SOUTHMARK SHAREHOLDERS ELECT LOWE AS DIRECTOR; COMPANY EXPECTS PARTIAL INTEREST PAYMENT IN JANUARY
SOUTHMARK SHAREHOLDERS ELECT LOWE AS DIRECTOR;
COMPANY EXPECTS PARTIAL INTEREST PAYMENT IN JANUARY
DALLAS, Nov. 7 /PRNewswire/ -- Southmark Corporation (OTC) announced that shareholders today re-elected John B. Lowe Jr. to serve a three- year term on the board of directors. Other continuing members of the Southmark board not up for election in 1991 are Glen Adams, chairman, and Richard G. Knoblock.
Speaking at the annual meeting of shareholders held today in Dallas, Adams described the company's progress during the last year in discontinuing operations and liquidating assets as contemplated by Southmark's court-approved plan of reorganization. Adams noted that Southmark's cash position will permit the company to pay in January of 1992 some portion of the interest accrued on its 12 percent secured redeemable notes due 1997. Under the terms of the indenture governing the notes, Southmark did not pay interest in January and July of 1991.
John B. Lowe Jr., who was named to the Southmark board of directors in August of 1990, is chairman of the board and chief executive officer of TDIndustries, an employee-owned mechanical contracting firm headquartered in Dallas. A director of Turtle Creek National Bank and Heritage Bankshares, Inc., Lowe is also active in several civic and community organizations, including the Community Council of Greater Dallas, Baylor University Medical Center Foundation, Dallas County Community College District Foundation and the Salvation Army. He graduated magna cum laude from Rice University and served for two years in the U.S. Navy, assigned to the Manned Spacecraft Center, NASA, in Houston.
Southmark Corporation, headquartered in Dallas, is engaged in the liquidation of its assets in accordance with its court-approved Chapter 11 plan of reorganization.
/CONTACT: Susan A. Seiter, 817-488-3142, or pager, 214-804-6934, or Charles B. Brewer, executive VP, 214-406-6775, both for Southmark/ CO: Southmark Corporation ST: Texas IN: SU: PER CK -- NY060 -- 2251 11/07/91 13:06 EST