06/11/1998 AT 12:00 AM EDT
Former Guess jeans model and 1993 Playboy Playmate Anna Nicole Smith, 33, announced yesterday that she wants to drop a Texas lawsuit seeking half of her late 90-year-old husband J. Howard Marshall's estimated $1.6 billion fortune. (They were married 14 months, until his death.) Her decision was apparently based on Tuesday's ruling by U.S. Bankruptcy Court Judge Samuel Bufford, who, in a separate case in Los Angeles, awarded Smith $475 million. Judge Bufford said that she had been deprived of her inheritance by her stepson, Pierce Marshall, 61. Smith's lawyers, believed to have been caught off guard by their client's pronouncement, cautioned it was too early to make that call about the Texas case. However, Smith has wasted no time in adopting the role of the newly minted millionairess, reports PEOPLE. She showed up for court yesterday in a stretch limo decked out in a spangly gold cocktail dress, 4-inch black and gold pumps and a Versace leopard-print coat (with loud flowers superimposed on the print). A few elderly ladies clustered around her, says PEOPLE, and Smith giggled as she signed autographs for them.