RCAP
RCS Capital CorporationNYSE
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  • Sun, Jan. 31, 8:59 AM
    | Sun, Jan. 31, 8:59 AM
  • Mon, Jan. 4, 4:52 PM
    • The company will get a new investment of $150M from its lenders, allowing the continued operation of Cetera Financial.
    | Mon, Jan. 4, 4:52 PM | 16 Comments
  • Dec. 10, 2015, 3:35 PM
    • Among the allegations in the Harvest post alleging a Ponzi scheme: Visits to development sites which serve as collateral to UDF (UDF -37.3%) loans often show nothing more than raw land several years after the loans were made. If the money didn't go into development, where did it go?
    • The author also notes the company's auditor - Whitley Penn - declined to stand for reappointment last month, and on that same day William Kahane (who appears to be affiliated with RCS Capital and Nick Schorsch) resigned from the board of one of the UDF vehicles.
    • It was RCS Capital (NYSE:RCAP) whose brokers helped raise much of the funds for UDF.
    • Previously: Ponzi scheme alleged at United Development Funding (Dec. 10)
    | Dec. 10, 2015, 3:35 PM | 17 Comments
  • Dec. 2, 2015, 9:17 AM
    • The process of winding down Realty Capital Securities should be completed by the end of Q1. This will leave the company with its Cetera retail advice operation.
    • The company will pay a fine to settle Massachusetts charges (against Realty Capital Securities) over foul play in the casting of shareholder proxy votes.
    | Dec. 2, 2015, 9:17 AM | 5 Comments
  • Nov. 17, 2015, 3:08 PM
    • Alongside Q3 results, RCS Capital (RCAP +42.2%) announces the appointment of Larry Roth (who at one point was a board member of the company) as CEO, replacing Michael Weil who is stepping down from the CEO spot, but remaining a member of the board.
    • Previously: RCS Capital misses by $0.03, beats on revenue (Nov. 17)
    | Nov. 17, 2015, 3:08 PM
  • Nov. 17, 2015, 6:13 AM
    • RCS Capital (NYSE:RCAP): Q3 EPS of $0.10 misses by $0.03.
    • Revenue of $589.58M (+15.2% Y/Y) beats by $56.88M.
    | Nov. 17, 2015, 6:13 AM | 2 Comments
  • Nov. 12, 2015, 4:16 PM
    • A complaint filed by the Massachusetts Sec. of the Commonwealth seeks a fine and revocation of the broker-dealer registration of RCAP's Realty Capital Securities. At issue are charges of fraudulently casting shareholder proxy votes.
    • In two instances, according to the complaint, employees of Realty Capital "used a contrived accent" to impersonate shareholders and cast votes in favor of the fund's management.
    • RCS says it's aware of the investigation and is fully cooperating.
    • The stock gained 10.3% during today's session, but trades for just $0.452.
    | Nov. 12, 2015, 4:16 PM | 14 Comments
  • Nov. 9, 2015, 7:55 AM
    • As floated over the weekend, the deal for Apollo Global (NYSE:APO) to take a majority stake in the real estate empire of Nick Schorsch is terminated. As part of the breakup, AR Capital is buying Apollo's $25M of preferred stock in RCS Capital (NYSE:RCAP) for $25.6M.
    • Apollo amends its deal to buy RCS Capital's wholesale distribution business, now buying it for $6M. Apollo's Marc Rowan and Anthony Civale resign from the RCAP board, effective immediately.
    • Previously: Apollo Global's bid to boost real estate business collapses (Nov. 7)
    | Nov. 9, 2015, 7:55 AM | 4 Comments
  • Nov. 7, 2015, 8:24 AM
    • The centerpiece of a complex web of transactions in which Apollo Global (NYSE:APO) would have taken control of the real estate empire of embattled Nick Schorsch has fallen apart, write Ryan Dezember and Robbie Whelan in the WSJ.
    • The deal - which would have more than doubled the size of Apollo's real estate business - had originally been announced in August, with hopes to close by early October.
    • The collapse is also a blow for Nick Schorsch and his top crew who could have earned nearly $900M in cash and Apollo stock in exchange for majority stakes in more than a dozen REITs and other property funds (assuming acceptable performance).
    • Still salvageable is an agreement for anther Schorsch vehicle - RCS Capital (NYSE:RCAP) - to sell Apollo's investment products to affluent individuals.
    | Nov. 7, 2015, 8:24 AM | 11 Comments
  • Oct. 20, 2015, 11:09 AM
    • Bloomberg yesterday reported RCS Capital (NYSE:RCAP) as exploring a sale of its brokerage business - Cetera Financial - for at least $700M. RCS purchased Cetera last year for $1.2B.
    • Citi's William Katz isn't buying the $700M figure. If true, he says, it means the common equity value of RCS is essentially zero considering the company has $850M in debt and $300M in preferred equity.
    • After popping from $1.15 to $1.40 on yesterday's report, RCS Capital is back to $1.13 at last check.
    | Oct. 20, 2015, 11:09 AM
  • Sep. 24, 2015, 12:40 PM
    | Sep. 24, 2015, 12:40 PM
  • Aug. 21, 2015, 5:36 PM
    • Top gainers, as of 5.25 p.m.: PES +13.0%. RCAP +9.8%. SPTN +7.6%. EPE +7.0%. ACAD +6.5%.
    • Top losers, as of 5.25p.m.: VTL -74.0%. TGH -5.6%. CLD -3.6%. INVN -2.9%. REXX -2.2%.
    | Aug. 21, 2015, 5:36 PM | 2 Comments
  • Aug. 11, 2015, 3:26 PM
    | Aug. 11, 2015, 3:26 PM | 6 Comments
  • Aug. 10, 2015, 12:45 PM
    | Aug. 10, 2015, 12:45 PM | 9 Comments
  • Aug. 6, 2015, 2:35 PM
    • CEO Michael Weil and CFO Brian Jones will be replaced at RCS Capital (RCAP -26.8%) once successors can be found.
    • Apollo Global (APO -1%) will purchase RCAP's wholesale distribution division for $25M, and - along with Luxor Capital Partners - invest another $37.5M in convertible preferred stock of RCAP.
    • RCAP's business will be refocused on Cetera Financial Group, with Cetera entering a strategic relationship with Apollo in which its sales force will sell Apollo products.
    • The RCS Capital Management services agreement will be terminated, with 3M shares issued to Luxor Capital and 2.6M shares issued to members of RCAP management as part of the termination.
    • Apollo co-founder Marc Rowan and Anthony Civale - COO of Apollo Credit - will join the RCAP board.
    • The board also forms a committee to explore further options to enhance shareholder value.
    • RCAP shares are halted from trade, but were up sharply ahead of the announcement.
    | Aug. 6, 2015, 2:35 PM | 9 Comments
  • Aug. 6, 2015, 2:18 PM
    • RCS Capital (NYSE:RCAP): Q2 EPS of $0.17 misses by $0.13.
    • Revenue of $678.4M (-23.3% Y/Y) beats by $18.7M.
    | Aug. 6, 2015, 2:18 PM