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.
American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“The Company”), a real estate investment, management and leasing company, headquartered in Houston, Texas announced today that its wholly owned subsidiary, American Spectrum Realty Management, LLC (“ASRM”), appoints Steven M. Speier as Director of Receivership, Bankruptcy and Litigation Services. Mr. Speier will head the Special Assets Group’s newly formed Receivership, Litigation and Bankruptcy Practice. Although the division is new to ASRM, the team’s combined experience exceeds 25 years within the receivership industry. While realizing an ever expanding need for the special attention that real estate assets and the various forms of real estate ownership experiences in this challenging time, ASRM sought the experience and leadership of Steven M. Speier to lead this highly technical group. Mr. Speier and ASRM are not new to one another, having worked extensively together during the 1990s, during which time they collectively oversaw and managed hundreds of active receiverships, real estate corporation workouts and restructuring assignments. Mr. Speier joins 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. Jonathan Brohard, President of ASRM, expressed his excitement for this appointment by stating, “Steve’s depth of experience is virtually unparalleled. The knowledge and leadership he will bring to an already seasoned receivership team allows ASRM to handle a broad array of real estate related needs, ranging from traditional transactional activity to the most highly complex real estate structures.” 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.