Woodstock 50 Can Proceed, But Japanese Financier Doesn’t Have To Return $18M, Judge Rules
Denstu will not have to return the $18 million it withdrew from a bank account it shared with Woodstock 50, a New York Supreme Court justice ruled Wednesday (May 15).
In a 10-page ruling, Justice Barry Ostrager ruled that the festival was no longer officially canceled, since investor Dentsu and its subsidiary Amplifi Live didn’t have the right to unilaterly cancel the festival, according to its contract. But Ostrager denied a request by attorney Marc Kasowitz for an injuction forcing Dentsu to return the remainder of the $49 million it had orginally agreed to invest in the festival.
The decision means that Lang has temporarily run out of money to fund the anniversary festival scheduled for Aug. 16-18 in Wakins Glen, New York. It’s one more major hurdle for the festival, which also lacks permits needed to stage the 75,000-person event.
This is a developing story and Billboard will add more as information becomes available.
This article originally appeared on Billboard.