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Tue May 7, 2019, 03:38 PM

Woodstock 50 Founder: Investors 'Illegally Swept' $17 Million From Festival Account

In a blunt and lengthy letter sent to Woodstock 50’s former investors, Dentsu, festival founder Michael Lang holds the Japanese firm responsible for the event’s disastrous rollout — alleging that Amplifi Live, an investment arm of Dentsu Aegis, “illegally swept approximately $17 million from the festival bank account, leaving [Woodstock] in peril.”

In the five-page note — sent one week after Dentsu pulled out of the event, claiming it had been officially canceled — Lang details the origins of his relationship with the company, claiming he saw red flags from the beginning.

“Initially I had some concerns about linking an organization like Dentsu to Woodstock,” he writes. “Corporations are not always the right match for certain creative endeavors, but I learned that Dentsu has pursued various social initiatives after certain tragedies and scandals that Dentsu faced which gave me confidence that your company would be an ethical and honorable firm to partner with. Your officer here, DJ Martin, Chief Commercial Officer, reassured me that Dentsu would not interfere, and equally important, could embody the special meaning of Woodstock. It would only be in a supportive financial role to ensure our mutual success.”

Soon after, Lang claims, he was presented with a contract that, for “optics” reasons, made Amplifi Live co-producer and financier for the mid-August event, which featured Jay-Z, Miley Cyrus, Dead & Company, the Raconteurs, Chance the Rapper and Run the Jewels among its all-star line-up.

All parties proceeded to obtain the necessary permits and were granted conditional approval by the state of New York to proceed with ticket sales. However, he claims, Dentsu “blocked this sale for no apparent reason.”


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Reply Woodstock 50 Founder: Investors 'Illegally Swept' $17 Million From Festival Account (Original post)
Yo_Mama_Been_Loggin May 7 OP
Chin music May 7 #1

Response to Yo_Mama_Been_Loggin (Original post)

Tue May 7, 2019, 03:42 PM

1. 17 million is a lot of rock and roll.


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