[e-drive][EQUIFLASH: MARCH 8TH PRESS CONFERENCE]

[Patricia Joyce]

~~~~~~~~~~ equiflash ~~~~~~~~~~

For immediate release
February 28, 2002

Equity Distributes $157,000 From Livent Estate Settlement
Details Released at March 8th Press Conference

This February, Canadian Actors’ Equity Association (CAEA) cut cheques for
the last of Livent’s cash in a $157,200 settlement to give artists monies
owed to them from various shows, including Phantom of The Opera and the 1998
tour of Showboat. The last of Livent’s money was held by Equity as security
while lawyers debated the distribution of Livent’s final assets. Equity is
the only unsecured creditor to receive anything from the remains of Livent’s
estate to date. Executive director Susan Wallace conveyed,

“We are pleased to be able to return this money to our members who had
outstanding claims with Livent. While others may wait several more years, we
are glad to get these funds into our members hands without further delay.”

CAEA came to an agreement with Livent’s trustees to pay $157,200 in cash to
163 Equity artists December 20th after over two years of disputing
outstanding claims with the company. Since Livent’s bankruptcy in 1998, CAEA
had been holding Livent’s security payments for various shows, pending the
resolution of all outstanding claims with the trustee for the estate of
Livent. Artists covered by the settlement will receive payments ranging from
$20 to $15,000 depending on the nature of their claim.

Susan Wallace explained the importance of Equity’s security arrangements,

“Equity’s system of posting security ensures that our members will always
get paid. Livent’s bankruptcy particularly underscored the importance of
safeguards for artists whose reality as independent contractors is often
uncertain. The security provides at least a minimum protection against a
defaulting producer.”
Equity business representative and former Showboat performer Esther Hale
described the value of Equity for stage artists,

“As artists we are all too aware that in following this career path there is
a very good chance of falling on hard times. The search for work is never
ending. Because artists have no job security and there is very little for us
in the way of a social safety net, it is vital that Equity has developed
policies that provide some protection. For myself, as well as fellow artists
that I have spoken to, this payment from Livent has come at a most opportune
time -- thanks to Equity for being so diligent.”
Livent, the once prolific theatre company responsible for mega-musicals
Phantom of The Opera, Ragtime and Kiss of the Spider Woman, filed for
bankruptcy in 1998. A major contractor of Equity artists, Livent had
significant security posted with Equity at the time of its collapse. Equity’
s security requirements demonstrate important safeguards integral for
artists to continue practicing their craft – and it is an assurance Canadian
Actors’ Equity members can take to the bank.

Media and special guests are invited to attend a press conference Friday,
March 8th to hear more details of the settlement. Presentations by Equity
officials and artists will be followed by a luncheon reception:

Press Conference
March 8th 1-2:30 pm
RSVP by March 7th
Canadian Actors’ Equity National Office
44 Victoria Street, 12th Floor, Toronto

RSVP, Interviews and media contact:
Patricia Joyce
Communications Director: (416) 867-9165 or 1-800-387-1856.
E-mail: commdir at caea.com