In filings, the two entities that controlled the festival — Pemberton Music Festival Limited Partnership and 1115666 B. C.<br />Ltd. — declared $5 million in assets and $12.5 million in liabilities, with ticket holders listed as having an unsecured claim of $6 million.<br />High-profile failures like Pemberton and Fyre — which is now facing numerous lawsuits from ticket buyers<br />and others — could erode consumer confidence, Mr. Geiger said.<br />Marc Geiger, the head of music at William Morris Endeavor and an outspoken voice in the business, called Pemberton’s collapse “a fraud and a scam”<br />that could have a domino effect on the industry, hurting smaller promoters the most.<br />But the collapse of another event, the Pemberton Music Festival in the mountains of Canada, has put the business on edge, with veteran talent agents and promoters warning<br />that it could have wide implications for the booming festival market.<br />In April, the investors created 1115666 B. C.<br />and made it general partner of Pemberton Music Festival Limited Partnership, which controlled the festival.<br />In a break from standard practice, ticket holders were not offered refunds, but were instead told<br />that they could “file a proof of claim form as an unsecured creditor.”<br />Music executives are now aghast over the failure to provide refunds and the maneuvering of investors in the weeks before the festival fell apart.<br />“This industry thrives on a variety of creative individuals doing things in new and creative ways,” Mr. Hunt said.
