American Spectrum Realty Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas on March 16, 2015. The debtor listed its assets of $344.55 million and liabilities of $347.23 million. The largest unsecured creditors include Allen Matkins Leck Gamble Mallory & Natsis LLP, Carr, Riggs & Ingram, LLC., CIGNA Health Corporation, D&A Daily Mortgage Fund III LP, Donovan & Watkins Legal Solutions, Easley, Endres, Parkhill & Brackendorff, P.C., Faubus Keller LLP, FIRST Insurance Funding Corp., Polsinelli PC and Thompson & Knight, LLP.

Richard L Fuqua, II of Fuqua & Associates, PC acted as legal counsel for the debtor.