Florida to get $5 million from failed Digital Domain venture
From our friends at the Associated Press:
TALLAHASSEE — Florida is going to recoup $5 million out of $20 million the state invested in a failed visual effects film studio.
State and local governments have reached a settlement in a complicated legal battle that involved filings in bankruptcy court as a well as a civil lawsuit filed in St. Lucie County.
Digital Domain had promised to create about 500 jobs at a Port St. Lucie animation studio and a West Palm Beach film school, but it filed for bankruptcy in 2012.
Under the settlement Florida taxpayers will actually get back about $3 million since part of the settlement money will go to lawyers hired by the state.
Florida has also gotten back the rights to $20 million in film production tax credits that were initially pledged to Digital Domain.