American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“The Company”), a real estate investment, management and leasing company, headquartered in Houston, Texas, announced that Steven M. Speier, Director of Receivership, Bankruptcy and Litigation Services for American Spectrum Realty Management, LLC (“ASRM”), was appointed Receiver on behalf of Citizens Business Bank.
The California banking corporation filed a petition for a Receiver of 3 Palms Dairy with the Rancho Cucamonga district of San Bernardino County that was granted on December 22 nd, 2010. Mr. Speier in turn awarded American Spectrum Realty Management, LLC a third party management and sale contract for 3 Palms Dairy.
The project consists of over 30 acres of dairy farm land and cattle located in Ontario, California. 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.
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. Certain matters discussed in this release are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including the risks and uncertainties of acquiring, owning, operating and disposing of real estate. Such risks and uncertainties are disclosed in the Company’s past and current filings with the U.S. Securities and Exchange Commission.