Ticket holders of the infamous Fyre Festival may only receive $280 in compensation. Follow the math.
The bankruptcy trustee has collected $1.4 million.
$1.1 million goes to attorneys and accountants.
$300,000 goes to creditors who are actually owed more than $7 million.
Ticket holders were awarded $2 million in compensation but it is now being suggested by the festival’s bankruptcy trustees that instead of $2 million they get $78,391.73.
When you divide that up you get $280 per person.
A judge has yet to approve the new financial plan.
Should the ticket holders get paid before the attorneys and accountants or at least a bigger portion of the pie?