(Bloomberg) -- With part of Nicholas Schorsch's real estate empire fracturing into warring factions, a chunk of his fortune may depend on whether RCS Capital can distance itself from the accounting missteps at American Realty Capital Properties.
RCS, an owner of broker-dealers that sell Schorsch's real estate investment products, called off the roughly $700 million acquisition of a unit of American Realty Capital Properties, or ARCP, after the seller reported intentionally concealed errors. ARCP sued last week, saying RCS improperly reneged. Schorsch, who holds about 29% of RCS, is chairman of both firms.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access