The three co-founders of Web Summit have agreed “in principle” to begin mediation ahead of a scheduled hearing to resolve the three men's contentious disputes, the High Court has heard, but they still need to agree on a suitable mediator to assist them with the process.
Evidence in five separate claims brought successively by Paddy Cosgrave, Dare Hickey and David Kelly against each other is to be heard together in a nine-week civil trial starting on March 18.
On Thursday, Judge Michael Twomey said Mr Cosgrave's legal team had “substantially” rejected the nominations of five prominent Irish mediators, including a former Irish chief justice and a recently retired Supreme Court judge, proposed by Mr Hickey's lawyers to facilitate the mediation.
Acting for Mr Hickey, Judge Brian Conroy said Mr Cosgrave's position was “bizarre” as they argued that no Irish-based mediator would be suitable for the dispute.
Irish brokers
He said correspondence with Mr Cosgrave's legal team had indicated that all potential Irish mediators were known to the parties involved in the dispute and therefore could not assist in the mediation process.
Lawyer Joe Jeffers, representing Mr Kelly, said requests for Mr Cosgrave to appoint potential Irish intermediaries had gone unanswered.
Mr Conroy said Mr Cosgrave's legal team had suggested London-based lawyers act as intermediaries.
Bernard Dunleavy, Mr Cosgrave's lead lawyer, expressed regret that agreement on a mediator could not be reached but hoped the matter would be resolved by the end of the week.
The lawsuit, filed by Web Summit and its chief executive, Mr. Cosgrave, alleges that Mr. Kelly, who owns 12 percent of the shares, breached his fiduciary duties as a director of the company.
Proposed Profit Sharing Agreement
Mr Kelly and 7 per cent shareholder Dar Hickey, who both co-founded Web Summit with Mr Cosgrave, have filed two separate but similar lawsuits against the company and Mr Cosgrave, alleging violations of minority shareholder rights and a proposed profit-sharing agreement.
All five claims are dismissed outright.
Judge Tuomi, who is presiding over the cases ahead of the March 18 trial, expressed concern about the disputes being referred to mediation, stressing the benefits of the process.
“The key participants came together for the first time [during mediation]… that’s probably one of the key benefits of mediation,” he added.
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Noting that the parties agreed
Sourse: breakingnews.ie
