This is a charity project, not a charity song, that involves many of the greatest guitar players and rock stars, I don't see it as playing old hits of them but something different.
And as far as I remember, the Buddy Holly foundation is linked to this. Guy was asked about this and despite he can't say too much, seems that the songs recorded in this project are from Buddy Holly.
We don't know much about it but the MFN thing doesn't make any sense.