SOUTHMARK &lt;SM> SELLS NATIONAL HERITAGE STAKE

  National Heritage Inc, a unit of
  Southmark Corp, said it began an initial public offering of two
  mln shares of common stock at a price of 9.50 dlrs a share.
      All the shares are being offered by National Heritage,
  which will trade under symbol NHER on Nasdaq, through lead
  underwriter Drexel Burnham Lambert Inc.
      Proceeds will be used to increase working capital, complete
  renovations at leased facilities and repay certain debts to
  Southmark.
      After the offer, Southmark will retain about 82 pct of the
  11 mln outstanding common shares of National Heritage, which
  operates 201 long-term nursing care facilities.
  

