Investment Firm TMI Sells Parducci Wine Cellars
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NEWPORT BEACH — 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. “Hopefully we can try to resolve the remaining issues,” he added.
Investors in the Parducci partnership are expected to get $10.5 million, a lawyer said. About $3.7 million will be held back pending the outcome of other litigation.
Investors in TMI sued the firm nearly two years ago, accusing company operators Maurice B. Shuman and James R. Martin of diverting funds for their own use and causing more than $10 million in losses.
Shuman and Martin deny the charges, saying any losses stem from a drop in real estate values during the recent recession.
Parducci produces about 350,000 cases of wine annually. Teachers bought the winery from the Parducci family in 1972.
Hill & Thoma is led by winemaker William Hill and venture capitalist Carl Thoma.
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