© AP / Tupac hologram
Maker of Tupac Shakur hologram files for bankruptcy
Sept. 12, 2012, 4:05 PM EST
The company that created the hologram of Tupac Shakur that performed at this
year's Coachella festival has filed for Chapter 11 bankruptcy after going public
in November, CNN reports. The filing by Digital
Domain Media came as no surprise: the company, which had warned of long-term
debt and overhead difficulties, had seen its stock price drop from a peak of
$9.20 per share in May to just 55 cents Tuesday -- a decrease of 94 percent.
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Besides the buzzworthy Tupac hologram, the company worked on special effects
for blockbusters including "Transformers," "Pirates Of The Caribbean" and
"Titanic," and won an Oscar for its work on "The Curious Case of Benjamin Button." Digital Domain
had planned an Elvis hologram, while the estates of Jimi Hendrix and Jim
Morrison had expressed interest in staging holographic live shows.
The company, which counts James Cameron among its founders, was generally
hired by Hollywood studios on a contract basis, which meant it had a small
revenue stream. Digital Domain had boost its bottom line by dipping into the
live performance market with its holograms. CEO John Textor resigned last week,
and the company closed its offices in Port St. Lucie, Fla., and laid off around
Private investment firm Searchlight Capital Partners is planning to buy
Digital Domain's core production business for $15 million, pending approval of
the bankruptcy court. Digital Domain had partnered with Lionsgate to make a film
adaptation of beloved sci-fi novel "Ender's Game." A Lionsgate representative
said the film's production is still on schedule for release Nov. 1, 2013.
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