As public officials ponied up, Digital Domain’s finances were ‘dire,’ former executives say

Release time：2012-10-11
Browse：4544

Palm Beach Post Staff Writer
Even as John Textor was negotiating $135 million in public incentives for Digital Domain Media Group, the movie effects company struggled to make payroll, had defaulted on a loan and was unable to find a private equity savior.
Digital Domain this month closed its animation studio in Port St. Lucie and its film school in West Palm Beach, marking the largest failure in the history of Florida’s cash-for-jobs effort. Three years before Digital Domain fired nearly 300 workers in Port St. Lucie, the company was in such dire straits that cutting paychecks was an adventure, say former executives and a former board member.
“It was to the point of sometimes waking up Friday morning not even knowing if we can make payroll,” former Chief Executive Cliff Plumer said last year in a deposition. “That’s a lot of stress when you are responsible for (500), 600 employees.”
Textor himself predicted a “train wreck” in an email to an investor in early 2010. Despite the company’s precarious finances, Textor in May 2009 persuaded Florida lawmakers to negotiate a $20 million cash incentive.
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