A dispute between relatives who own the Northern Standard, a weekly newspaper in Cavan and Monaghan, came before the Commercial Court yesterday.
Mr Justice Peter Kelly said the dispute - between Thomas and Martin Smyth, managing director and editor of the newspaper, and their mother Kathleen, in her eighties, over a company which has been in their family for generations - was "crying out" for a sensible negotiated settlement.
The brothers want an order directing their mother, who owns 80 per cent of shares in the Northern Standard Ltd, to purchase their shares and have estimated the value of the company at €27 million. However, their mother and the company estimate its value at €21 million.
The brothers claim their shares are worth some €1.2 million each while the lower valuation would value their shares at about €934,500 each.
Alternatively, they want an order directing their mother to sell her shares to them. Her shareholding is estimated at €16 million. Mrs Smyth's five children, including the applicant brothers, hold shareholdings of 4 per cent each.
Thomas Smyth secured an injunction from the High Court last September restraining the appointment of his brother Cathal as managing director of the company and restraining the company from depriving him of his cheque signing authority.
Undertakings to that effect were given by the respondents.
Mrs Smyth and the company claim that Thomas Smyth unilaterally decided to leave as managing director in June 2006 and also claim that Martin Smyth has been absent from work since about October 2006.
It is claimed neither brother has played any direct role in the management of the company since their departures but that they were paid salaries and some expenses during their absence.