SOUTHMARK RECEIVES PAYMENTS FROM SETTLEMENT WITH RTC
SOUTHMARK RECEIVES PAYMENTS FROM SETTLEMENT WITH RTC DALLAS, March 2 /PRNewswire/ -- Southmark Corporation (OTC) today
reported that it completed the previously announced settlement of competing claims of the company and the Resolution Trust Company (RTC).
The competing claims centered on control of the proceeds from the sale of Southmark's insurance operations. Under the terms of the settlement with the RTC, Southmark has received or shall receive cash and securities worth approximately $13.6 million, plus certain real estate interests. Southmark Corporation, headquartered in Dallas, is engaged in the liquidation of assets in accordance with its court-approved Plan of Reorganization. -0- 3/2/92 /CONTACT: Susan A. Seiter of Susan Seiter Associates, 817-488-3142/ CO: Southmark Corporation ST: Texas IN: SU: SH -- NY061 -- 4006 03/02/92 13:09 EST
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|Date:||Mar 2, 1992|
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