Woodstock 50 appeal for funds return denied
Organisers of the Woodstock anniversary event have lost an appeal to recover $18m from former investor, Dentsu
News By | 24 June 2019
Woodstock 50 organisers have little hope of receiving the remaining US$18.5 million in festival funds from the event’s former investor – Dentsu Aegis’ investment arm Amplifi Live – after New York judges reject a court appeal.
The appellate court also ordered that the funds, held by the investor’s attorney during the appeal process, be released back to Dentsu.
The appeal followed a court ruling in which a judge rejected demands from the Woodstock 50 team that Amplifi Live redeposit the money in the festival account.
Legal proceedings first began in May, after Amplifi withdrew its support from the event. Upon withdrawal, the investor took the remains of its $49m investment – amounting to $18m – from the festival account, which festival organisers believe ought to be returned…
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