Surprised, Anyone? Digital Domain Files Chapter 11 Bankruptcy
In a move that surprised perhaps a handful of Siberian cave dwellers, Digital Domain Media Group Tuesday morning filed for Chapter 11 bankruptcy.
It means the state and officials in the cities of Port St. Lucie and West Palm Beach stand a Chinaman's chance of recovering more than pennies on the dollar of the $135 million total they gave to the movie animation and special effects company for incentives to operate in Florida and hire Floridians.
The news comes from Reuters. Digital Domain filed for Chapter 11 in Delaware, listing a debt of $214.9 million and assets of $205 million.
Digital's chief executive and chief cheerleader John Textor, who resigned from the company last week, could not be reached for comment by 9:30 a.m.
Shares in Digital Domain stock cratered from $9.20 on May 1 to 55 cents on Monday.
Watch how fast the scrutinization of this debacle begins.