Digital Domain heads for auction as first suit filed

Release time：2012-10-10
Browse：5177

Digital Domain heads for auction as first suit filed
Digital Domain heads for auction Friday with a handful of bidders lined up and the first lawsuit is filed against the bankrupt company in Florida, where officials defended their dealings with the special effects house that won an Academy Award for work on "Titanic."
The company filed for bankruptcy Sept. 11 and CEO Ed Ulbrich argued that a quick sale was the only way to keep it alive and viable. An exec from Marvel also testified at a hearing that the studio, and other clients, would drop Digital Domain without a speedy resolution. The official Committee of Unsecured Creditors agreed to the auction in a filing on Wednesday.

Attorney Robert Feinstein told the Wilmington, Delaware bankruptcy court at a hearing Thursday that he had received deposits from two bidders and expected at least four more, according to a report by Bloomberg. The opening bid of $15 million will come from Searchlight Capital Partners, which served as a so-called stalking horse to get the process rolling. Feinstein didn't name the interested parties.

Stephen Castor, CEO of 3D conversion company RocketScience, told Variety his company is interested in buying Digital Domain Productions, although Digital Domain Media Group's 3D division and its patent portfolio is not included in this action.
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