The $18.5 million disputed between Woodstock 50 and Dentsu Aegis has been put into escrow, according to a festival spokesperson.
The former financier Dentsu was ordered to move the money before 5:00 p.m. Friday after a ruling from Appellate Justice David Friedman of the First Judicial Department of the Supreme Court of State of New York.
In addition, Dentsu will not be allowed to contact festival vendors.
“Woodstock 50 is pleased that there is clarity. Dentsu and Amplifi may not contact the festival’s vendors while we continue our planning and preparations for the Festival, pending our next court appearance,” said Gregory Peck, Principal for Woodstock 50. “We are working diligently to make Woodstock 50 an amazing experience for the entire world!”
The fate of the money rests in the hands of a five-judge panel, but no date has been set on that ruling, according to a communication firm.
Woodstock 50 organizer Amanda Pellman issued the following statement to 18 News.
“Today, in an important step, Justice David Friedman of the Appellate Division, First Department, issued an order requiring that Dentsu and Dentsu Aegis deposit into escrow by Friday at 5:00 p.m. the $18.5 million that Dentsu swept from a Woodstock 50 Festival account. Justice Friedman issued this order pending the decision of a five-judge panel on Woodstock 50’s motion to return the funds to the Woodstock 50 Festival account.”
Dentsu Aegis canceled the 50th-anniversary festival in Watkins Glen in late April, kicking off a battle between the festival organizers and the former financier.
Superfly, one of the production companies behind Woodstock 50, also withdrew their support of the event at Watkins Glen International following Dentsu’s decision.
Co-founder Michael Lang has insisted that the event will continue and that tickets will go on sale in the near future.
The festival is scheduled for Aug. 16-18.