Drabinsky and Gottlieb Must Pay $40 Million to Livent Investors

News   Drabinsky and Gottlieb Must Pay $40 Million to Livent Investors
 
The Supreme Court of Canada said on Feb. 12 that it will not hear an appeal by producers Garth Drabinsky and Myron Gottlieb in a U.S. shareholder lawsuit against the co-founders of Livent Inc., the theatrical empire that collapsed amid charges of financial mismanagement.

In its brief time, Livent gave the world Ragtime, Barrymore, Kiss of the Spider Woman, Show Boat, Fosse and more. The ruling, according to published reports, means Drabinsky and Gottlieb must pay a $36.6 million settlement to investors who sued them. The men had appealed the suit, but the court's decision on the appeal obligates them to pay back investors (and to pay the legal costs of the shareholders for the appeal challenge).

A representative of the U.S. shareholder group said that the total amount owed could exceed $40 million.

A ruling on criminal charges against the producers is expected in March.

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