TMI Agrees to Freeze of $1.9 Million in Sale

Embattled Teachers Management & Investment Corp. agreed Thursday to a court order freezing $1.9 million it claims it is entitled to from the pending $19.2-million sale of the Parducci Wine Cellars.

The Newport Beach investment company, stripped of most of the real estate limited partnerships it put together for some 20,000 educators statewide, will wait until an Aug. 26 court hearing to argue that it is entitled to the money, said its lawyer, David C. Grant.

The sale of the Mendocino County winery to Domain Hill & Mayes in Napa is subject to a series of conditions, including a requirement that Hill & Mayes obtain financing by Monday.

Separately, TMI won a partnership vote to remain in control of Parducci Winery Ltd., the limited partnership that bought the winery 23 years ago. The results of the vote, taken two weeks ago, were released Thursday. The limited partners also voted to deny TMI and its operators large fees for finding a buyer for Parducci, among other things.