Today, the Pulaski County Circuit Court preliminarily approved a class action settlement with those producing the failed Thunder on the Mountain Music Festival. That festival was to take place in June of 2015, but was cancelled a few days before it was to begin. Many to be festival goers never received a refund.
The proposed settlement is with Brett Mosiman and his production companies Pipeline Productions and Backwood Entertainment.
These companies are also suing the venture capital firms that joint ventured Thunder, Madison Companies and Horsepower Entertainment, and which allegedly pulled the funding for Thunder. That lawsuit is on file in federal court in Kansas.
The settlement will provide Class members an assigned interest in the federal case brought by the settling defendants in Kansas against the venture capital firms, which could provide them up to $1 million in cash relief, but no less than $450,000.
Moreover, the Class will continue in litigation against the venture capital firms, and Class Counsel will enter into the Kansas federal suit to protect the Class members' assigned interest in that case.