The bitter court dispute between members of the Coman family over control of their multi-million-euro pub and drinks business in Dublin was settled late yesterday. Mary Carolan and Christine Newman reports.
It is believed the settlement was for about €7 million, but no details were disclosed. The president of the High Court, Mr Justice Finnegan, heard five days of evidence in the dispute between Mr Patrick (80) and Mrs Mary Coman (70) and five of their six sons over control of their Rathgar, Dublin, pub and other businesses.
During the hearing it emerged that a figure of €7.05 million as a payment to the parents had been discussed in settlement negotations early last year. While the settlement terms were not given in court, the final figure is understood to be close to that.
No members of the family were in court for the brief hearing. Afterwards, lawyers shook hands outside and were clearly delighted.
Evidence had concluded on Wednesday, and the judge was to deliver his judgment in October.
Mr Patrick Hanratty SC, for the five sons, told the judge yesterday that the parties had reached a settlement in which their differences had been resolved.
A draft order was submitted to the judge who then made an order which journalists were told was subject to a confidentiality clause.
An employee at Coman's bar in Rathgar said the family had not been in the bar yesterday and were not likely to be over the weekend.
A woman who answered the phone at the family home of Mr and Mrs Coman said: "We're not allowed to make any comment, I'm afraid."
During the hearing Mr Justice Finnegan was asked to resolve the meaning and effect of an alleged agreement of February 5th, 2003, between Patrick and Mary Coman and their sons, Geoffrey, John, Patrick jnr, Thomas and Denis.
The final witness in the case was Mrs Mary Coman, who had founded the business with her husband. She said relations with their sons began to deteriorate after a cheque was refused to a daughter who had bought a house.
At the outset of the hearing, Mr Justice Finnegan told the parties that if they did not "get sense, there would be nothing left for anyone".
The five sons had claimed 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.
At a previous hearing, counsel for the sons had said the agreement was secured because the parties wanted "a complete break" from each other "in business and, regrettably, in personal terms".