Woodstock 50 Not Canceled After Court Rules Against Former Financiers

18 May, 2019, 04:34 | Author: Cecil Buchanan
  • Court Awards Woodstock 50 Partial Victory Over Former Financiers

The ruling came from New York State Supreme Court Judge Barry Ostrager, who weighed in on a dispute that pitted festival producer Michael Lang against the agency group and its investment arm Amplifi Live.

Woodstock 50 did not, however, recover the almost $18 million that they claimed Dentsu had illegally withdrawn from the festival's bank account.

Everything going on with Woodstock 50 over the past few weeks, it seems like the festival is about to share a similar fate as Fyre Festival. For everyone who hasn't been following along, here's a brief summary of the scene so far: A few months ago, Woodstock co-founder Michael Lang announced that Woodstock would be hosting a special 50th anniversary event to be held this August in upstate NY, funded in-part by Japanese investor Denstu Aegis Network, which owns event production company Amplifi Live.

Following the ruling, the Woodstock Twitter account tweeted, "Judge rules Woodstock 50 Festival may go ahead as planned!"

With Dentsu/Amplifi not forced to return the $17.8 million to Woodstock concert organizers, there could be cash flow issues in making the festival a reality. I would like to thank all of the talent and their representatives for their patience and support. He further alleged that Dentsu Aegis had no right to announce the festival's cancelation, and the matter was brought to court.

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"We feel vindicated to hear that the court agreed with what we have maintained all along: Woodstock 50 was not entitled to access the festival bank account per the contract and thus any access now is denied and the $17.8M remains with Amplifi Live. Woodstock 50 will be an awesome and inspiring festival experience", he said in a statement.

According to Ostrager's written decision Amplifi believed the festival's organizers would be unable to get the event ready by it's planned kickoff in August, as "multiple permits necessary to conduct the Festival were not in place, tickets had not yet been sold, no budget had been agreed upon, necessary and expensive structural improvements to the Festival site and related areas had not yet started", among other concerns.

All Woodstock 50 performers - including Jay-Z, Santana, Miley Cyrus, The Killers, Chance the Rapper, John Fogerty, Janelle Monae, Dead & Company, Halsey, and Imagine Dragons - have been paid in advance.

According to Billboard, court filings Tuesday revealed a New York State Police state trooper also complained to Superfly that Troop E had been told the festival's capacity was 65,000, but Lang claimed it would be closer to 126,000 during a town hall meeting in Watkins Glen. A mid-April sale date for tickets was postponed and has yet to be rescheduled.

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