Comrade Patty Cosgrove - Irish Hero

99% of your time seems to be obsessed with “far right loons” who are supported by less than 1% of the populations

The vast majority here are more focused on health , housing , jobs , law & order etc

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Far from it.

In reality, 99% of your time, @Massey’s time and the time of at least half this forum is spent obsessing on the sort of culture war issues drummed up by the American far right and the likes of Goebbels propagandists like McGuirk.

Yis are the exact thing yis claim yis are not - obsessed by online American and American style media.

You’re some man for the ironing.

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You’re saying half the forum is obsessed with online American media and you’re not?

I haven’t a clue about most of the online stuff you refer to .

Lads here thinking they’re hillbillies from Kentucky :grinning:

Nice bit of stereotyping there - sneering at white working class

See, there you go, proving my point.

I don’t know much about this lad. @anon67715551 ?

Fintan has been on Twitter for years, he’s the dullard’s dullard.

Fintan was in Trinners. Paddy likes digging up 17 years old personal grudges at Christmas.

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He got the nod to replace Sinead Guckian on the FF ticket in 2019 in the local elections but came up short failing to retain the seat by a handful of votes.
He fond of addressing the floor at Comhairle Ceanntair meetings with some big words and Martin-esque hand signals and guff and bluster.
Unlikely to be selected to run again as the seat needs to be regained….

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I played freshers football with Fintan - a mouthy chap with very little to back up. Not much has changed

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I wonder how much time paddy spent looking for that :smiley:

I’m sure he has people to do that for him.

The new suit against tech entrepreneur Paddy Cosgrave and Web Summit, filed two days before Christmas, is a spin-off from Daire Hickey’s minority shareholder oppression claim.

Web Summit co-founder Daire Hickey has upped the ante in his legal dispute with the tech event venture by filing a second High Court action against the firm and its chief executive Paddy Cosgrave.

In the first set of proceedings lodged last November – as Web Summit played host to a 42,000-strong crowd in Lisbon – Hickey, who now runs PR firm 150 Bond, alleged there had been a complete breakdown in relations with his former business partner and that Cosgrave was oppressing him as a minority shareholder.

Hickey, a former Web Summit employee and director, has now launched a spin-off suit in which The Currency understands he is claiming on the back of a profit-share agreement from 2011, which he says was not fully honoured.

The latest legal salvo is against Cosgrave and Manders Terrace Ltd, the company behind Web Summit, which employs around 220 people and enjoyed pre-pandemic turnover of €47.95 million in 2019, according to its most recently filed accounts.

Dentons Ireland is acting for Hickey.

Cosgrave and Web Summit have denied all allegations made to date and indicated they will be vigorously defended in court.

The new action brings to five the total number of live cases involving disputes among Web Summit shareholders.

So far no filings have been lodged with the High Court central office in the latest salvo but in an earlier affidavit, filed in the oppression proceedings, Hickey gave an account of the profit-share deal – allegedly thrashed out between him and Cosgrave as young men in their twenties while sitting on a wall at St Stephen’s Green in Dublin.

He claims when the company was being set up in 2010, Cosgrave emailed him with “an opportunity to make a life-changing amount of money”, offering a salary, equity and a 5 per cent profit share up to €100,000 and 7 per cent thereafter. Hickey says he wasn’t happy with the proposal and negotiated better terms including a 10 per cent share in the profits of Web Summit and Founders events.

“The reason I was given a profit share, whereas Mr Cosgrave was not, was because Mr Cosgrave owned the vast majority of the shares in the businesses and therefore would gain much more from the remainder of the profits retained in the business. I looked on the profit share at the time as effectively ‘preference shares’ whereby I was entitled to an annual coupon out of profits associated with my … shareholding in the Company,” Hickey claimed in his affidavit.

He said the terms of the agreement were set out in emails he sent to his business partners on February 7, 2011 and again on October 2, 2012.

Dividend vs profit share

Hickey claims in December 2013, he was informed by Web Summit’s then finance director he was entitled to a profit share of €84,561 for the year. However, he claims Cosgrave stepped in and specified that a €50,000 dividend would be divided and that everything else would be retained for operating costs and expansion. It is alleged this decision benefitted Cosgrave as the majority shareholder in the company.

Hickey claims he warned co-founder and fellow minority stakeholder David Kelly by text that they would be “absolutely fucked” if they allowed Cosgrave to circumvent the alleged profit share arrangement and that it would be Cosgrave “who wins”.

After a meeting to discuss the issue in January 2014, Hickey says he was given a salary hike but claims Cosgrave did not respond to his request for the profit share agreement to be honoured. In March 2014, the CEO allegedly offered Hickey a percentage revenue share. The former director claims this was not followed up and that from then on his relationship with Cosgrave began to deteriorate as the tech entrepreneur allegedly tried to squeeze Hickey out of the company.

Cosgrave holds an 81 per cent stake in Manders Terrace. Hickey has a 7 per cent shareholding. Kelly, the other co-founder, has a 12 per cent interest in the company. He is also suing Web Summit alleging shareholder oppression. Kelly’s oppression suit precedes Hickey’s but follows separate court actions filed against him by Cosgrave and Web Summit in Ireland and America.

In the proceedings brought by Cosgrave, Kelly is alleged to have secretly set up a venture capital fund for his own gain by using the company’s resources, something he denies.

In his oppression suit, Hickey claims there have been attempts to destroy his reputation both personally and professionally and to undermine the value of his 7 per cent shareholding in Web Summit which he estimates to be worth upwards of €14 million.

Hickey left Web Summit as an employee in 2017 and stepped down as a director in 2019. He set up 150 Bond in 2017 and recently joined the board of RTÉ last year.

Has Paddy invented or founded anything of any utility ever?

The web summit is literally just a meeting of nerds talking about their tech ideas but at least they have ideas. Paddy’s claim to fame is that he invented a big meeting, basically, one which didn’t even have any wifi in its first incarnation. Paddy’s a complete bluffer, who just happened to come from an extremely privileged background.

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It’s def true he hasn’t reinvented the wheel and the Web summit is not of any interest to me. But I wouldn’t do down the business he has built. He has clearly made a lot of money from it regardless of what kind of bullshit goes on at it

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Like the Revenue Commissoners lads using their Irish names innit.

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Of course he is. That’s exactly what he is. And a complete cunt too.

Paddy and his planet sized ego would be the exact type of person that would normally have youse lot eating out of the palm of his hand, except he’s gone rogue, and the bluffers of privileged background youse lot slavishly follow are establishment, elitist, right wing loons with planet sized egos, dedicated to upholding power and privilege.

Which is why yis have taken it so badly when Cosgrave i) dug up a few old tweets which proved your spiritual king, Johnny Arse, to be the racist cunt he is, and ii) named one of your anonymous internet propaganda stooges, who promptly deleted his Twitter account of his own volition out of embarrassment.

Yis can’t forgive Cosgrave for going rogue. In your eyes, he has betrayed the class and the politics he was born into. It’s hilarious.

Paddy, the utter cunt that he is, at least occasionally has his uses, small as they are.