OTHER NEWS - Jan. 1, 1992
From Times Staff and Wire Reports
Southmark Settles Battles: Southmark Corp., once an $8-billion real estate conglomerate built through junk bonds, moved to sever ties with former officers it blamed in part for its failure. Southmark accepted $13.2 million to settle all lawsuits between the liquidating company and the two men. In exchange, Southmark will give up its interest in a company controlled by Gene E. Phillips and William S. Friedman. The company will also give up 15 real estate properties and six mortgages. Southmark said the assets are primarily undeveloped land and multifamily residential properties subject to foreclosure in 1992.
