American Mortgage says common stock is "worthless"

NEW YORK, Oct 28 (Reuters) - American Mortgage Acceptance Co, a real estate investment trust specializing in securitized loans, said on Tuesday it believes its common shares are "worthless."

In a U.S. Securities and Exchange Commission filing, the New York-based company said it was unable to obtain alternative financing for its credit lines, forcing it to sell several mortgage-backed securities to repay a credit facility.

Due to losses for the year, the company said its remaining liabilities exceed the current value of its total remaining assets, and that if it was liquidated, via bankruptcy, or otherwise, common shareholders should not expect any recovery.

"Our board of trustees and management are considering all of the options," a company spokeswoman said when asked to comment beyond the filing.

The company, which originates and buys mortgage loans and other debt instruments, said in December 2007 that it was exploring strategic options after it liquidated certain investments to meet margin calls and maintain liquidity.

Shares of the company closed at 50 cents on the NYSE Alternext US on Tuesday. (Reporting by Emily Chasan)