Decision on Payzone row expected today

One More Thing:At about 10.30am today, the High Court is expected to hand down a decision in relation to the dispute between Payzone and its chief executive John Nagle and chief financial officer John Williamson.

It will bring to an end a bitter dispute between the two sides that has run for more than two weeks although it is unlikely to be the end of the story.

It can go one of two ways. The judge could find that chairman Bob Thian and his fellow Payzone directors were within their rights to dismiss the pair in the manner they did.

Nagle and Williamson have argued that the directors' meeting that took the decision to dismiss them was not properly convened and that the terms of their contracts were breached.

If Thian wins the day, Nagle and Williamson will be left to agree their compensations.

On the other hand, the judge could find in favour of Nagle and Williamson and order that they be reinstated by Payzone.

This would put the proverbial cat among the chickens.

For starters, it would raise questions about Bob Thian's handling of the affair and the way he went about dismissing the men. Thian is accused of conspiring to get rid of Nagle and Williamson.

Payzone's shares have been suspended since January 17th pending the outcome of the legal action and staff morale within the company is bound to have been affected.

Sources close to the Payzone board members who dismissed the executives have indicated that, if the judgment goes against the company, then a number of shareholders will move to hold an extraordinary general meeting and force the pair out.

Under that scenario, Nagle and Williamson could have no more than a 49-day reprieve, depending on the timing of the meeting.

This scenario is entirely possible.

We're told that a majority of Payzone shareholders, representing about 66 per cent of the equity, supported the decision to dismiss Nagle and Williamson.

These include Balderton Capital, which owns 40.5 per cent of the business.

But will these investors stick to that position if the judge rules in favour of Nagle and Williamson?

What about Payzone's banks, who are owed €350 million? Will they seek to influence the debate?

However, One Thing is certain: if Nagle and Williamson win in court today, they won't go quietly.