The whole world cheered earlier this year when the digital effects company Digital Domain revealed their Tupac Shakur hologram at Coachella. The Pac holograms show got rave reviews and fans began talking about other stars that could be put in hologram form for concerts.
But if anymore holograms are going to be created, they won’t be coming from Digital Domain — the company just filed for Chapter 11 bankruptcy.
According to the Los Angeles Times, the company voluntarily filed for bankruptcy after a series of costly projects, including a controversial new animation studio in Florida. Digital Domain claimed that they filed for bankruptcy in order to “ensure the long-term future of its core business” and trigger a “sale of assets.”
Digital Domain also sold their Venice, Calif., Digital Domain Productions Inc. to private investment firm, Searchlight Capital Pictures for $15 million.
The bankruptcy comes just a week after Digital Domain defaulted on a $35-million loan to a group of investors led by Tenor Capital Management Co. of New York. And in June, the visual effects house said it had assets of $205 million and liabilities of $214 million.
But Digital Domain isn’t the only ones] to make costly career mistakes. Check out some other bad business moves from celebrities. – nicholas robinson