So the Web Summit court cases, which promised weeks of juicy gossip and tales of infighting among the three men who spent years at the top of the conference firm, are no more.
On the face of it, Paddy Cosgrave, Daire Hickey and David Kelly all seem to have got what they wanted from the case, which was settled on Thursday.
Cosgrave now appears to have full control of the business, while Hickey and Kelly have presumably received a small fortune for the shareholding.
After all, Hickey’s barristers said the court would hear evidence the true value of Web Summit was between €280 million-€360 million. Kelly and Hickey owned 12 per cent and 7 per cent of the parent company.
Judging by Cosgrave’s statement outside court after the settlement was agreed, he clearly feels he won, in so far as anyone could have won the case.
Yet the fallout of the past week’s events is yet to be fully felt.
In some quarters the salacious details that emerged from the three opening statements that were made public could be troublesome for prospective business involving all three men.
[ Web Summit case: Three angry men finally settle their differencesOpens in new window ]
The harassment accusation against Hickey, the suggestion – now dropped – that Kelly caused Web Summit a more than $10 million loss by setting up an investment fund that traded off the firm’s name, as well as the accusations that Cosgrave took a €1 million signing bonus when he returned as chief executive and may have never really left in the first place, are all damaging.
Future business partners or investors may easily take the view that working with any of the three antagonists would be more trouble than it’s worth.
To be sure, in the world of business such things can be overlooked if the investor really wants to.
In the US, in particular, litigation is often seen as the cost of doing business, with the court system a legitimate tool to be used to further one’s interests.
Web Summit will no doubt hold another glittering event in Lisbon in November along with its other events around the world – Web Summit Rio is scheduled for next month.
Still, there is little doubt that some of the shine was rubbed off in the past week. That’s usually what happens when a case like this ends up before a judge.
