American Spectrum Realty, Inc. filed a motion in the US Bankruptcy Court for the sale of certain assets on June 9, 2016. The debtor seeks the Court’s approval for the sale of certain assets of its affiliate, American Spectrum Investments LLC, to Donald R. Clauson, the stalking horse bidder, for a purchase price of $10.2 million in cash pursuant to the asset purchase agreement. The assets include properties located at 8223 Leslie Road and 10507 Shaenfield Road, San Antonio, Texas. The stalking horse bidder has provided $0.1 million as a deposit for the purchase properties. The debtor has scheduled an auction on June 29, 2016. The stalking horse bidder would not be entitled to any break-up fees in case of termination of the sale. The sale proceeds will be used to pay secured claims of $4.17 million.