Digital Domain bankruptcy filing could leave Port St. Lucie in the lurch

Digital Domain bankruptcy filing could leave Port St. Lucie in the lurch

By: Eric Pfahler, Scripps Treasure Coast Newspapers
PORT ST. LUCIE, Fla. — Digital Domain Media Group's bankruptcy filing Tuesday will make it more difficult for the city to recoup any of the incentive money it gave the company, a University of Florida finance professor said.
The city built a $39.9 million animation studio for Digital Domain and gave it $7.8 million in cash.
"Probably Port St. Lucie is going to get the building and no cash, in particular the $7.8 million economic development grant is likely to be very low priority in bankruptcy," said Jay Ritter, a UF Cordell professor of finance. "In other words, the $7.8 million will not be received back by the taxpayers."
Though the company's California and Canada properties have a plan to re-emerge, no such plan has been announced for its Tradition studio in Port St. Lucie.

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