Advertisement
YOU ARE HERE: LAT HomeCollectionsTeachers Management Investment Inc
IN THE NEWS

Teachers Management Investment Inc

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."
Advertisement
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
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
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
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
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
August 5, 1998 | JOHN O'DELL, John O'Dell covers major Orange County corporations and manufacturing for The Times. He can be reached at (714) 966-5831 and at john.odell@latimes.com
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.
BUSINESS
August 24, 1994 | DEBORA VRANA and JOHN O'DELL, TIMES STAFF WRITERS
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.
BUSINESS
September 18, 1994 | DEBORA VRANA and GREG JOHNSON, TIMES STAFF WRITERS
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."
Los Angeles Times Articles
|