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Judge Rules Woodstock 50 Can Proceed

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A court in New York has ruled that Dentsu Aegis subsidiary Amplifi Live does not need to return the $18 million it withdrew from a bank account it shared with organizers of the anniversary concert Woodstock 50.


A court in New York has ruled that Dentsu Aegis subsidiary Amplifi Live does not need to return the $18 million it withdrew from a bank account it shared with organizers of the anniversary concert Woodstock 50.

Japanese advertising and marketing company Dentsu Aegis had agreed to finance the festival but pulled out and declared it canceled on April 29.

Woodstock LLC, the organizers of the festival, had filed a petition in New York Supreme Court seeking an injunction against Dentsu, but Justice Barry Ostrager refused to grant the injunction.

However, he ruled that Dentsu Aegis has no rights to cancel Woodstock 50 on its own, and that, in effect, the festival can proceed as planned in August.

"Woodstock 50 was not entitled to access the festival bank account per the contract and thus any access now is denied and the $17.8M remains with Amplify Live," Billboard quoted a spokesperson from Dentsu as saying.

Copyright(c) 2019 RTTNews.com. All Rights Reserved



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Judge Rules Woodstock 50 Can Proceed


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A court in New York has ruled that Dentsu Aegis subsidiary Amplifi Live does not need to return the $18 million it withdrew from a bank account it shared with organizers of the anniversary concert Woodstock 50.

A court in New York has ruled that Dentsu Aegis subsidiary Amplifi Live does not need to return the $18 million it withdrew from a bank account it shared with organizers of the anniversary concert Woodstock 50.

Japanese advertising and marketing company Dentsu Aegis had agreed to finance the festival but pulled out and declared it canceled on April 29.

Woodstock LLC, the organizers of the festival, had filed a petition in New York Supreme Court seeking an injunction against Dentsu, but Justice Barry Ostrager refused to grant the injunction.

However, he ruled that Dentsu Aegis has no rights to cancel Woodstock 50 on its own, and that, in effect, the festival can proceed as planned in August.

"Woodstock 50 was not entitled to access the festival bank account per the contract and thus any access now is denied and the $17.8M remains with Amplify Live," Billboard quoted a spokesperson from Dentsu as saying.

Copyright(c) 2019 RTTNews.com. All Rights Reserved


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