STAYNER, Ontario (CelebrityAccess) – MF Live Inc., the company behind Roxodus Music Festival, filed for bankruptcy last Friday (July 12).
MF Live’s sole purpose was to organize the Roxodus Music Festival, which was abruptly cancelled a little over a week ago, mere days before thousands of people were to descend on the Edenvale Aerodrome in Stayner, Ontario, to see a stacked lineup that included Aerosmith, Alice Cooper, Kid Rock, Lynyrd Skynyrd, Billy Idol, Peter Frampton and Cheap Trick among others.
Festival organizers initially blamed “tremendous rainy weather” over the past couple of months for their inability to adequately produce the event. However, many ticket holders were immediately skeptical of the reasoning given that the festival site is located less than an hour away from Burl’s Creek event grounds in Oro-Medonte, Ontario, which hosted upwards of 70,000 fans for a Rolling Stones concert over the Canada Day long weekend (July 1).
Now, new information has emerged to suggest that wasn’t the whole story.
A statement written by the company’s trustee to its creditors, of which there are nearly 200, revealed that “the event did not generate sufficient ticket sales to cover the expected costs, leaving MF Live Inc. insolvent.”
According to the bankruptcy documents filed on July 9, MF Live’s assets total $154,075, while their liabilities total $18,261,874.70.
The documents are signed by Fab Loranger, co-owner of MF Live Inc.