A DISPUTE between two families who own the Dublin Cinema Group (DCG) has been settled, the High Court heard today.
Mr Justice Peter Charleton was told that following a proposal yesterday on how the company could be split between the two families, the settlement is to be put in writing and the matter adjourned until next March when it could be struck out.
The High Court heard on Thursday that an offer had been made on behalf of the Ward family to settle winding up proceedings againt DCG which had been brought by the Anderson family in a bid to end the deadlocked dispute which arose over a proposal to open new cinemas in St Stephen's Green Shopping Centre.
The two families own the Savoy and Screen in Dublin's city centre along with Omniplexes in Santry and Cork and another cinema in Tullamore, Co Offaly.
DCG director and secretary Paul Ward has brought proceedings against DCG chairman Paul Anderson and another company, Omniplex Holdings, alleging Mr Anderson had breached his fiduciary duties and was acting contrary to the best interests of DCG by moving to open in Stephen's Green because this would affect the Savoy and Screen.
Separately, Mr Anderson brought wind up proceedings against DCG saying that because of the breakdown in relationships, liquidation and sell off of the profitable cinema business would be in the best interests of the company.
Following a number of failed attempts at mediation, the winding up case got underway on Wednesday and there were talks on Thursday.
Today, the court heard all proceedings are to be resolved under the settlement.