Texas ragtime inc12/9/2023 ![]() ![]() Other sources have Livent's heads Roy Furman and Michael Ovitz looking for a buyer for the company. 18, but independent sources confirmed the shuttering (see separate Playbill On-Line story.)Īccording to various sources, Livent's creditors include the Bank of Montreal, Fidelity Investments Canada Ltd., and the Canadian Imperial Bank of Commerce. Livent had not confirmed the Ragtime tour shut down Nov. 17, the eve of the bankruptcy filing, the national touring cast of the musical Ragtime, in Minneapolis, was told the tour would be suspended after its final Minneapolis performance Nov. It was not immediately clear what effect the bankruptcy filing would have on productions of Fosse, a new revue musical opening on Broadway in January, or how it would impact other Livent stagings around the world. *Improperly accelerated recognition of revenue. *Improper recording of preproduction costs. *Operating costs improperly capitalized to fixed assets. *Transactions improperly recorded as revenue. 18 the company outlined the "pervasive, systemic acounting irregularities" as such: The restated results (addressing previous statements from the Drabinsky regime) reduce net income for these periods "in an aggregate amount of $85.1 million (CDN) or $61.7 million (US)." For the second quarter 1998 (ending June 30, 1998), Livent reported a net loss of $45.8 million (CDN) or $31.7 million (U.S.).īefore stock exchange trading was halted in August, Livent was the world's only public company devoted solely to commercial theatrical producing. The company also released its restated financial statements for 1996, 1997 and the first quarter (ending March 31) of 1998. The board also authorized a filing in Ontario Court of a $225 million (CDN) civil damage action against Drabinsky, Gottlieb and a company owned by Gottlieb, alleging "fraud, conversion and unjust enrichment," according to a Livent statement. 18, Livent board members voted to terminate the already-suspended pair effective immediately. The filing allows Livent, producer of such musicals as Ragtime and Fosse, the chance to keep creditors at bay while pursuing financial restructuring in the wake of recently discovered "accounting irregularities" and "inapproriate business practices" by suspended founder and vice chairman Garth Drabinsky and suspended executive vice president Myron Gottlieb. 18 statement that it is considering the same kind of protective action in Canada. Bankruptcy Court for the Southern District on New York. subsidiaries filed a voluntary petition under Chapter 11 of the U.S. Ending days of speculation about the possibility of filing for bankruptcy protection, Livent Inc. ![]()
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