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File photo of Garth Drabinsky leaving the court house amongst a sea of journalists.Charla Jones/The Globe and Mail

Convicted theatre mogul Garth Drabinsky will find out by Friday if he will be freed on bail while he waits for the Supreme Court of Canada to decide whether to grant him leave to appeal his fraud convictions.

At a bail hearing on Tuesday, an Ontario Court of Appeal judge took the matter under reserve saying he would make a decision by the end of this week.

Mr. Drabinsky, former chief executive of collapsed theatre company Livent Inc., has been serving time in prison since Ontario's highest court refused to overturn his fraud convictions last month.

Mr. Drabinsky and his former business partner, Myron Gottlieb, were each convicted in 2009 of two counts of fraud related to an accounting scandal at Livent. Theatre company went out of business in 1998.