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.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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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.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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