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AMERICAN SPECTRUM REALTY INC FILES (8-K) Disclosing Bankruptcy or Receivership

February 21, 2014



Item 1.03 Bankruptcy or Receivership.

American Spectrum Realty, Inc. (NYSE/MKT: AQQ), a real estate investment, management and leasing company today, announced the settlement of a vendor dispute and the rescind of a receiver appointed in the District Court of Harris County, Texas, 164th Judicial District. The receiver was appointed on February 14, 2014 at the request of Nextera Retail of Texas, LP in connection with a judgment in favor of Nextera Retail in the amount of $2,800,000.00. On February 20, 2014, American Spectrum satisfied in full all obligations to Nextera, with a payment of $1,500,000.00, and the District Court rescinded the order appointing the receiver. Day-to-day operations of American Spectrum were not impacted by the court action. Neither the appointment of the receiver nor the satisfaction of the obligation to Nextera will have a material adverse effect on the condition, financial or otherwise, of American Spectrum.

The information in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth in such filing.

Forward-Looking Statements

The Company's statements contained in this Current Report on Form 8-K that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may differ materially from those included in the forward-looking statements. The Company intends those forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and the Company is including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, intentions and expectations, are generally identifiable by use of the words "expect," "project," "may," "will," "should," "could," "would," "intend," "plan," "propose," "anticipate," "estimate," "believe," "continue," "predict," "potential" or the negative of such terms and other comparable terminology. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain.

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Source: Edgar Glimpses


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