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WOODSTOCK 50 APPEALS DECISION

Woodstock 50 organizers have convinced a New York appeals court judge to require Dentsu to place more than $18m in an escrow account while the court considers whether the Japanese firm is required to continue financing the festival.

An appeal of last week’s decision to allow Dentsu to pull its money out of Woodstock 50 was filed on Wednesday. Judge David Friedman of the Appellate Division, First Department, ordered the escrow account until a five-judge panel weighs in on who gets to keep the money.

 Last week, Woodstock 50 organizers said they had a new financial partner in Oppenheimer & Co., though the company is likely looking for outside sources of cash to finance the three day festival scheduled for 8/16-18 in Watkins Glen, N.Y.

 

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