
Conor McGregor whiskey brand dispute to proceed next week
A judge has said he is reluctantly allowing a High Court hearing to go ahead next week regarding a dispute over a claim for a percentage share in a whiskey brand founded by Conor McGregor.
Artem Lobov, a former sparring partner of Mr McGregor, is suing the MMA fighter for what Mr Lobov says was an oral agreement in 2017 that he would get a 5 per cent share in creating the brand which he says he came up with the idea for.
The Proper Number Twelve Irish whiskey brand was sold in 2021 to Proximo Spirits for a reported sum of up to $600 million (€530 million) and Mr McGregor was reported to have received $130 million from the sale.
Proximo cut ties with Mr McGregor and the brand following last year's separate High Court action in which a civil jury found he should pay almost €250,000 for raping a woman, Nikita Hand, in a Dublin hotel in December 2018. That decision is being appealed.
READ MORE
Mr McGregor denies Mr Lobov's claims that there was any agreement for him to have a share in the brand.
On Thursday, the case came before Mr Justice David Nolan for mention to see if it was ready to proceed next Tuesday. Eight days have been set aside for the hearing.
After hearing that there had been a delay by the Lobov side in lodging pre-hearing legal submissions to the court – which resulted in the defendant not being able to reply to them – the judge said he was concerned the case was not ready to go ahead next week.
Liam Bell BL, instructed by Dermot McNamara & Co Solicitors for Mr Lobov, said his side would have its submissions in by close of business on Thursday. He said the delay was due to his lawyers having to get further instructions for the case.
Shelley Horan BL, instructed by Michael Staines & Co Solicitors for Mr McGregor, said the Lobov side submissions were due to be in at the end of February but had not arrived. However, she agreed with Mr Bell that the defendant's submissions could be put in at the end of the case as this was a matter that would be determined on the basis of evidence to the court.
Mr Justice Nolan said however that whatever judge hears the case, he or she will need to have the legal submissions of both sides beforehand.
Ms Horan said the Lobov side had been 'in dereliction' and her side had been chasing them for their submissions. However, this was a 'net issue' case in which the plaintiff seeks specific performance of an oral agreement which is denied, she said.
Her side did not think the judge who hears the case would be prejudiced by not having the submissions, she said. This was an unfortunate situation not of the defendant's making but they were anxious to get on with the case, she said.
The judge said he did not think the case was ready to go ahead but it was with 'great reluctance' that he would allow it to proceed next week. He also said the delay in having submissions in on time would have to be dealt with when the judge who hears the case is dealing with who pays the costs.
Mr Lobov, who was born in Russia and lives in Mulhuddart, Dublin, claims he came up with the idea that Mr McGregor lend his name to a new whiskey brand.
He also says he did all the research and negotiations to get Cork-based distillery firms to agree to produce the whiskey before the project was taken over by Mr McGregor's manager and chief executive of Paradigm Sports Management, Audi Attar, along with American entrepreneur Ken Austin.
He claims he was effectively 'muscled out' and that Mr McGregor acknowledged his involvement when he made Mr Lobov an offer of US$1 million which he refused.
Mr McGregor strongly denies the claims.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Irish Times
an hour ago
- Irish Times
Unions to meet with Wellman examiner to discuss possible sale
Unions representing about 200 of the 217 staff at the Wellman recycling plant in Mullagh, Co Cavan will meet with examiner Kieran Wallace of Interpath Advisory on Monday as part of an effort to find a buyer for the facility and prevent job losses. The unions say the plant has considerable untapped potential and safeguarding it and its workforce should be a particular priority for government given its environment significance. Its parent company, Indorama Ventures, says it has lost 'double-digit millions across 2023 and 2024' and needs to be financially restructured. Mr Wallace, of Interpath Advisory was appointed interim examiner on Tuesday. Having opened in 1973 under American ownership, the facility in Mullagh was taken over by Thai based Indorama Ventures in 2011. At one point it employed more than 500 people and the unions claim it has been run down by its current owners. READ MORE The factory recycles plastic bottles and other waste and is capable of producing polyester fibres and other products including car components. Union representatives briefed local TDs on what they believe is the potential of the plant on Thursday evening and hope to persuade the examiner to allow them speak with prospective buyers. A meeting with management is also scheduled for next Wednesday. 'I think the hope would be that Government would take a particular interest is saving the plant given the context of Ireland's recycling policies,' said Michael O'Brien of Unite. 'The examinership did not come as a huge surprise to the people working at Wellman but they are not fatalistic about the situation at all and they want to be involved in the process to find a buyer because they believe they can help highlight its potential.' Indorama, which operates a large network of facilities internationally has cited high energy costs and competition from China and other regions. It has said its board believes the plant 'does have a potential future'. It says, however, that some jobs may be lost during the examinership process and there is concern among the three unions with members there, Siptu and Connect as well as Unite, that the terms offered may fall short of previous voluntary packages. Siptu's Alan Clark said he is optimistic a buyer can be found to take the operation over as a going concern. 'It's a very versatile facility and we certainly believe there is the potential for it to continue.' Despite the number of jobs at the site having reduced over time, Wellman remains a major employer in Cavan and important to the local economy.


Irish Times
an hour ago
- Irish Times
European shares finish volatile week on high
European shares rose for a second straight week, buoyed by robust US employment figures and diminishing concerns over trade friction that had previously rattled investor confidence. The week has been a volatile one for global markets as investors grappled with ever-changing global trade dynamics. US president Donald Trump doubled tariffs on steel and aluminium imports, though the UK received an exemption. But markets are also monitoring whether the public spat between Mr Trump and Tesla chief executive Elon Musk could spill over into broader markets. Dublin READ MORE The Irish Overall Index of shares ended the week slightly higher, adding 0.14 per cent to finish at 11,622. That followed a fresh all-time high reached on Thursday, following the news that the European Central Bank was 'getting to the end' of a rates cycle which has seen eight consecutive cuts. But shares were mixed across the board. While AIB gained over its opening price on Friday, adding 0.2 per cent, Bank of Ireland gave up some of its gains, falling half a per cent. Insurer FBD was flat on the day. It was a similar story for insulation specialist Kingspan, which shed 1 per cent, closing the week at €75.55. The company's shares gave up some of the gains made on Thursday after it announced it would increase its planned investment in the US roofing business to $1 billion over the next five years. Food group Glanbia was 1.1 per cent higher at the close of the session, finishing at €12.64, while Kerry Group was almost 1 per cent lower. In leisure and travel stocks, hotel group Dalata was 1 per cent lower, while Ryanair added 1.76 per cent to end the week at €24.28. London The blue-chip FTSE 100 gained 0.3 per cent, while the more domestically-oriented FTSE 250 ended 0.4 per cent higher. Both indexes clocked firm weekly gains. On the day, heavyweight banks were among the top gainers, with Standard Chartered up 2.9 per cent, HSBC up 1 per cent and Barclays climbing 1.9 per cent. Precious metal miners, the best performing FTSE 350 sector this week, lagged on Friday, clocking a 1.8 per cent decline. Aerospace and defence shares – which jumped earlier this week after Prime Minister Keir Starmer pledged the largest sustained increase in British defence spending since the end of the Cold War – gave some of those gains back, to fall 0.8 per cent. Europe The pan-European Stoxx 600 rose 0.3 per cent on Friday, and logged a 0.6 per cent gain for the week. Market sentiment drew support from the United States' better-than-expected jobs report and signs of easing in the US-China trade relationship. Still, the market was also reminded this week of protectionist fervour. The automotive sector, particularly exposed to tariffs on steel and aluminium imports, bore the brunt, shedding 1.8 per cent over the week. German Chancellor Friedrich Merz indicated he would pursue a deal for duty-free US car imports into Europe in exchange for equivalent tariff waivers on European exports to the United States. Other bourses such as Germany's DAX and France's also recorded a second straight week of gains, while and Spain's IBEX logged its eight consecutive week of advances – its longest in nearly four months. On Friday, the financial sector emerged as the standout performer, propelled by UBS, which rose 3.8 per cent after Swiss authorities proposed more stringent rules that could require an additional $26 billion in core capital reserves for the banking giant. New York Wall Street rebounded on Friday and US Treasury yields jumped as a generally upbeat employment report and a bounce-back in Tesla shares helped put the indexes on track for weekly advances. All three major US stock indexes surged from the starting gate with robust gains, while bitcoin jumped and crude prices touched their highest level since late April. Tesla stock was last up 5.9 per cent. The Dow Jones Industrial Average rose 485.78 points, or 1.15 per cent, to 42,805.52, the S&P 500 rose 66.69 points, or 1.12 per cent, to 6,005.88 and the Nasdaq Composite rose 252.22 points, or 1.31 per cent, to 19,550.67. – Additional reporting: Reuters


Irish Times
an hour ago
- Irish Times
‘Nobody on the right or left is gonna buy a Tesla' - the Trump spat threat to Musk's business empire
What began as Elon Musk's embrace of right-wing populism has become a defining – and potentially harmful – chapter in his business career. By endorsing Donald Trump's MAGA movement and far-right parties in Europe, Musk alienated a big portion of his original customer base, eroding Tesla's brand , sales and market share around the globe. Then came this week's rupture: a personal and public break-up with Trump that prompted threats of retaliation from a man with control over the world's most powerful government. By simultaneously burning bridges with both his customers and now the political movement he funded and amplified for months, Musk now faces a rare convergence of threats: collapsing brand loyalty, shaky revenues, and mounting legal and regulatory risk. Tesla's sales are already stumbling under the weight of partisan baggage. SpaceX, long seen as a strategic national asset, is facing new scrutiny as political winds shift. And the green shoots at X – Musk's $44 billion 'free speech' experiment – that were fuelled by Musk's proximity to the White House and the ad dollars that followed, may soon disappear. READ MORE 'Elon isn't functioning to the benefit of his shareholders,' said Ross Gerber, the chief executive officer of Tesla shareholder Gerber Kawasaki, which has been reducing its Tesla holdings over the last few years. Speaking on Bloomberg Television on Thursday while the meltdown was still going on, Gerber said Musk's behaviour is leading to the 'dismantling of the Musk empire in real time.' With enemies on both flanks, Musk finds himself at the centre of a storm fuelled by consumer revolt and political hostility. [ Donald Trump 'not interested' in talking to Elon Musk Opens in new window ] [ Trump-Musk bromance descends into a jaw-dropping feud Opens in new window ] 'Nobody on the right is gonna buy a Tesla, nobody on the left is gonna buy a Tesla. Elon is a man without a country,' said Steve Bannon, an outside adviser to Trump who has long been critical of Musk, in an interview. Bannon says he is 'in continual conversations at the most senior levels' of the Trump administration to push them to revoke Musk's security clearance and use the Defense Production Act to seize SpaceX and Starlink on grounds they are vital to US national security. Even if Trump does not take such extreme measures, there is no shortage of retaliatory options for the White House. The president could try to wield the power of agencies like the US Securities and Exchange Commission, the National Highway Traffic Safety Administration and the Federal Aviation Administration to inflict real harm – or even just incessant regulatory morass – on to all of Musk's businesses and the source of his wealth. In just one day, the Musk-Trump spat shaved $34 billion from his personal net worth, the second-largest loss ever in the history of the Bloomberg Billionaires Index of the 500 wealthiest people on the planet. The only bigger wealth hit: his own wipeout in November 2021. Tesla lost $153 billion of market value on Thursday, with shares reversing course on Friday after Musk began to simmer down. Musk has faced deep stretches of pain before. There are flanks of sceptics who have, over the years, called for his impending demise only to be proven wrong by the world's richest man and his cult following of fans and funders willing to throw ever-growing sums of money at his ambitions. [ Elon Musk has damaged himself and shows no signs of stopping Opens in new window ] Most famously, Tesla flirted with bankruptcy only to reverse course and become the biggest electric vehicle seller in the world. Musk's $44 billion purchase of X was widely panned as the company's debt languished on banks' books, only to see those fortunes reversed after Trump's election. 'Musk has a habit of teetering on the edge of destruction and pulling himself back just in the nick of time,' said Nancy Tengler, whose firm holds 3.5 per cent of its growth portfolio Tesla stock, in a Friday interview on Bloomberg Television. Tengler, chief executive and chief investment officer of Laffer Tengler Investments, said her firm has been adding Tesla shares in recent months but now has a 'full position.' 'He needs to dial down the rhetoric and the drama and get back to the business,' she says, as investors own Tesla stock for growth, not for 'the histrionics.' To pull off a rebound this time around, Musk is going to have to convince people to start buying his electric vehicles at a faster clip and reverse the painful sales slide in the US, Europe and around the world. He is also going to have to attract riders to his new robotaxi service in Austin as the company makes a gigantic bet on artificial intelligence, robotics and self-driving cars. Musk has lobbied lawmakers to help clear a path for driverless vehicles, something Trump initially endorsed. It is now unclear if the Trump-Musk fallout complicates the regulatory environment for autonomous vehicles and potentially slows the path forward for Tesla's robotaxi network. 'The disagreement will not help Tesla demand but could potentially (temporarily) alienate multiple sides of the political spectrum,' said Morgan Stanley analyst Adam Jonas in a research note entitled 'Well That Escalated Quickly...' Jonas said emotions are 'running high' and that he is sticking to his long-term $410 price target on Tesla's share price but is bracing for near-term volatility and is 'prepared for the stock to give up more.' Other tests in the coming weeks may include a $5 billion debt offering of the billionaire's AI company, xAI Corp, as well as funding rounds for xAI and SpaceX. Musk recently closed a $650 million late-stage raise for his neurotechnology company Neuralink from big investors including Sequoia Capital, ARK Investment Management and Founders Fund. From a legal and regulatory perspective, there is even more at stake for Musk if the Trump administration turns on the billionaire and claws back contracts like the president threatened on Thursday. SpaceX, one of the world's most valuable start-ups with a market value of $350 billion, has received more than $22 billion in unclassified contracts from the Defense Department and Nasa since 2000, according to data from Bloomberg Government. It launches critical national security satellites for the Pentagon and the US is depending on the Musk-led company to develop a spacecraft to put American astronauts on the moon in as little as two years. Musk's vow to decommission its all-important Dragon spacecraft, which ferries cargo and people to the International Space Station for the US, sent shock waves throughout the industry. Following through with the threat, which Musk later walked back, would sever a vital part of the US space program. 'It is untenable to have a CEO of a prime defence and aerospace contractor threaten to shut down services the government has contracted with them to perform,' said Lori Garver, a former Nasa deputy administrator under former president Barack Obama. Garver says Nasa needs SpaceX, but that SpaceX's business model also depends, in part, on the US government. 'Elon has already walked back decommissioning Dragon, because they do require now, as a big part of their business plan, government contracts. But they provide a service for those contracts. So it's a symbiotic relationship,' Garver said. On a more day-to-day basis, government agencies could try to inflict pain on Musk's businesses by delaying everything from space launches to satellite service to robotaxi expansion. Investigations into publicly traded Tesla or the finances of his companies could include the SEC, as well as antitrust probes and Federal Trade Commission interest around social media moderation, data use or AI. So far, Musk and Trump may be trying to at least press pause on the public spectacle. White House officials say Trump plans to focus his attention on inflation and the economy rather than speak to Musk, and insinuated without evidence that the billionaire was agitating for a call with the president. (In a pair of posts on his social media platform Friday morning, Trump intensified his push for Federal Reserve Chair Jerome Powell to lower rates.) As for pulling Musk's government contracts, Trump has not yet pursued any steps to follow through with his threats, one of these people said. He is, however, thinking of getting rid of his Tesla. – Bloomberg