Ex-Livent Exec Hired for Arcadia Mall Project

Ousted theatrical producer Garth Drabinsky, best known for overseeing such hits as “Ragtime” and “Phantom of the Opera,” will take his entertainment expertise from Broadway to a proposed shopping center at Santa Anita Park.

Drabinsky has been hired by Canada’s largest auto parts maker, Magna International Inc., to help develop a retail and entertainment complex at the Arcadia racetrack, the company said Tuesday. The surprising announcement came just two months after Livent Inc., the theater company Drabinsky co-founded, sought bankruptcy protection amid allegations of fraud.

“Garth certainly has tremendous expertise in the entertainment industry, and we have hired him to review preliminary concepts for entertainment in a retail mall,” said Graham Orr, Magna executive vice president. Magna would not comment on Drabinsky’s involvement with Livent. A spokesman for Drabinsky confirmed the producer is an acquaintance of Magna owner Frank Stronach.

Magna acquired the racetrack and 200 acres of surrounding land in December for about $125 million. The new development would not be part of Santa Anita Park Fashion Mall, but a separate project on the racetrack’s parking lot.

Orr was not specific about what Drabinsky’s role will be, but said he was hired on a month-to-month retainer. A California Horse Racing Board official said Drabinsky’s consulting position does not conflict with racing regulations.

Toronto-based Livent filed for bankruptcy protection in November, and Drabinsky and co-founder Myron Gottlieb were accused of hiding $100 million and were sued by Livent’s new controlling shareholders. The Royal Canadian Mounted Police seized documents at the company’s headquarters in late December. Livent has since struck a $25-million financing deal with investment management firm Angelo, Gordon & Co.

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Reuters was used in compiling this report.