Bankrupt RCS Seeks To Unload Majority Stake In Docupace
By Jeff Montgomery (March 31, 2016, 8:13 PM EDT) -- RCS Capital Corp. is seeking Delaware bankruptcy court approval for a no-bid, $9 million sale of its controlling stake in Docupace Technologies LLC back to the firm's management, contending the broker-dealer software and services provider or its former parent could otherwise assert more than $80 million in disputed current and future claims against RCS.
In a court filing, RCS also said the move was prompted by Financial Industry Regulatory Authority and customer concerns about Docupace's independence from individual investment advisers, including RCS and its flagship subsidiary Cetera Financial Services.
RCS, which launched a pre-packaged Chapter 11 reorganization on Jan. 31, acquired controlling...
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