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I think it is a little bit idiotic to try and attribute this to ‘the millenial’ generation, ill conceived events, for the poor and the rich alike, have been going on for a long time (the Titanic comes to mind in terms of arrogance and stupidity and to a certain extent, corporate greed…The Titanic and its sister ships were plagued by design and engineering problems). As far as those wanting to be seen for being young and rich, the 1920’s and the “Diamond age” of the late 19th century were full of that, excesses to a level that could bog the mind.
Anyone remember Woodstock 25 and what a disaster that turned into? (Not even going to mention the original Woodstock, that was chaos defined:). Crap like this happens all the time, where arrogance and greed and folly all make an appearence, and then some.
Lawsuit? Really… Mr. Catchmeifyoucan did not stick a “mandatory arbitration” clause into the contract with the customers? 
An arbitration clause would not stand up to a claim of fraud.
Fraud? He was doing everything he could in good faith.
Hope he is tarred and feathered to the maximum extent permitted by law. Sadly, I do not think the plaintiffs will be able to recoup anything.
I suspect the funds were spent before they were even acquired. Still, who knows what assets – current or future may become available.
Considering how Ja Rule and Billy McFarland organized this, I wouldn’t be surprised if they failed to account for liability protection or squirreled their assets offshore in time. If that’s the case, Ja Rule and McFarland have assets in the states which could be used to defray the lawsuits.
^ ^
I am SHOCKED! SHOCKED I tell ya! 
Well…at least the “festival” was a “life changing experience” for all involved.