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Livent

Livent, officially the Live Entertainment Corporation of Inc., was a Canadian theatre production company based in , . Founded in 1989 as a division of by executives Garth Drabinsky and Myron Gottlieb, it focused on producing and presenting live theatrical entertainment, including Broadway-style musicals. At its peak in the 1990s, Livent became North America's largest live operator and the first publicly traded company dedicated solely to live theatre production, listing on the in 1993 and the in 1995. The company achieved success with major productions such as ''Show Boat'' (1993 revival), ''Sunset Boulevard'' (1994), ''Ragtime'' (1998), and Canadian premieres of ''The Phantom of the Opera'' and ''Kiss of the Spider Woman''. It developed and owned venues like the Pantages Theatre (now Ed Mirvish Theatre) in Toronto and the Ford Centre for the Performing Arts (now Lyric Theatre) in New York City. Livent expanded aggressively, investing in real estate and international tours, but faced mounting debts amid the high costs of Broadway productions. In 1998, incoming management led by Hollywood agent uncovered extensive accounting orchestrated by Drabinsky and , involving the manipulation of to inflate revenues and hide expenses through schemes like expense and fictitious transactions. The revelations triggered a sharp decline in stock value, regulatory investigations by the and OSC, and Livent's filing for creditor protection under the Companies' Creditors Arrangement Act in 1998. The company was delisted and entered , with assets—including productions and theatres—sold off in 1999 to entities like SFX Entertainment (now Live Nation). The scandal led to criminal convictions: Drabinsky and Gottlieb were found guilty in 2009 of and , serving prison sentences, though Drabinsky's U.S. conviction was later vacated on . Civil litigation, including a landmark 2017 ruling holding auditor liable for negligence, resulted in significant settlements. Livent's collapse highlighted risks in the entertainment industry and influenced accounting standards for auditors.

Origins and Early Development

Formation and Founding

Garth Drabinsky and Myron Gottlieb, former chairman and vice chairman of , left the company in 1989 amid ongoing internal disputes and power struggles that culminated in their ouster in December of that year. Having previously built into a major North American cinema chain, the duo sought independence to pursue their vision in live theatre without the constraints of corporate oversight. Livent Inc., originally incorporated as Live Entertainment Corporation of Canada Inc. in , , in 1989, marked the realization of this ambition. The company was established by acquiring Cineplex Odeon's live entertainment division, which Drabinsky and had managed, thereby providing an immediate foundation for theatrical operations. The initial purpose of Livent was to produce and present live theatrical entertainment, with a particular emphasis on high-quality revivals of classic musicals and the development of original productions to create a sustainable enterprise. Early funding for the acquisition included personal investments from the founders along with substantial debt financing of approximately C$65 million, enabling the C$88 million purchase. This approach allowed Livent to transition toward public listing in the early 1990s.

Initial Acquisitions and Public Listing

In December 1989, Livent's founders Garth Drabinsky and Myron Gottlieb, operating through their partnership MyGar, acquired the live entertainment division of for C$88 million, which included control of the historic Pantages Theatre in and the Canadian rights to stage Andrew Lloyd Webber's . This transaction marked Livent's foundational expansion into live theater production and venue ownership, providing a key asset base for mounting major musicals. Building on this base, Livent pursued aggressive venue development in the early to support its growing production slate. In 1995, the company leased and began renovating the former Apollo and Lyric Theatres on , demolishing interiors to construct the 1,821-seat Center for the Performing Arts, which opened in 1998 as a flagship venue sponsored by . Similarly, Livent acquired the long-dormant Oriental Theatre in in January 1996, investing in a multimillion-dollar to reopen it as the Center for the Performing Arts in 1998, in partnership with the City of . In , Livent developed the Centre for the Performing Arts, which debuted in 1995 with a production of as part of its North American tour. These projects emphasized architectural and modern upgrades to position Livent as a premier North American theater operator. Livent transitioned to public markets to fuel its expansion. On May 7, 1993, under the name Live Entertainment of Canada Inc. (LECI), the company completed its initial public offering on the Toronto Stock Exchange, raising approximately C$40 million to fund theater renovations and new productions; shares began trading on May 19, 1993. To tap deeper U.S. capital markets, Livent registered with the U.S. Securities and Exchange Commission and listed on NASDAQ on August 3, 1995, following its corporate name change from LECI on May 23, 1995. Post-IPO, Livent emphasized debt financing alongside equity to support rapid growth, including a C$40 million term credit facility outlined in its 1993 prospectus for venue projects and operations. This strategy enabled the company to leverage borrowings for capital-intensive expansions while maintaining a public profile that attracted institutional investors.

Business Operations and Productions

Major Theatrical Productions

Livent's production strategy was built on a three-pronged approach described by founder Garth Drabinsky as reproduction, restoration, and origination, which allowed the company to balance established hits with innovative and revived works. Reproductions involved acquiring rights to successful shows and mounting new stagings or tours, such as the company's long-running presentation of in Toronto's Pantages Theatre, which completed over 4,000 performances and anchored the venue for a decade. This strategy extended to international tours, including stops in major cities like , leveraging Livent's control over theaters to facilitate extended engagements and seamless transitions across . Restorations focused on reviving classic musicals with high production values to refresh their appeal, exemplified by the 1993 revival of Show Boat. Directed by Harold Prince, this ambitious production cost approximately $10 million—among the highest for a Broadway revival at the time—and featured innovative staging that emphasized the show's racial and social themes, earning critical acclaim and a successful transfer from Toronto to Broadway. Originations centered on developing original musicals, with notable successes including Kiss of the Spider Woman in 1992, which premiered in Toronto before moving to Broadway under Livent's production, and Ragtime in 1996, based on E.L. Doctorow's novel and featuring music by Stephen Flaherty and lyrics by Lynn Ahrens. Ragtime won four Tony Awards in 1998, including Best Book, Best Original Score, Best Orchestrations, and Best Featured Actress in a Musical for Audra McDonald, and grossed nearly $80 million during its original Broadway run of over 1,400 performances. These productions were deeply integrated with Livent's ownership of key venues, such as the Pantages and Royal Alexandra in , the Ford Centre for the Performing Arts in , the and Oriental Theatre in , which enabled cost efficiencies, long-term bookings, and the ability to launch shows in controlled environments before broader tours. For instance, benefited from the Pantages' state-of-the-art facilities, supporting its extended run and subsequent North American touring circuit. This not only maximized revenue from ticket sales and ancillary merchandising but also allowed Livent to experiment with elaborate sets and effects, setting new benchmarks for spectacle in live theater. Livent's efforts significantly elevated Canadian theater's profile on the global stage, transforming into a hub for world-class productions that rivaled and the West End. By originating and exporting shows like and , the company demonstrated Canadian talent's viability for international audiences, fostering collaborations with renowned artists and directors. At its peak, Livent employed thousands of performers, crew, and staff across its operations, contributing to the economic vitality of the sector while influencing standards through its emphasis on lavish, technically advanced presentations that prioritized artistic ambition alongside commercial viability.

Expansion and Financial Strategies

Livent pursued aggressive geographic expansion to establish a North American presence in live theater production and venue ownership. The company initially focused on , where it renovated and operated key venues like the Pantages Theatre and . By the mid-1990s, Livent had extended its operations to with the acquisition and development of the Ford Centre for the Performing Arts (now the Lyric Theatre), which hosted major productions. Further growth included the and Oriental Theatre in and the Ford Centre for the Performing Arts in , bringing the total to six owned theaters across four cities by 1998. To support cross-border productions and infrastructure development, Livent formed strategic partnerships with international investors. In early 1995, Boston-based Lee Equity Partners, led by Thomas H. Lee, acquired a significant stake through the purchase of 1.6 million common shares for approximately C$16.8 million, providing capital for U.S. expansion while aligning with Canadian operations. These alliances facilitated the transfer of shows like and between Toronto and Broadway, optimizing costs and audience reach across markets. Livent's legitimate financing strategies combined public and private capital raises with operational revenue streams. The company went public in Canada in May 1993 via an on the , marking it as the first publicly traded entity focused primarily on live theater. In May 1995, Livent executed a U.S. equity offering on , raising funds to support theater acquisitions and production costs. Additional financing included bank loans for construction projects and pre-sale of tickets, which generated upfront for upcoming shows; for instance, advance ticket sales were a key component in funding the staging of elaborate productions. By , these strategies had scaled Livent's operations significantly, with reported annual revenues exceeding C$200 million derived from , merchandise, and concessions across its venues and touring shows. This growth reflected the company's shift from regional player to a major North American theater operator, bolstered by high-profile transfers that drew substantial audiences.

Fraudulent Practices and Collapse

Livent Corporation faced several legal challenges and allegations of misleading practices during its operations, primarily related to securities disclosures and tax compliance. However, unlike the unrelated theatrical company of the same name, Livent Corporation did not experience fraudulent practices leading to operational collapse; it continued growth through mergers and acquisition.

Accounting Manipulations and Spending

In 2019, Livent Corporation was subject to a securities lawsuit alleging that the company and its executives made false and misleading statements in connection with its October 2018 and subsequent reports. The complaint claimed that Livent overstated its production capacity and failed to disclose underinvestment in facilities, leading to inflated projections for battery-grade . The case, In re Livent Corporation Securities Litigation (Consolidated Case No. 190501229), was settled for $7.4 million in 2021 without admission of liability. Additionally, in 2024, following the merger with to form Arcadium Lithium, a was filed alleging that proxy materials for the merger contained materially false statements about the combined company's financial health and market outlook. The , filed on behalf of former Livent shareholders, remains ongoing as of November 2025. In , where Livent operated mining facilities, a 2023 criminal complaint by Pablo Rutigliano uncovered systematic under-invoicing of exports by subsidiary Minera del Altiplano S.A. The scheme involved declaring export values below market prices, resulting in approximately $683 million in lost to the Argentine treasury. The General Customs Directorate confirmed the fraud in 2024, imposing a fine exceeding 5 billion Argentine pesos. Investigations into potential broader and economic abuse continue. These issues did not involve lavish executive spending or kickback schemes but centered on and matters.

Revelation and Bankruptcy Filing

The securities lawsuits were revealed through investor filings starting in May 2019, shortly after Livent's IPO, with court proceedings leading to settlements or dismissals by 2021. The Argentina tax was exposed via the 2023 and confirmed by authorities in 2024, post-merger. Livent Corporation did not file for . Instead, it completed its merger with on January 4, 2024, forming Arcadium Lithium, and the combined entity was acquired by Rio Tinto in March 2025 for $6.7 billion, integrating Livent's assets into Rio Tinto's operations.

Legal and Regulatory Consequences

Insolvency Proceedings and Asset Liquidation

Following the revelation of accounting irregularities, Livent Inc. filed for protection under Chapter 11 of the U.S. Bankruptcy Code on November 18, 1998, in the Southern District of , allowing the company to reorganize while shielding it from creditors during financial restructuring efforts. The following day, on November 19, 1998, Livent sought protection under Canada's Companies' Creditors Arrangement Act (CCAA) in the , initiating parallel cross-border insolvency proceedings to coordinate asset management and creditor claims across jurisdictions. At the time of filing, Livent reported total liabilities of approximately C$334 million against assets valued at C$309 million, reflecting severe financial distress exacerbated by overstated revenues and hidden debts. The insolvency process prioritized asset liquidation to maximize creditor recoveries, with courts approving a cross-border protocol in June 1999 to streamline sales and avoid conflicting claims between U.S. and Canadian proceedings. In July 1999, following a court-supervised , Livent's core assets—including its theaters in (Ford Centre for the Performing Arts), Chicago (Ford Oriental Theatre), and (Pantages Theatre), as well as rights to ongoing and future productions such as Fosse and —were sold to SFX Entertainment Inc. for approximately $115 million in cash and assumed liabilities. This sale, approved by bankruptcy courts in both and , enabled the Pantages Theatre to resume operations under SFX's ownership, preserving its role as a key venue for live performances while transferring control to the buyer. Creditor resolutions emerged from subsequent litigation tied to the insolvency estate, including a filed by Livent's against co-founders Garth Drabinsky and Myron seeking US$225 million in damages for alleged and mismanagement that contributed to the collapse. In 2007, an ordered Drabinsky and to pay US$36.5 million to Livent's noteholders as partial recovery for losses stemming from the , providing a key distribution to secured creditors from the estate. Separately, in a long-running suit, the in 2017 held & Touche liable for in its 1997 audit, awarding Livent's C$40.425 million in damages (after contingencies) to compensate for the firm's failure to detect the manipulations. By late 1999, with major assets liquidated and proceeds distributed under court supervision, Livent entered under Inc. in September of that year, marking the effective end of its operations as an independent entity. The company was fully dissolved by 2000, concluding the proceedings and transferring all remaining interests to buyers and creditors.

Criminal and Civil Litigation

In , Canadian authorities laid criminal charges against Livent co-founders Garth Drabinsky and Myron Gottlieb, accusing them of multiple counts of related to the systematic manipulation of the company's to mislead investors and creditors. The Royal Canadian filed 19 charges of over $5,000 against each man on October 22, , stemming from schemes that inflated Livent's revenues and concealed liabilities, resulting in losses exceeding $500 million for stakeholders. The criminal trial in the began in 2008 and concluded on March 25, 2009, when Justice Mary Lou Benotto found Drabinsky and guilty on two counts of over $5,000 and one count of , determining that they had orchestrated a deliberate scheme to falsify accounting records from 1993 to 1998. On August 5, 2009, Drabinsky was d to seven years in prison, later reduced to five years on appeal, while received six years; both men were also ordered to pay substantial restitution as part of their penalties. Drabinsky was granted day in 2012 and full in 2014, with his expiring in 2016; received day in July 2012 and full around 2013, completing his term by 2015. In the United States, the Securities and Exchange Commission (SEC) initiated civil enforcement actions in January 1999, charging Drabinsky and Gottlieb with securities fraud for violating antifraud provisions through misleading financial disclosures and kickback schemes that overstated Livent's assets and revenues in public filings. The U.S. Attorney's Office in the Southern District of New York also brought criminal fraud charges against them in 1999, alleging conspiracy and securities violations, though the duo remained in Canada and were not extradited. These U.S. proceedings highlighted manipulations such as improper revenue recognition and expense deferrals that breached Generally Accepted Accounting Principles (GAAP). Civil litigation against Drabinsky and included a major U.S. filed in 1999 by approximately 200 bondholders, which resulted in a 2005 ordering the pair to pay $23.3 million in damages for losses tied to fraudulent misrepresentations in Livent's securities offerings. Separately, a U.S. District Court ruling in 2005 required them to pay an additional $36.6 million to noteholders defrauded by the same irregularities. In , were filed starting in 1998 against Livent's executives, including Drabinsky and , alleging misrepresentations in that harmed shareholders; these actions targeted the founders for personal in the , though specific recoveries from executives were integrated into broader claims. The combined outcomes of these criminal and civil cases imposed severe personal consequences on Drabinsky and , including lengthy prison terms and multimillion-dollar judgments that barred them from serving as officers or directors of public companies. Overall, civil recoveries for Livent victims from these proceedings and related suits totaled approximately $60 million, providing partial compensation to defrauded investors and creditors amid the company's earlier .

Regulatory Sanctions and Auditor Liability

In 1999, the U.S. Securities and Exchange Commission (SEC) issued a cease-and-desist order against Livent Inc., prohibiting the company from further violations of federal securities laws, including antifraud provisions under Section 17(a) of the Securities Act and Sections 10(b), 13(a), and 13(b) of the Securities Exchange Act. The order stemmed from extensive accounting fraud orchestrated by Livent's senior management from 1990 to early 1998, involving manipulated financial statements to inflate revenues and assets. Concurrently, the SEC pursued administrative proceedings and civil actions against nine former Livent executives, including co-founders Garth Drabinsky and Myron Gottlieb, imposing permanent bars from serving as officers or directors of public companies on several, along with requirements for disgorgement of ill-gotten gains and civil monetary penalties; for instance, executive Diane Winkfein was ordered to pay $8,137 in disgorgement plus prejudgment interest. In Canada, the Ontario Securities Commission (OSC) concluded its long-running proceedings against Livent's principals in 2017, issuing a permanent ban on Drabinsky from acting as a director or officer of any public company or as a registrant in Ontario's capital markets, accompanied by trading prohibitions except for personal registered accounts. This sanction followed Drabinsky's 2009 criminal fraud conviction related to Livent and aimed to protect investors from future misconduct. Myron Gottlieb faced similar OSC restrictions through a 2014 settlement, barring him from director or officer roles in public companies, reflecting the regulator's emphasis on administrative accountability for the scandal's architects. The auditor liability aspect culminated in the Supreme Court of Canada's 2017 ruling in Deloitte & Touche v. Livent Inc. (Receiver of), holding liable for in its 1997 statutory audit of Livent, where it failed to detect material financial misstatements despite red flags of by management. The Court held 100% liable for the damages from the 1997 audit, assessed at C$53.9 million before a 25% reduction, resulting in an award of C$40.425 million. The Court limited 's liability to the 1997 statutory audit, excluding audits for prior years and ancillary services such as comfort letters, as the was tied to the purpose of enabling informed corporate decision-making based on accurate audited . This decision refined the Anns/Cooper test for in , clarifying auditors' duty to the audited entity and foreseeably affected third parties, thereby influencing Canadian audit standards by heightening expectations for in fraud detection and . No significant regulatory updates or further sanctions related to Livent's auditors or executives have emerged since 2017.

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