Rise and Fall of Digital Domain

For a comprehensive timeline of Digital Domain please click here.

November 2, 2010
After a year of quiet negotiations, the city commission strikes a deal with Digital Domain to bring them to West Palm Beach.

The deal includes:

  • $10 million in cash
  • 2.4 acre Tent site land valued at $9.8 million
  • A bond issue worth $15 million

Only $2 million was given to Digital Domain, the rest was contingent on other things.

The land was deeded to Digital Domain with a “reverter clause” that would give the land back to the City of West Palm Beach if stipulations weren’t met.

April, 2011
Digital Domain reports $42 million loss on revenue of $105 million for the year of 2010

April 11th, 2011
West Palm Beach signs a deal to bring Digital Domain to West Palm Beach.

November 8, 2011
Digital Domain goes public, selling 5 million shares and raising $43 million.

March 3, 2012
Classes start at Digital Domain Institute Cityplace campus.

April, 2012
Digital Domain reported a loss of $141 million on revenue of $99 million for the year of 2011. Also announced was John Textor’s pay for 2011 was 16 million.

August 17, 2012
Digital Domain and FSU College of Motion Picture Arts party with the announcement of the arrival of the inaugural classes of students.

September 4, 2012

Digital Domain defaults on 34 million loan. Including penalties, Digital Domain now owes $51 million.

September 6, 2012
John Textor speaks to the West Palm Beach City Commission and reaffirms his commitment and ability to fulfill his obligation to the city.

September 7, 2012
Digital Domain closes Port St. Lucie office and lays off 200 people.

September 7, 2012
John Textor resigns, siting the closure of the PCL office as a reason.

September 11, 2012
Digital Domain files for Chapter 11 Bankruptcy and is sold for 15 million. Restructuring officer Michael Katzenstein filed an affidavit filed which stated that the 2.4 acre “Tent Site” land, is slated to revert back to the City of West Palm Beach.

Apart from the losses that the Cities of Port St. Lucie and West Palm Beach are taking, the Palm Beach Post reports that “the state of Florida gets a $20 million black eye”

September 12, 2012
Palm Beach Post reports that Digital Domain had 2 million dollar mortgages on the “tent site” that had been deeded to them by the City.

The 2.4 acre “tent site”

September 13, 2012
Palm Beach Post reports that Digital Domain tried to sell the land which the city had given them.