Woodstock 50 Seeks To Reclaim $17.8 Million From Investor

Organizers of the Woodstock 50 festival have filed injunction against its main investor to reclaim an “illegally swept” $17.8 million.More »

By wpengine on May 11, 2019

Organizers of the Woodstock 50 festival have filed injunction against its main investor to reclaim an “illegally swept” $17.8 million. Festival attorney Marc Kasowitz filed a lawsuit on behalf of Woodstock 50 asking the court to place a gag order on Dentsu Aegis, the financier that canceled the festival last week. Woodstock 50 is also demanding Dentsu return $17.8 million to the festival’s bank account and continue to work on the festival. According to Billboard, the petition claims Dentsu “secretly decided to abandon, and then sabotage the Festival to ensure that it would never happen” and “pillaged the Festival bank account on its way out, taking all of the $17.8 million in the account earmarked for Festival production costs.” “This is the equivalent of one spouse raiding a marital bank account and changing the locks in the middle of the night to lock out the other spouse and starve them of money to live,” the petition adds. “It’s contractually wrong and morally reprehensible.” Dentsu Aegis Network’s Amplifi Live, the company that was providing financial backing for Woodstock 50, had recently announced that it was “canceling the festival” because it doesn’t “believe the production…can be executed as an event worthy of the Woodstock Brand name while also ensuring the health and safety of the artists, partners and attendees.” However, Woodstock 50 festival organizers released a statement confirming their decision to move forward with the music festival. Woodstock 50 co-founder Michael Lang had also alleged that Dentsu “illegally swept approximately $17.8 million from the festival bank account, leaving [the festival] in peril.” Copyright(c) 2019 RTTNews.com. All Rights ReservedLess «