Digital Domain Master thread(losses continue. In the first 6 months lost $23M)

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Old 10 October 2014   #541
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.



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.

http://blogs.browardpalmbeach.com/p...state_court.php
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Old 04 April 2015   #542
In latest plot twist, buyer backs out of deal for empty Digital Domain building

PORT ST. LUCIE ó Digital Domain came to town as an animator of shoot-em-ups. But the companyís painful, pricey financial saga has played more like a telenovela. In the latest unlikely twist, James Hallís $15 million bid for the empty building has fallen apart. City taxpayers dropped $40 million to build the studio for Digital Domain, which promptly crashed and burned, and the city has been trying to unload the building since 2012.

Hall says he didnít want to pay a $200,000 deposit after the city agreed to join a state lawsuit that accuses former Digital Domain head John Textor of fraud.

http://realtime.blog.palmbeachpost....omain-building/
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Old 04 April 2015   #543
WOW...
Textor wants to buy Digital Domain building from Port St. Lucie

The Digital Domain building has a new suitor with a familiar face: the bankrupt companyís former CEO John Textor.
http://www.tcpalm.com/franchise/sha...-lucie_01374635
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Old 04 April 2015   #544
This is amazing- the locals (I used to own a house near there too) hate this man, wouldn't be surprised if it was vandalized and the police were helping LOL. Went to the auction- someone at the beginning offered to pay 2 million for the builk of everything over the phone to the auctioneer - undisclosed but speculation in the room was it was Textor himself.

Very strange- that town is hit in so many ways- Housing crash (homes empty everywhere with super tall grass), large businesses closing up everywhere (and still to this day), HOA taking money but not keeping up with their end (lawns, maintenance etc), tons of Pot houses in case you haven't heard of it this refers to houses gutted and used to grow weed (even local Firefighters got caught up in this).....and then there's DD
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Old 05 May 2015   #545
Latest update:
Digital Domain CEO leads HK$3.97 bln management buyout of 25% stake in famed VFX-based giant
Senior executives at Digital Domain Holdings, which runs the world's biggest independent visual-effects firm, have agreed to buy 25 per cent of the company for HK$3.97 billion in one of the biggest management buyouts in Hong Kong.

The acquisition is expected to help drive Digital Domain's expansion into the virtual-reality content business and transformation into a full-fledged technology company.

Chairman Daniel Seah Ang represented senior management in the deal entered into after trading hours on Thursday with Zhou Jian, the former chairman and largest shareholder.

In a regulatory filing, Zhou agreed to transfer 2.46 billion shares that comprise his 25 per cent stake in the company for HK$1.616 a share, a 14.04 per cent discount to the stock's close of HK$1.88 on Thursday.

Seah said the plan was to "terminate the company's existing trading business, so we can focus all our energy and resources into the visual-effects, virtual-reality content and other new technology-related businesses".

"The former chairman is very supportive of the direction in which we have taken the company," he said.

Digital Domain was previously known as Sun Innovation Holdings, which ran a scrap metal trading business as well as owned commercial properties and car parks in Hong Kong.

In July 2013, Sun bought 70 per cent of Los Angeles-based Digital Domain 3.0 for HK$392 million and later changed its name to Digital Domain.

Reliance MediaWorks, part of Indian conglomerate Reliance Group, controls about 30 per cent of the visual-effects house that was co-founded by famed film director James Cameron in 1993.

Mark Po, an analyst at China Galaxy International, said in a research note on Wednesday "there is no listed company comparable [to Digital Domain] in Hong Kong".

Po said he expected the firm to generate fresh revenue as a virtual-reality content provider amid efforts by large companies like Google, Samsung Electronics, Microsoft and Sony to promote next-generation virtual reality hardware to the mass market.

Digital Domain has taken a different hardware strategy. It recently formed a venture with Canadian firm Immersive Media to make compact, look-everywhere, high-resolution cameras - enabling consumers to create their own virtual reality content.

"We are heading to a different level as Digital Domain develops intellectual property," Seah said.

http://www.scmp.com/business/compan...l-domain-hk397b
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Last edited by RobertoOrtiz : 05 May 2015 at 02:43 PM.
 
Old 08 August 2015   #546
So what is going on with John Textor?


PULSE Evolution Reports 2nd Quarter Results, Outlines Plans to become Fully-reporting and Listed on National Exchange

Pulse Evolution Corporation (PLFX), a recognized pioneer and leading developer of hyper-realistic digital humans for holographic live performances, virtual reality, augmented reality and artificial intelligence, today reported results for its 2nd fiscal quarter ended December 31, 2014. Along with today's filing, the Company also announced its intention to file, in addition to its remaining 2015 required financials, an S-1 registration statement in connection with an underwritten public offering and an 'up-listing' to a national stock exchange.
http://finance.yahoo.com/news/pulse...tons&soc_trk=tw
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Old 12 December 2015   #547
Remember the Chinese company that bought VFX powerhouse Digital Domain?
Well this happened...
Galloping Horse CEO's Death Linked to China Corruption Probe (Report)

Li Ming died in custody after being sedated as part of a Communist Party investigation into high-level corruption, according to latest reports.

The circumstances surrounding the sudden death of Li Ming, the 47-year-old CEO of Beijing-based film company Galloping Horse, continue to be the topic of much debate in China and beyond, with media reports linking his death to a high-profile Communist Party corruption probe.

Li reportedly died suddenly of a heart attack on Jan. 2, but more recent reports said that he died while he was in police custody under interrogation. Galloping Horse announced that Li's wife, Jin Yan, would take over as chairperson of the company.

Speculation has been fueled by instructions from the State Council Information Office, which is the information arm of China's cabinet, saying that "all web sites must immediately delete the Caixin article entitled "Beijing Galloping Horse executive Li Ming Suddenly Leaves This World."

http://www.hollywoodreporter.com/ne...h-linked-675984
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Old 12 December 2015   #548
The way this situation has escalated seems taken straight out of a sci-fi novel...
 
Old 12 December 2015   #549
This is two years old news (he died on NYE 2013 I think), that was just a little bit over a year after the acquisition and, AFAIK, the transition of the board went relatively smoothly.

The DD acquisition was to peak GH's value and to start marshalling acquirement potential (they would eventually pitch themselves to other ventures a few months after the CEO died) , and to get a foothold in Chinese/US co-production (which they have done quite successfully the past year I believe).

I'm not sure why we're posting/reviving this now.
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Old 08 August 2016   #550
Digital Domain losses continue. In the first 6 months DD lost $23M. (report from twitter)
http://www.hkexnews.hk/listedco/lis...01608301350.pdf

Why I post his stuff on one thread?
Because executive actions have long term consequences.One can read in one thread the whole saga.
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Last edited by RobertoOrtiz : 08 August 2016 at 10:28 PM.
 
Old 09 September 2016   #551
In all fairness to Raff's perspective, Rob, I think we are well past the impact of Digital Domain's original executives.

The losses are also not entirely attributed to film-making/VFX but are being cited as caused by the acquisition frenzy and overhead that Raff implicitly stated in his post.

John Textor has a chronological link to these events, but no longer has causatic relationship with the most recent ones. A lot of other executives have since donned the helmets at Digital Domain and whatever happens now is their doing.
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Old 09 September 2016   #552
I still find it pretty interesting. I've contemplated working for DD in the past, I've contemplated starting my own VFX studio before, so I still find this stuff somewhat informative.

I would also be interested in the changes at ILM after the Disney acquisition. But as far as I know, there was no real shakeup. It's like Lucas left and everybody else just kept doing what they had bee and there was no internal power struggle ( even though I doubt that ).
 
Old 09 September 2016   #553
Originally Posted by TheWraith: I still find it pretty interesting. I've contemplated working for DD in the past, I've contemplated starting my own VFX studio before, so I still find this stuff somewhat informative.

I would also be interested in the changes at ILM after the Disney acquisition. But as far as I know, there was no real shakeup. It's like Lucas left and everybody else just kept doing what they had bee and there was no internal power struggle ( even though I doubt that ).


You will find the predicament at the former Starz Animation just as informative.

Also the model used by Universal and Illumination with MacGuff Ligne. At first glance, this model doesn't seem too different from the Imagi USA/Imagi HK model... yet one of them is successful... and the other is now defunct.
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