Outside court, chief executive Paddy Cosgrave told reporters that the departure of minority shareholders Daire Hickey and David Kelly is in the company's best interests.
After hours of talks, the court heard there has been a development, and that the parties needed until tomorrow morning for what has been discussed to be written up and finally agreed.
Settlement talks will continue on Tuesday in the bitter dispute between Web Summit's three shareholders after the judge warned the proceedings could eat up three years of their lives.
Former Web Summit director accused of causing the company millions in losses on a VC fund launched shortly after his departure from the company.
The warring Web Summit shareholders have landed in the High Court for a nine week action to fight contesting claims of shareholder oppression and breach of fiduciary duties. Lawyers for the company and CEO Paddy Cosgrave got the ball rolling.
In the absence of mediation or any move to agree a buyout of the minority interests, "expensive and complicated" remains the most likely forecast for this internecine corporate fight at the world's leading tech conference.
In a new court filing, Web Summit CEO Paddy Cosgrave claims to "correct the record" on oppression allegations made against him by the company's shareholders. He also ups the stakes with a swathe of new claims about former business partner Daire Hickey.
A confidential strategy document warned of the reputational considerations and advised Web Summit to get ahead of the story and downgrade as far as possible the alleged hacking of the Dublin Tech Summit.
In new court filings, the Web Summit co-founder David Kelly complains of a “complete breakdown” in relations with chief executive Paddy Cosgrave, who is accused of running the business for his own benefit.
Two founders of Web Summit are locked in a bitter row over a multi-million euro venture capital fund. Both have very different stories to tell.
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