June 1, 2021
  • 5:14 am Decline in Foreclosures Outpaces Decline in Loan Modifications
  • 5:12 am New York AG Proposes New Expanded Bill to Reduce Zombie Properties
  • 5:12 am Ocwen Reports Preliminary Net Income of $34 Million for Q1
  • 5:09 am Freddie Mac Updates Servicing Guidelines
  • 5:08 am Low-Income Rental Housing Shortages Happening Nationwide

first_imgOTTAWA – The firm that audited the accounts of Garth Drabinsky’s Livent should be held financially responsible for some — but not all — of the failed theatre company’s losses two decades ago, the Supreme Court of Canada says.In a 4-3 ruling Wednesday, the high court found Deloitte was liable for negligently auditing Livent’s 1997 financial statements, though not for other conduct.The court concluded that an audit firm can only be held responsible where a company’s financial losses relate to the actual purpose of the auditors’ work.Lower court decisions left Deloitte on the hook for almost $85 million, but the Supreme Court ruling reduces the damages award to $40 million.In the 1990s, Livent brought live theatrical productions such as “Phantom of the Opera” and “Joseph and the Amazing Technicolor Dreamcoat” to audiences across North America.Drabinsky, a colourful impresario and public face of the company, was suspended as Livent’s vice-chairman and chief creative director in 1998 amid allegations of accounting irregularities. Myron Gottlieb, who served as president, was also suspended. Livent subsequently filed for bankruptcy and went into receivership.Drabinsky and Gottlieb were later found guilty of fraud and forgery. Both were handed prison sentences.Livent, through its receiver, sued Deloitte in 2001, alleging that audits between 1992 and 1998 were done negligently.The trial judge found Deloitte liable for damages, a decision upheld last year by the Ontario Court of Appeal. The appeal court said the auditors should have been able to detect serious fraud in the company’s financial statements.Deloitte argued in the Supreme Court that it was effectively being penalized for failing to resign as Livent’s auditor.Livent’s bankruptcy receiver countered that a robust audit has an important place in the statutory corporate and securities framework for public companies. It argued that accepting Deloitte’s position would make audit firms immune from civil responsibility to their clients for incompetent audits.Writing for a majority of the Supreme Court, justices Clement Gascon and Russell Brown confirmed that Deloitte negligently audited Livent’s financial statements, resulting in the company losing millions more than it would have if the auditors had uncovered the fraud earlier.“As a consequence, Livent’s corporate life was artificially prolonged, resulting in the interim deterioration of its finances,” the judges wrote.They reasoned that Livent would not have taken on greater debt through financing, instead limiting the damage by declaring bankruptcy sooner.Specifically, the court found Deloitte liable for its April 1998 audit of Livent’s 1997 financial statements, which prevented shareholders from properly scrutinizing the company. It said Deloitte was responsible for 75 per cent of the difference in the company’s financial position between the time of the audit opinion and Livent’s bankruptcy in November 1998.However, the high court disagreed with the lower courts that Deloitte should be held responsible for losses allegedly related to Deloitte’s approval of an August 1997 press release and comfort letter to investors. The Supreme Court said that work was intended to help the company attract investment, and its financial losses did not relate to this purpose.— Follow @JimBronskill on Twitterlast_img read more

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first_imgLA POCATIERE, – Bombardier Transportation’s plant northeast of Quebec City has obtained a $54-million contract from Via Rail to upgrade 17 train cars that date back to the 1950s.Federal Transport Minister Marc Garneau and Via CEO Yves Desjardins-Siciliano made the announcement Tuesday in La Pocatiere, about 150 kilometres from Quebec City.Via says the contract will allow for the stainless steel cars to become fully accessible.Each reconfigured car will be equipped with two wheelchair lifts; two accessible spaces with anchoring devices; announcement display screens; and an accessible washroom.The program is scheduled to be completed in 2020 and the renovated cars will be deployed over Via’s long-haul routes.The La Pocatiere plant has about 600 workers.Companies in this story: (TSX:BBD.B)last_img read more

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first_imgMumbai: Filmmaker Rohit Shetty on Tuesday said he has definite plans to make a female cop film to complete his Singham universe, which chronicles stories of police personnel. Shetty’s follow-up to his hit Singham was 2018’s Ranveer Singh-starrer Simmba, which was part of a multi-film universe that the director has in mind. The next film in this universe is Akshay Kumar-fronted Sooryavanshi. Asked if he plans to make a female cop film, Shetty told reporters, “Soon we will be making it. We have a story in mind. We will definitely do it. We need to take a year or so, but we plan to do that to complete the universe.” The director was speaking at an event. Shetty, who has delivered consecutive blockbusters and is known for making larger-than-life massy films, said he got the idea to start a universe while watching Hollywood superhero projects like Avengers. “Whatever happens in Hollywood, happens here 10 years down the line. That’s always been the theory. When I was watching the Avengers series, I got an idea that ‘why don’t we create a universe?’ Also Read – Hilarie Burton, Jeffery Dean Morgan tie the knot”Obviously, we don’t have the kind of budget to make so many superhero films year after year. Then I thought to make a cop universe from Simmba onward,” he said. The filmmaker said as the concept of creating a universe was novel for the Indian audience, he was initially nervous about the plunge. “I was scared before the release as this was happening for the first time in our country. I knew that youngsters and kids will (understand), because they have Avengers, but our mature audience hasn’t seen that. I had doubts merging two worlds but it worked big time.”last_img read more

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first_imgIndianapolis: In a largely symbolic gesture to a group that helped him win the White House, President Donald Trump said Friday he is pulling the US back from an international agreement on the arms trade, telling the National Rifle Association the treaty is “badly misguided.” Trump made the announcement at the NRA’s annual convention, where he vowed to fight for gun rights and implored members of the nation’s largest pro-gun group struggling to maintain its influence to rally behind his re-election bid. Also Read – Enemies seek to sow discord’ between Iran & Iraq, says Khamenei “It’s under assault,” he said of the constitutional right to bear arms. “But not while we’re here.” With pro-gun legislation largely stalled in Congress and few deliverables during Trump’s term so far, the president told the group that he would be revoking the United States’ status as a signatory of the U.N. Arms Trade Treaty, which regulates the multibillion-dollar global arms trade in conventional weapons, from small arms to battle tanks, combat aircraft and warships. Also Read – Saudi Crown Prince Salman ‘snubbed’ Pak PM Imran, recalled his private jet from US: Report President Barack Obama signed the pact, which has long been opposed by the NRA, in 2013. But it has never been ratified by US lawmakers. “Under my administration, we will never surrender American sovereignty to anyone,” Trump said, before signing a document on stage directing the Senate to halt the ratification process. “We will never allow foreign diplomats to trample on your Second Amendment freedom.” “I hope you’re happy,” he told the group, then appeared surprised by the cheers. “I’m impressed,” he said. “I didn’t think too many of you would really know what it is.” His move against the treaty came as Trump sought to excite an organization that was pivotal to his victory in 2016 but, three years later, is limping toward the next election divided and diminished. And it represents just the latest in a series of withdrawals from international pacts and organizations joined by previous administrations, like the Paris climate accord and the Iran nuclear deal. Gun activists had denounced the treaty when it was under negotiation as an infringement of civilian firearm ownership, despite the well-enshrined legal principle that says no treaty can override the Constitution or U.S. laws. The treaty is aimed at cracking down on illicit trading in small arms, thereby curbing violence in some of the most troubled corners of the world. It was the first legally binding treaty to regulate the international trade in conventional arms and was overwhelmingly approved by the 193-member U.N. General Assembly in April 2013. It has been ratified by 101 countries but key arms exporters including Russia and China and major importers such as India and Egypt have given no indication that they will sign it. Advocates of tighter gun restrictions and those who had helped negotiate the treaty denounced Trump’s decision Friday. Kris Brown, president of the Brady organization, said will “only embolden terrorists and other dangerous actors around the world.” And Rachel Stohl, managing director of the Stimson Center and a consultant to the treaty negotiations, said: “By turning its back on multilateral diplomacy yet again, the United States is disregarding global norms and allowing nefarious actors to trade weapons with impunity.” Yet Trump’s showy rejection of the agreement from the stage has limited effect because it has been unlikely all along that he would send the treaty to the Senate for ratification. At the United Nations, spokesman Stephane Dujarric called the treaty “a landmark achievement in the efforts to ensure responsibility in international arms transfers” and particularly important at a time of renewed interest in expanding weapons arsenals. Trump’s speech came at a troubled time for the gun rights organization, a one-time Republican kingmaker, which has been grappling with infighting, bleeding money and facing a series of investigations into its operating practices, including allegations that covert Russian agents seeking to influence the 2016 election courted its officials and funneled money through the group. As Trump landed in Indianapolis, a judge imposed an 18-month prison term on gun rights activist Maria Butina, an admitted Russian agent who, according to her plea agreement, worked with a former Russian lawmaker to use their contacts in the NRA to pursue back channels to American conservatives during the 2016 presidential campaign. While the group had high hopes for easing gun regulations after pouring hundreds of millions of dollars into 2016 campaigns, much of the legislation the group championed has stalled, due, in part, to a series of mass shootings, including the massacre at a Parkland, Florida, high school that left 17 dead. Adam Winkler, a UCLA law professor and expert on gun policy, allowed that the group had scored some victories under Trump, including the appointment of two Supreme Court justices who may be open to striking down gun laws. But overall, he said, “On the legislative front, the NRA has been frustrated,” with priorities like national reciprocity for conceal carry laws and a repeal of the ban on silencers stalled.last_img read more

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first_imgPeople who use their smartphones for making calls, texting or listening to music while shopping at a store are more likely to make unplanned purchases and forget items they had planned to buy, according to a study. Researchers from the Fairfield University in the US investigated the impact of mobile phone use on in-store shopping behaviour. They found that those who used mobile phones in store for purposes unrelated to shopping, such as making phone calls, texting, checking emails or listening to music, were more likely to make unplanned purchases and forget items they had planned to buy. Also Read – The Puja carnivalThe study, published in the Journal of the Academy of Marketing Science, observed this effect even when phones were only used for part of the shopping trip, suggesting that in-store mobile phone use may consume attentional resources even after the phone is put away. “Our finding that phone use that is unrelated to shopping negatively affects shopping behaviour was in stark contrast to beliefs held by consumers,” said Michael Sciandra, corresponding author of the study. Also Read – Wave City brings special offers this Navratra”The vast majority of shoppers we asked thought that mobile phones did not have any negative effect,” Sciandra said. The researchers asked 231 participants to complete a simulated shopping task. While the participants either refrained from using their phone, or used it for an unrelated task either constantly (simulated phone call) or intermittently, they were shown a first person perspective video of someone grocery shopping. The participants were given a shopping list of items and were asked to compare the list to the products the person in the video placed in the cart, or picked up and put down. The participants’ mobile phone dependence was assessed via self-report. The researchers found that consumers who are highly dependent upon mobile phones, characterised by excessive use of and reliance on the device, were the most at risk of deviating from a shopping plan while engaging in shopping-unrelated mobile phone use. “Mobile phones are quickly becoming the principal distractor for many consumers and they offer a unique form of interruption,” Sciandra said. “Our findings may influence consumers’ attitudes towards mobile phone use while shopping and persuade them to reflect on how these devices impact our lives, both positively and negatively,” he said.last_img read more

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first_imgUnai Emery was announced as the new Arsenal coach and one of the biggest stars of the team, Henrikh Mkhitaryan, insisted that he is very much looking forward to meeting this manager.The Armenian offensive star claimed that he hasn’t been given a chance to meet Emery yet and he hasn’t discussed his appointment with his teammates but he hopes that he will bring new ideas to the club.The former Manchester United midfielder spoke about Emery as he said, according to Goal:“I hope he will bring new tactical ideas and spirit to Arsenal. I hope he will succeed.”Jose Mourinho is sold on Lampard succeeding at Chelsea Tomás Pavel Ibarra Meda – September 14, 2019 Jose Mourinho wanted to give his two cents on Frank Lampard’s odds as the new Chelsea FC manager, he thinks he will succeed.There really…“I still haven’t had the opportunity to meet him, we didn’t have time to talk with each other.”“I haven’t talked to my team-mates about him either, I would like to meet him. ”“Everyone in the club is a professional himself – everyone knows what he should do and what he is expected to do.”last_img read more

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first_imgEngland managed to win their last preparation game for the upcoming World Cup in Russia as they beat Costa Rica 2-0 at home and Marcus Rashford was the main star as he scored the winner.The Manchester United attacker put a great performance in this last friendly match before the team will head to Russia – and he admitted that the expectations will be really high this year on the national team.Rashford spoke about the upcoming tournament as he said, according to Sports Mole:Jadon Sancho, Borussia DortmundCrouch: Liverpool could beat Man United to Jadon Sancho Andrew Smyth – September 14, 2019 Peter Crouch wouldn’t be surprised to see Jadon Sancho end up at Liverpool one day instead of his long-term pursuers Manchester United.“I feel in good physical form leading up to the tournament. I still need to get in the box a bit more to finish off chances. It means a lot to be involved but going to the World Cup and playing a major part in my main aim.”“We have got a good chance. Anything is possible and we have to go there with the highest expectations.”last_img read more

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