Former Woodstock 50 Financier Must Place $18.5 Million In Escrow Amid Appeal
A New York appeals court has denied the interim application by Woodstock 50 to force its former financial partner Dentsu Aegis to return the $18.5 million it withdrew from a bank account it shared with the organizers of the anniversary concert.
But Justice David Friedman of the Appellate Division of the York Supreme Court ordered the Japanese advertising conglomerate to place the money into its attorney’s trust while it considers a challenge to a lower court’s ruling.
“Today, in an important step, Justice David Friedman of the Appellate Division, First Department, issued an order requiring that Dentsu and Dentsu Aegis deposit into escrow by Friday at 5:00 p.m. the $18.5 million that Dentsu swept from a Woodstock 50 Festival account,” Woodstock 50 attorney Marc Kasowitz said in a statement.
“Justice Friedman issued this order pending the decision of a five-judge panel on Woodstock 50’s motion to return the funds to the Woodstock 50 Festival account,” he added.
The order came in response to an appeal by Woodstock 50 of the New York Supreme Court’s ruling last week that Dentsu Aegis need not return the money.
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