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.
