) 1.95 2032-04-30 Common Stock 147424 90723 I See Footnotes On February 19, 2025, the Issuer, Altisource S.a r.l. (the "Borrower"), STS Master Fund, Ltd., Deer Park 1850 Fund, LP, and other lenders that were party to an existing credit agreement (the "Credit Agreement") entered into an exchange agreement (the "Exchange Agreement"). Pursuant to the Exchange Agreement, STS Master Fund, Ltd. acquired 7,253,577 shares of the Issuer's common stock ("Shares") in exchange for $29,030,752.70 principal outstanding on its existing loan to the Borrower. The transaction involved an acquisition of Shares in connection with debt previously contracted. Accordingly, such transaction is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Deer Park 1850 Fund, LP sold its $13,102,332.43 principal outstanding under the Credit Agreement to a third-party prior to execution of the Exchange Agreement and thereby relinquished any right to acquire Shares under the Exchange Agreement. We are amending this Form 4 accordingly, to remove the acquisition of 3,273,728 Shares by Deer Park 1850 Fund, LP that was inadvertently reported in the original Form 4. These securities are held for the account of STS Master Fund, Ltd. Deer Park Road Management Company, LP ("Deer Park") serves as investment adviser to STS Master Fund, Ltd. These securities are held for the account of Deer Park 1850 Fund, LP. Deer Park serves as investment adviser to Deer Park 1850 Fund, LP. Deer Park Road Management GP, LLC ("DPRM") is the general partner of Deer Park. Each of Deer Park Road Corporation ("DPRC") and AgateCreek LLC ("AgateCreek") is a member of DPRM. Michael Craig-Scheckman is the Chief Executive Officer of each of Deer Park and DPRC and the majority owner of DPRC. Scott Edward Burg is the Chief Investment Officer of Deer Park and the sole member of AgateCreek. Each Reporting Person disclaims beneficial ownership of the Shares except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the Shares for purposes of Section 16 of the Exchange Act or for any other purpose. On February 19, 2025, STS Master Fund, Ltd. exercised Penny Warrants (as defined in footnote 8 below) to purchase 201,015 Shares, for $0.01 per Share. STS Master Fund, Ltd. paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 2,629 Shares from STS Master Fund, Ltd. On February 19, 2025, Deer Park 1850 Fund, LP exercised Penny Warrants to purchase 90,723 Shares, for $0.01 per Share. Deer Park 1850 Fund, LP paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 1,186 Shares from Deer Park 1850 Fund, LP. On February 9, 2023, the Issuer, the Borrower, STS Master Fund, Ltd., Deer Park 1850 Fund, LP, and other lenders entered into Amendment No. 2 (the "Second Amendment") to the Credit Agreement. In connection with the Second Amendment, the lenders, including STS Master Fund, Ltd. and Deer Park 1850 Fund, LP, acquired the right to receive their pro rata share of penny warrants from the Issuer that, in the aggregate, could become exercisable on February 14, 2024, for at least 10.0% of the Shares outstanding at the time of the Second Amendment, with a possible increase to 15.99% or 19.99%, subject to the amount of par paydowns made by the Borrower pursuant to the Second Amendment prior to February 14, 2024 (the "Penny Warrants"). By February 14, 2024, the Borrower had made an aggregate $30 million in par paydowns, resulting in the lenders having Penny Warrants representing the right to 10.0% of the Shares outstanding at the time of the Second Amendment. On February 4, 2025, the Issuer announced a proposed issuance of warrants (the "Warrant Distribution") to holders of the Issuer's Shares, restricted share units ("RSUs"), and outstanding Penny Warrants (collectively, "Stakeholders") as of February 14, 2025 (the "Distribution Record Date"). Pursuant to the Warrant Distribution, each Stakeholder received (i) one warrant to purchase 1.625 Shares exercisable on a cash basis (the "Cash Warrants") and (ii) one warrant to purchase 1.625 Shares exercisable on a cashless basis (the "Net Settle Warrants") for each Share, RSU, and Share that could be acquired upon exercise of Penny Warrants held as of the Distribution Record Date. Each Cash Warrant and Net Settle Warrant entitles the holder thereof to purchase from the Issuer 1.625 Shares at an initial exercise price of $1.95 per Cash Warrant and Net Settle Warrant, with any fractional Shares rounded down to the nearest whole number. The Warrant Distribution was contingent upon approval by the Issuer's shareholders of certain proposals set forth in the Issuer's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on January 3, 2025, which approval was obtained on February 18, 2025. The Warrant Distribution occurred on April 3, 2025. The acquisition of Cash Warrants and Net Settle Warrants by the Reporting Persons pursuant to the Warrant Distribution is exempt from Section 16 pursuant to Rule 16a-9 under the Exchange Act. The initial exercise date of the Cash Warrants and Net Settle Warrants will be the later of (i) 90 days from the date the Cash Warrants and Net Settle Warrants were issued and (ii) the first date on which the VWAP (as defined in the Warrant Agent Agreement, the form of which was filed as Exhibit 4.2 to the Issuer's registration statement on Form S-1 filed with the SEC on January 31, 2025) of the Shares equals or exceeds the Implied Per Share Exercise Price (defined below) for a period of fifteen consecutive trading days. The Implied Per Share Exercise Price means the exercise price ($1.95 per Cash Warrant and Net Settle Warrant) divided by the exercise rate of the Cash Warrants and Net Settle Warrants (initially $1.625). Ms. Hickok, Managing Director at Deer Park, serves on the Issuer's board of directors (the "Board") as a representative of Deer Park. By virtue of their representation on the Board, for purposes of Section 16 of the Exchange Act, the Reporting Persons are deemed to be directors by deputization of Ms. Hickok. Deer Park Road Management Company, LP, By: /s/ Bradley W. Craig, Chief Operating Officer 2025-05-07 Deer Park Road Management GP, LLC, By: /s/ Bradley W. Craig, Chief Operating Officer 2025-05-07 Deer Park Road Corporation, By: /s/ Bradley W. Craig, attorney-in-fact for Michael Craig-Scheckman, Chief Executive Officer of Deer Park Corporation 2025-05-07 AgateCreek LLC, By: /s/ Bradley W. Craig, attorney-in-fact for Scott Edward Burg, Sole Member of AgateCreek LLC 2025-05-07 Michael Craig-Scheckman, By: /s/ Bradley W. Craig, attorney-in-fact for Michael Craig-Scheckman 2025-05-07 Scott Edward Burg, By: /s/ Bradley W. Craig, attorney-in-fact for Scott Edward Burg 2025-05-07