Ultra Music Festival Licensor Wins Appeal Against Co-Founder's Brother
Before his death, Ultra co-founder Alex Omes argued his shares of the company were worth millions.
August 25, 2017 at 12:27 PM
6 minute read
The company that licenses the brand for Miami's Ultra Music Festival won a key appellate dispute against the estate of co-founder Alex Omes.
The Third District Court of Appeal ruled Wednesday that Omes' brother, Carlos, will not be appointed president of Ultra Enterprises Inc., and will have to accept the court's valuation of Alex Omes' shares, which was about 2 percent of what Alex Omes argued it should be.
The Ultra festival draws hundreds of thousands of electronic dance music fans to downtown Miami for three days each March and has other events across the world. The festival got its start in 1999, when Alex Omes and co-founder Russell Faibisch put together a one-day concert for about 10,000 people.
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