American Spectrum Realty records $7.8M gain in Q1 on lawsuit settlement American Spectrum Realty announced a settlement of claims between the company, including its affiliates, and entities related to New West Realty and its affiliates. American Spectrum will record a gain of approximately $7.8M in 1Q14 due to elimination of debt and reversal of accrued interest. The terms of the settlement include payment by American Spectrum of $2.4M to New West Realty in the form of cash and a promissory note. The settlement replaces a prior memorandum of understanding entered into by the parties in December 2012 which did not become effective. That memorandum called for a settlement consideration of $4.6M to settle a dispute filed against American Spectrum Realty in 2010 by New West Realty and its affiliates over a promissory note in the original amount of $9.4M.