Smith will receive $80 million on a stock sale.

Drexel Burnham Lambert has completed the open-market sale of 5.3 million Gearhart Industries shares purchased by Newport Beach-based Smith International in its unsuccessful attempt to gain control of the Fort Worth high-technology oil-services company. Smith, which paid about $163 million for the shares, agreed to sell its Gearhart stock to Drexel, which serves as Gearhart’s investment banker. The stock sale, generating an $83-million pretax loss, was part of a settlement ending Smith’s takeover attempt. Smith Chairman Jerry Neely said the firm will use the preceeds to retire debt.