As expected, the wreckage left behind by SFX’s bankruptcy is all but settling. It seems that the dance music behemoth still owes Totem Onelove $10.84 million from the original acquisition three years ago. Entertainment lawyer David Vodicka is representing five of Totem Onelove’s founders in a lawsuit against SFX for the owed sum.
SFX purchased 100% of Totem Onelove’s assets in 2013 for $54.2 million, including the group’s famed Stereosonic Festival. Originally hailed as a calculated maneuver in expanding to the Southeast Asian market, the purchase has ended up in a hiatus for the Australian festival, with no real hope to revive the acclaimed event.
If all goes in favor of the founders, some of this money will be going to Totem Onelove’s Richie McNeill, who plans to launch a new camping festival this December. While we don’t doubt SFX certainly owes Totem Onelove’s founders some serious money, McNeill might be treating this as a round of funding for his latest endeavor.