SOUTHMARK &lt;SM> TO OFFER SPECIAL DIVIDEND
  Southmark Corp said it will issue its
  shareholders a special dividend right to acquire 22 shares of
  American Realty Trust &lt;ARB> for each 100 shares of Southmark
  they own.
      Each right entitles the holder to buy one share of
  beneficial interest of American Realty Trust at a price of 3.75
  dlrs per share, Southmark said.
      Southmark said the offer's record date is May 1, with an
  ex-dividend date of April 27, adding that the it will issue the
  rights to shareholders on May 6 and the offer will expire on
  May 22.
      Southmark said it received the rights on April 6 as the
  holder of about 84 pct of American Realty Trust's outstanding
  shares.
      Holders of fewer than 455 Southmark shares who would
  receive rights to acquire fewer than 100 American Realty shares
  will be paid cash in lieu of the rights distribution, the
  company said.
      Southmark said it will compute the cash price paid based on
  the average closing market price of the rights on the American
  Stock Exchange for the first ten days the rights are traded,
  beginning April 6.
      In order to get the dividend for these rights a Southmark
  shareholder must own common stock on the ex-dividend date,
  April 27, the company said.
      After that, Southmark said its common stock will be traded
  on an ex-rights basis.
  

