A dispute over the purchase of land in Dublin for the development of a state-of-the-art film centre has been resolved, the Commercial Court has heard.
Last year, the High Court granted an injunction temporarily preventing Lens Media from purchasing the planned film centre lands in Clondalkin, Dublin, without the participation of its alleged partners.
The injunction was secured by Carlin and Tyrone McKillen’s Plus Development LLC, a real estate firm based in Los Angeles, and Cooper Plus Holdings Limited, a financing vehicle of Los Angeles entrepreneurs Matthew and David Cooper.
The two LA firms brought proceedings against Dublin-based Lens Media over fears it intended to breach its alleged obligations under an alleged partnership agreement.
Cooper Plus Holdings and Plus Development claimed Lens Media, whose directors include Oscar-nominated producer Gary Levinsohn (Saving Private Ryan) and Windmill Lane founder James Morris, had approached Cooper Plus in 2019 seeking its involvement in the business venture as a financing partner.
Cooper Plus and Plus Development claim the three companies agreed to jointly acquire, develop, and operate a media park on council lands at Grange Castle Business Park in Clondalkin.
South Dublin County Council agreed in principle to sell the 48 acres of development lands in Clondalkin to the partnership for €26.5 million after Cooper Plus had provided evidence of $35 million in funds, they claimed.
The plaintiff companies, who claimed to have invested €600,000 in the venture, expressed fears Lens Media, with an address on Adelaide Road, Dublin, would pursue the project with alternative backers.
The injunction, which was upheld on appeal by the Court of Appeal, restrained Lens Media from developing the film studios without the plaintiffs until the court dispute is resolved.
The case was mentioned on Tuesday in the Commercial Court by Joe Jeffers SC, for the plaintiffs, who said he was pleased to tell the court the parties had resolved their differences and sought a strike out order.
Mr Justice Denis McDonald said he was very pleased and the parties were to be congratulated for arriving at a settlement. He struck out the case and vacated all existing orders including orders as to costs made to date.
