School children caught in livent mess

Article Abstract:

Theater production company Livent Inc has filed for bankruptcy protection in Canada and the US after the discovery of an alleged C$100-million fraud. An investigation into the financial mess showed that the company owed money to at least 15 schools in Canada and the US for programs that Livent used as sponsors to encourage children to attend its theatrical productions. The schools are included in the list of creditors that Livent filed in the bankruptcy court.;;

Organizational history

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Drabinsky fires off new allegations

Article Abstract:

Livent Inc co-founder Garth Drabinsky has sued executive vice-president Robert Webster and other company officials for alleged conspiring to destroy his reputation. The amended lawsuit also included Boston money manager Thomas Lee, one of the company largest shareholders. Drabinsky and co-founder Myron Gottlieb have been sued by Livent's managers, who acquired control of the company in Jun 1998, for alleged orchestration of a C$100-million fraud at the company.

Legal issues & crime

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Livent lender moves to close B.C. theatre

Article Abstract:

Livent Inc may lose its 1,800-seat Vancouver theater to a major lender Mortgage Find One. The C$10.5-million theater has been shut down since Livent filed for bankruptcy protection in Canada and the US in Nov 1998. Mortgage Fund One has filed a motion in Ontario Court's General Division to foreclose on the property. Livent owed the company C$5 million in a first mortgage for the construction of the theatre, with the interest compounding at $1,405.555 per day.

Receipt of funds, Mortgage Bankers, Real Estate Credit, Use of Funds, Mortgage banks

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