American Spectrum Realty Enters Settlement Agreement with Dunham & Associates
16 Juin 2014 - 5:18PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment management and leasing company – today announced the
settlement of an action filed by American Spectrum in the District
Court of Harris County, Texas, entitled American Spectrum et. al.
v. Dunham & Associates Holdings, Inc. et. al., Case No.
2014-24363.
The Settlement Agreement entered into between American Spectrum
and its affiliates and Dunham & Associates Holdings and its
affiliates provides for the repurchase by the Dunham entities from
the American Spectrum entities of fourteen properties
(collectively, the "Properties") previously transferred by
the Dunham entities pursuant to a Contribution Agreement between
American Spectrum and Dunham. The parties valued the Properties at
an aggregate value of $55,531,000.00 and the Dunham entities
assumed debt on the Properties in an aggregate amount
$8,119,799.00. In consideration for the transfer of the Properties,
the Dunham entities surrendered to American Spectrum shares of
American Spectrum 8% Cumulative Preferred Stock, Series B (the
"Series B Preferred"), with an aggregate liquidation
preference of $47,411,201.00, which amount is equal to the net
contribution value at which the Properties were originally
contributed to American Spectrum.
Concurrent with the repurchase of the Properties, the parties
agreed to amend the charter documents of American Spectrum to
modify the rights, preferences and privileges of the Series B
Preferred, the class of equity security retained by Dunham. In
addition, American Spectrum and the Dunham entities modified a loan
arrangement between American Spectrum and the Dunham entities to
eliminate the obligation of Dunham to make or arrange additional
loans to American Spectrum. Pursuant to this loan arrangement,
Dunham previously advanced $3,000,000.00 to the American Spectrum
entities on January 3, 2014. The obligation remains
outstanding.
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, retail,
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.James Hurn, (713) 706-6200General
Counseljhurn@americanspectrum.com
American Spectrum (AMEX:AQQ)
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