Woodstock 50 festival: Investment bank is lining up money

By iNFOTEL
May 17 2019 02:12 PM

CP318058773 — FILE - This Aug. 14, 2009 file photo shows a van decorated with "Woodstock or Bust" at the original Woodstock Festival site in Bethel, N.Y. The Woodstock 50 festival is back on after a court on Wednesday, May 15, 2019 rebuffed an ex-investor‚Äôs effort to cancel the anniversary extravaganza. But organizers will have to do without some 8 million, at least for now. (AP Photo/Stephen Chernin, File)

NEW YORK – Organizers of the Woodstock 50 festival are signalling 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 cancelling 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.

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