Digital Domain, the Florida-based visual effects company that gave the world Titanic, The Curious Case of Benjamin Button, and a Tupac hologram, filed for Chapter 11 bankruptcy recently. This after Port St. Lucie officials gave the company a $40 million bond issue and West Palm Beach officials gave it f 2.4 acres of downtown property, and the promise of a $15 million loan.
Eric Smith-Gunn / evsmitty / flickr.com
Problem was, Digital Domain Chairman and Chief Executive John Textor's finances were not up to snuff, and the whole thing ended up collapsing in on itself. That's when the state stepped up and sued the company, pretty much calling the movie-special-effects company a Ponzi scheme.
On Wednesday, a judge announced the case would be moved from bankruptcy court in West Palm Beach back to state court.More »