A Look at Cooked Books
"Staging Broadway spectacles like 'Ragtime' made Livent one of the worlds most successful theater companies. But telling tall tales in its accounting books may send its founders up the river." [CNN and Fortune]
Former Livent Execs Face Indictments
"The founders of theatre giant Livent Inc., Garth Drabinsky and Myron Gottlieb, were indicted in U.S. federal court on Wednesday for allegedly defrauding investors and taking kickbacks." Includes text of Garth Dabrinsky's statement. [CBC News]
Livent Does Phantom Biz
"Livent Inc., an entertainment company backed in part by entertainment mogul Michael Ovitz, disclosed Monday that its new management has uncovered 'serious' accounting irregularities that could represent 'millions of dollars' of fake revenue." [CNNfn]
Livent Files for Chapter 11, Sues Co-founders
"Troubled Broadway show producer Livent Inc. Wednesday filed for bankruptcy protection, restated its earnings for the last nine quarters, fired co-founders Garth Drabinsky and Myron Gottlieb and filed a C$225 million lawsuit against them." [CNNfn]
US Officials Indict Former Livent Execs
"The former chairman and president of Toronto-based Livent Inc., the producer of the Broadway show 'Phantom of the Opera,' were indicted Wednesday on charges they bilked about US$4.6 million and 'cooked the books' at the theatrical company to cover massive losses." [CNN/Money]