Michael Lang, co-founder of Woodstock 50, says investors “illegally swept” $17m from the festival’s bank account.

According to Bittrader, last week, the festival, celebrating the 50th anniversary of the legendary Woodstock, was seemingly cancelled after investors Dentsu Aegis Network said it “could not ensure the safety of the artists, partners and attendees”.

Lang, however, has insisted that the event will go ahead as planned and that Aegis’ withdrawal is illegal.

He sent today, 7 May, a five-page letter to Dentsu, which also alleges “Dentsu representatives have gone so far as to say that should the talent back out of Woodstock, they would be seen favorably by Dentsu and that this could result in their performing the 2020 Summer Olympics in Tokyo, where Dentsu is a major organizer.

“In these actions too, Dentsu has acted not only without honor, but outside of the law.”

Lang says that the festival has found “renewed interest in financing”, and will go ahead despite the withdrawal of Dentsu.

He asked that Dentsu “honor the law and [its] obligations, stop interfering with our efforts to put on this wonderful event and return the $17 million [it] improperly took.”