Woodstock 50 may continue as planned. A judge ruled Wednesday (May 15) that investors Dentsu Aegis had no right to cancel the festival last month after it severed ties with Woodstock 50, LLC, the organizers behind the upcoming event commemorating the 50th anniversary of the iconic 1969 festival..

However, to Woodstock 50's disadvantage, the judge added that Dentsu can keep the $17.8 million it "removed from a festival account in the midst of a dispute," the Poughkeepsie Journal clarified. Despite the financial blow, festival organizers released statements Wednesday expressing confidence in the event's August launch.

"Woodstock 50 is on!" organizer Gregory Peck said in a press release. "We can't wait to bring this important event to the public this summer. We have one of the greatest lineups of talent of any music festival, and we are grateful to all of the talent for their loyalty and support."

It's the latest turn in the rollercoaster ride that is Woodstock 50's short but harried history. After Dentsu claimed the event was canceled April 29, the organizers countered the firm and its related Amplifi Live division had "no legal right or ability to cancel it." Peck and Woodstock co-founder Michael Lang also indicated that Dentsu attempted to sabotage the event by pulling the funds. But this week, New York Supreme Court Judge Barry R. Ostrager ruled that the money stays with Dentsu, while Woodstock 50 is free to proceed.

"We have always relied on the truth and have never lost faith that the festival would take place," Lang shared on Wednesday. "I would like to thank all of the talent and their representatives for their patience and support. Woodstock 50 will be an amazing and inspiring festival experience."

The event is set for Aug. 16-18 in Watkins Glen, New York, where artists such as Robert Plant, Santana, the Raconteurs, the Killers, Grandson, Fever 333, Dead and Company, Greta Van Fleet, Rival Sons, Imagine Dragons, Cage the Elephant, Reignwolf, Pussy Riot, Gary Clark Jr. and Amigo the Devil are scheduled to perform.

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