Concert promoters Eamonn McCann and Denis Desmond have settled a High Court dispute over their alleged partnership.
After talks between the sides today, the eighth day of the case, Brian O’Moore SC, for Mr McCann, told Mr Justice Brian McGovern that, after “considerable efforts” between the parties, this case plus a separate action also in this jurisdiction and a third action in Northern Ireland, had all been resolved.
Cousnel asked that the matter be listed for January 12th so as to allow the settlement to be implemented.
Mr Justice McGovern said he was pleased the parties’ differences had been resolved and adjourned the case as requested. Neither promoter had any comment to make outside court afterwards.
Mr McCann, Deramore Drive, Belfast, had claimed he was entitled to a certain share in the profits of the alleged partnership. He claimed the partnership began in 1980 when they got into business together as MCD, an amalgamation of the first initials of their surnames.
Mr Desmond, Vartry Lodge, Strand Road, Killiney, Dublin, denied his claims and said at best they were involved in a joint venture.
During the hearing, Mr McCann agreed that, when he met with Mr Desmond in 2006 to discuss a proposed buyout of Mr McCann’s share in the business, Mr McCann lied he was dying of cancer and had five years to live.
Mr McCann, who, along with an accountant was the only person to give evidence, told the court he deeply regretted saying this and did not know why he had done so. “I did not intend to say it, it just came out in the spur of the moment,” he said.
He denied he told this lie as part of a thought-out plan to put pressure on Mr Desmond to buy him out. He admitted it was four years before he told the truth about the cancer.
The court had been asked to decide a number of issues concerning the June 2006 agreement to buy out Mr McCann’s share in the alleged partnership in relation to outdoor concerts in the Republic. These included the nature of the alleged partnership and how profits overheads and expenses were calculated.
Mr McCann had claimed it was agreed in June 2006 Mr Desmond would buy Mr McCann’s share of the partnership in relation to the promotion and operation of outdoor concerts in the Republic for 4.66 times the average net profits of the partnership for the years 2003, 2004 and 2005.
To give effect to that, Mr McCann claimed it was necessary for him to see the relevant books and records of the partnership so as to calculate the profits for the relevant period. Mr McCann alleged Mr Desmond had not kept the accounts and income of the alleged partnership as a separate account but instead permitted those funds to be used by his MCD Productions company. Mr Desmond denied the claims.
The court heard there were three forms of common activities between the two men. Mr McCann was the public face of MCD in relation to the organisation of indoor and outdoor events in Northern Ireland and in relation to bar sales at events throughout the country while Mr Desmond was the public face in relation to outdoor events in the Republic.
The court also heard the pair fell out in 1995 over the bringing to Ireland of the “Power Rangers” show but agreed to work together again in 1996.