The annual New York music festival founded by late folk legend PETE SEEGER has been scrapped for 2016 due to financial difficulties. The singer launched the two-day Clearwater summer music and environmental festival in the Hudson Valley in the late 1990s to raise funds for his conservational group, the Hudson River Sloop Clearwater, but the event will take a break this June (16), amid plans to return in 2017. Seeger died in 2014, aged 94.