UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO.5)*
Consumer Portfolio Services, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
210502 100
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(CUSIP Number)
Charles E. Bradley, Sr.; c/o Stanwich Partners, Inc., 62 Southfield Avenue,
One Stamford Landing, Stamford, Connecticut 06902; (203) 325-0551
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
March 14, 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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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. Seess.240.13d-7(b) for other
parties to whom copies are to be sent.
* 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 ("Act") 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).
Page 1 of 6
SCHEDULE 13D
AMENDMENT NO. 4
CUSIP NO. 210502 100 PAGE 2 OF 6 PAGES
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1 NAME OF REPORTING PERSON
I.R.S IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Charles E. Bradley, Sr.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)|_|
(b)|X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER OF
SHARES 23,738
BENEFICIALLY ------ ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH REPORTING
PERSON 697,791
WITH ------ ---------------------------------------------
9 SOLE DISPOSITIVE POWER
6,738
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10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,004,867
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.6%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION
Page 2 of 6
ITEM 1. SECURITY AND ISSUER.
This filing relates to the common stock (the "COMMON STOCK")
of the following issuer (the "ISSUER"):
Consumer Portfolio Services, Inc.
16355 Laguna Canyon Road
Irvine, California 92618
The Issuer is a California corporation.
ITEM 2. IDENTITY AND BACKGROUND
(a) Name of person filing this statement:
The name of the person filing this report is Charles
E. Bradley, Sr. (the "REPORTING PERSON").
(b) Business address:
c/o Stanwich Partners, Inc.
62 Southfield Avenue
One Stamford Landing
Stamford, CT 06902
(c) Present principal occupation:
President of Stanwich Partners, Inc., an investment
and business consulting firm; Chairman of the Board
of Reunion Industries, Inc., a diversified
manufacturing company; and President of Stanwich
Financial Services Corp., which is engaged in the
structured settlement and investment business.
(d) Not applicable.
(e) Not applicable.
(f) Citizenship - United States of America.
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Not applicable. No shares were acquired.
ITEM 4.PURPOSE OF THE TRANSACTION.
Sovereign Bank, as pledgee, sold the following shares
of Common Stock that were owned by the reporting person and
pledged to it or in which it had otherwise had a lien: 4,600
shares in August 2001 and 572,200 shares during the period
from February 7, 2002 through April 12, 2002. The aggregate
net proceeds from these sales ($946,117) were applied to the
reduction of the reporting person's indebtedness to such bank
None of subparts (a) through (j) of Item 4 is
applicable, except that (i) with respect to subpart (a),
shares of the Issuer's Common Stock will be issuable to
Stanwich Financial Services Corp. ("SFSC") if SFSC exercises
the conversion rights described in Item 5, below and (ii) with
respect to subpart (a), the reporting person may buy and sell
shares of Common Stock in the future. The reporting person has
pledged 1,002,800 additional shares of Common Stock to
Sovereign Bank to secure the repayment of a loan. Such loan is
past due. Sovereign Bank may sell or require him to sell some
or all of such pledged shares over time and apply the proceeds
therefrom to the repayment of such loan.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The reporting person beneficially owns or may be
deemed to own an aggregate of 3,004,867 shares of the Issuer's
Common Stock (the "BENEFICIALLY OWNED SHARES"). The
Beneficially Owned Shares constitute 15.6% the issued and
outstanding shares of such Common Stock.
(b) Number of shares as to which the reporting person
has:
(i) sole power to vote or to direct
the vote: 23,738
(ii) shared power to vote or to direct
the vote: 697,791
(iii) sole power to dispose or to direct
the disposition of: 6,738
(iv) shared power to dispose or direct
the disposition of: -0-
Page 4 of 6
Of the Beneficially Owned Shares, 207,490 shares are
owned by the reporting person's spouse. He has no voting or
dispositive power as to these shares. The Beneficially Owned
Shares include 646,959 shares that are owned by SFSC and
50,832 shares that are owned by Stanwich Partners, Inc.
("SPI"). The reporting person is the President, the sole
director and the sole stockholder of SFSC. The reporting
person is the President, director and the owner of a majority
of the outstanding shares of the voting stock of SPI. Because
of these relationships, for purposes of Regulation 13D, the
reporting person may be deemed to be the beneficial owner of
the shares of Common Stock and other securities owned by SFSC
and SPI.
In addition, SFSC is the holder of seven partially
convertible subordinated notes (the "1997 CONVERTIBLE NOTES")
in the aggregate principal amount of $15,000,000 issued by the
Issuer to SFSC as of June 12, 1997. SFSC has the right to
convert an aggregate of $3,000,000 of the principal of the
1997 Convertible Notes into 252,949 of Common Stock (a
conversion price of $11.86 per share) on June 12, 2004 (the
maturity date of such notes) or, if earlier, the date on which
such notes are prepaid. The shares subject to the conversion
rights under the 1997 Convertible Notes are not included in
the Beneficially Owned Shares because such rights are not
exercisable within 60 days of the date of this Amendment.
(c) No transactions in the Common Stock were effected
in the past 60 days by the reporting person, except as
described in this filing.
(d) Certain of the Beneficially Owned Shares are
pledged, as described in Item 6, below. Under the terms of
such pledges, upon the occurrence of a default thereunder, the
pledgees have the right to receive dividends on, and the
proceeds from the sale of, such pledged shares (but not more
than the amount of debt secured by such pledges).
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Certain of the Beneficially Owned Shares are pledged,
as described in this Item. The reporting person has pledged
1,002,800 shares of Common Stock to Sovereign Bank to secure a
loan to him. He has also pledged 1,073,048 shares of Common
Stock to PNC Capital Corp. and Bank One Capital Partners
Corporation (collectively, "PNC/BOCP") to secure a loan to
DeVlieg-Bullard, Inc. SFSC, SPI and the reporting person have
pledged 543,459 shares, 50,832 shares and 17,000 shares,
Page 5 of 6
respectively, of Common Stock to Bank of America, N.A., for
itself and as agent for certain other lenders, ("B OF A") to
secure a loan to Reunion Industries, Inc. SFSC has also
pledged 103,500 shares of Common Stock to the law firm of
Lurie, Zepeda, Schmalz & Hogan ("LZS&H") to secure the payment
of legal fees incurred in connection with certain pending
litigation. Because defaults have occurred under the
applicable documents governing the pledges, (i) each of
Sovereign Bank and PNC/BOCP has the right to vote the shares
pledged to it and (ii) B of A will have the right to vote the
shares pledged to it, if it gives the pledgors thereof written
notice of the default and of its intention to exercise the
voting rights. LZS&H does not have voting rights with respect
to the shares pledged to it.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None
SIGNATURE
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth
in this statement is true, complete and correct.
April 19, 2002 /s/ Charles E. Bradley, Sr.
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Name: Charles E. Bradley, Sr.
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