Drabinsky wins Livent injunction

Article Abstract:

KMPG has been blocked by a court from conducting a forensic audit on Livent Inc.'s books, citing that the accounting firm may have violated its fiduciary duty by acting for both live theater impresario Garth Drabinsky and the Toronto, Ontario-based live theater production company. Ontario Court Justice John Ground granted the injunction order sought by Drabinsky, saying he believed that KMPG, which has been serving as Drabinsky's personal tax adviser for nearly 20 years, violated its duty by hiring a retainer to conduct a probe on Drabinsky's alleged part in Livent's recent financial crisis. The injunction order is a blow to Livent's new controlling shareholder Michael Ovitz, who led the move to discharge Drabinsky and Myron Gotlieb as Livent CEO and president, respectively.

Comment:

Is blocked from conducting forensic audit on Livent Inc's books by Ontario court

Government regulation (cont), Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Peat Marwick Main and Co.

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Fund companies write down their investments in Livent

Article Abstract:

Livent Inc.'s stock was downgraded by as much as 70% by up to half of the 19 mutual funds that hold the stock. The mutual fund companies which wrote down the value for their investments in Toronto, Ontario-based Livent include Goodman & Co. Ltd's Dynamic Funds and Altamira Investment Services Inc. and Spectrum United Mutual Funds Inc. The shares of the struggling live theater producer have indefinitely halted trading pending news from the investigation by the new owners of the company regarding accounting discrepancies.

Comment:

Stock is downgraded by as much as 70% by up to half of the 19 mutual funds that hold the stock

Securities issued, listed, Performing Arts Companies, Theatrical & Concert Artists & Producers, Livent Inc.

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Cinram founder's pay jumped 15% in '97

Article Abstract:

Toronto, Ontario-based Cinram International Inc.'s founder, Isidore Philosophe, received in fiscal year 1997 a 15% increase in his compensation package to close to C$3 million worth of bonuses and salary. Philosophe, who is likewise the multimedia company's chief executive and chairman, received during fiscal year 1997 a bonus worth C$2.61 million and a salary worth C$326,000. Philosophe also enjoyed during fiscal 1997 174,286 unexercisable options and 260,714 exercisable options.

Comment:

Has its founder, Isidore Philosophe, receiving in fiscal 1997 a 15% increase in his compensation pkg to close to C$3 mil

Executive changes & profiles, Magnetic and Optical Recording Media Manufacturing, Optical Discs, Optical disks (Storage media), Cinram International Inc.

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