Elan case adjourned in hope of settlement

A settlement may be reached tomorrow in proceedings taken against Elan Corporation by former chief executive and chairman Mr …

A settlement may be reached tomorrow in proceedings taken against Elan Corporation by former chief executive and chairman Mr Donal Geaney.

Mr Geaney claims he is being denied share option entitlements worth up to $12 million.

His case was due to open before Mr Justice Peter Kelly in the commercial division of the High Court today and was scheduled to last three weeks.

To facilitate Mr Geaney, who is ill, the court had planned to sit daily from 10am to 1pm except in situations when his presence was not required.

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However, this morning, Mr Paul Gardiner SC, for Mr Geaney, with the consent of Mr Michael Collins SC, for Elan, asked for the case to be adjourned to tomorrow.

When Mr Justice Kelly asked whether the adjournment would be of any benefit to the court, Mr Gardiner said he believed "a very considerable benefit" would be derived.

The judge remarked there had been ample opportunity for discussions between the sides up to now and queried whether it might be useful to open the case.

Mr Collins said no time had been wasted by the sides. He added he was supporting the adjournment application with a high degree of confidence that it was in the best interests of the case.

Mr Justice Kelly said he would grant the adjournment with great reluctance.