BELFAST, Ireland (CelebrityAccess MediaWire) — Commercial Court proceedings between promoters Denis Desmond and Eamonn McCann over McCann's share of the proceeds from a variety of events has gotten underway.
According to the Irish Times, the suit derived from a forensic examination of records that McCann requested which led him to allege that he was owed €3.8 million on a number of events that had been staged over a 5-year period between 2001-2005.
McCann further alleges that Desmond used proceeds from events produced by their partnership but instead used the proceeds from those events for his MCD Productions company. McCann also contends that some of the proceeds derived from event sponsorship ended up going to another of Desmond's companies – Gaiety Investments.
The dispute arose, McCann claims, after Desmond allegedly offered to purchase McCann's share of an informal partnership that the two promoters had participated in dating back to the 1970s. In order to ascertain the value of his share of the partnership for buyout, McCann said he needed to review Desmond's books and alleges that Desmond was reluctant to disclose his records and that when they were disclosed, that Desmond had failed to keep a proper accounting of the monies associated with the partnership, the Irish Times reported.
Desmond characterizes his association with McCann as a joint venture rather than a partnership and claims that the money owed to McCann is closet to €100,000. – CelebrityAccess Staff Writers