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Roy Furman and David Maisel, CEO and president of Livent Inc., will be departing the bankrupt Canadian theater company effective June 25.

Livent exec VP Rob Webster will become CEO concurrent with their departure. Furman will remain chairman of the Livent board of directors and Webster will join the board as a director.

Webster, previously a partner in KPMG Peat Marwick's national U.S. M&A practice, joined Livent in July. He was responsible for the internal investigation into an eight-year accounting practice that federal authorities described as "massive" and "brazen" fraud, and has overseen the company's bankruptcy process since it filed for protection in November.

The company reached a definitive purchase agreement with SFX Entertainment on June 1 that would have SFX buying substantially all of Livent's assets for close to $115 million (An auction is skedded for July 7 in U.S. Bankruptcy Court, one that could still allow a higher bidder to snatch up Livent, provided a competing offer clocks in at $5 million higher than SFX has tendered.)

Meanwhile, SFX is enmeshed in a dispute with Local No. 1, the Gotham chapter of the Intl. Alliance of Theatrical Stage Employees, which represents Broadway and Off Broadway stagehands.

Charging that SFX fired employee Bruce Robins at its Irving Plaza concert venue after he sought union representation and that it coerced another worker into giving up the same endeavor, the local, which has 2,150 members, filed charges with the regional office of the National Labor Relations Board.

Local 1 execs claim stagehands employed at Irving Plaza "suffer from poor working conditions, inferior wages, no health insurance and no retirement benefits."

Calls to SFX were referred to SFX's senior veepee of legal affairs, Richard Liese, who did not return phones calls.

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Date:Jun 21, 1999
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