Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - RCS Capital Corp | d191934d8k.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
| In re RCS Capital Corporation, et al. | Case No. 16-10223 (MFW) | |||
|
Debtors |
Reporting Period: 3/1/16 - 3/31/16 | |||
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month.
Submit copy of report to any official committee appointed in the case.
| REQUIRED DOCUMENTS |
Form No. | Document Attached |
Explanation Attached |
Affidavit/ Supplement Attached | ||||
| Schedule of Cash Receipts and Disbursements |
MOR-1 | X | ||||||
| Bank Reconciliation (or copies of debtor’s bank reconciliations) |
MOR-1a | X | ||||||
| Schedule of Professional Fees Paid |
MOR-1b | X | ||||||
| Copies of bank statements |
||||||||
| Cash disbursements journals |
||||||||
| Statement of Operations |
MOR-2 | X | ||||||
| Balance Sheet |
MOR-3 | X | ||||||
| Status of Postpetition Taxes |
MOR-4 | X | ||||||
| Copies of IRS Form 6123 or payment receipt |
||||||||
| Copies of tax returns filed during reporting period |
||||||||
| Summary of Unpaid Postpetition Debts |
MOR-4 | X | ||||||
| Listing of aged accounts payable |
MOR-4 | X | ||||||
| Accounts Receivable Reconciliation and Aging |
MOR-5 | X | ||||||
| Debtor Questionnaire |
MOR-5 | X |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
| /s/ David Orlofsky |
May 2, 2016 | |||
| Signature of Authorized Individual* |
Date | |||
| David Orlofsky |
Chief Restructuring Officer | |||
| Printed Name of Authorized Individual |
Title of Authorized Individual | |||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| Listing of Debtor Entities and Notes to the Monthly Operating Report |
General:
The report includes activity from the following Debtors and related case numbers:
| Debtor |
Case Number | |||
| RCS Capital Corporation |
16-10223 | |||
| American National Stock Transfer, LLC |
16-10224 | |||
| Braves Acquisition, LLC |
16-10225 | |||
| Directvest, LLC |
16-10226 | |||
| J.P. Turner & Company Capital Management, LLC |
16-10227 | |||
| RCS Advisory Services, LLC |
16-10228 | |||
| RCS Capital Holdings, LLC |
16-10229 | |||
| Realty Capital Securities, LLC |
16-10230 | |||
| SBSI Insurance Agency of Texas, INC. |
16-10231 | |||
| SK Research, LLC |
16-10232 | |||
| Trupoly, LLC |
16-10233 | |||
| We R Crowdfunding, LLC |
16-10234 | |||
Notes to the MOR:
This Monthly Operating Report (“MOR”) has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the bankruptcy cases. The financial information contained herein is unaudited, limited in scope and as discussed below, not prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and schedule of receipts and disbursements in the future. The Debtors caution readers not to place undue reliance upon the MOR. There can be no assurance that such information is complete and the MOR may be subject to revision.
| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-1A Schedule of Cash Receipts and Disbursements (March 1 - March 31, 2016) |
| ($ in 000s) | ||||||||
| Actual | Actual | |||||||
| Month | Cumulative | |||||||
| OPERATING ACTIVITY |
||||||||
| Operating inflows: |
||||||||
| RCS Advisory Services receipts |
$ | — | $ | 10 | ||||
| Hatteras - overhead allocation |
— | — | ||||||
| Cetera - shared service interco |
2 | 530 | ||||||
| Cetera - dividends |
— | 950 | ||||||
| Other |
2,863 | 3,305 | ||||||
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| Total Operating inflows |
2,864 | 4,796 | ||||||
| Operating outflows: |
||||||||
| Trade payables |
(165 | ) | (587 | ) | ||||
| Insurance - D&O/E&O policies |
(73 | ) | (394 | ) | ||||
| Payroll & taxes |
(473 | ) | (922 | ) | ||||
| Rent & occupancy costs |
(42 | ) | (42 | ) | ||||
| RCS B/D contribution |
— | (950 | ) | |||||
| Docupace capital contribution |
— | — | ||||||
| Other |
(305 | ) | (297 | ) | ||||
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| Total Operating outflows |
(1,057 | ) | (3,193 | ) | ||||
| Total Operating Cash Flow |
$ | 1,807 | $ | 1,603 | ||||
| NON-OPERATING ACTIVITY |
||||||||
| Severance / other employee payments |
(158 | ) | (158 | ) | ||||
| RCAP retention/bonus payments |
(971 | ) | (971 | ) | ||||
| ICH/VSR/Girard - hold back/retention pmts. |
— | — | ||||||
| ARCP note amortization |
— | — | ||||||
| Tax refund receipts |
1,381 | 1,381 | ||||||
| Hatteras sale proceeds |
— | — | ||||||
| Strat Cap sale proceeds |
— | — | ||||||
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| Net non-operating inflows/(outflows) |
252 | 252 | ||||||
| RESTRUCTURING EXPENDITURES |
||||||||
| Restructuring professional fees |
(1,810 | ) | (1,961 | ) | ||||
| First-day order payments |
— | — | ||||||
| DIP financing fees |
(19 | ) | (19 | ) | ||||
| DIP interest |
— | (115 | ) | |||||
| Advisor retention loans |
— | — | ||||||
| BD capital contribution |
(5,940 | ) | (15,004 | ) | ||||
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| Total restructuring expenditures |
(7,769 | ) | (17,098 | ) | ||||
| Net Cash Flow |
$ | (5,710 | ) | $ | (15,244 | ) | ||
| LIQUIDITY |
||||||||
| Beginning Book Cash |
21,847 | 8,102 | ||||||
| Net cash flow |
(5,710 | ) | (15,244 | ) | ||||
| DIP Draw |
74,063 | 97,340 | ||||||
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| Ending Book Cash |
$ | 90,199 | $ | 90,199 | ||||
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| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-1B Cash Disbursements Allocated by Entity (March 1 - March 31, 2016) |
| ($ in 000s) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| RCS | Braves | RCS | RCS | Realty | SK | WeR | ||||||||||||||||||||||||||||||||||||||||||||||
| Capital Corp. | ANST | Acquisition | DirectVest | JPT | Adv. Serv. | Capital Hold. | Capital Sec. | SBSI | Research | Trupoly | Crowdfunding | Total | ||||||||||||||||||||||||||||||||||||||||
| DISBURSEMENTS |
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| Operating outflows: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade payables |
(165 | ) | — | — | — | — | — | — | — | — | — | — | — | (165 | ) | |||||||||||||||||||||||||||||||||||||
| Insurance - D&O/E&O policies |
(73 | ) | — | — | — | — | — | — | — | — | — | — | — | (73 | ) | |||||||||||||||||||||||||||||||||||||
| Payroll & taxes |
(400 | ) | (63 | ) | — | — | — | (10 | ) | — | — | — | (0 | ) | — | — | (473 | ) | ||||||||||||||||||||||||||||||||||
| Rent & occupancy costs |
(42 | ) | — | — | — | — | — | — | — | — | — | — | — | (42 | ) | |||||||||||||||||||||||||||||||||||||
| RCS B/D contribution |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Docupace capital contribution |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Other - outflows |
(305 | ) | — | — | — | — | — | — | — | — | — | — | — | (305 | ) | |||||||||||||||||||||||||||||||||||||
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| Total Operating outflows |
(985 | ) | (63 | ) | — | — | — | (10 | ) | — | — | — | (0 | ) | — | — | (1,057 | ) | ||||||||||||||||||||||||||||||||||
| NON-OPERATING ACTIVITY |
||||||||||||||||||||||||||||||||||||||||||||||||||||
| Severance payments / other employee payments |
(158 | ) | — | — | — | — | — | — | — | — | — | — | — | (158 | ) | |||||||||||||||||||||||||||||||||||||
| RCAP retention/bonus payments |
(971 | ) | — | — | — | — | — | — | — | — | — | — | — | (971 | ) | |||||||||||||||||||||||||||||||||||||
| ICH/VSR/Girard - hold back/retention pmts. |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| ARCP note amortization |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Hatteras sale proceeds |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Strat Cap sale proceeds |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
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| Net non-operating inflows/(outflows) |
(1,129 | ) | — | — | — | — | — | — | — | — | — | — | — | (1,129 | ) | |||||||||||||||||||||||||||||||||||||
| RESTRUCTURING EXPENDITURES |
||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring professional fees |
(1,810 | ) | — | — | — | — | — | — | — | — | — | (1,810 | ) | |||||||||||||||||||||||||||||||||||||||
| First-day order payments |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| DIP financing fees |
(19 | ) | — | — | — | — | — | — | — | — | — | — | — | (19 | ) | |||||||||||||||||||||||||||||||||||||
| DIP interest |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Advisor retention loans |
— | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| BD capital contribution |
(5,940 | ) | — | — | — | — | — | — | — | — | — | — | — | (5,940 | ) | |||||||||||||||||||||||||||||||||||||
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| Total restructuring expenditures |
(7,769 | ) | — | (7,769 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
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| Total Disbursements |
$ | (9,883 | ) | $ | (63 | ) | No Disb. | No Disb. | No Disb. | $ | (10 | ) | No Disb. | No Disb. | No Disb. | $ | (0 | ) | No Disb. | No Disb. | $ | (9,955 | ) | |||||||||||||||||||||||||||||
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| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Disbursements |
$ | 9,955 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Transfers to Debtor in Possession Accounts |
|
5,940 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Plus: Estate Disbursements made by Outside Sources (i.e. from escrow accounts) |
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— | ||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total Disbursements for Calculating U.S. Trustee Quarterly Fees |
|
$ | 4,015 | |||||||||||||||||||||||||||||||||||||||||||||||||
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| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-1B Schedule of Professional Fees and Expenses Paid (March 1 - March 31, 2016) |
| ($ in 000s) | ||||||||||||||||||
| Period | Amount | Check | Amount Paid | Year-to-Date | ||||||||||||||
| Payee |
Covered | Approved | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
| No professionals paid from 3/1/16 through 3/31/16 |
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| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-2 Bank Account Reconciliation as of March 31, 2016 |
| ($ in 000s) | ||||||||||||||
| Account | Beginning Balance | Ending Balance | ||||||||||||
| Debtor Name |
Bank |
Number | Account Description |
3/1/2016 | 3/31/2016 | |||||||||
| Primary Bank Accounts |
||||||||||||||
| RCS Capital Corporation |
Fifth Third Bank | #### | Operating account - commercial | — | — | |||||||||
| RCS Capital Corporation |
Bank of America | #### | Operating account - small business checking | 19,636,271 | 89,472,037 | |||||||||
| RCS Capital Corporation |
Bank of America | #### | Payroll account - business checking | 680,268 | 726,880 | |||||||||
| RCS Capital Holdings |
Bank of America | #### | Operating account - business interest checking | 1,564 | 0 | |||||||||
| RCS Advisory Services |
Bank of America | #### | Operating account - small business checking | 24,951 | — | |||||||||
| RCS Advisory Services |
Bank of America | #### | Payroll account - small business checking | 1,000 | — | |||||||||
| ANST |
Bank of America | #### | Operating account - small business checking | 1,500,713 | — | |||||||||
| ANST |
Bank of America | #### | Payroll account - small business checking | 1,000 | — | |||||||||
| SK Research |
Bank of America | #### | Operating account - small business checking | 1,000 | — | |||||||||
| SK Research |
Bank of America | #### | Payroll account - small business checking | 1,002 | 0 | |||||||||
| SK Research |
Bank of America | #### | BDC deposit account - small business checking | 1,000 | — | |||||||||
| Trupoly |
Bank of America | #### | Operating account - Business checking | 1,000 | — | |||||||||
| Secondary Bank Accounts |
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| Realty Capital Securities |
Bank of America | #### | Operating account - checking | 1,020,023 | — | |||||||||
| Realty Capital Securities |
Bank of America | #### | Payroll account - checking | 1,000 | — | |||||||||
| Realty Capital Securities |
Bank of America | #### | Commissions account - checking | — | — | |||||||||
| Realty Capital Securities |
Bank of America | #### | Reserve account - checking | 1,000 | — | |||||||||
| J.P. Turner Capital |
Bank of America | #### | Operating account - checking | — | — | |||||||||
| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-3 Consolidating Income Statement as of March 31, 2016 |
| ($ in 000s) | ||||||||||||||||||||||||||||
| RCS | RCS | Realty | RCS | American | J.P. | |||||||||||||||||||||||
| Capital | Capital | Capital | Advisory | National Stock | SK | Turner & | ||||||||||||||||||||||
| Corp | Holdings | Securities | Services, LLC | Transfer, LLC | Research, LLC | Company, LLC | ||||||||||||||||||||||
| Revenue: |
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| Selling commissions |
149 | |||||||||||||||||||||||||||
| Dealer manager fees |
37 | |||||||||||||||||||||||||||
| Retail commissions |
235 | |||||||||||||||||||||||||||
| Investment banking fees |
(65 | ) | ||||||||||||||||||||||||||
| Advisory and asset-based fees |
(2 | ) | 27 | |||||||||||||||||||||||||
| Transfer agency revenue |
1,180 | |||||||||||||||||||||||||||
| Services revenue - Non-related |
31 | 13 | ||||||||||||||||||||||||||
| Reimbursable Expenses |
(10 | ) | ||||||||||||||||||||||||||
| Technology Fees Revenue |
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| Transaction Fees |
26 | |||||||||||||||||||||||||||
| Other Revenue |
810 | 1 | (35 | ) | 0 | |||||||||||||||||||||||
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| Total revenues |
810 | 1 | 150 | (44 | ) | 1,193 | 0 | 288 | ||||||||||||||||||||
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| Expenses: |
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| Wholesale commissions |
179 | |||||||||||||||||||||||||||
| Wholesale reallowance |
8 | |||||||||||||||||||||||||||
| Retail commission and advisory |
70 | |||||||||||||||||||||||||||
| Technology Service Fee Cost of Revenue |
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| Internal commissions |
22 | |||||||||||||||||||||||||||
| Payroll and benefits |
898 | (0 | ) | 17,281 | (144 | ) | (155 | ) | 2,508 | 253 | ||||||||||||||||||
| Conferences and seminars |
1 | (54 | ) | |||||||||||||||||||||||||
| Travel |
72 | 17 | (7 | ) | 1 | (0 | ) | 1 | ||||||||||||||||||||
| Marketing and advertising |
0 | (0 | ) | 3 | ||||||||||||||||||||||||
| Professional fees |
11,448 | 0 | 477 | 23 | 4 | 10 | 330 | |||||||||||||||||||||
| Data processing |
25 | 212 | 42 | 623 | 6 | 38 | ||||||||||||||||||||||
| Quarterly fee |
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| Acquisition-related costs |
1 | (74 | ) | |||||||||||||||||||||||||
| Interest expense |
22,071 | 0 | ||||||||||||||||||||||||||
| Occupancy |
659 | (69 | ) | 33 | 6 | (48 | ) | 72 | ||||||||||||||||||||
| Depreciation and amortization expense |
33 | 9 | 1 | 541 | 10 | |||||||||||||||||||||||
| Clearing and exchange fees |
215 | |||||||||||||||||||||||||||
| Other expenses |
(228 | ) | 359 | (0 | ) | 89 | 48 | (547 | ) | |||||||||||||||||||
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| Total Expenses |
34,981 | (74 | ) | 18,440 | (50 | ) | 570 | 3,065 | 442 | |||||||||||||||||||
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| Income (loss) before taxes |
(34,171 | ) | 75 | (18,290 | ) | 6 | 623 | (3,065 | ) | (153 | ) | |||||||||||||||||
| Provision (benefit) for income taxes |
2 | 52 | (64 | ) | ||||||||||||||||||||||||
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| Net income (loss) from continuing operations |
(34,171 | ) | 75 | (18,292 | ) | (46 | ) | 623 | (3,065 | ) | (90 | ) | ||||||||||||||||
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| Less: Net income (loss) attributable to non-controlling interests |
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| Gain/(Loss) on disposal of discontinued operations |
21,334 | |||||||||||||||||||||||||||
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| Net income (loss) attributable to RCS Capital Corporation |
(34,171 | ) | 21,409 | (18,292 | ) | (46 | ) | 623 | (3,065 | ) | (90 | ) | ||||||||||||||||
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| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-3 Consolidating Balance Sheet as of March 31, 2016 |
| ($ in 000s) | ||||||||||||||||||||||||||||||
| RCS | RCS | Realty | RCS | American | J.P. | |||||||||||||||||||||||||
| Capital | Capital | Capital | Advisory | National Stock | SK | Turner & | ||||||||||||||||||||||||
| Corp | Holdings | Securities | Services, LLC | Transfer, LLC | Research, LLC | Company, LLC | Trupoly | |||||||||||||||||||||||
| Assets |
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| Cash and cash equivalents |
90,199 | 0 | 0 | 4,076 | ||||||||||||||||||||||||||
| Cash and securities segregated under federal and other regulations |
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| Trading securities |
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| Fees and commissions receivable |
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| Reimbursable expenses receivable |
669 | 4,764 | 5,667 | 535 | ||||||||||||||||||||||||||
| Receivable from customers |
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| Allowance for doubtful accounts |
(1,011 | ) | (823 | ) | ||||||||||||||||||||||||||
| Receivables from broker, dealers, clearing organizations and other |
1,940 | 530 | 54 | (1 | ) | 440 | 355 | |||||||||||||||||||||||
| Prepaid expenses |
5,155 | 197 | 0 | 2 | 0 | 42 | ||||||||||||||||||||||||
| Property and equipment, net |
(0 | ) | 161 | |||||||||||||||||||||||||||
| Deferred compensation plan investments |
||||||||||||||||||||||||||||||
| Notes receivable, net |
1,500 | 1,705 | ||||||||||||||||||||||||||||
| Deferred financing fees |
32,802 | |||||||||||||||||||||||||||||
| Intangible assets, net |
||||||||||||||||||||||||||||||
| Goodwill |
||||||||||||||||||||||||||||||
| Other assets |
13,949 | 1 | 4,422 | |||||||||||||||||||||||||||
| Deferred income tax asset, net |
29,408 | 105 | ||||||||||||||||||||||||||||
| Investment in subsidiaries, at fair value |
1,108,293 | 1,575,745 | ||||||||||||||||||||||||||||
| Intercompany Accounts Receivables |
41,933 | 1,129 | 1,053 | 16,398 | 3,561 | 265 | 87 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| TOTAL ASSETS |
1,325,179 | 1,576,874 | 2,450 | 20,205 | 8,405 | 1,240 | 10,953 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-3 Consolidating Balance Sheet as of March 31, 2016 |
| ($ in 000s) | ||||||||||||||||||||||||||||||
| RCS | RCS | Realty | RCS | American | J.P. | |||||||||||||||||||||||||
| Capital | Capital | Capital | Advisory | National Stock | SK | Turner & | ||||||||||||||||||||||||
| Corp | Holdings | Securities | Services, LLC | Transfer, LLC | Research, LLC | Company, LLC | Trupoly | |||||||||||||||||||||||
| Liabilities, Mezzanine Equity and Stockholders’ Equity |
||||||||||||||||||||||||||||||
| Payable to customers |
||||||||||||||||||||||||||||||
| Payable to broker-dealers |
||||||||||||||||||||||||||||||
| Commissions payable |
(0 | ) | ||||||||||||||||||||||||||||
| Accrued expenses and accounts payable |
55,465 | 39,911 | 8,492 | 2,085 | 3,222 | 1,344 | 1,871 | |||||||||||||||||||||||
| Deferred revenue |
0 | 13 | ||||||||||||||||||||||||||||
| Derivative contracts |
||||||||||||||||||||||||||||||
| Other liabilities |
7,769 | 1,138 | ||||||||||||||||||||||||||||
| Deferred compensation plan accrued liabilities |
||||||||||||||||||||||||||||||
| Net deferred tax liability |
(100,548 | ) | (8,283 | ) | ||||||||||||||||||||||||||
| Contingent and deferred consideration |
18,122 | |||||||||||||||||||||||||||||
| Long-term debt |
901,631 | 1,593 | ||||||||||||||||||||||||||||
| Due from RCAP Holdings and other related parties |
(27,639 | ) | 27,639 | 101,430 | (101,430 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| Total liabilities |
836,677 | 85,672 | 109,922 | (99,346 | ) | 3,222 | 1,356 | (3,681 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| Preferred Stock-Series B-Cost Value |
146,700 | |||||||||||||||||||||||||||||
| Preferred Stock-Series C-Cost Value |
111,288 | |||||||||||||||||||||||||||||
| Preferred Series B-Dividends PIK |
20,442 | |||||||||||||||||||||||||||||
| Preferred Series C-Dividends PIK |
9,826 | |||||||||||||||||||||||||||||
| Preferred Stock Series D-1 Value |
25,000 | |||||||||||||||||||||||||||||
| Preferred Stock Series D-2 Value |
12,500 | |||||||||||||||||||||||||||||
| Preferred Stock Series D-1- Dividends PIK |
1,156 | |||||||||||||||||||||||||||||
| Preferred Stock Series D-2- Dividends PIK |
578 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| Mezzanine equity |
327,488 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| Class A common stock |
65,645 | 2 | ||||||||||||||||||||||||||||
| Additional paid-in capital |
580,294 | 1,251,802 | 53,004 | 10,969 | 759 | 7,501 | 38,603 | |||||||||||||||||||||||
| Accumulated other comprehensive income (loss) |
68 | 0 | ||||||||||||||||||||||||||||
| Retained earnings |
(484,994 | ) | 239,399 | (160,476 | ) | 108,582 | 4,424 | (7,617 | ) | (23,970 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| Total stockholders’ equity |
161,014 | 1,491,202 | (107,472 | ) | 119,551 | 5,183 | (116 | ) | 14,633 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| Non-controlling interest |
0 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| TOTAL LIABILITIES AND EQUITY |
1,325,179 | 1,576,874 | 2,450 | 20,205 | 8,405 | 1,240 | 10,953 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-3 Intercompany Payables/Receivables as of March 31, 2016 |
| ($ in 000s) | ||||||||||||||||||||||||||||||||||||
| RCS | RCS | Realty | RCS | American | J.P. | |||||||||||||||||||||||||||||||
| Capital | Capital | Capital | Advisory | National Stock | SK | WeR | Turner & | |||||||||||||||||||||||||||||
| Receivable from |
Corp | Holdings | Securities | Services, LLC | Transfer, LLC | Research, LLC | Trupoly | Crowdfunding | Company, LLC | |||||||||||||||||||||||||||
| Realty Capital Securities |
2,173 | 334 | ||||||||||||||||||||||||||||||||||
| RCS Advisory |
2 | 687 | ||||||||||||||||||||||||||||||||||
| ANST |
6 | |||||||||||||||||||||||||||||||||||
| RCSCC |
2 | 1,047 | 14,189 | 2,869 | 265 | |||||||||||||||||||||||||||||||
| RCS Capital Holdings |
35,543 | 1,555 | 5 | |||||||||||||||||||||||||||||||||
| SK Research |
621 | 269 | ||||||||||||||||||||||||||||||||||
| RCS IB |
51 | |||||||||||||||||||||||||||||||||||
| Trupoly |
||||||||||||||||||||||||||||||||||||
| WeRCrowdfunding |
0 | |||||||||||||||||||||||||||||||||||
| Cetera |
1,745 | 0 | (1 | ) | ||||||||||||||||||||||||||||||||
| JP Turner |
(38 | ) | 0 | 0 | ||||||||||||||||||||||||||||||||
| First Allied |
1,333 | |||||||||||||||||||||||||||||||||||
| Legends |
63 | |||||||||||||||||||||||||||||||||||
| Hatteras |
||||||||||||||||||||||||||||||||||||
| Summit |
51 | 1,127 | 88 | |||||||||||||||||||||||||||||||||
| ICH |
49 | 0 | ||||||||||||||||||||||||||||||||||
| Strategic Capital |
||||||||||||||||||||||||||||||||||||
| VSR |
59 | |||||||||||||||||||||||||||||||||||
| Girard |
17 | |||||||||||||||||||||||||||||||||||
| Docupace |
315 | |||||||||||||||||||||||||||||||||||
| Total |
41,933 | 1,129 | 1,053 | 16,398 | 3,561 | 265 | — | — | 87 | |||||||||||||||||||||||||||
| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-3 Intercompany Payables/Receivables as of March 31, 2016 |
| ($ in 000s) | ||||||||||||||||||||||||||||||||||||
| RCS | RCS | Realty | RCS | American | J.P. | |||||||||||||||||||||||||||||||
| Capital | Capital | Capital | Advisory | National Stock | SK | WeR | Turner & | |||||||||||||||||||||||||||||
| Payable to |
Corp | Holdings | Securities | Services, LLC | Transfer, LLC | Research, LLC | Trupoly | Crowdfunding | Company, LLC | |||||||||||||||||||||||||||
| Realty Capital Securities |
1,047 | 6 | 0 | |||||||||||||||||||||||||||||||||
| RCS Advisory |
10,032 | 1,424 | 215 | 51 | 269 | |||||||||||||||||||||||||||||||
| ANST |
2,869 | 5 | 687 | |||||||||||||||||||||||||||||||||
| RCSCC |
35,543 | 2,173 | 2 | 621 | (38 | ) | ||||||||||||||||||||||||||||||
| RCS Capital Holdings |
2 | |||||||||||||||||||||||||||||||||||
| SK Research |
265 | |||||||||||||||||||||||||||||||||||
| RCS IB |
4,157 | 131 | 119 | |||||||||||||||||||||||||||||||||
| Trupoly |
||||||||||||||||||||||||||||||||||||
| WeRCrowdfunding |
||||||||||||||||||||||||||||||||||||
| Cetera |
1,192 | |||||||||||||||||||||||||||||||||||
| JP Turner |
||||||||||||||||||||||||||||||||||||
| First Allied |
||||||||||||||||||||||||||||||||||||
| Legends |
||||||||||||||||||||||||||||||||||||
| Hatteras |
||||||||||||||||||||||||||||||||||||
| Summit |
1 | 16 | ||||||||||||||||||||||||||||||||||
| ICH |
||||||||||||||||||||||||||||||||||||
| Strategic Capital |
||||||||||||||||||||||||||||||||||||
| VSR |
||||||||||||||||||||||||||||||||||||
| Girard |
||||||||||||||||||||||||||||||||||||
| Docupace |
||||||||||||||||||||||||||||||||||||
| Total |
18,371 | 37,104 | 2,507 | 739 | 6 | 890 | — | — | 1,170 | |||||||||||||||||||||||||||
| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-4 Statement of Accounts Payable Aging as of March 31, 2016 |
| ($ in 000s) | ||||||||||||||||||||||||
| 0 - 30 | 31 - 60 | 61 - 90 | 91 - 120 | Over 120 | Total | |||||||||||||||||||
| Debtor Name |
Days | Days | Days | Days | Days | Payables | ||||||||||||||||||
| RCS Capital Corp. |
2,995 | 513 | — | — | — | 3,508 | ||||||||||||||||||
| ANST |
0 | — | — | — | — | 0 | ||||||||||||||||||
| RCS Advisory Services |
19 | 0 | — | — | — | 20 | ||||||||||||||||||
| Realty Capital Securities |
127 | 59 | 26 | — | — | 211 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
3,142 | 571 | 26 | — | 3,739 | |||||||||||||||||||
| RCS Capital Corporation, et al., | Case No. 16-10223 (MFW) | |
| MOR-5 Statement of Accounts Receivable Aging as of March 31, 2016 |
| ($ in 000s) | ||||||||||||||||||||||||||||
| 0 - 30 | 31 - 60 | 61 - 90 | Over 90 | Total | Allowance for | Net | ||||||||||||||||||||||
| Debtor Name |
Days | Days | Days | Days | Receivables | Doubtful Acts. | Receivables (1) | |||||||||||||||||||||
| ANST |
— | 1,501 | 1,293 | 2,874 | 5,667 | (823 | ) | 4,844 | ||||||||||||||||||||
| RCS Advisory Services |
— | — | 83 | 4,681 | 4,764 | (1,011 | ) | 3,753 | ||||||||||||||||||||
| Realty Capital Securities |
— | — | 57 | 612 | 669 | — | 669 | |||||||||||||||||||||
| SK Research |
— | — | — | 535 | 535 | — | 535 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
— | 1,501 | 1,432 | 8,701 | 11,634 | (1,834 | ) | 9,800 | ||||||||||||||||||||
| (1) | The majority of A/R is related to ARC and should be considered contingent |
Debtor Questionnaire
| Yes | ||||||
| 1. |
Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | ||||
| 2. |
Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | ||||
| 3. |
Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | ||||
| 4. |
Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | ||||
| 5. |
Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | ||||
| In re RCS Capital Corp., et al. | Case No. 16-10223 (MFW) |
Declaration Regarding the Status of Post-petition taxes of the Debtors
I am the Chief Accounting Officer of RCS Capital Corp. a corporation organized under the laws of the State of Delaware and the Debtor in the above-caption Chapter 11 cases (the “Debtors”). I am familiar with the Debtor’s day to day operations, business affairs and books and records.
To the best of my knowledge, the Debtors have filed all necessary federal, state and local tax returns or extensions and made all required undisputed post-petition tax payments in connection therewith in a timely manner or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights.
| /s/ Salvatore Troia |
5/2/16 | |||
| Salvatore Troia |
Date |