Bill Kann, chief executive officer of Comstock Music Festivals, says he is not giving up on bringing back the magic he fell in love with years ago in Comstock. And he is asking the legions of fans who have grown to love the festivals not to give up either.
Kann and festivals general manager Glen Zacek have cooperated with the Chief in recent weeks to provide as timely and accurate information as possible. They released the following exclusive press release just yesterday.
As you may know, Comstock Music Festivals is currently in a rebuilding phase. Any time a festival is dealing with a several million dollar lender agreement; time will always be a critical factor. The Festival's team has been working day and night in order to get the funding to close.
The anticipation prior to the Festival's press release in May was that the funding would be in place by mid-June. However, the multi-million dollar loan has been a long and tedious process. Comstock Music Festivals are going to happen! At this point, it is just a matter of timing.
All the underwriting of the loan is done; with the Festival at the threshold of closing by examining and revising some of the contractual terms agreements, which must be mutually agreed upon between the lender and Comstock Music Festivals.
Comstock Music Festivals originally moved the event dates in August with the optimism that the funding would be in place. However, at this point in time it is a necessity for Comstock Music Festivals to postpone the festival to next year. This decision was not taken lightly and was a very difficult one for the Festival to make.
The time it is taking to close, the restraints of advertising, and attempts to secure the very best musical acts within a 30-day window, have combined to force this decision.
The festival is still honoring the previous deal that was offered to present ticket holders. If you have purchased a ticket to this year's event, your
ticket will be honored in 2012. The new dates for the Festivals are as follows:
Country Fest - May 31 - June 3, 2012,
Rock Fest - July 12 - 15, 2012
Christian Fest - Aug. 2 - 4, 2012
This timeline is much more conducive to bringing the absolute BEST ENTERTAINMENT EXPERIENCE to the fans. The Festival is already in
negotiations with "Bill Gaither and Friends" to close the Christian Fest Aug. 4. The rest of the entertainment lineup will be provided once the funding is secured and the artist's compensation is guaranteed.
For those currently awaiting refunds, the Festival is very appreciative of your endurance and pleads that you bear with them. The first order of business once the funding closes will be to reimburse all 2011 season ticket holders that are awaiting their reimbursements. The refund process will be immediate and hassle free.
Once the loan closes and funds are released, Comstock Music Festivals will begin reconstruction on the festival grounds in order to bring the absolute greatest concert experience to its fans. The Festival's business model includes constructing new shower houses, redesigning the concert bowl itself, building a larger stage, along with several other upgrades to the grounds.
Comstock Music Festivals sincerely apologizes to all of those who have planned vacations and designated time off for the event this year in August. It takes several hundreds of thousands to upwards of a million dollars to have an event the caliber of Comstock Music Festivals. Previous agreements with the Festival's original funding source stalled as the capital for the Festivals was too low to permit an event on this scale.
As of this point in time, the Festival has found a lender that has made it possible to bring the festival back to the magnitude that it once was. Please be assured that Comstock Music Festivals is doing everything in its power to restore the "Magic" that is Comstock. The Festival is not going anywhere and is committed to bringing the "Party in the Pasture" to a state stronger than it was before.