Woodstock 50 Former Investors Accuse Festival Of “Incompetence”

Woodstock 50 Former Investors Accuse Festival Of “Incompetence”

The world has learned a lot from Fyre Festival — namely, how to prevent such an event from happening again and how to spot the warning signs when it seems like an event might be going down that same path. Now that information is coming out about Woodstock 50 during the course of a 2-day hearing in state Supreme Court in Manhattan, concluded today, W50 could have very easily gone that route.

Billboard breaks the discovery down into eight crazy, bite size pieces, but the bulk of the discussion centers around whether investor Dentsu Aegis Network had the authority to unilaterally “cancel” the event by pulling out support.

Woodstock co-founder Michael Lang filed a lawsuit against Denstu, claiming the investor illegally absconded with $17.89 million from a joint account, making it impossible to properly finance the festival. “[…] stop interfering with our efforts to put on this wonderful event, and return the $17 million you improperly took,” Lang wrote in a letter to Dentsu.

But the massive investment arm doesn’t believe Lang has a leg to stand on.

“Woodstock 50 LLC’s and Michael Lang’s misrepresentations, incompetence, and contractual breaches have made it impossible to produce a high-quality event that is safe and secure for concertgoers, artists, and staff,” Dentsu’s attorney Marc L. Greenwald wrote in a memorandum filed on Monday. “The production company has quit, no permits have been issued [hyperlink our own], necessary roadwork has not begun, and there is no prospect for sufficient financing… As much as the parties might wish it otherwise, the festival contemplated by their agreement cannot happen and allowing it to go forward would only put the public at risk.”

As of now, Woodstock 50 is still scheduled for August 16–18 2019 at Watkins Glen, New York, but that could change as soon as within the next day, week, or month. A ruling on the hearing is expected within 24-48 hours.

See a full timeline of the craziness that is Woodstock 50 here.

This article was first published on Your EDM. Source: Woodstock 50 Former Investors Accuse Festival Of “Incompetence”

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