Nicholas Schorsch to Resign From American Realty C
Post# of 22756
Posted On: 12/15/2014 8:58:33 AM
Nicholas Schorsch to Resign From American Realty Capital Properties Board
8 minutes ago - DJNF
By Chelsey Dulaney
AR Capital said Monday that managing partner Nicholas S. Schorsch has resigned from the board of American Realty Capital Properties Inc., the real-estate investment trust reportedly under investigation for accounting issues.
The company has suffered a dramatic fall in its stock price after revealing earlier this year that it had overstated a common measure of the company's profitability during the first and second quarters of this year. The Federal Bureau of Investigation and the Securities and Exchange Commission are reportedly investigating the company for potential criminal and regulatory violations.
RCS Capital Corp., of which Mr. Schorsch is also the chairman, has distanced itself from American Realty Capital Properties and walked away from a $700 million deal to buy Cole Capital Advisors Inc. from the firm after the accounting revelations. American Realty Capital Properties is, likewise, suing RCS Capital for breaching the agreement.
"In order to reduce complexity, enhance accountability, align interests and minimize conflicts of interest among related parties and affiliates, Nick has decided to step down from his positions at ARCP and certain related companies," said William M. Kahane, founding partner of AR Capital.
"Although the ARCP Audit Committee investigation is continuing," Mr. Kahane added, "we understand that to date there has not been any conclusion of unlawful conduct by Mr. Schorsch."
Last month, American Realty Capital Properties received consent from lenders to delay reporting its financial results for the September quarter until January. The firm said the extension would allow it to continue complying with its borrowing obligations while enabling external auditors to finish their review of the firm's financial statements for 2013 and 2014.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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8 minutes ago - DJNF
By Chelsey Dulaney
AR Capital said Monday that managing partner Nicholas S. Schorsch has resigned from the board of American Realty Capital Properties Inc., the real-estate investment trust reportedly under investigation for accounting issues.
The company has suffered a dramatic fall in its stock price after revealing earlier this year that it had overstated a common measure of the company's profitability during the first and second quarters of this year. The Federal Bureau of Investigation and the Securities and Exchange Commission are reportedly investigating the company for potential criminal and regulatory violations.
RCS Capital Corp., of which Mr. Schorsch is also the chairman, has distanced itself from American Realty Capital Properties and walked away from a $700 million deal to buy Cole Capital Advisors Inc. from the firm after the accounting revelations. American Realty Capital Properties is, likewise, suing RCS Capital for breaching the agreement.
"In order to reduce complexity, enhance accountability, align interests and minimize conflicts of interest among related parties and affiliates, Nick has decided to step down from his positions at ARCP and certain related companies," said William M. Kahane, founding partner of AR Capital.
"Although the ARCP Audit Committee investigation is continuing," Mr. Kahane added, "we understand that to date there has not been any conclusion of unlawful conduct by Mr. Schorsch."
Last month, American Realty Capital Properties received consent from lenders to delay reporting its financial results for the September quarter until January. The firm said the extension would allow it to continue complying with its borrowing obligations while enabling external auditors to finish their review of the firm's financial statements for 2013 and 2014.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 15, 2014 08:49 ET (13:49 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
S&P Capital IQ Analyst Research Notes
News Pulse
News Pulse
Top Stories
What Scottrade Customers are Reading...
8258
Views
Appointment Of A Chief Execut…
1 days 2 hours 12 minutes ago
via Dow Jones News
8198
Views
Jimmy Lai to Resign as Next …
1 days 1 hours 10 minutes ago
via Dow Jones News
8190
Views
Recall Gets Bid From Iron Mo…
1 days 1 hours 35 minutes ago
via Dow Jones News
8184
Views
Press Release: Appointment Of…
1 days 2 hours 12 minutes ago
via Dow Jones News
8152
Views
China Growth Could Slow to 7…
1 days 2 hours 5 minutes ago
via Dow Jones News
View more headlines
American Realty Capital Properties Inc Events:
Click any event category to view recent market activity within that category
Economics47
IPO & SPO0
Earnings0
Dividends0
Splits0
View All Calendar Activity
Ways to Fund
Site Map
Forms Center
Privacy Statement
Website Terms & Conditions
Agreements & Disclosures
Contact Us
Glossary
Data Providers
The research, tools, and information provided will not include every security available to the public. Although the sources of the research tools provided on this website are believed to be reliable, Scottrade makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the information. Information on this website is for informational use only and should not be considered investment advice or recommendation to invest.
The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. Investment return and principal value of an investment will fluctuate and when redeemed the investment may be worth more or less than their original cost.
Investors should consider the investment objectives, risks, and charges and expenses of a mutual fund carefully before investing. A mutual fund's prospectus contains this and other information about the mutual fund. Prospectuses may be ordered online or through a Scottrade Branch Office. The prospectus should be read carefully before investing. No transaction fee (NTF) funds are subject to the terms and conditions of the NTF funds program. Scottrade is compensated by the funds participating in the NTF program through recordkeeping, shareholder, or SEC 12b-1 fees.
Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully before investing. A prospectus contains this and other information about the ETF and should be obtained from the issuer. The prospectus should be read carefully before investing.
Leveraged and Inverse ETFs may not be suitable for long-term investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the Scottrade Options Application and Agreement, Brokerage Account Agreement, and by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy from your local branch office. Supporting documentation for any claims will be supplied upon request.
Authorized account login and access indicates customer's consent to the Brokerage Account Agreement. Such consent is effective at all times when using this site. Unauthorized access is prohibited. Market volatility, volume, and system availability may impact account access and trade execution.
None of the information provided should be considered a recommendation or solicitation to invest in, or liquidate, a particular security or type of security.
Scottrade, Inc. and Scottrade Bank are separate but affiliated companies and are wholly-owned subsidiaries of Scottrade Financial Services, Inc.
Brokerage products and services offered by Scottrade, Inc. – Member FINRA and SIPC. Deposit products and services offered by Scottrade Bank, Member FDIC.
Brokerage products are not insured by the FDIC – are not deposits or other obligations of the bank and are not guaranteed by the bank – are subject to investment risks, including possible loss of the principal invested.
© 2014 Scottrade. All Rights Reserved.
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NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
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