Payment processor Stripe is currently holding approximately $6.5 million (£5 million) in Festicket sales funds, more than two years after the ticket seller's collapse in 2022. The funds remain in limbo despite Festicket's acquisition by US company Lyte, which itself ceased operations recently.

Key Details:

• Stripe maintains a lien and security interest on the funds for potential customer chargebacks
• Unsecured creditor claims total approximately $30 million, with $23 million claimed by event promoters
• Current held amount is £6 million across multiple currencies, down from £7.6 million in 2022
• Customer chargeback processing has largely stopped

Legal Status:

• A court ruled Festicket does not hold money in trust for ticketing agencies and promoters
• Administrators can now request distributions to creditors
• Approximately $5 million (£3.9 million) in contracts with AEG Presents Limited and other promoters remain under German law consideration
• Some accounts are held under Ticket Arena Limited's name

Stripe refuses to return funds, citing lack of visibility into potential creditor trust claims. While administrators can now proceed with creditor distributions, certain contracts under German law may still affect the final distribution of held funds.

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