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’s (“ASRM”), Steven M. Speier, Director of Receivership and Bankruptcy, was appointed as Receiver of a Denny’s restaurant located in Corona, CA. This particular Denny’s restaurant is a high volume store located in Southern California immediately off the Interstate 15 corridor between San Diego and Las Vegas. The lender seeking the appointment of the Receiver was Banco Popular North America. Mr. Speier has been appointed as Receiver in several other restaurant cases including restaurants such as Johnny Carino’s, On The Border, Ruby’s, and Applebee’s. He has also represented numerous other restaurants located in hotels and resorts in which he served as Receiver. In addition, Mr. Speier has been appointed a Receiver or Bankruptcy Trustee on over five hundred operating businesses and real estate properties. Mr. Speier recently 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.
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.