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The Amsterdam-based promoter is no longer an SFX Entertainment company, with SFX's shares being returned to founders Allan Hardenberg and David Lewis
By IQ on 05 Oct 2016
Allan Hardenberg and David Lewis, the co-founders of Dutch dance music promoter Alda Events, have once again taken sole control of the company after settling their court case with former stakeholder SFX Entertainment.
SFX bought a 50% stake in Amsterdam-based Alda – known for organising high-profile tours by Dutch DJs such as Armin van Buuren and Hardwell and for the A Day at the Park, Electronic Family and Amsterdam Music Festival events – in November 2014. Lewis and Hardenberg were at the time reportedly only paid US$1.7 million each as part of a complex arrangement which would see SFX then progressively acquire the remaining equity over a period of five years, and the two men claimed in SFX’s bankruptcy proceedings in May they were out of pocket to the tune of $11.6m each.
Alda Events was, at the time of SFX’s going into administration in February, its largest unsecured creditor, being owed $23.6m by the EDM conglomerate.
According to Entertainment Business, Alda says its separation from SFX should be of “great interest” to potential new partners, allowing it to enter new markets “at a faster pace”. The company opened an office in Hong Kong earlier this year.
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