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November 08, 1994|From Times Staff and Wire Reports

TMI Keeps Control of Winery: Orange County Superior Court Judge Francisco F. Firmat has denied a request by investors that the manager appointed to oversee most of the real estate assets of Teachers Management & Investment Corp. also take over Parducci Winery Ltd., which is still under the control of the $1-billion Newport Beach investment fund. In October, Firmat appointed Dennis B. Schmucker to manage more than three-fourths of the partnerships of TMI after investors filed a lawsuit alleging that TMI fraudulently lost $100 million, most of it money invested by teachers for their retirement. Parducci is one of three partnerships the judge allowed to remain under TMI's control. Plaintiffs in the lawsuit had complained to the court that winery investors' money was going to be used to pay legal fees for TMI's owners.

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