RCS Capital Corp, the independent retail brokerage empire amassed by real estate investment trust magnate Nicholas Schorsch, withdrew its plan on Monday to purchase Cole Capital from American Realty Capital Properties Inc, another Schorsch venture.Schorsch helped found RCS Capital and American Realty and has deployed top executives between the two companies that are now at war over Cole.American Realty Capital said it will challenge the decision, the latest in a series of fast-moving events that has battered the stocks of several companies associated with Schorsch, who is the chairman of American Realty, a publicly traded REIT.American Realty said last Wednesday it fired its chief financial officer and chief accounting officer and will restate earnings for the first half of this year because of "intentional" accounting errors.
American Realty Capital Properties, Inc., is a real estate investment trust (REIT). Shares of ARCP fell by 7.33% or $-0.65/share to $8.22. In the past year, the shares have traded as low as $7.85 and as high as $14.96. On average, 16012400 shares of ARCP exchange hands on a given day and today's volume is recorded at 58358660.
RCS Capital Corporation is a holding company. The Company is engaged in the business of wholesale broker-dealer, investment banking and capital markets business, a transaction management services provider and a transfer agent. Shares of RCAP fell by 14.69% or $-2.41/share to $14.00. In the past year, the shares have traded as low as $14.36 and as high as $39.98. On average, 682489 shares of RCAP exchange hands on a given day and today's volume is recorded at 2612898.
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