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SOUTHMARK REPORTS RULING FROM FIFTH CIRCUIT

 SOUTHMARK REPORTS RULING FROM FIFTH CIRCUIT
 DALLAS, Sept. 4 /PRNewswire/ -- Southmark Corporation (OTC) today


reported that it has received notification from the United States Fifth Circuit Court of Appeals that the Court issued the opinion in Parker & Parsley Petroleum Company, et al. v. Dresser Industries, Inc., Baker Hughes, et al. The Court reversed the federal district court judgment of $175 million for the plaintiffs in the lawsuit based upon a finding that there was a lack of jurisdiction in federal court and that the case should be tried in state court.
 Southmark Corporation is entitled to approximately 20 percent of any recovery that results from the litigation. It is anticipated that the case will be retried in state court.
 Southmark Corporation, headquartered in Dallas, is engaged in the liquidation of its assets in accordance with its Court approved Chapter 11 Plan of Reorganization.
 -0- 9/4/92
 /CONTACT: Charles B. Brewer, executive vice president of Southmark Corporation, 214-406-6775/ CO: Southmark Corporation ST: Texas IN: SU:


TS -- NY027 -- 6893 09/04/92 11:28 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 4, 1992
Words:174
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