Island Press Holdings Ltd., the parent company of tabloid newspaper the Bermuda Sun, is suing a former general manager and a former accountant over a business deal gone bad.

A writ filed in the Supreme Court last week pitted Island Press Holdings Ltd. and Global Directories Ltd against Global Data and Media Ltd. and Gary Taylor, former general manager of Island Press Ltd., and Ciran Horgan, former accountant with the company.

Attorney for Island Press Holdings are Marshall Diel and Meyers, who could not be contacted for comment on the matter on Friday.

Randy French, Publisher of the Bermuda Sun and president of Island Press Holdings did not want to comment on the legal action when contacted on Friday. There is no listing for Gary Taylor or Ciaran Horgan and neither could be contacted for comment on Friday.

In May 2001, Island Press Holdings sacked both Mr. Horgan and Mr. Taylor, who had both worked for the company for approximately seven years.

At the time, Mr. French refused to say why the two had been sacked but said: “...the company will move forward and continue to provide excellent service to our customers and clients.” The company notified the Bermuda Stock Exchange on May 15, 2001, that the two men had left. In Island Press Holding's annual report released last month, Mr. French said that the board had approved the company's “development of opportunities outside Bermuda”.

He said details of this were noted in the Notes to Consolidated Financial Statements: “You will see that US and Caribbean subsidiaries have been created in anticipation of expanding internationally in 2002. These companies are Global Directories (Caribbean) Ltd and Global Directories (USA) Inc. The third company is Global Directories (Bermuda) Ltd.” Global Directories Ltd. owns 100 percent of the share capital of these subsidiaries.

The Royal Gazette understands that the companies were set up to print yellow pages and directories in the USA and Caribbean. However, it is also understood that when the plans were being made, Mr. Horgan and Mr. Taylor intended to leave Island Press Holdings Ltd. to pursue competing interests, leading to their dismissal from the company.

According to the company's annual report, printing, which includes commercial and retail printing and directory publishing, is the most profitable segment of the company's business, bringing in revenue of $607,163 last year.

The company's publishing business, which includes newspaper and magazine publishing, namely the Bermuda Sun and Preview Bermuda, operated at a loss last year of $25,881.