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Gold/Mining/Energy : Rock Resources

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To: the Chief who wrote (200)	8/11/1998 9:05:00 AM
From: Mr Metals	Read Replies (1) of 1996

Not right away. Livent Inc - Globe says Drabinsky, Gottlieb suspended, markets halt trading Livent Inc LIV Shares issued 18,016,235 1998-08-07 close $10.15 Tuesday Aug 11 1998 The Globe and Mail reports in its Tuesday, August 11, 1998 edition that Livent says it has uncovered serious accounting issues that could leave tens of millions of dollars unaccounted and likely affect all financial result since 1995. The Globe's Paul Waldie writes that Livent also suspended founder and vice-president Garth Drabinsky along with vice president Myron Gottlieb and had them escorted from the executive suite yesterday. Livent provided few details of the accounting problems, saying only they relate to "improper recognition of revenue and the failure to record, or the improper deferral and capitalization of expenses." Livent says the transgressions could "give rise to an event of default" under some loan agreements. The Toronto Stock Exchange and the Nasdaq have halted trading in Livent until they have more information. One unnamed person close to the company predicts Livent will also take a $45-million to $70-million writedown in the second quarter. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com Mr Metals

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