The company responsible for resurrecting Tupac Shakur so the deceased rapper could perform with Snoop Dogg and Dr. Dre at the Coachella Valley Music & Arts Festival has filed for bankruptcy less than one year after going public.
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Founded by movie director James Cameron, Digital Domain Media Group filed for Chapter 11 bankruptcy this week and has agreed to sell the core of its business to a private investor firm to the tune of $15 million.
Before its holographic Tupac wowed Coachella’s audience, Digital Domain Media Group was best known for movie magic, having worked on “Pirates Of The Caribbean: At World’s End” and the three “Transformer” movies.
But you can’t run a company without cash. Court filings showed the company had violated cash and debt requirements with its investors and wasn’t able to drum up enough capital to continue.
Digital Domain Media Group was recently given worldwide permission to create a holographic Elvis Presley for shows, films, TV appearances and other projects.