Phil Coultrip, organizer for the Mountain Country Music Festival and the Mountain Rock Festival told the Saginaw News unidentified investors had withdrawn their support, leaving him with significant debt and no 2008 season.

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"It was a very difficult decision to make to postpone the shows, but the reality is our investors pulled out, and we didn't have any other funds." Coultrip told the Saginaw News. "All the prospects for the future depend on finding new funds, private or institutional. I'm feverishly trying to find investors to pick up the ball. It is very disheartening."

More may be riding on the now canceled events than unhappy music fans for Coultrip. A number of his creditors had been waiting for the first scheduled concert dates to collect on debts incurred in 2007 and they may well proceed into further litigation if the events are not forthcoming.

According to the Saginaw News, at least 100 people have filed complaints with the Clare County Sheriff's Department, seeking remuneration for tickets purchased for the event.

"We don't care if they bought one ticket or 20; we're taking incident reports as a check-and-balance, so that we're prepared for whatever comes next," Clair County Sheriff Jeffery Goyt said.

The two events that have been postponed are the the Mountain Country Music Festival, originally planned for June 26-29 and a rock festival from July 17-20th. - CelebrityAccess Staff Writers