The Web Summit case appears on the brink of a settlement after the High Court was told there had been a development this afternoon.
Senior Counsel Michael Cush told the court that the time used during an adjournment of the case had led to a development and the parties would benefit from further time until tomorrow morning for what had been discussed to be "written up and finally agreed".
The case has now been adjourned until tomorrow.
Yesterday, Judge Michael Twomey had urged all sides in the case to make efforts to settle their dispute "before it's too late".
The judge said the case would take three months to hear in court, but it could be 2028 before it is finalised if it is appealed all the way to the Supreme Court.
He said the time spent by the parties on the case would be time they "would never get back".
The judge said that the toll it would take on the parties would be greater than if it were a typical commercial dispute because this was "a very personal dispute between only three shareholders".
The case involves five separate legal actions, which were due to be heard over three months.
Paddy Cosgrave is suing former Web Summit director David Kelly, who holds a 12% stake in the business, for alleged breaches of directors’ duties.
He was seeking damages for losses, he said relate to Mr Kelly’s role in the establishment of a venture capital fund separate from Web Summit.
Mr Kelly and former director Daire Hickey, who has 7% shareholding, are suing Mr Cosgrave, alleging shareholder oppression and breach of a profit share agreement.
Mr Hickey was expected to be the first witness in the case after opening statements were heard last week.
During those statements, lawyers for Mr Cosgrave said the case had a bitterness running through it like a spine and that the witness statements read more like a family law case than what you would expect to find in the commercial court.
