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The Live Entertainment Corporation of Canada, Inc., also known as "Livent", was a theatre production company in Toronto, Ontario , begun as a division of the motion picture exhibitor Cineplex Odeon. In 1989, after an internal struggle within the company, Cineplex executives Garth Drabinsky and Myron Gottlieb negotiated to buy the division (which then included the Pantages Theatre, Toronto, and rights to Andrew Lloyd Webber's popular musical The Phantom of the Opera.

History


In 1993 Live Entertainment Inc. went public on the Toronto Stock Exchange. The company grew quickly, becoming best known for mega-productions of such musicals as Joseph and the Amazing Technicolor Dreamcoat, Kiss of the Spider Woman, Show Boat, Fosse and Ragtime.

The company also built or refurbished several theatres (including the Oriental Theatre, Chicago) and entered into management deals with others (e.g.: Ford Centres, in Toronto, Vancouver and New York). It was such management deals as well as what one critic called "aggressive" accounting within the company that began to draw attention from investors.

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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]
Meta Description: [ 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. ]

404 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]
Meta Description: [ 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. ]

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]
Meta Description: [ 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. ]

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]
Meta Description: [ 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. ]

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