Judge asked to order firm to provide €3m security for costs of action

A judge has been asked to order a printing company to provide €3m security for the legal costs of its action over the loss of a valuable multi-year agreement to publish several newspapers.

Webprint Concepts Ltd, based in Mahon, Cork, is suing several parties in the Commercial Court over losing the contract as a result of what it alleges was the “willful” and “pre-packaged” restructuring of the Thomas Crosbie group.

All the defendants — Thomas Crosbie Printers; Thomas Crosbie Holdings; the group’s banker, AIB; the Irish Examiner’s new publisher, Landmark Media Investments; the TCH receiver Kieran Wallace; the newspapers’ new printer The Irish Times; and TCH directors Thomas and Alan Crosbie — applied yesterday to Ms Justice Mary Finlay Geoghegan for orders requiring Webprint provide security for costs of the case, to be heard in October.