The saga of Woodstock 50 continues today with a heated letter by promoter/founder Michael Lang, alleging that Amplifi Live (a facet of Japanese investment firm Dentsu) “illegally swept approximately $17 million from the festival bank account, leaving [Woodstock] in peril.”

The statement comes from a five-page note that Lang sent a week after Dentsu “cancelled” the event, a decision that Lang almost-immediately condemned and denied.

Lang reiterates this in the letter, writing that Dentsu had “had no legal right” to say Woodstock 50 was off, and goes as far as to say that Desnu “directly contacted all stakeholders, including the venue Watkins Glen International, insurance companies, producers, vendors and performers (some of whom I am lucky to count as personal friends) and suggested they not do business with me, and violate their contracts with my company.”

“Initially I had some concerns about linking an organization like Dentsu to Woodstock,” Lang admits. “Corporations are not always the right match for certain creative endeavors, but I learned that Dentsu has pursued various social initiatives after certain tragedies and scandals that Dentsu faced which gave me confidence that your company would be an ethical and honorable firm to partner with. Your officer here, DJ Martin, Chief Commercial Officer, reassured me that Dentsu would not interfere, and equally important, could embody the special meaning of Woodstock. It would only be in a supportive financial role to ensure our mutual success.”

However, Lang laments, it quickly became apparent that Dentsu had abandoned Woodstock 50 and the company allegedly began draining bank accounts associated with the event.

“While we were on a call together as a group at 12:00 EDT, the media had already begun reporting that Woodstock was canceled,” he says. “I then learned that Amplifi illegally swept approximately $17 million from the festival bank account, leaving the festival in peril. These actions confirmed my worst concerns about partnering with your company. These actions are neither a legal nor honorable way to do business.”

In addition to Dentsu, production partner Surperfly has also pulled out of Woodstock 50. And while the Woodstock 50 website is still active and showcasing their 100+ artist roster, no onsale date has been announced.

Read the full report at RollingStone.com.