Livent Inc. sues founder, files for Chapter 11

Article Abstract:

Livent Inc., based in Toronto, with five theaters in the US and Canada along with assets from box office receipts, is filing for Chapter 11 and also suing its founder, Garth Drabinsky. Suit was filed in New York against the company's founder who was also fired by two current owners, Michael Ovitz and Roy Furman. Charges include alleged accounting irregularities and kickbacks. The bankruptcy filing estimates about 1,000 creditors. Misstated financial reports contributed to the necessity for a bankruptcy filing. Drabinsky claims the suit against him is to deflect attention from the bankruptcy.

Canada, Legal issues & crime, Organizational history, Producers, Orchestras, Entertainers, Theatrical & Concert Artists & Producers, Cases, Accounting, Abstract, Motion picture industry, Movie industry, Motion picture theaters, Movie theaters, Drabinsky, Garth

---

Livent board holds emergency meeting to review options for struggling firm

Article Abstract:

The board of directors of Livent Inc. scheduled an emergency meeting on Nov. 17, 1998 to discuss financial options for the troubled company. Following debt downgrades from both Moody's Investors Service and Standard & Poor's Corp., the directors are debating options that may include filing for Chapter 11 bankruptcy protection. Suspended former CEO and company founder Garth Drabinsky is being held responsible for his free-spending habits. Earlier this year the company was forced to re-state its earnings after finding serious financial improprieties.

Liabilities NEC, Theatrical producers and services, Theatrical Producers & Artists, Conferences, meetings and seminars, Corporate directors, Theatrical producers and directors, Theatrical directors, Theatrical producers (Persons)

---

Similar abstracts:

• Abstracts: Roche urges caution in Posicor switch after 4 patients had severe reactions
• Abstracts: Cargill searches for a corporate identity. Monsanto's cost-cutting steps to raise cash for seed-company acquisitions
• Abstracts: Japan backs a merger, not failure, for LTCB. Japan leans to rescues as solution for banks
• Abstracts: Tellabs is said to be near new deal for Ciena. BankAmerica president says he will quit; Nationsbank merger leads to culture clash
• Abstracts: Postal Service, DHL to form an alliance. Online shopping lifts delivery concerns' volume

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.