Widow Accuses Brothers of Trying to Gain Control of Construction Group
Denise Cosgrave has filed a lawsuit against her two brothers and two companies, Genstar Unlimited Co and JOM Investments Limited, that are part of the Cosgrave group.
The case has been accepted by the Commercial Court and has been adjourned until December. The defendants’ representative, Lyndon MacCann SC, stated that his clients believe they have acted properly.
Ms. Cosgrave is seeking a declaration that she is entitled to a one-third share in Genstar and JOM, just like her late husband was, in her role as the personal representative of her husband’s estate.
She also wants a declaration that her two brothers, who are the other shareholders and directors of the group, have acted unreasonably and arbitrarily in refusing to recognize her entitlement based on her husband’s will and a High Court order.
Following her husband’s passing in February at the age of 62, Ms. Cosgrave became executor of his will. She mentioned the urgent need to carry out business transactions on behalf of his estate but has faced delays in obtaining the necessary probate grant.
In March, her solicitors requested that she be registered as a shareholder in the companies, but the request was denied. Her solicitors then sought an order from the High Court, granting her the liberty to apply for a limited probate grant to be registered as a shareholder.
However, the directors of the companies continued to refuse her registration, demanding that she first provide a grant of probate. Ms. Cosgrave believes that the defendants, particularly her brother Michael, are using her husband’s death opportunistically to gain control of the Cosgrave group.
The directors have proposed significant decisions that will impact the future of the group, including the sale of undeveloped land and incurring new debt. These plans were presented in the “Eastdil Presentation,” which Ms. Cosgrave was allowed to attend under a non-disclosure agreement.
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