Woodstock 50 organizers out $18.5 million after appellate court ruling
(WENY) – Woodstock 50 organizers are facing yet another obstacle after a panel of New York State Appellate Court judges ruled the festival's former finance partner does not have to return $18.5 million in funds.
According to The Poughkeepsie Journal, a panel of four associate judges denied an appeal from Woodstock 50 organizers; those organizers had asked the court to order former investor Dentsu Aegis to return the money, which they argued was illegally taken from the festival account.
Dentsu has argued the funds were rightfully theirs to recover from the festival bank account after they withdrew their support as a financial partner.
An explanation for the ruling was not immediately provided. During the process, the money had been held by Dentsu's attorneys but the judges have since ordered the funds to be released.
The Poughkeepsie Journal reports a spokesperson for Dentsu declined to comment.
These latest developments come two weeks after Watkins Glen International announced they terminated Woodstock 50's site license because organizers failed to give the venue a final $150,000 payment.
Since then, festival organizers have insisted the festival will still be held August 16-18, saying they are looking at other venues in Upstate New York; however, they do not have the necessary mass gathering permit from the New York State Department of Health to hold the event and there's no word on when tickets will go on sale.