▁future ▁suite ▁of ▁AR ▁Capital ▁invest ment ▁programs . ▁Sch or sch ▁was ▁succeeded ▁by ▁Mark ▁A uer bach , ▁R CS ▁Capital ' s ▁former ▁Le ad ▁Independent ▁Director , ▁to ▁the ▁role ▁of ▁Chair man , ▁effective ▁immediately . ▁ ▁On ▁January ▁ 4 , ▁ 2 0 1 6 , ▁the ▁NY SE ▁susp ended ▁trad ing ▁of ▁RC AP ▁after ▁RC AP ▁announced ▁it ▁reached ▁an ▁agreement ▁in ▁principle ▁to ▁rest ruct ure ▁its ▁deb t ▁and ▁intended ▁to ▁file ▁Chapter ▁ 1 1 ▁bank rupt cy ▁in ▁late ▁January ▁ 2 0 1 6 . ▁ ▁Business ▁approach ▁Sch or sch ▁has ▁managed ▁to ▁influence ▁the ▁non - tr aded ▁RE IT ▁industry ▁in ▁several ▁ways , ▁not ably ▁elimin ating ▁the ▁" internal ization ▁fee " ▁causing ▁other ▁spons or ▁companies ▁to ▁follow ▁suit . ▁Through ▁American ▁Real ty ▁Capital ' s ▁Best ▁Pract ice ▁standards , ▁K ah ane ▁and ▁Sch or sch ▁made ▁the ▁focus ▁on ▁lower ing ▁fe es ▁a ▁priority , ▁contrary ▁to ▁industry ▁convention . ▁ ▁They ▁proceeded ▁to ▁eliminate ▁payment ▁of ▁asset ▁management ▁fe es ▁during ▁the ▁construction ▁of ▁their ▁invest ment ▁programs . ▁Pay ment ▁is ▁taken ▁in ▁the ▁form ▁of ▁restricted ▁stock ▁that ▁only ▁v ests ▁when ▁" 1 0 0 % ▁of ▁share holder ▁capital ▁is ▁returned ▁plus ▁payment ▁to ▁invest ors ▁of ▁an ▁annual ▁ 6 % ▁cum ulative , ▁pre - tax , ▁non - comp ounded ▁return ▁on ▁the ▁capital ▁contributed ▁by ▁invest ors ."