Printer Friendly

SOUTHMARK REPORTS LITIGATION SETTLEMENT

 DALLAS, April 19 /PRNewswire/ -- Southmark Corporation (OTC) today reported that a settlement memorandum has been executed by the principal parties in "Parker & Parsley Petroleum Company, et al. v. Dresser Industries, Inc., Baker Hughes, et. al." covering the terms of a settlement of all outstanding litigation among the parties.
 Under the memorandum Parker & Parsley Petroleum Company would receive a cash payment by May 23, 1993 of $115 million to be paid equally by Dresser Industries, Inc. and Baker Hughes. Southmark is entitled to approximately 20 percent of the settlement proceeds pursuant to the terms of Southmark's sale in 1989 of its interest in Parker & Parsley.
 The parties will enter into a definitive agreement by April 23, 1993. The settlement is subject to board of director approval by each of the companies.
 The lawsuit was brought by Parker & Parsley Petroleum Company on behalf of approximately 18,000 working interest owners and partners in partnerships sponsored by Parker & Parsley.
 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- 4/19/93
 /CONTACT: Susan A. Seiter of Susan Seiter Associates, 817-488-3142, for Southmark Corp./


CO: Southmark Corporation ST: Texas IN: SU:

WB -- NY053 -- 7259 04/19/93 10:05 EDT
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:Apr 19, 1993
Words:212
Previous Article:COURT DISMISSES FARGNOLI LAWSUIT AGAINST ZIFFREN, BRITTENHAM & BRANCA; LAW FIRM CONTEMPLATING ACTION AGAINST PLAINTIFF
Next Article:SOUTHDOWN AND SHAREHOLDERS COMMITTEE SETTLE PROXY CONTEST
Topics:


Related Articles
SOUTHMARK ANNOUNCES TERMS OF SETTLEMENT
TRANSCONTINENTAL REALTY INVESTORS ANNOUNCES ACQUISITION OF REAL ESTATE AND ISSUANCE OF ADDITIONAL SECURITIES
SOUTHMARK RECEIVES PAYMENTS FROM SETTLEMENT WITH RTC
SOUTHMARK RECEIVES SETTLEMENT PAYMENT
SOUTHMARK REPORTS RULING FROM FIFTH CIRCUIT
ARLINGTON REALTY INVESTORS TO PAY LIQUIDATING DISTRIBUTION
SOUTHMARK TO PAY REGULAR DIVIDENDS ON PREFERRED SHARES
National Realty, L.P. Announces Preliminary Court Approval of Agreement
Southmark to Accrue Dividends on Preferred Shares
National Realty Receives Final Court Approval of Moorman Settlement Cash Distribution.

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