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RCS Capital, parent of Cetera, has bankruptcy plan confirmed

May 24, 2016
May 19 2016, 3:51pm EDT | By Ann Marsh | Financial Planning
A federal judge has confirmed the bankruptcy plan for RCS Capital, Cetera Financial Group’s parent, clearing the way for RCS to emerge from Chapter 11 bankruptcy protection in the near future.

“All requirements for confirmation of the plan have been satisfied,” Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del., ruled.

Her decision marks the beginning of the end of a nightmare for most of the 9,000 Cetera brokers who were snapped up in an acquisition spree over the past several years by RCS’ former executive chairman and nontraded REIT kingpin Nicholas Schorsch.

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Gil Armour, CFP
February 3, 2016

I have been using Blue Vault Partners for the past five years.  I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs.  The reports help me analyze which sponsors are doing a responsible job of managing their offerings.  This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.