Payment processor Stripe is holding approximately $6.5 million (£5 million) in Festicket sales funds more than two years after the company's collapse in 2022. This situation persists despite administrative requests for the funds' return following Festicket's acquisition by Lyte, which has also since ceased operations.

Key Points:

• Stripe claims 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 doesn't 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
• These contracts may still be subject to trust claims

Stripe maintains its position of not returning funds, citing uncertainty about potential creditor trust claims and noting some accounts are held under Ticket Arena Limited.

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