Saying it's broke, Livent exits, center stage

Article Abstract:

Livent, a theatrical production company, has filed for bankruptcy protection and sued company co-founders Garth Drabinsky and Myron Gottlieb. The $225-million lawsuit, filed by Livent's management team headed by Roy Furman and Michael Ovitz, claims that Drabinsky and Gottlieb hid almost $62 million in losses since 1996. The suit also alleges that Drabinsky and Gottlieb inflated revenue and secreted costs, resulting in widespread irregularities. The co-founders, who are also under investigation for the accounting anomalies, fought back with a $200-million defamation-of-character countersuit, saying that Furman and Ovitz devised the controversy to improve their own images and prevent Drabinsky from being a rival.

Comment:

Files for bankruptcy protection and sues company co-founders Garth Drabinsky and Myron Gottlieb

Canada, Strategy & planning, Theatrical Producers & Artists, Performing Arts Companies, Livent Inc.

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Publishing giant: rivals won't be left in cold on Net deal

Article Abstract:

Bertelsmann of Germany, the biggest publisher of books worldwide, plans to introduce in October 1998 its new Books Online sales service on the Web. Bertelsmann also addressed antitrust concerns regarding its launching of the new Books Online service, citing that other outfits like Amazon.com will not be affected by the new online service. The new Books Online service will be given special access to the firm's lineup of best-seller writers like Danielle Steel and John Grisham. Bertelsmann's new Books Online service will likewise not give preferential treatment to the books it publishes in comparison to other firms' book publications.

Comment:

Plans to introduce in 10/98 its new Books Online sales svc on the Web

Marketing procedures, Services introduction, Book Publishing, Book Publishers, Publishing industry, Bertelsmann AG

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Chrysler restructuring to take 2-4 years

Article Abstract:

DaimlerChrysler AG CEO Jurgen Schrempp said that it will take two to four years for the German automaker to restructure its financially struggling US unit, Chrysler Corp and to bring it back to profitability. The top executive also revealed that an American team has to be reinstated to head the unit, consequently relieving the German management team comprised by Dieter Zetsche and Wolfgang Bernhard.

Automobile and Light Duty Motor Vehicle Manufacturing, Motor Vehicles, Parent-to-subsidiary activities, Daimler AG

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