The disputed $18.5 million currently in the hands of Dentsu Aegis will be put into escrow as court battles between the financier and Woodstock 50 continue, according to court documents acquired by 18 News.
Appellate Justice David Friedman of the First Judicial Department of the Supreme Court of State of New York denied Woodstock 50’s appeal to have the money returned to their bank account. The money will move out of the hands of Dentsu Aegis and into escrow by Friday, May 24 at 5:00 p.m.
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.