SOUTHMARK <SM> TO ISSUE AMERICAN REALTY RIGHTS Southmark Corp said shareholders will be issued, as a special dividend, rights to acquire 22 shares of American Realty Trust <ARB> for each 100 shares of Southmark owned. The record date for Southmark shareholders to receive these rights will be May one with an ex-dividend date of April 27. Southmark received these rights on April six, as the holder of about 84 pct of American Realty Trust's outstanding shares.