American Spectrum Realty Announces Recent Court Action Involving Wholly-Owned Subsidiaries

American Spectrum Realty (NYSE MKT:

) today announced a recent court filing in the Southern District of Texas as negotiations regarding three loans pertaining to four Houston commercial properties broke down with a private equity firm, which acquired the loans from the original lender. Three of American Spectrum Realty wholly-owned subsidiaries, which own four real property assets, filed bankruptcy petitions under Chapter 11 of the United States Bankruptcy Code. All of these properties have been posted for foreclosure. The three subsidiaries are ASR-8 Centre LP, ASR-Parkway One & Two LP and ASR-Fountainview Place LP. The docket number for the jointly administered filings is Case No.