The lawsuit claims that co-festival organizers Mike Bindra and Laura De Palma ... together with their companies including Made Event, allegedly “have wrongfully retained all of the profits from the profits from the Festivals”
(PRWEB) July 05, 2012
The claims alleged in a recent lawsuit filed places at issue the ownership and the actions of the alleged sole founders of the Electric Zoo Festival, an annual electronic music festival which is held over Labor Day weekend on Randall’s Island Park, New York. As alleged in the lawsuit, over the course of four years the Electric Zoo Festival has become a nationally renowned music festival amongst the likes of Ultra Music Festival in Miami and Detroit Electric Musical Festival and now stands as New York City’s premier electronic music festival. Since its inception in 2009, the Festival has allegedly raked in millions of dollars in profit, commanded attendances in the tens of thousands each year and has expanded from a two-day to a three-day event. The lawsuit claims that co-festival organizers Mike Bindra and Laura De Palma, nationally known producers of major electronic music events, together with their companies including Made Event, allegedly “have wrongfully retained all of the profits from the Festivals” despite the fact that Bindra and De Palma entered into a 50%-50% ownership and profit joint venture agreement with entrepreneur Henri Pferdmenges. As claimed in the lawsuit, the two had previously equally owned “Arc” nightclub in NYC a few years earlier. The lawsuit contends that when Bindra and De Palma were unable to lease the Randall’s Island Pak facility or pay for the substantial production costs on their own, they approached Pferdmenges to be an equal owner of the Festival. It is further alleged in the suit that an agreement was reached between the parties and Pferdmenges funded the Festival in return for equal ownership.
The lawsuit maintains that after seeing the success of the venture, Bindra and De Palma, unilaterally attempted to renegotiate the joint venture agreement and eventually ousted their former friend and co-founder from the venture that his investment made possible. In the lawsuit, the Plaintiffs seek damages including their rightful portion of the past and future profits, a full accounting of all revenue together with a declaration of their rights to the assets of the venture.
The lawsuit was filed in the Miami-Dade County 11th Judicial Circuit Court, Case No. 12-22758 CA 05, by Pferdmenges and his company, NRW, Inc. against Bindra, De Palma, Made Event, LLC, Sala Corporation and EZ Festivals, LLC. Michael J. Schlesinger, Esq. of Schlesinger & Cotzen, P.L and Ronald M. Rosengarten, Esq. and Leslie D. Corwin, Esq. of Greenberg Traurig, LLC. represent the Plaintiffs.