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Woodstock 50 Loses Appeal Seeking Return Of $18.5 Million From Former Financier

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Organizers of the Woodstock 50 festival have lost an appeal seeking to recover $18.5 million from its former financial investor.

Woodstock 50, the 50th anniversary of the iconic 1969 festival, had filed an appeal demanding Dentsu Aegis, the financier who backed out from the festival, to return $18.5 million to the festival's bank account. A panel of New York appellate judges have denied the appeal, the third legal defeat in two months for the Woodstock 50 organizers.

According to the Poughkeepsie Journal, the legal failure has left Woodstock 50's founders Greg Peck and Michael Lang with few options to recover the money from Dentsu.

The multinational Japanese conglomerate had agreed to provide $49 million in funding for the August 16-18 anniversary event but backed out of the contract due to "misrepresentations, incompetence, and contractual breaches".

Meanwhile, the beleaguered festival recently lost its planned venue along with its second producer. Watkins Glen International announced it will no longer host the event scheduled for August.

Shortly after the announcement from WGI, production company CID Entertainment revealed it is backing out of producing the event.

Woodstock 50 organizers maintain the festival will still take place and are currently looking for a new venue.

The planned lineup for the festival includes headliners such as Jay-Z, Chance the Rapper, Imagine Dragons, The Killers, Miley Cyrus and Santana, among others.

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