Livent weighs its options, one of which is bankruptcy
Article Abstract:
The board of directors of theatrical producer and theater owner Livent Inc., headed by Michael Ovitz, is considering how to manage a debt burden of hundreds of millions of dollars. Options include reorganization under Chapter 11 bankruptcy, sale of some or all of its assets, or forced liquidation by creditors. Because of recently discovered multi-million-dollar accounting errors and delays in releasing corrected 1996, 1997 and 1998 statements, Livent is being investigated by Canadian and U.S. securities regulators and the Royal Canadian Mounted Police.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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S.E.C. charges Grace and 6 former executives with fraud
Article Abstract:
W.R. Grace & Co. and six former executives all deny SEC charges that the company manipulated earnings for a period of five years. In the early 90s Medicare reimbursement rules changes gave Grace earnings that would have been above Wall St. expectations. The SEC claims the company put the excess funds into a reserve account to be applied in later years when earnings weren't as good.
Comment:
Co. denies SEC charges that it deceived shareholders by manipulating earnings
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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