Auction for Digital Domain Assets Produces $30M - Double Opening Bid

September 24, 2012

The firm is bankruptcy counsel to Digital Domain, a Hollywood special effects company started in 1993 by superstar director James Cameron and the late special effects guru Stan Winston. The case was filed in Delaware bankruptcy court on September 11. Last week, the assets of of debtor affiliate Digital Domain Productions were sold at auction, netting $30.2 million for the estate, an amount double the starting bid. The creditors' committee said in its reponse to the auction that it believes the company conducted a fair auction and selected the best bid for its assets. The rushed sale process was necessary to maintaining ongoing work relationships with Hollywood studios; bid procedures were approved during the first-hearing and the auction took place nine days later. The bankruptcy court approved the sale on September 24.

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