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Teachers Management Investment Inc

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.
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BUSINESS
May 24, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
In a meeting that sometimes turned hostile, limited partners in Parducci Winery Ltd. voted Thursday on whether to oust troubled Teachers Management & Investment as their general partner in charge of operating the Mendocino County winery. Results of the vote, however, won't be available until sometime next week, sources for each side said. An independent company is counting the ballots. At the meeting, some limited partners booed James R.
BUSINESS
January 23, 1998 | JAMES S. GRANELLI, TIMES STAFF WRITER
Educators who lost their retirement savings in the 1994 collapse of Teachers Management & Investment Corp. can't blame the company or its advisors for most of the losses, a receiver said Thursday. Dennis B. Schmucker of San Diego said 20,000 teachers and administrators statewide lost more than $200 million in real estate partnerships put together by TMI. Unfortunately for them, Schmucker said, "the biggest chunk of the loss was caused by the decline in the real estate market."
BUSINESS
August 3, 1996 | DEBORA VRANA, TIMES STAFF WRITER
Embattled Teachers Management & Investment Corp. said Friday that it has sold its Parducci Wine Cellars in Napa to Hill & Thoma Wines for $19.9 million. The Napa winery was one of the few remaining partnerships still operated by the Newport Beach investment company, which has been stripped of most of the real estate partnerships it put together for 20,000 educators statewide. "This will be a boon to the limited partners. It's been a long time coming," said James R. Percival, a lawyer for TMI.
BUSINESS
September 19, 1994 | DEBORA VRANA and GREG JOHNSON, TIMES STAFF WRITERS
The teachers lounge at Commonwealth Elementary School in Fullerton seemed an unlikely place for financial wheeling and dealing. Visitors would most likely find teachers Louise Carmichael and Norma Elgas swapping stories about wayward students as they shared their brown-bag lunches. But Carmichael was all ears one afternoon in 1972 when Elgas, a popular sixth-grade teacher, mentioned a Newport Beach investment company with the motto "Teachers Helping Teachers."
BUSINESS
January 20, 1998 | JAMES S. GRANELLI, TIMES STAFF WRITER
The first trial in what has become one of Orange County's bulkiest court cases is set to start today as teachers statewide try to recoup some of the $100 million they lost in real estate deals. The class action stems from the 1994 collapse of Teachers Management & Investment Corp., a Newport Beach firm that invested teachers' money mainly in undeveloped land that lost value during the real estate recession of the early 1990s.
BUSINESS
January 23, 1998 | James S. Granelli
Educators who lost their retirement savings in the 1994 collapse of Teachers Management & Investment Corp. will get back about 23 cents on the dollar, a court-appointed receiver said. Dennis B. Schmucker of San Diego said teachers and administrators who had invested $280 million in real estate partnerships put together by TMI probably will receive only about $65 million back from settlements and property sales.
BUSINESS
October 20, 1995 | DEBORA VRANA, TIMES STAFF WRITER
The court-appointed receiver for 30 partnerships that once made up Teachers Management & Investment Corp. has sued the financially troubled company and its accountants and lawyers for $50 million. The lawsuit filed by Dennis B. Schmucker, the receiver who controls 30 of the Newport Beach investment company's limited partnerships, accuses TMI of fraud and its professional advisers of negligence and breach of fiduciary duties.
BUSINESS
August 29, 1994 | DEBORA VRANA, TIMES STAFF WRITER
The owners of Teachers Management & Investment Corp., the Newport Beach investment company accused in a civil lawsuit of fraudulently losing as much as $100 million it had raised from California teachers, said Sunday that they inherited most of their troubled company's problems and are doing their best to steer the real estate syndicate out of one of California's worst recessions. In an interview with The Times, the two men responded in detail to the suit filed 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.
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