Drabinsky marks ouster anni with reply to Ovitz statement

Answer filed in Toronto's Superior Court

Garth Drabinsky had a unique way of celebrating the anniversary of his suspension from Livent.

One year after being ousted by Michael Ovitz, the Livent co-founder and former CEO — with Myron Gottlieb — filed a reply in Toronto’s Superior Court to Ovitz’s statement of defense to Drabinsky’s countersuit.

The reply consists of three major points:

  • Drabinsky did not “induce” Ovitz to invest in Livent. According to the reply, “It was (former Livent CEO Roy) Furman and (investor Thomas H.) Lee who independently and/or together approached Ovitz to become an investor in Livent,” and that “Drabinsky did not stand to gain from the infusion of cash into Livent”;

  • that the financial restatements announced in November did constitute a “rewrite” of previous financial statements, and that “a limited restatement may have been justified by the discovery of limited financial irregularities which were unknown to Drabinsky.” However, the defendants “improperly and conspiratorially” seized upon information received and improperly characterized it as a $100 million personal fraud of Drabinsky and Gottlieb. It’s an allegation, states the reply, “which is intentionally false”; and

  • the Livent board of directors was not advised of the existence of a document that essentially indemnified certain Livent accountants from their damaging testimony against Drabinsky.

Besides Ovitz, defendants in the case include Furman and Lee.

Drabinsky’s lawyer, David Roebuck of Roebuck, Garbig in Toronto, was on vacation. The defendants’ lawyer, Peter Howard of Stikeman, Elliott of Toronto, had no comment.

More Biz

  • Randall Stephenson

    AT&T Begins PR Battle Against Justice Department From CNN News Room

    Garth Drabinsky had a unique way of celebrating the anniversary of his suspension from Livent. One year after being ousted by Michael Ovitz, the Livent co-founder and former CEO — with Myron Gottlieb — filed a reply in Toronto’s Superior Court to Ovitz’s statement of defense to Drabinsky’s countersuit. The reply consists of three major […]

  • AT&T

    Writers Guild of America West Backs Blocking AT&T-Time Warner Merger

    Garth Drabinsky had a unique way of celebrating the anniversary of his suspension from Livent. One year after being ousted by Michael Ovitz, the Livent co-founder and former CEO — with Myron Gottlieb — filed a reply in Toronto’s Superior Court to Ovitz’s statement of defense to Drabinsky’s countersuit. The reply consists of three major […]

  • Time Warner

    Justice Department Sues to Block AT&T-Time Warner Merger

    Garth Drabinsky had a unique way of celebrating the anniversary of his suspension from Livent. One year after being ousted by Michael Ovitz, the Livent co-founder and former CEO — with Myron Gottlieb — filed a reply in Toronto’s Superior Court to Ovitz’s statement of defense to Drabinsky’s countersuit. The reply consists of three major […]

  • Get Out

    'Get Out,' 'Detroit,' Issa Rae, Jay-Z, Mary J. Blige Among Top NAACP Image Award Nominees

    Garth Drabinsky had a unique way of celebrating the anniversary of his suspension from Livent. One year after being ousted by Michael Ovitz, the Livent co-founder and former CEO — with Myron Gottlieb — filed a reply in Toronto’s Superior Court to Ovitz’s statement of defense to Drabinsky’s countersuit. The reply consists of three major […]

  • Al Franken Kathy Griffin

    Al Franken Cut From PBS' David Letterman Special

    Garth Drabinsky had a unique way of celebrating the anniversary of his suspension from Livent. One year after being ousted by Michael Ovitz, the Livent co-founder and former CEO — with Myron Gottlieb — filed a reply in Toronto’s Superior Court to Ovitz’s statement of defense to Drabinsky’s countersuit. The reply consists of three major […]

  • Russell Simmons, Bret RatnerVANITY FAIR OSCAR

    Brett Ratner and Russell Simmons Accused of Working Together to Carry Out Sexual Misconduct

    Garth Drabinsky had a unique way of celebrating the anniversary of his suspension from Livent. One year after being ousted by Michael Ovitz, the Livent co-founder and former CEO — with Myron Gottlieb — filed a reply in Toronto’s Superior Court to Ovitz’s statement of defense to Drabinsky’s countersuit. The reply consists of three major […]

  • get out Oscar Race

    'Get Out' Awards Category Dilemma: Film Defies Easy Labels, Cast Says

    Garth Drabinsky had a unique way of celebrating the anniversary of his suspension from Livent. One year after being ousted by Michael Ovitz, the Livent co-founder and former CEO — with Myron Gottlieb — filed a reply in Toronto’s Superior Court to Ovitz’s statement of defense to Drabinsky’s countersuit. The reply consists of three major […]

More From Our Brands

Access exclusive content