Plaintiffs, Brett Mosiman and his companies Pipeline Productions, Inc. and Backwood Enterprises, LLC met with an independent mediation firm, and through mediation, have reached a settlement in principle.
Under terms of the successful mediation, Mosiman and his companies will provide an interest in their lawsuit against the venture capital firms that pulled out of the deal to joint venture Thunder on the Mountain, and caused the cancellation of Thunder on the Mountain in June of 2015.
In May of 2015, Mosiman, Pipeline, Backwood, and another Mosiman company filed suit against the venture capital firms in federal court in Kansas, and just after they had all been sued in Delaware by the capital firms Madison Companies and Horsepower Entertainment.
Madison's and Horsepower's Delaware case was dismissed by a federal judge, but Mosiman's case successfully defeated the motions to dismiss filed by Madison and Horsepower, and is currently is in the discovery process in federal court in Kansas.
In documents subpoened in the class cases in Arkansas, it was revealed that Class members paid about $950,000 in various passes to attend, camp, and park at the festival. That discovery also showed that several hundred thousands in dollars were charged back by credit/debit card companies for Thunder on the Mountain purchasers.
The compromise reached with Mosiman, Pipeline, and Backwood provides Class members a percentage in Mosiman's case brought against Madison in Horsepower in Kansas, where the Class will receive from $450,000 to $1,000,000 from any successful judgment or resolution of those claims.
Class Counsel will work with members of the Class and for the benefit of its members in Kansas to further pursue claims against Madison and Horsepower, and to protect the interest received in the settlement with Mosiman, Pipeline, and Backwood.
This partial class action resolution must be presented to Judge Alice Gray of the Pulaski County Circuit Court for court-approval. Class members will be receiving full notice of the settlement terms in emails and letters soon, and will be given the opportunity to continue to participate as a member of the Class or opt out and bring their own individual claims.