Pemberton Music Festival cancelled

20 May, 2017, 06:52 | Author: Valerie Burke
  • Pemberton Music Festival Suddenly Canceled Due to Bankruptcy

Organizers of the Pemberton Music Festival pulled the plug on the July 13 - 16 event by declaring bankruptcy, citing a $10 million cash shortfall.

According to documents from Ernst & Young, "decreased ticket sales and increased operating losses", in addition to a weakening Canadian dollar, forced festival organizers to cancel the event.

"When you spend a week's pay on Pemberton tickets and now that it's cancelled they say you can't get your money back", tweeted one man, Pete, with a cartoon of a person laying in a puddle of their own tears.

It all depends on what kind of insurance policies are offered by banks issuing the cards used to buy them.

The Toronto based festival began two years ago, and has steadily drawn a summer music crowd with incredible headliners. Their duties as directors ceased once the trustee in bankruptcy was assigned.

For the past four years Huka Entertainment has worked to create a one-of-a-kind experience in the most attractive place on earth.

As of 4 p.m., there are no announcements on the Pemberton Music Festival website about ticket cancellations.

Girling is also listed as a director of Janspec Holdings Limited, one of the secured creditors that would received its claims, if proved, before unsecured creditors such as the ticket holders. LTD, collectively know as "PMF", has filed for bankruptcy and there will be no automatic refunds for ticket holders, who may have to wait weeks to learn whether they will get their money back.

A bankruptcy trustee is advising anyone with tickets for Pemberton Music Festival to prepare for the worst.

The festival owes US$2.5 million to creditors. It urged customers to seek reimbursement through their credit card providers.

That's according to reports from Global and CKNW Thursday afternoon, that say Ernst & Young has been appointed as trustees in what appears to be a bankruptcy claim.

The notice on the event's website warns there would be no automatic refunds.

In the current overstuffed and saturated music-festival environment, not everything is going to make it.

This year's four-day event was slated to feature Muse, A Tribe Called Quest and Chance the Rapper. In fact, the festival has deleted their Twitter account.

In an interview with Pique on May 1, Huka Entertainment chairman and chief experience officer A.J. Niland spoke of the financial risks associated with the festival.

Recommended:

  • Billionaire Usmanov made $1.3 bln offer for control of Arsenal

    Billionaire Usmanov made $1.3 bln offer for control of Arsenal

    Arsenal stands to lose out on about £50 million (€58 million) in revenue if it misses out on the European tournament. Kroenke is yet to respond to the letter, which was sent last month, but is thought to be unwilling to sell.
    Deere & Co Forecasts 9% Rise In Financial 2017 Revenue

    Deere & Co Forecasts 9% Rise In Financial 2017 Revenue

    The company also said it has raised its outlook for the fiscal year in equipment sales growth outlook from 4 percent to 9 percent. Net receivables and leases financed by JDCC were $32.015 billion at April 30, 2017, compared with $33.208 billion at May 1, 2016.
    Rome Masters Djokovic starts with Rome win, Sharapova snubbed

    Rome Masters Djokovic starts with Rome win, Sharapova snubbed

    If one looks at the head-to-head record, Djokovic has been mighty impressive, winning 13 matches and only losing four. Zverev will next face fifth-seeded Canadian Milos Raonic , who defeated Tomas Berdych of the Czech Republic 6-3, 6-2.
  • Fired-up Novak Djokovic enters last eight in Rome, Stan Wawrinka out

    Fired-up Novak Djokovic enters last eight in Rome, Stan Wawrinka out

    The Austrian fought off a double match point at 4-6 in the tiebreaker, then thwarted a third match point at 6-7 before surviving. The 20-year-old will now take on fifth seed Milos Raonic , a 6-3, 6-2 victor against the 12th seeded Tomas Berdych.

    Senate Intelligence Committee leaders demand Comey's notes

    The Senate intelligence committee on Wednesday asked Comey to appear before the panel in both open and closed sessions. According to the Times , Comey wrote in the February memo that Trump told him Flynn had done nothing wrong.
    Warriors throttle Spurs to take 2-0 lead

    Warriors throttle Spurs to take 2-0 lead

    Simmons was the lone bright spot for the Spurs, scoring 22 points but his supporting cast was non-existent. The 2015 Champions, who reached the Western Conference Finals unbeaten, have now won ten games in a row.
  • Noonan to relinquish Finance role and retire at next election

    Noonan to relinquish Finance role and retire at next election

    He told his party he would remain as leader for a "brief but appropriate period" to facilitate a leadership contest. He said: "There are many crowning achievements that Leo Varadkar can be proud of from his ministerial roles".
    Wikileaks whistle-blower Chelsea Manning released from prison

    Wikileaks whistle-blower Chelsea Manning released from prison

    Manning, an Oklahoma native, was convicted in 2013 of 20 counts, including six Espionage Act violations, theft and computer fraud. Some of that "tough prison sentence" included a long stint in solitary confinement-a punishment that can amount to torture .
    Always Dreaming is 4-5 early favorite for Preakness

    Always Dreaming is 4-5 early favorite for Preakness

    Preakness Stakes contender Classic Empire is washed after a workout at Pimlico Race Course in Baltimore , Wednesday, May 17, 2017. Classic Empire finished fourth in the Kentucky Derby after getting bounced around and having a rough early trip two weeks ago.
  • Everton set sights on transfer targets as Europe beckons

    Everton set sights on transfer targets as Europe beckons

    Everton boss Ronald Koeman is not confident Ross Barkley will stay with the club but is "not worried" about the situation. It is after the game, on Monday - then we will know it". "And - it is not about his decision - we will go on".
    Xiaomi Mi Max 2 To Be Launched Next Week

    Xiaomi Mi Max 2 To Be Launched Next Week

    Leaked specifications on GeekBench had indicated Snapdragon 626 processor coupled with 4GB RAM and a massive 5000 mAh battery. Xiaomi keeps up the tradition of launching the mobiles in China first and then to other markets.
    'Incredibly shocking' teen rape drama Three Girls sickens viewers

    'Incredibly shocking' teen rape drama Three Girls sickens viewers

    It demonstrates the importance of those who need help and support being able to tell their stories on their own terms - not ours. At least 47 girls were raped and passed around the group after being plied with alcohol in the highly-publicised case.


Popular

Four of the Duggar sisters are suing for a breach in privacy
A short time later, a Duggar who was still a minor petitioned the court to destroy the records, according to Hollywood Life . The sisters said they had forgiven their brother and accused the news media of having harmed them more than their brother.

Rouhani Congratulates Macron, Says Iran Eager for Closer France Ties
Macron has promised that half of those candidates will be new to elected politics, as he was before his victory on Sunday. A large archive of emails purportedly from Macron's campaign was leaked on Friday, two days before the election.

Djokovic beats Bautista Agut to reach Italian Open QFs
Zverev, the 16th seed, will meet Canada's world No 6 Milos Raonic after the Wimbledon finalist comfortably defeated Tomas Berdych 6-3 6-2.

Arsenal v Sunderland Match Preview, Line-up and Score Prediction
Sunderland are already down but their players applied themselves against Arsenal and almost got a point. Online in-match use limited to 75 images, no video emulation.

Officials piece together events before nursing home shooting
Medrano had obtained civil protection orders against Hartless, but he was freed in April after his latest domestic violence case. A memorial service was planned Wednesday for 48-year-old nurse's aide Cindy Krantz.