August 3, 1996 |
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.
September 19, 1994 |
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."
January 27, 1996 |
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.
August 5, 1998 |
Officials at Arthur Andersen LLP are scratching their heads over an Orange County Superior Court judge's order asking the district attorney to investigate the possibility that the accounting giant is practicing law without a license. It seems Judge John Woolley was piqued when a partner in Andersen's San Diego office filed a request with his court for approval of a $28,000 bill for tax work in a case involving bankrupt Teachers Management & Investment Inc.
August 25, 1994 |
Operators of Teachers Management & Investment Inc., which raised as much as $1 billion from 60,000 California educators and others, said Wednesday they "absolutely deny" allegations that the fund is insolvent and may have lost at least $100 million of investors' money. A lawsuit filed by four investors Tuesday in Orange County Superior Court seeks immediate appointment of a receiver to take over TMI. In their statement, company owners James R.
September 18, 1994 |
The teachers' lounge at Commonwealth Elementary School in Fullerton was an unlikely place for financial wheeling and dealing. Visitors were more likely to find teachers Louise Carmichael) and Norma Elgas) swapping stories about wayward students as they shared their brown-bag lunches. But Carmichael was eager to listen one afternoon in 1972 when Elgas, a popular sixth-grade teacher, mentioned a Newport Beach investment company with the motto "Teachers Helping Teachers."
August 24, 1994 |
A lawsuit filed Tuesday alleges that a real estate investment fund that raised as much as $1 billion from 60,000 California educators has lost up to $100 million of the investors' money. Teachers Management & Investment Inc. of Newport Beach, a 26-year-old fund marketed by teachers for teachers across the state--may be insolvent, according to the suit, which was filed in Orange County Superior Court.