Long-running dispute between famous Dublin cinema families 'on verge of resolution'
Published 24/01/2013 | 17:26
A DISPUTE between two families who own the Dublin Cinema Group (DCG) may be resolved tomorrow.
The High Court heard today that an offer had been made on behalf of the Ward family to settle winding up proceedings 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.
Yesterday, Mr Justice Peter Charleton, was told by Michael Cush SC, for Mr Anderson, that his side had received a letter before the case was due to resume which in principle had addressed matters at issue but they needed more time to tease out the details.
Counsel told Mr Justice Charleton that at issue was what the "split and valuation" of the company should be. He said significant progress had been made and the case could be adjourned until today which the judge agreed to.