Southmark to Sell Insurance Stake: Southmark Corp....

Southmark to Sell Insurance Stake: Southmark Corp. said it has reached an agreement to sell an 89% stake in its Integon Corp. insurance unit for cash and securities to a new company formed by Jupiter Industries Inc. and Head Insurance Investors L.P. Under terms of the sale, approved by Southmark’s board, the buyer will pay $189 million in cash, debt and new stock for Integon and repay or assume $120 million in Integon debt. Southmark is a Dallas-based real estate and financial services concern that is seeking to reorganize under the protection of federal bankruptcy court.