American Spectrum Settles Lewis Litigation at No Cost; No Impact on Operations or Financial Results.Business Editors/Real Estate Writers IRVINE, Calif.--(BUSINESS WIRE)--Oct. 20, 2003 American Spectrum Realty, Inc. (AMEX AMEX See: American Stock Exchange : AQQ AQQ Annual Qualifications Questionnaire ), a diversified real estate investment and management company, announced today that it had reached a settlement in the class action relating to its acquisition of assets Acquisition of assets A merger or consolidation in which an acquirer purchases the selling firm's assets. in 2001 through the consolidation of public and private partnerships and other entities. The settlement, which is subject to court approval, is fully covered by insurance and will have no impact on American Spectrum's operations or financial results or condition. The action, known as the Lewis litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , was brought on behalf of the former limited partners in the partnerships involved in the consolidation. The settlement is expected to become final in the first quarter of 2004. William J. Carden, American Spectrum's chairman and chief executive officer, said that he was "extremely pleased to put this matter behind us" and that he "looked forward to making progress on American Spectrum's previously announced plans to realign its portfolio to focus on office and industrial properties in Texas, California and Arizona." American Spectrum Realty, Inc. is a diversified real estate investment and management company that currently owns 25 office, industrial, apartment and retail properties in California, Texas, Arizona, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and the Midwest. Publicly traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. since November 2001, American Spectrum Realty's business plan focuses on expansion of office and industrial property investments in California, Texas and Arizona, and to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose all properties not in these regions. 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. |
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