A judge has forced the company that owns Fyre Festival into bankruptcy, after the first edition of the ‘luxury’ event soon turned into a dystopian nightmare earlier this year.
Despite promising punters luxury accommodation and a line-up that included the likes of Major Lazer and Blink-182, the event quickly descended into chaos when it took place in May.
Now, it has been placed into bankruptcy after several investors claimed that they were owed a repayment of the $530,000 that they each pumped in to the event to finance it..
The investors say that they were promised the money by festival founder Billy McFarlane in May, but were forced to take legal action when it never emerged.
Bankruptcy judge Martin Glenn has now ordered McFarlane to “file all schedules, statements, lists and other documents that are required under the Federal and Local Rules of Bankruptcy Procedure”. As part of this, he is required to make a list of all creditors and the money that they are owed.
In July, McFarland was also arrested after he allegedly showed fake documents to investors to encourage them to put more than $1 million into both Fyre Festival.