Organizers of the music festival -- which is being held, in part, as a celebration of the original, iconic Woodstock festival in 1969 -- came out partially victorious in their court battle against their former financial partners, Dentsu Aegis Network.
Woodstock 50 LLC, the company behind the festival, immediately denied the comments made by Dentsu and stated that the festival would continue as planned and they would be looking for new financiers.
Woodstock 50 filed for a court order against Dentsu, claiming they had no legal right or authority to cancel the festival.
On Wednesday, Justice Barry Ostrager ruled in favor of Woodstock 50 LLC, and found that Dentsu did not have the right to cancel the festival, which may proceed as planned.
"Woodstock 50 is on! We can't wait to bring this important event to the public this summer," festival organizer Gregory Peck said in a statement released to ET on Wednesday after the ruling. "We have one of the greatest lineups of talent of any music festival, and we are grateful to all of the talent for their loyalty and support."
Attorney Marc Kasowitz, legal counsel for Woodstock 50, added, "We are gratified that Justice Ostrager has ruled unequivocally that Dentsu did not have the right to cancel the Festival, and is immediately enjoined from cancelling the Festival."
"Today's order is an important victory that means the show will go on for the fans, the talent, and the world," Kasowitz continued. "Which was and remains Woodstock 50's mission."
Headliners and expected performers at the festival include The Killers, Dead and Company, Imagine Dragons, JAY-Z, Miley Cyrus, The Lumineers, Chance the Rapper, Cage the Elephant, Halsey and Carlos Santana, among many others.
It's unknown at this time how many expected performers are officially still confirmed to be involved with the event.
Additionally, while Woodstock 50 was granted a victory in regards to Dentsu's attempts to cancel the event, the court ruled that the organization had "not met the high burden entitling it to a mandatory injunction" that would return $17.8 to the festival's bank account, which Dentsu had originally invested.
According to Justice Ostrager, Woodstock 50's contract with Dentsu -- and their subsidiary, Amplifi Live -- did not entitle them to control the money, and that Amplifi Live had a right to "mitigate its damages" after concluding that the festival's future was untenable.
According to Ostrager's written decision Amplifi believed the festival's organizers would be unable to get the event ready by it's planned kickoff in August, as "multiple permits necessary to conduct the Festival were not in place, tickets had not yet been sold, no budget had been agreed upon, necessary and expensive structural improvements to the Festival site and related areas had not yet started," among other concerns.
While the future of Woodstock 50 appears to still be very much in the air -- considering producer Michael Lang and the organization planning the event has yet to officially secure other investors -- fans can at least hold out hope now that it has been, for the time, uncancelled.
Meanwhile, this year's Coachella Music Festival in Indio, California, seemed to go off without a hitch. Check out the video below for some highlights from music and arts fest.