American Spectrum Realty Records $7,800,000 Gain in First Quarter on Lawsuit Settlement
17 Gennaio 2014 - 2:55PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment, management and leasing company – today announced a
settlement of claims between the Company, including its affiliates,
and entities related to New West Realty and its affiliates.
American Spectrum will record a gain of approximately $7.8
million in the first quarter of 2014 due to elimination of debt
(stated at $9.3 million) and reversal of accrued interest.
The terms of the settlement include payment by American Spectrum
of $2.4 million to New West Realty in the form of cash and a
promissory note.
The settlement replaces a prior memorandum of understanding
entered into by the parties in December 2012 which did not become
effective. That memorandum called for a settlement consideration of
$4.6 million (that was to be in cash, a new promissory note and
non-convertible preferred stock) to settle a dispute filed against
American Spectrum Realty in 2010 by New West Realty and its
affiliates over a promissory note in the original amount of $9.4
million.
“We are pleased to put this behind us and clear items from our
balance sheet,” according to CEO William J. Carden. “This agreement
significantly reduces the original amount of the claim and provides
for a manageable monthly payment plan,” he said.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial, retail, self-storage, RV parks, multi-family
properties and undeveloped land throughout the United States.
American Spectrum Management Group, Inc., a wholly-owned subsidiary
of the Company, manages and leases all properties owned by American
Spectrum Realty, Inc. as well as for third-party clients totaling
10 million square feet in multiple states. Website:
www.americanspectrumrealty.com
FORWARD LOOKING STATEMENTS
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.Elisa Grainger, CFO(949)
825-6409egrainger@americanspectrum.com
Grafico Azioni American Spectrum (AMEX:AQQ)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni American Spectrum (AMEX:AQQ)
Storico
Da Giu 2023 a Giu 2024
