Printer Friendly

SOUTHMARK AGREES TO SETTLEMENT OF LITIGATION WITH LPIMC

 DALLAS, Feb. 10 /PRNewswire/ -- Southmark Corporation (OTC) today reported that it has agreed to the settlement of litigation with, and the payoff of six mortgages by, LPIMC, Inc. The mortgages included in the transactions are on nursing homes held by limited partnerships controlled by LPIMC. Total consideration for the transactions is $12.0 million, with payment to be made in Southmark 12 percent secured, redeemable notes due 1997, or in a combination of notes, cash and/or other securities.
 Transactions were completed yesterday for the payoff of four of the six mortgages and related litigation for consideration totaling $7.8 million. Additional transactions to complete the payoff of the remaining two mortgages and settlement of related litigation are expected to be completed at a future date.
 Southmark Corporation, headquartered in Dallas, is engaged in the liquidation of assets in accordance with its court-approved Plan of Reorganization.
 -0- 2/10/93
 /CONTACT: Charles B. Brewer, executive vice president of Southmark, 214-406-6775; or Susan A. Seiter of Susan Seiter Associates, 817-488-3142, for Southmark/


CO: Southmark Corporation; LPIMC, Inc. ST: Texas IN: SU:

GK -- NY034 -- 5069 02/10/93 10:29 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1993
Words:189
Previous Article:ERC ANNOUNCES PHOSPHORIC ACID FUEL CELL SALES
Next Article:SCOTTS REPORTS RECORD FIRST QUARTER SALES AND HIGHER EARNINGS
Topics:


Related Articles
SOUTHMARK SUBMITS SETTLEMENT PROPOSAL
SOUTHMARK ANNOUNCES TERMS OF SETTLEMENT
SOUTHMARK ANNOUNCES TERMS OF SETTLEMENT
TRANSCONTINENTAL REALTY INVESTORS ANNOUNCES ACQUISITION OF REAL ESTATE AND ISSUANCE OF ADDITIONAL SECURITIES
SOUTHMARK RECEIVES SETTLEMENT PAYMENT
EVERGREEN HEALTHCARE LTD. TO ACQUIRE CONTROLLING INTEREST IN NATIONAL HERITAGE, INC.
NATIONAL HERITAGE ANNOUNCES PLAN TO TRANSFER CONTROL
SOUTHMARK REPORTS LITIGATION SETTLEMENT
SOUTHMARK TO REDEEM NOTE ISSUE
SOUTHMARK COMPLETES SALE OF NURSING HOME PROPERTIES

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters