Digital Domain Sale Opposed by Officials in Florida City

Release time：2012-10-12
Browse：3987

the special-effects company that collected millions of dollars in cash and land from taxpayers before filing bankruptcy, should be barred from selling any public property, the Florida city where the company is based said in a court filing.
Officials from Port St. Lucie are concerned that an auction of the company’s assets that began today may include computers and other property that are actually owned by the city through a lease agreement. Beginning in 2010, the town sold $40 million of revenue bonds to help build a 150,000-square-foot digital animation studio, gave the company $10 million and provided 15.5 acres of land on which the studio was built.
The last cash payment to the company came in February. A few months later the company fired 250 people who worked at the studio and filed bankruptcy.
“Port St. Lucie finds it difficult to believe that the debtors’ prior management was unaware of its financial condition when it accepted the February incentive payment,” the city said in court papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
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