Roxodus creditors told they won't get their money
Creditors in line to get some of their money back from the failed Roxodus music event earlier this month have had their hopes extinguished.
A meeting held Tuesday in Toronto confirmed what many already knew - there's no money.
Just a half dozen of the more than 200 creditors who are owed cash from MF Live Inc turned up to hear what the insolvency trustee had to say after the company declared bankruptcy.
They're owed a combined total of more than $16 million with ticket vendor Eventbrite losing $5 million alone after refunding ticket sales.
The four day music festival was to be held at Edenvale airport earlier this month but was canceled a week out after only selling 10,000 tickets.
Organizers were hoping for 40,000.
Initially MF Live Inc blamed heavy rain for the cancellation but it was soon learned that money was the real issue.
Some creditors are considering legal action.