The remains of the disastrous Fyre Festival are still smoldering.
Angry investors convinced a judge to force bankruptcy on the company that promoted rapper Ja Rule’s much-hyped but ill-fated “luxury” July music festival Thursday, in a bid to claw back their money, according to reports.
The investors sank $530,000 into the ballyhooed Bahamian carnival, which promised celebrity chef-made meals and five star accommodations for an up-to $12,000 admission but only delivered boxed lunches and rickety tents.
Co-producer Billy McFarland reportedly squandered his budget on personal trips and over-the-top promotion, and now investors are trying to see if they can claw any of their money back.
A trustee with authority to page through company records and potentially recover lenders’ money is expected to take control of the company as a result of the Chapter 7 bankruptcy.
“If the money was burned up in the Bahamas we’re not going to be able to recover it but at least we’ll know where it went,” he plaintiffs’ lawyer Robert Knuts told the Washington Post.
With Post wires