I bought Southmark debt during Stage III. The debt was exchanged for SMRK. Glenn Adams was brought in as Chairman, President and CEO. Adams held these positions from August 1990 to August 1996. Charles Brewer took over for Adams. Brewer was a lawyer and was the main driving force in asset recovery/litigation.
The annual meetings were nothing fancy, but unlike many corporate managers, these two men actually walked up to me afterwards and talked at length.
SC 13D's can be a great investing tool. In the pre-EDGAR days, the detailed information was difficult to obtain. One day I saw a new story that detailed that Adams was buying the preferred, SMRKP. Brewer did the same thing. I began buying at $.25. Dividends were reinvested in more SMRKP until the buyout by A&B. It ended up being one of the best investments I ever made.
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