UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 8-KCURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of ~~1934December~~1934February 3012, ~~2014Date~~2015Date of Report (Date of earliest event reported)

American Spectrum Realty, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-16785	52-2258674
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2401 Fountain View, Suite 750, Houston, Texas 77057

(Address of principal executive offices) (Zip Code)

(713) 706-6200

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

~~Default~~On February 12, 2015, American Spectrum Realty, Inc. (the “Company”) filed a voluntary petition (the “Voluntary Petition”) for the reorganization of one its subsidiaries, Verdugo, LLC (“Verdugo”) under Chapter ~~Series~~11 Bof ~~Articles~~Title ~~Supplementary~~11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Central District of California (the “Bankruptcy Court”). The filing docket number is Case No. 8:15-bk-10701-SC. Verdugo filed the Voluntary Petition in response to foreclosure proceedings being instituted by D&A Semi-Annual Mortgage Fund III, L.P. (the “Lender”). Verdugo filed the Voluntary Petition in order to preserve the value of its multi-use retail and medical office building located in Glendale, California (the “Property”) which the Company believes has a value in excess of the outstanding secured debt. The Company believes that the value of the Property can be preserved and maximized through either a plan of reorganization or orderly marketing and sale. Verdugo will continue to operate the Property as “debtor in possession” in the ordinary course under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

On ~~December~~November 1, 2014, ~~American Spectrum Realty, Inc., a Maryland corporation (~~the ~~“Company”) failed to make a mandatory dividend payment in the aggregate amount of~~ $666,~~904~~600,000 tomortgage ~~the~~secured ~~holders~~by (the ~~“Series~~Property Bmatured ~~Holders”)~~and ofbecame ~~the~~due ~~Company’s~~and 8%payable. ~~Cumulative~~The ~~Preferred~~Company ~~Stock,~~defaulted ~~Series~~on Bthe ~~(“Series~~repayment Band ~~Preferred~~the ~~Stock”),~~lender asinstituted ~~required~~foreclosure byproceedings. ~~the~~The Company~~’s Amended and~~ ~~Restated~~has ~~Articles~~been ~~Supplementary,~~in ~~Series~~negotiations Bwith (the ~~“Series~~Lender ~~B Articles Supplementary”)~~ and ~~has~~affiliated ~~not subsequently made any further monthly~~companies; ~~mandatory~~however, ~~dividend~~on ~~payments. The~~January ~~failure~~15, to2015, ~~make~~ the ~~mandatory dividend~~Company ~~payment~~ was ~~not~~notified ~~cured~~that ~~within~~the ~~30 days of December 1, 2014 and~~lender ~~has~~had ~~not~~filed ~~been~~a ~~cured, which constitutes an~~ “~~Event~~Notice of ~~Default~~Trustee Sale” ~~under~~setting ~~the Series~~February ~~B Articles Supplementary. Additionally~~13, on2015 ~~December~~as ~~1, 2014,~~ the ~~Company~~Property ~~failed~~sale todate. ~~make~~The afiling ~~redemption~~of ~~payment in~~ the ~~aggregate~~Voluntary ~~amount~~Petition ofeffectively ~~$3,010,686 to~~stays the ~~Series~~foreclosure Baction ~~Holders,~~and ~~as required by~~ the ~~Series~~related BProperty sale. The ~~Articles~~Lender’s ~~Supplementary,~~purported ~~which~~rights ~~remains uncured and will constitute an “Event~~ of ~~Default”~~enforcement ifare ~~not~~subject ~~cured~~to ~~within~~the ~~90 days of December 1, 2014. The~~applicable ~~Company~~provisions ~~failed~~of ~~to make~~ the ~~mandatory~~Bankruptcy ~~dividend~~Code ~~payments~~ and ~~redemption payments~~the ~~due~~Federal toRules ~~a lack~~ of ~~funds~~Bankruptcy Procedure.

AsThe aProperty ~~result~~is ofalso ~~the~~security ~~Event~~for ofan ~~Default,~~additional ~~the~~mortgage ~~distribution~~loan ~~rate~~in on the ~~Series~~ Bamount ~~Preferred~~of ~~Stock~~$2,477,050 ~~increased~~which ~~from~~is ~~8.0%~~due ~~per~~and ~~annum~~payable toon ~~15.0%~~May ~~per~~22, ~~annum and~~2015. The ~~remains~~filing atof ~~such rate until~~ the ~~Event~~Voluntary ofPetition ~~Default~~constitutes isan ~~cured~~event ~~and~~of ~~the~~default ~~Series~~under Bthis ~~Holders~~additional ~~have~~mortgage ~~the~~agreement ~~right,~~and ~~during~~results ~~the~~in ~~pendency of~~ the ~~Event~~automatic ~~of Default,~~and toimmediate ~~require~~acceleration of the ~~Company~~additional tosecured ~~redeem~~mortgage ~~all (but not less than all) of the~~loan. The ~~outstanding~~Voluntary ~~shares~~Petition ofalso ~~Series~~stays Bany ~~Preferred~~lender ~~Stock. In~~enforcement ~~January~~action ~~2015,~~with ~~the~~respect ~~Company~~to ~~received~~this aadditional ~~redemption~~secured ~~notice~~mortgage ~~from the Series B Holders~~loan.

AsThe Property was acquired on December 30, 2013 pursuant to a Contribution Agreement and Joint Escrow Instructions (the “Contribution Agreement”) by and among the Company and Asset Managers, Inc., D&A Daily Mortgage Fund III, L.P., D&A Semi-Annual Mortgage Fund III, L.P., and D&A Intermediate-Term Mortgage Fund III, L.P. (collectively, the “Dunham Funds”). Under the terms of ~~February~~the 1Contribution Agreement, ~~2015~~the Company may not refinance the ~~following~~Property ~~amounts~~for ~~are~~more ~~required~~than $6,627,600 (40% of the Project Allocation Amount (as defined in the Contribution Agreement)). Currently, neither Verdugo nor the Company have the funds necessary to ~~redeem~~meet the obligations due to the Lender. Although the Company and the Dunham Funds have been in negotiations regarding the past due mortgage and the Company’s default on its 8% Cumulative Preferred Series B ~~Preferred:~~Shares, negotiations have not resulted in a forbearance agreement and are currently on-going.

Series B Preferred Liquidation Value	$20,071,241
Cumulative Deferred Dividends	1,158,150
Dividends in Arrears	133,808
Increased Dividends due to Default	418,151
February 1, 2015 Dividend Due	200,712
Total Redemption Obligation	$21,982,062

Additionally, because the dividend payments and mandatory redemption payments, are in arrears by more than sixty (60) days, the Series B Holders (voting together as a single class) are entitled to vote for the election of a number of directors of the Company constituting a majority of the Board of Directors (the “Series B Directors”) and the entire Board of Directors, as applicable, will be increased by the number of the Series B Directors. The Series B Holders can effect such vote at a special meeting by requesting the Company to set a record date and call special meeting. At any such annual or special meeting, the Series B Holders, by plurality vote, voting together as a single class will be entitled to elect a number of directors constituting a majority of the Board of Directors on the basis of one vote per share of Series B Preferred Stock. On January 30, 2015, the Company received a notice from the Series B Holders requesting the Company, pursuant to the terms of the Series B Articles Supplementary, to call a special meeting.

Default under the Series C Articles Supplementary

Under the terms of the Company’s Articles Supplementary, Series C (the “Series C Articles Supplementary”), if the Company fails to make any payments required by that certain Contribution Agreement dated as of December 2013 between the Company, Asset Managers, Inc., American Spectrum Realty Operating Partnership, L.P., American Spectrum Dunham Properties, LLC and the initial holders of Series B, as amended by the Settlement Agreement and Mutual Release dated June 3, 2014 (the “Contribution Agreement”), an Event of Default will be deemed to have occurred. The Contribution Agreement provides that, among other requirements, payments shall be due in accordance with the terms of the Series B Articles Supplementary.

As a result of the Event of Default, the distribution rate on the Series C Preferred Stock increased from 8.0% per annum to 15.0% per annum and remains at such rate until the Event of Default is cured and the Series C Holders have the right to require the Company to redeem (all but not less than all) the Series C Preferred Stock upon notice of redemption of the Series B Preferred Stock.

The Company could cure the Event of Default under the Series B Articles Supplementary and Series C Articles Supplementary by making the following dividend and redemption payments to Series B Holders:

December 1, 2014 Redemption Payment	$3,010,686
Dividends in Arrears	133,808
Increased Dividends due to Default	418,151
February 1, 2015 Dividend Due	200,712
Total Amount Required to Cure	$3,763,357

The occurrence of the Event of Default is related to the Company’s lack of funds needed to pay the maturing obligations as they come due. Although there can be no assurances, the Company’s management is currently contesting the Event of Default and the calling of a special meeting and working to address these issues through negotiations with the Series B Holders. Additionally, the Company continues to work on the sale of its portfolio of properties to raise additional funds to meet these and other maturing obligations. At this time, management is uncertain as to the outcome of its negotiations and cannot predict the ultimate proceeds for any asset sales or the timing of such sales with any certainty.

Forward-Looking Statements

The Company’s statements contained in this Current Report on Form 8-K that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may differ materially from those included in the forward-looking statements. The Company intends those forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and the Company is including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, intentions and expectations, are generally identifiable by use of the words "expect," "project," "may," "will," "should," "could," "would," "intend," "plan," "propose," "anticipate," "estimate," "believe," "continue," "predict," "potential," or the negative of such terms and other comparable terminology. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		AMERICAN SPECTRUM REALTY, INC.
		By:	/s/ ~~William~~Quentin JE. ~~Carden~~Thompson
			William J. Carden
			Quentin E. Thompson
			Chairman of the Board, President
			Chief Financial Officer
			and Chief Executive Officer
Date:	February 17, 2015
Date:	February 12, 2015

Filing Compare · AMERICAN SPECTRUM REALTY INC