Members of Coman publican family have been told by the President of the High Court that if they "don’t get some sense", there will be "nothing left for anyone" of the €7 million at the centre of a bitter legal dispute over the ownership of the business.
Mr Justice Finnegan made the remark this afternoon at the conclusion of thefirst day of legal proceedings brought against Patrick and Mary Coman by five of their six sons.The family are involved in the Coman’s pub and wholesale drinks business, which includes Coman’s pub in Rathgar.The dispute concerns the future ownership of the business with the sides disagreeing over the meaning and effect of an alleged agreement between them of February last year.The sons say the agreement was that the parents would resign immediately as directors and relinquish their 52 per cent shareholding for a payment of some €7 million.However, Mr Brian Spierin SC, for the parents, told the court yetserday that the whole genesis of the row was "to remove directors".Counsel said it "beggared belief" that the parents would agree to resign their directorships when the alleged agreement was conditional on funding being forthcoming.Mr Coman Senior believd his sons would not be able to raise the funds, Mr Spierin said.At the close of yesterday’s hearing, Mr Justice Finnegan said it struck him as "bizarre" that "both parties were at the point of agreement and all of a sudden it was not going ahead".Referring to the fact that the family dispute had been before the courts previously, he said they were now back to a situation where the seeds of further litigation were being sown."If the parties don’t get some sense, there will be nothing left for anyone," the judge said. " There is only€7 million at issue here and they will get through it very quickly if they keep going."In the proceedings, Mr Justice Finnegan, is being asked to resolve the meaning and effect of an alleged agreement of February 5th, 2003, between Patrick (80) and Mary (70) Coman, founders of the business, and five of their sons - Geoffrey, John, Patrick Junior, Thomas and Denis. Another son, William, stated to own 8 per cent of the business, is not a party to the litigation.It is alleged that the February 2003 agreement related to the future ownership and control of the business and that there was an agreement to buy out the 52 per cent shareholding held by the parents for €7.05 million to include legal costs and for the parents to resign as directors. The sons want orders implementing that alleged agreement.At a previous hearing, counsel for the sons said the agreement was secured because the parties wanted "a complete break" from each other "in business and regrettably in personal terms."Earlier this year, the High Court refused an application by the parentsfor an injunction - to apply until the full hearing - against the fivesons and the company, Patrick Coman Ltd, for payment of what was claimedto be €100,000 arrears (€50,000 each) of directors’ salaries for 2003 and their ongoing salary thereafter.The parents contend there was no concluded settlement between the sidesin February 2003 and that they continue to be directors.The hearing continues today.