Woodstock 50 Festival: Investment Bank Is Lining Up Money - NBC4 Washington

Woodstock 50 Festival: Investment Bank Is Lining Up Money

A judge ruled Wednesday that Amplifi couldn't singlehandedly cancel the festival but didn't have to put the $18 million back in while the dispute goes to arbitration

    processing...

    NEWSLETTERS

    Woodstock 50 in Jeopardy After Investor Pulls Out

    A financial investor in the highly-anticipated Woodstock 50 festival said in a statement Monday it had "decided to cancel" the event, but the organizers say rumors of a cancellation are false. Jummy Olabanji reports.

    (Published Monday, April 29, 2019)

    Organizers of the Woodstock 50 festival are signaling progress toward resolving a financial crunch after a falling-out with backer Amplifi Live.

    The festival announced Friday that investment bank Oppenheimer & Co. has signed on as a financial adviser to pull money together.

    Meanwhile, organizers say preparations continue. The anniversary event is scheduled Aug. 16-18 in Watkins Glen, New York.

    Amplifi Live put up $49 million before clashing with organizers over attendance, budget and other issues. Amplifi announced April 29 it was canceling the festival and took back about $18 million.

    Organizers retorted the show was still on. They sued Amplifi.

    A judge ruled Wednesday that Amplifi couldn't singlehandedly cancel the festival but didn't have to put the $18 million back in while the dispute goes to arbitration.