A judge has put the company that promoted Fyre Festival in bankruptcy following pressure from disgruntled lenders who hope federal court will in time reveal what happened to money they sunk into the doomed music festival and whether they can get any of it back, the Wall Street Journal reported today. The bankruptcy comes months after Fyre Festival, hyped as a “transformative” cultural event held in the Bahamas with Instagram videos of models riding on boats and jet skis, was abruptly called off. Concertgoers posted photos that went viral on social media showing an unfinished festival ground and bad food. Lawsuits from lenders, ticket holders and vendors followed soon after against those who promoted the event, including William “Billy” McFarland and rapper Ja Rule. Three lenders who loaned $530,000 sought to force Fyre Festival LLC into chapter 7 bankruptcy in July, days after McFarland was arrested and charged with fraud. He was released on bail. On Tuesday, U.S. Bankruptcy Judge Martin Glenn in New York ordered the company to prepare documents listing whom it owes money to.
