The idea behind establishing the Hot Press Music Hall of Fame museum in Dublin was to give tourists interested in Ireland's burgeoning music scene an entertaining, enjoyable and educational experience, Hot Press editor Niall Stokes has told the High Court.
Mr Stokes, a 55-year-old father of two who founded Hot Press in 1977, was beginning his evidence in the continuing action by himself and his wife, Mairin Sheehy, against music promoter Denis Desmond, Riverdance duo Moya Doherty and John McColgan and others over liability for about €1.5 million losses for the company which ran the Hot Press Music Hall of Fame museum.
The failure of the Hot Press Music Hall of Fame, which was affected by the September 11th terrorist attacks in New York in 2001, left Mr Stokes where he was offered £800,000 (€1 million) for his shares in the Hall of Fame by Mr Desmond, Mr McColgan and Ms Doherty.
Mr Stokes is claiming that five other people have a liability for some €1.52 million losses incurred by the Hall of Fame.
The idea of a single fixed exhibition where people could experience history and artefacts associated with music under one roof was developed in the early 1990s, after the success of Hot Press's Rock 'n' Roll Stroll through Dublin city, Mr Stokes said.
He and his wife had earlier given personal guarantees in relation to setting up a property vehicle, Steeple Investments Ltd. This was an onerous burden but they had decided to make the commitment because they felt there was potential in it.
Mr Stokes said the Irish music scene had developed considerably in the 1980s and 1990s, with U2 emerging as one of the most important bands in the world. People around the globe were fascinated by this band coming from Dublin, and Van Morrison, the Corrs, Sinead O'Connor, the Cranberries and others were all part of the growing music scene, he said. Many were coming to Dublin at about this time to experience the youth culture explosion.
Following legal argument yesterday, Mr Justice Frank Clarke decided any claim by Mr Stokes for additional losses related to a Business Expansion Scheme vehicle (BES) may be addressed at the end of this action. The action by Mr Stokes and his wife, Ms Sheehy, of Trinity Street, Dublin, is against Mr McColgan and Ms Doherty; Cyril O'Brien, of Knockabbey Castle, Co Louth; Tony Burke of Lambourne Wood, Cabinteely, Dublin; and Denis Desmond of Strand Road, Killiney.
It is claimed that, on November 18th, 1998, Mr O'Brien and Mr Burke agreed to indemnify Mr Stokes and Ms Sheehy against two-thirds of any liabilities, costs or losses arising out of the Stokes/Sheehy shareholding in Steeple and the BES scheme.
The defendants deny there was the loss or damage alleged. Mr McColgan and Ms Doherty deny they agreed to participate in the venture as alleged or that they agreed to indemnify Mr Stokes and Ms Sheehy against losses.