Up to 14 million documents collected for Web Summit case

Fourteen million documents have been collected in preparation for the hearing of a bitter dispute concerning the affairs of the Web Summit technology events company, the High Court has heard.

The documents will now have to be reviewed, to ascertain their relevancy or otherwise, after which discovery will be exchanged between the sides with the effect the proceedings have been put back to next April.

Having been updated on Wednesday on progress in the discovery process, Mr Justice Mark Sanfey granted an application by Bernard Dunleavy SC, for Web Summit holding company Manders Terrace Ltd, whose majority shareholder is Paddy Cosgrave, to list the matter before the Commercial Court for mention only on April 17th.

That listing was made with the consent of all parties involved in the proceedings.

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Mr Dunleavy said that while 14 million documents have been collected, it was hoped, following review and engagement between the sides, that number would be significantly reduced.

Kelley Smith SC, for Lazvisax, a company of Web Summit co-founder Daire Hickey, said her side had some criticism of the methodology adopted, but was agreeable to the proposed 20-week period for discovery engagement and exchange. Her side is “most anxious” to get the case on, she said.

Frank Kennedy SC, for Graiguearidda, a company of another Web summit co-founder and former director David Kelly, said his side was reserving its position concerning a report related to the discovery process, but was consenting to the timescales put forward by Mr Dunleavy.

The judge congratulated the parties on the progress made to date.

The case management orders concern three sets of proceedings before the court concerning the affairs of the Web Summit firm.

In proceedings by Manders Terrace, Mr Cosgrave claims Mr Kelly was involved in secret efforts to set up an investment fund for his own personal gain by using the resources of the business.

Manders Terrace is seeking orders that Mr Kelly was in breach of fiduciary duty likely to give rise to a loss of US$10m (€8.63m) to the Web Summit company.

Mr Kelly, through Graiguearidda, denies the claims and has sued Manders Terrace, Mr Cosgrave and the latter’s company Proto Roto, alleging he is a victim of shareholder oppression. He is seeking €1.25 million by way of a buy-out of his shares in Web Summit.

His claims are denied.

Mr Hickey, through Lazvisax Ltd, represented by Kelley Smith SC, is also suing Mr Cosgrave and Proto Roto over alleged oppression of his rights as a minority shareholder.

Mr Hickey, who owns a 7 per cent stake in Manders Terrace through Lazvisax, claims Mr Cosgrave deliberately sought to damage his reputation and to ensure he received no value for his minority stake. Those claims are also denied.

Several discovery motions by the parties to the various actions were previously resolved without court involvement. Others were dealt with by the court, including an application by Graiguearidda for various documents relating to the use of Web Summit funds.