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SOUTHMARK RECEIVES PAYMENTS FROM TWO MAJOR SETTLEMENTS

 SOUTHMARK RECEIVES PAYMENTS FROM TWO MAJOR SETTLEMENTS
 DALLAS, Feb. 26 /PRNewswire/ -- Southmark Corporation (OTC) today


reported that it has received the initial $4 million scheduled cash payment pursuant riedman, and entities they control.
 As previously reported, under the terms of the settlement, Southmark is entitled to receive a total of $13.2 million. The first $4 million installment was due Feb. 25, 1992; the second payment of $4 million is scheduled to be paid on May 1, 1992. The remaining balance of $5.2 million is to be paid in four payments scheduled through Aug. 27, 1994. The unpaid balance is secured by a portfolio of securities of entities controlled by Phillips and Friedman.
 In addition to the pledge of securities, Phillips and Friedman, American Realty Trust and Syntek West, Inc. have each executed and delivered separate, final, non-appealable judgments in favor of Southmark, each in the amount of $25 million. The executed judgments are being held by the U.S. Bankruptcy Clerk for the Northern District of Texas - Dallas Division. In the event of a default, Southmark is entitled to entry of those judgments and to recover from the parties an aggregate of $25 million, subject to reduction for any amounts previously paid. If the settlement obligations are met, the judgments will be returned to the defendants.
 Southmark Corporation, headquartered in Dallas, is engaged in the liquidation of assets in accordance with its court-approved plan of reorganization.
 -0- 2/26/92
 /CONTACT: Charles B. Brewer, executive VP of Southmark, 214-406-6775/ CO: Southmark Corporation ST: Texas IN: SU:


CK -- NY044 -- 2785 02/26/92 12:04 EST
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Publication:PR Newswire
Date:Feb 26, 1992
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