Mercantile Group Shareholder Dispute Resolved
After news earlier this month that the Mercantile Group would be split in two following an ongoing dispute between shareholders over its merger with Capital Bars, it's now being reported that the conflict has been completely resolved.
Mercantile Group founder Frank Gleeson had accused Ardan Advisory Ltd, which was formed out of the Mercantile/Capital merger, of shareholder oppression, while other shareholders in Ardan refuted the publican's claims. This resulted in separate proceedings being brought by EMI-MR Investment LLC in which it sought a €4.6 million judgment against Gleeson over loans given to him in 2016. Gleeson had opposed EMI-MR's action.
According to The Irish Examiner, on Monday May 29, Justice Brian McGovern was told by attorneys for both sides that the Gleeson action was being withdrawn and the EMI-MR case was being discontinued. A third set of separate but related proceedings by Gleeson seeking to prevent his dismissal as CEO of Mercantile Entertainment was also struck on the same day.