Digital Domain Media Group Inc., the digital production company founded by director James Cameron and best known for producing visual effects for movies like Titanic and Transformers, has filed for Chapter 11 less than a year after going public.
This is bad news for one Daniel Constantine Marino, who owned 1.6 million shares in the company at the time of the filing.
The Dolphins great/NFL Today analyst bought 1,576,525 shares in the company — 8.6% of the company at the time of the IPO – and at its high, his investment was worth $14 million. On Tuesday, the stock closed at 55 cents a share, and his investment was worth $850,000.
In an obscure twist that will undoubtedly delight the internet, Digital Domain is the company responsible for that extremely weird Tupac hologram that haunted/rapped at the Coachella music festival earlier this year; the buzz around the Pac hologram actually caused Digital Domain’s stock to hit $9.20 a share. Alas, the company has sold its core business, and doesn’t look like it will be resurrecting more dead hip-hop icons any time soon.
WRITTEN BY Dan Fogarty & FULL STORY HERE
