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Woodstock 50 festival: Investment bank is lining up money

Organizers of the Woodstock 50 festival are signaling progress toward resolving a financial crunch after a falling-out with backer Amplifi Live.

Posted: May 18, 2019 7:22 AM

NEW YORK (AP) - Organizers of the Woodstock 50 festival are signaling 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 canceling 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.

(Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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