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Teachers Management Investment Corp

BUSINESS
January 6, 1988 | James S. Granelli, Times staff writer
For the last two years, Teachers Management & Investment Corp. in Newport Beach had been seeking approval to pay cash awards to the four finalists in the annual competition for teacher of the year. The state Department of Education, which selects the top teacher each November, had not been opposed to the idea--just slow to allow it. Then, when the agency finally gave approval to the company last fall, TMI was caught by surprise.
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BUSINESS
September 25, 1994
Regarding the lawsuit against the present TMI management ("A Hard Investment Lesson," Sept. 19), my wife and I have been longtime investors in Teachers Management & Investment Corp. We realized even in the heady days of real estate offerings that real estate, regardless of the market, is by its very nature the least liquid of all investments. Also along with high profits and some tax write-offs there will be losses. It should be obvious to investors that 100% investment of one's retirement money into real estate is not a balanced investment portfolio.
BUSINESS
February 13, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
The state attorney general's criminal division has been investigating the operations of the troubled Teachers Management & Investment Corp., which lost more than $100 million in investor money. The criminal investigation, confirmed by authorities Monday, continues as investors and a court-appointed receiver pursue civil fraud allegations against the company, its principals and its advisors.
BUSINESS
December 9, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
An Orange County judge has found that KPMG Peat Marwick LLP doesn't have adequate insurance to pay a potential judgment in a $100 million lawsuit. The finding could affect hundreds of other cases nationwide against Peat Marwick--including a $3-billion suit against the accounting firm stemming from Orange County's bankruptcy. Plaintiffs' lawyers say they are concerned that there won't be enough to go around.
BUSINESS
March 5, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
Teachers Management & Investment Corp., which is under criminal investigation over the loss of more than $100 million in teachers' retirement funds, is trying to prevent investors from cooperating with authorities. As part of the company's effort to settle a civil fraud lawsuit, TMI has proposed that the 20,000 teacher-investors statewide stop voluntarily cooperating with state and federal authorities in the criminal investigation.
BUSINESS
September 18, 1994 | DEBORA VRANA and GREG JOHNSON, TIMES STAFF WRITERS
When Maurice B. Shuman and James R. Martin bought Teachers Management & Investment Corp. in 1987, its prosperity seemed assured. The Newport Beach company owned $700 million in California real estate and had on its payroll hundreds of teachers who had invested in TMI themselves, then signed on to moonlight as sales agents for its limited partnerships.
BUSINESS
October 4, 1994 | DEBORA VRANA, TIMES STAFF WRITER
Saying that some money was improperly transferred without investors' knowledge, a judge decided Monday that the remaining retirement funds invested with Teachers Management & Investment Corp. may need protection from current management but stopped short of appointing a receiver at the Newport Beach financial company. TMI, which has raised as much as $1 billion from 60,000 California educators since 1968, was sued Aug.
BUSINESS
January 27, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
Investors statewide who lost $100 million in Teachers Management & Investment Corp. won important courtroom battles this week when a judge refused to throw out allegations against KPMG Peat Marwick accountants and an Orange County law firm. Orange County Superior Court Judge Francisco F. Firmat refused to dismiss allegations of fraud, conspiracy, negligence and other wrongdoing against Peat Marwick, which annually audited real estate partnerships for the investors.
BUSINESS
April 25, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
A law firm once retained by troubled Teachers Management & Investment Corp. said it quit representing the company after only six days because the operators concealed evidence that "could give rise to criminal liability." The Irvine office of Reavis & Pogue made the allegation in responding to a lawsuit filed by TMI operators Maurice B. Shuman and James R. Martin. Jones, Day accused the pair of concealing "fraudulent conduct" from the lawyers.
BUSINESS
September 14, 1995 | JAMES S. GRANELLI, TIMES STAFF WRITER
Financially troubled Teachers Management & Investment Corp. and its two managers agreed Wednesday to pay investors $4 million in cash to settle accusations that they misappropriated real estate partnership funds and caused more than $200 million in losses. The settlement, which is subject to court approval, stems from a lawsuit that investors filed last year against the Newport Beach investment company, set up to help teachers throughout the state save money for retirement.
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