American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“The Company”), a real estate investment, management and leasing company, headquartered in Houston, Texas is pleased to announce that Steven M. Speier, Director of Receivership, Bankruptcy and Litigation Services for American Spectrum Realty Management, LLC (“ASRM”), continues to serve in his capacity as Chapter 11 Trustee in eight land development cases in which the SunCal Companies of California are the developer and various Lehman Holding entities of New York are the lender and/or investor.
The projects consist of over 4,000 acres of prime real estate primarily located in southern California. The properties have been in Chapter 11 bankruptcy since 2008 and Mr. Speier has served in his capacity as Chapter 11 Trustee since January 2009. Mr. Speier is also currently serving as Receiver in various operating businesses and real estate cases as well as a Chapter 7 and 11 Trustee on numerous bankruptcy cases.
Mr. Speier joined ASRM with over 30 years of real estate lending experience and almost 20 years experience as a top level court appointed receiver. Mr. Speier has been an active U.S. Bankruptcy Chapter 7 Trustee since 1998 and is currently President of the California Bankruptcy Forum. He heads the ASRM Special Assets Group’s newly formed Receivership, Litigation and Bankruptcy Practice.
About American Spectrum Realty, Inc.American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self storage, retail properties, and apartments throughout the United States. The company has been publicly traded since 2001. American Spectrum Realty Management, LLC is a wholly-owned subsidiary of the Company’s operating partnership that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients. ASRM provides first-class management and leasing services for over 130 office, industrial, retail, self-storage, and multi-family properties, totaling over 15 million square feet in 22 states.