RadarOnline.com can reveal that failed Fyre Music Festival promoter Billy McFarland wants a $1 MILLION DOLLAR lawsuit against him thrown out of court.
McFarland is fighting back against an investor who claims he was duped into investing $700,000 into the doomed Fyre Music Festival after the owners falsely claimed revenues of almost $1 BILLION DOLLARS.
Investor, Oleg Itkin, has sued Fyre Media, Fyre Festival LLC and founder/CEO Billy McFarland for almost $1 million in damages after investing in the ill-fated event.
McFarland is not disputing these allegations but he wants the case NOT to be heard in public pointing to a clause in the agreement stating all issues must be resolved in Arbitration not in New York Court.
Itkin states in his suit that he was told that the company had massive projected revenues of $932 million by the end of 2017.
McFarland now claims Itkin's entire complaint is over $200,000 for the concert in which the investor was guaranteed to receive a cut of the festival's revenue or a guaranteed minimum payment of $240k by May 1, 2017.
He believes that the judge in this case should dismiss the entire action completely without any recompense because of the original clause about Arbitration
It's the latest legal bomb to go off in the disaster festival scheme in the Bahamas that has resulted in numerous lawsuits mounting to hundreds of millions of dollars against McFarland, Ja Rule and their team.
The promoters even claimed the Bahamian government gave them $8.4 million to promote the island & festival along with Fyre boasting about $4.2 million in advance bookings from Drake and Kendrick Lamar. Neither artist performed, were booked or even appeared in advertisements.
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