cents2ks
7 years ago
I disagree Marc, if the Creditor Trust suit in the Delaware Chancery court is successful and enough dollars are recovered, it is all spelled out in the POR...5.17s
The path to recovery is clearly there.
I'm reluctant to get too excited about it yet also, because it could take some time. But I believe we WILL recover.
Even if the chancery suit were to fail, or fail to recover enough to reach us, there are other avenues for the CT to recover from. VER, fka ARCP being one of them, Mr. Block's actions caused immeasurable harm to RCAP, fraudulent actions now proven in court.
I really hope, and expect, to see Nick indicted next.
Keep the faith my friend.
cents2ks
7 years ago
http://www.investmentnews.com/article/20170310/FREE/170319999/investors-accuse-nicholas-schorsch-of-plundering-rcap-for-own-gain
The Creditor Trust website is here:
https://cases.primeclerk.com/RCSCreditorTrust/
Trust Pursues Claims against Schorsch and ARC Parties Seeking to Recover Damages for Trust Beneficiaries.
On March 8, 2017, the RCS Creditor Trust filed a complaint in the Delaware Chancery Court against Nicholas Schorsch and certain of his colleagues (including Edward Weil, Jr., William Kahane, Peter Budko, Brian Block and Louisa Quarto), as well as certain entities owned and/or controlled by Schorsch and his colleagues, including RCAP Holdings LLC and AR Capital LLC. The complaint seeks to recover damages for the benefit of holders of General Unsecured Claims against certain of the RCS Debtors (and, to the extent applicable, holders of Second Lien Deficiency Claims) resulting from a scheme by Schorsch and his colleagues to exploit their control of RCS to benefit their wholly owned fund management business. The Complaint asserts claims for (i) breach of fiduciary duty, (ii) aiding and abetting breach of fiduciary duty, and (iii) unjust enrichment and constructive trust. A copy of the complaint is available here:
https://cases.primeclerk.com/RCSCreditorTrust/Home-DownloadPDF?id1=NTY3MjI4&id2=0
Law 360 article on the action:
https://www.law360.com/articles/900312/schorsch-others-sued-over-1-4b-rcs-capital-ch-11