Supreme Court Judge Barry R. Ostrager has ruled that Woodstock 50 may proceed however they will not have access to $17.8 million removed from the event account by the investors, Dentsu Aegis.
At the same time, Dentsu Aegis cannot unilaterally cancel the event per the contract between the parties.
The judge noted as the basis of this ruling as to how the investor does not have to return the $17,8 million:
“multiple permits necessary to conduct the Festival were not in place, tickets had not yet been sold, no budget had been agreed upon, necessary and expensive structural improvements to the Festival site and related areas had not yet started, and the production company essential to produce the Festival had withdrawn.”
The original budget for music talent was approximately $25 million, according to court filings. In court it was stated that $23.5 million has been spent on talent with Jay-Z, Miley Cyrus, The Killers and Santana are all being paid more than $500,000.
The deposits paid to the performers listed above and others generally would not need to be refunded if the event does not take place however if the Woodstock 50 promoters pay the balances due to appears the performers contractually would have to appear (or refund the payments).
At this point with no access to the investors money and tickets yet to go on sale, it appears extremely unlikely that the event will take place, at least as originally envisioned.
