In the wake of the implosion of the Fyre Music Festival, promoters linked to the event have been hit with several lawsuits from disgruntled fans and investors, but promoter Billy McFarland is pushing to have at least one dismissed in the latest news out of the ill-fated festival from earlier this year.
RadarOnline.com reports that McFarland is arguing that the suit from investor Oleg Itkin, which is asking for nearly $1 million in damages, should never see the light of day due to an arbitration agreement in the original contract the two signed.
Itkin states in his suit that he was told that the company had massive projected revenues of $932 million by the end of 2017.
McFarland now claims Itkin’s entire complaint is over $200,000 for the concert in which the investor was guaranteed to receive a cut of the festival’s revenue or a guaranteed minimum payment of $240k by May 1, 2017.
Any other claims, according to a piece on Ampthemag.com (subscription required), were separate investments that had no personal guarantees by McFarland, per his motion.
Facing dozens of lawsuits, including a $100 million class action lawsuit, McFarland and others involved with the festival – which promised an exclusive atmosphere for exclusive attendees at a premium price and instead delivered disaster-relief tents, minimal food, no medical care at the same premium price – will have to fight a number of battles like this one in coming months and years.
