Jack-of-All-Trades Nicholas Schorsch Resigns from Thirteen Roles

AR Capital LLC Co-Founder Nicholas Schorsch has announced his resignation from the boards of RCS Capital Corp., New York REIT

nicholasAR Capital LLC Co-Founder Nicholas Schorsch has announced his resignation from the boards of RCS Capital Corp., New York REIT Inc., and eleven other investment trusts.

Mr. Schorsch’s decision to resign from no less than thirteen positions was driven by a desire to consolidate his efforts on AR Capital, namely strategy and establishment of potential liquidity programs.

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The series of moves comes at an interesting time, given the amount of accounting scrutiny and attention placed on many of his companies. A recent inaccuracy and irregularity was reported to American Realty Capital Properties Inc. earlier this month, prompting a subsequent resignation.

According to Mr. Schorsch in a recent statement on the shakeup, “I am completely confident in our management teams and our independent directors. These changes are part of the natural evolution of our businesses given our size and continuing growth.”

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