Tupac Shakur hologram maker files for Bankruptcy

WeSawIT September 12, 2012 Comments Off on Tupac Shakur hologram maker files for Bankruptcy

According to CNN reports, 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. The filing by Digital  Domain Media 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.  CEO John Textor resigned last week, the company closed its offices in Port St. Lucie, Florida and laid off around  320 employees.

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.

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