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Politics : Ask Michael Burke

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To: yard_man who wrote (30879)	8/10/1998 11:17:00 PM
From: Earlie	Read Replies (2) of 132070

MB: Livent more or less blew up today. Here's a story from behind the scenes. Good pal of mine, who I reckon to be one of the best researchers around, took their numbers apart two years ago and accurately illuminated the phony accounting. The only time he took a mild shot at them was when he wrote an extremely gentlemanly letter to the editor of a top U.S. glossy mag, after they printed a gushy interview of one of Livent's execs. His comments were deadly accurate and well backed by the facts. Shortly thereafter, Livent sued him for defamation, etc., etc. Not having beacoup bucks, and faced with significant legal expenses, he finally settled with them on their terms, which included the requirement that he place large ads in all Canadian newspapers apologizing and admitting that he had been in error. I repeat that his work was deadly accurate and that the events of this last few days underline this fact.. I'll admit to a large grin in seeing these accounting wizards publicly squirming today as the expose picks up steam. I also endeavoured to ensure that the news hounds dug into my friend's situation and that they aired this seamy episode. Speaks volumes about the kind of market we live in these days. Earlie

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