11:25 a.m. update: The board has denied Sunset Junction's permit request for a second time.
11:18 update: Despite the organization's claims that they have raised the $141,000 required by the city to put on the festival this weekend, apparently they do not have the money in hand. Sunset Junction lawyer Philip Tate has asked the board to give them until tomorrow to deliver it. Public Works Commissioner Jerilyn Lopez Mendoza, however, has moved to deny the petition.
Earlier: This morning West Coast Sound broke the news that Live Nation is bailing out Sunset Junction. Festival organizers are facing the Los Angeles Board of Public Works for their second permit hearing.
More developments to follow.