€3m theatre-debt row settled
A DISPUTE between the Grand Canal Theatre's developers and O2 owner Harry Crosbie over an alleged €3m debt has been settled.
Ramford Ltd, controlled by developer Joseph O'Reilly, had sued the leaseholder of the theatre, Mr Crosbie, arising from a June 2007 agreement between them to develop the 2,000-seat venue. Ramford claimed it was agreed Mr Crosbie would cover additional expense if the cost of fixtures, fittings and equipment (FF&E) exceeded €6.5m. Ramford claimed it spent €9.4m on FF&E by July 2009 and was owed €2.9m. The Commercial Court settlement's details were not disclosed.