It looks like Fyre Festival ticket holders will receive only $280 instead of the previously agreed-upon amount of $7,220.
According to documents filed by Gregory Messer, the festival’s bankruptcy trustee, barely $1.4 million has been collected. A total of $1.1 million will be paid to attorneys and accountants, with the remaining $300,000 going to creditors who are owed more than $7 million.
Fyre Fest ticket holders were awarded $2 million in compensation in April. However, Messer suggested a payout of $78,391.73 to all 277 ticket buyers, leaving them with about $280 each. In comparison, original festival tickets ranged in price from $1,200 to $100,000 in package deals.
Fyre’s trustees and ticket holders reached an agreement in April that should have rewarded each attendee $7,220. “It’s a small but significant step for ticket holders who were defrauded as a result of the fraudulent conduct by Fyre founder Billy McFarland,” Ben Meiselas, the lead attorney for the ticket holders, said in a statement.
A judge has yet to give his approval to Messer’s proposal.
