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SOUTHLAND PREVIEW / The Business Week Ahead

Orange County

October 03, 1994|From Times Staff and Wire Reports

Ruling Due on TMI Receivership: A ruling is expected today on whether a receiver will be appointed to take over operations of Teachers Management & Investment Corp., the Newport Beach firm that raised $1 billion from educators throughout California. A lawsuit filed in August by four teachers alleges that the company is insolvent and seeks appointment of a receiver for its remaining assets. The teachers also allege that the company lost $100 million of investors' money through fraud. More than 60,000 California teachers invested with TMI, many of them putting money into partnerships to buy undeveloped land. TMI owners Maurice Shuman and James Martin deny any wrongdoing and say the value of the company's assets declined because of the real estate downturn. Judge Francisco F. Firmat is to issue the ruling during a 1:30 p.m. session of Orange County Superior Court in Santa Ana.

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