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Corvex Buys 7.1% of American Capital Realty Properties

Corvex Management LP

Keith Meister’s Corvex Management reported that it now owns a 7.1% stake in American Realty Capital Properties. That firm is at the center of controversies regarding its embattled former head Nicholas Schorsch.

According to SEC filings uncovered by Bloomberg, Corvex has amassed 64.7 million shares, including stock underlying call options. It paid about $71.1 million for the 7.925 million owned shares and $158.1 million for the options.

Schrosch resigned last month under a cloud of scandal and now the company is being sued by its former chief accounting officer Lisa McAlister who claims that she was fired after pointing out accounting irregularities to Schorsch.

While ACRP has vehemently denied the allegations, its stock has plummeted since October when revelations about accounting irregularities were first made.

Corvex said in a statement to Bloomberg, “We commend the board’s [of ACRP] decision to retain qualified advisors in seeking to promptly resolve past issues and position the company to look to the future rather than focusing on the past. This is a time of transition and a unique opportunity for a ‘new start’ for the company and its shareholders.”

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