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'Digital Domain' defaults on $35M loan
PORT ST. LUCIE, Fla -- Since the announcement of their arrival it set abuzz a new industry in the region. On Tuesday the stock tanked with news of financial instability.
Digital Domain became the reason more than 500 employees came here to Port St. Lucie from all over the world to work in the state of the art special effects and digital animation field. The news Digital Domain defaulted on payment of a $35 million loan and may seek bankruptcy protection is hard for many here to swallow.
In a filing with the SEC Digital Domain says it must now pay $51 million to its creditors.
Digital Domain media group got $132 million in incentives from the city of Port St Lucie and the state and built a 115 thousand square foot studio in Tradition, a building they moved into in January.
In return they promised to hire 500 employees by 2014 and were on mark to do so and much more with a new animated full length feature soon to be released.
Tradition residents say they've been watching the stock price fall and its making them nervous.
Corinne Rea a Tradition Homeowner says, "they brought in a lot of jobs that paid a lot more, and also a lot of home sales and it’d be really sad to see them go and leave a huge vacant space in St. Lucie west and Tradition.”
Jeremy LaBianca a Port St. Lucie taxpayer says, "Digital Domain they are important. What do they employ? They employ 500 people, that's a lot."
Digital Domain discloses its Financial Instability in the Securities and Exchange report released Tuesday stating "the Company has been operating, and continues to operate, with substantial negative working capital. An inability to quickly access additional sources of liquidity to fund the Company's current operating cash needs would materially adversely affect its financial condition and would require it to seek relief or protection from its creditors,"
The company says they are not discussing filing for bankruptcy.
Saturday, August 3 2013, 06:33 PM EDT
Treasure Coast News Stories
- Stuart Murder Investigation: 3 bodies, 2 locations, 1 suicide
- Did Ray Rice Video Change Domestic Violence Debate?
- Road Trippin': JENSEN BEACH (Marriott)
- Road Trippin': JENSEN BEACH (Flea Market)
- Road Trippin': JENSEN BEACH (Surfing)
- Woman assaults neighbor after animal abuse complaint, Port St. Lucie police say
- Fort Pierce teen arrested in attempted homicide
- June bride jailed on fraud, grand theft in Port St. Lucie over lavish Hard Rock Casino wedding
- Toxic water fight heads to Washington, D.C.
- Islamic Cemetery Coming to SLC
- Record horse rescue from Martin County farm
- Sailfish Splash Waterpark selected as site for CSCAA winter training
- Organic shrimp farm growing shellfish, jobs on the Treasure Coast
- Martin County to hold meeting on funding air traffic control towers
- Superstorm Sandy eyesore afloat on Indian River Drive
- Construction ramps up on the Treasure Coast
- New science-focused college campus in Port St. Lucie
- Practice makes perfect scores for FCAT
- Vero beach motel become homeless shelter
- Local pint-sized Picasso wins big in World Art Contest
- Treasure Coast scientist lures in giant squid on Discovery Channel
- Development shows housing market revving up again on the Treasure Coast
- Bass Pro announces plans to build in Port St. Lucie
- Ocean Breeze residents face foreclosure
- Community lends helping hand to Ft. Pierce food outreach center
- Port St. Lucie city leaders pass 'agressive animal' law
- Commissioners shoot down mooring field proposal in Jensen Beach
- Secretary of State weighs in on St. Lucie election debacle
- Sheriff-elect William Snyder to be sworn in as Martin County's 8th sheriff
- Major layoffs for Treasure Coast medical company
- Sheriff Robert Crowder retires after 47 years of service
- Sheriff: $25K snatched from jewelry store
- Commissioners question Jensen Beach mobile home park plans
- Hobe Sound mother charged in son's death
- Bathtub Beach closing again for dune reinforcement as tropical storm looms
- Lake Okeechobee still polluting the St. Lucie River
- Alice in Wonderland comes to Maltz Jupiter Theatre
- Mitt Romney campaigning in Port St. Lucie
- 94-year-old woman beaten in Port St. Lucie home invasion robbery
- POLICE: Suspect plows through Stuart yards in high-speed chase, takes deputy's gun
- POLICE: Career pot dealer busted in Jensen Beach
- LAWSUIT: Port St. Lucie dentist terrified worker with staff meeting gunplay
- Teen burglary suspect arrested after front-yard fight with his uncle
- Firefighters suspect lightning sparked Port St. Lucie house fire
- Westwood High School in Fort Pierce faces serious lawsuit
- St. Lucie West shoplift suspect punches police dog before being arrested
- SLC teachers dive into salary talks
- 2 pulled from water when boat capsizes near Fort Pierce Inlet
- Vero Beach man arrested after police find indoor marijuana garden
- Worker hospitalized after toll booth crash
- Doctors say new law makes writing pain Rx's very difficult
- SLC teacher salary negotiations meeting postponed because of overcrowding
- People supporting Big Apple Pizza despite criticisms
- 280 former digital domain employees getting local help
- Port St. Lucie becoming a hot spot for the film industry
- Suspected knife thief caught by K9
- Big Apple Pizza getting backlash on Yelp
- UPDATED: Teen arrested following knifepoint robbery of Port St. Lucie gas station
- UPDATED: Digital Domain declares bankruptcy
- City tracking tax payer money at Digital Domain
- 'Bullet' adopted by officer who saved him
- POLICE: Father crashes car in police pursuit with unsecured infant in front seat
- PSL officers back from RNC with advice
- The political discussions are in full force after the opening campaign video at the DNC
- Caught on Tape: Ft. Pierce car fire
- 'Bullet' now up for adoption
- 'Digital Domain' defaults on $35M loan
- Experts keeping a close eye on sick whales washed up on Treasure Coast
- St Lucie County School district needs 17 million dollars
- Port St. Lucie man arrested in violent assault, rape of girlfriend that lasted days
- A local task force sets its sights on Fort Pierce to tackle violent gun crime.
- Fort Pierce guns violence goes quiet for first time in 30 years
- After a confirmed tornado and 15 inches of rain, Vero Beach is cleaning up.
- Stuart family of fallen soldier talking to GOP leaders in Tampa
- St. Lucie County Road Closures
- Homes become islands in Okeechobee County
- UPDATED: Several people shot outside Empire State Building
- 'Loaded gun, unlocked car = stupid,' thief warns homeowner
- Dog controversy: The fight for Oreo
- Fort Pierce babysitter arrested after found topless, incoherent in hotel parking lot
- A horrible case of animal abuse in Port St Lucie
- Small ministry thrift shop impacting lives
- 5 arrested in Port St. Lucie crime spree
- Heated Martin County School Superintendent race
- Steady voter turnout on the Treasure Coast despite the rain
- Children found living in house of filth; Port St. Lucie parents arrested
- Mother of 3 killed in Vero Beach house fire
- Commissioners expected to approve acting Chief Bolduc as new PSL police chief
- Deputies arrest man for Sunday shooting in Port Salerno
- Dog returned to Tequesta man accused of animal abuse
- Heated races for top cop on the Treasure Coast
- Police arrest Stuart man for stealing 57 campaign signs
- Vero Beach Elementary School gets $21 million makeover in time for the new school year
- Early voting turnout triples for some Treasure Coast counties
- Waste Pro unveils cleaner, greener garbage trucks at Ft. Pierce facility
- SWAT called to domestic dispute in Port St. Lucie
- Teens launch peanut butter and jelly drive at Stuart food pantry
- New state guidelines help student athletes beat the deadly heat
- Treasure Coast donates almost 80 percent of all money to Republican candidates
- Ft. Pierce teen caught in crossfire of gang violence
- National security experts train for RNC in Fort Pierce
- Life-saving mother-baby program gets financial boost
- 3 men arrested for armed carjacking in Martin County
- Indian River State College defies unemployment odds with public-private collaboration
- Port St. Lucie community petitions to stop development of possible halfway house
- Deputies arrest trio of suspects in Stuart landscape truck carjacking
- Port St. Lucie's politics scares off new police chief
- UPDATED: 18-year-old shot and killed in Fort Pierce
- Boy arrested for falsely reporting sisters' gunpoint abduction in Port St. Lucie
- Workforce Solutions launches '100 veterans in 100 days'
- Judge rules in favor of Martin County school board in sunshine violation case
- St. Lucie County commissioner Chris Dzadovsky re-instated
- Future freshman class pitches in to prepare their new St. Lucie West charter school
- 160 marijuana plants found in Vero Beach home
- Party Hopping: Record number of voters switching parties
- UPDATED: Police arrest drive-by shooting suspect Kelvin Smith
- 'Junkie' holds father, son hostage while he robs their home in Martin County
- Indian River County jail break to be featured on TV special
- Martin County School Board fights Sunshine violation case
- St. Lucie County deputy dies from auto-immune disease
- Katie's Kreations: Ft. Pierce woman defying the odds, giving hope to others
- 12-year-old among 4 shot in Fort Pierce
- Local ranchers hit by midwest drought, reeling from price drop for beef
- POLICE: Fort Pierce man was high on cocaine, prescription drugs when he hit and killed teen pedestrian
- Charges lowered for St. Lucie County commissioner
- Martin County program teaches teens to to combat online bullying
- Victim helps Port St. Lucie police quickly nab truck burglary suspects
- McCain slams conspiracy claims by Reps. Michele Bachmann, Tom Rooney
- Ballot battle heats up Indian River County supervisor of elections race
- UPDATED: German tourist attacked by shark in Vero Beach
- Stuart police arrest man for murder of girlfriend's infant
- Fort Pierce apartment complex hit with summer storm sequel
- Insult to injury at Fort Pierce apartment complex after tornado-like damage
- Ft. Pierce school bus crash investigation turned over to State Attorney's Office
- Crisis Capacity: St. Lucie County Humane Society reduces rates in hopes of increasing adoption
- Port St. Lucie Mayor apologizes for emails seeking to oust police chief, city attorney
- St. Lucie County veterans services employee accused of theft
- Thieves target cars at parks, churches, community centers in Stuart
- Power line worker nearly electrocuted near Palm City
- President Obama's re-election office opens up shop in Port St. Lucie
- Number of HIV, AIDS cases growing on the Treasure Coast
- Electrical power surge shuts down jail's video visitation system
- 80-year-old Ft. Pierce man missing since Monday
- School construction worker burned when chainsaw explodes
- Port St. Lucie mayor's personal e-mails sparking calls of resignation
- Vietnam vet appeals to DOJ for claims chemical warfare testing caused cancer
- Arrest made in Vero Beach murder case
- Commission votes down proposed Extreme Sports Complex in Hobe Sound
- Controversial Farm Bill threatens local food pantries, families who rely on them
- Port St. Lucie police officers save disabled boy from house fire
- UPDATED: Jensen Beach wildfire fully contained
- Search is on for beloved missing horse
- Rep. West vs. Sheriff Crowder: Debate over a debate
- Lawsuit against city of Port St. Lucie in federal court
- 2 arrested for carjacking, abducting and sexually assaulting Fort Pierce woman
- I-95 reopens after fire, smoke nears highway
- Store clerk arrested for selling synthetic marijuana
- Crews battling 3 fires in Indian River County
- Ft. Pierce police officer saves woman, dog from house fire
- Fort Pierce Marine Patrol keeping busy on July 4th
- Rep. West kicks-off campaign on Treasure Coast, tackles healthcare law
- Port St. Lucie man arrested on child porn charges
- Local doctor says health care ruling lacks significant malpractice reform
- Uninsured Treasure Coast patients react to health care ruling
- Martin County candidates public question and answer event
- UPDATED: Statewide pill mill bust nets Vero Beach Dr. Bruce Kammerman
- Martin County School Board approves teacher raises after heated contract talks
- Tropical Storm Debby may be a blessing for citrus growers
- UPDATED: Bee attack kills 2 dogs, injures owner in Palm City
- PSL Little League president allegedly stole thousands meant for kids
- Vero Beach zipcode ranks in Romney's Top 10 donor list
- Novick accepts position as new Port St. Lucie police chief
- Teen struck and killed by car remembered on the Treasure Coast
- Treasure Coast Food Bank a lifeline for people stuck in the recession
- Cleaning up after fast-moving storm damages Port St. Lucie homes
- 28 arrests in 4-month drug crackdown in Hobe Sound
- Suspected retail molester surrenders in Port St. Lucie
- UPDATED: Mobile home collapse injures 3 in Stuart
- 'Good fires stop bad fires:' Controlled burns in Martin County underway
- Sailfish Splash Waterpark tries to break world record of largest swim lesson
- Port St. Lucie Walmart pharmacy tech arrested for prescription stealing
- Police looking for man suspected of groping girl in Walmart toy aisle
- Boys and Girls Club teens bike to D.C. for blood donation
- Ft. Pierce man arraigned on 1991 murder charges
- Martin County taxpayers saving big on energy bills
- Public meet-and-greet for PSL police chief candidates
- St. Lucie County schools superintendent announces 2015 retirement
- Basketball court users required to have passes in Port St. Lucie
- Port St. Lucie home destroyed by fire; homeowners out of town
- Ft. Pierce small business owner gets big award
- POLICE: Man points gun at unrepentant smoker pumping gas
- Ft Pierce rally urging for more 'no-kill' shelters, communities
- Report: 27% of Treasure Coast children go hungry daily
- Indian River County is first in state desginated tsunami ready
- Contract Tossed: Martin County teachers on edge
- Florida Forest Service: Fire danger has fizzled out
- PSL teacher negotiations: Are students missing out?
- Former Port St. Lucie police chief in the run for city council
- Nearly 700 new teaching jobs coming to Broward County
- Wild weather knocks out power in parts of Martin County
- Sister Cities: Port St. Lucie greets Chinese delegation
- UPDATED: Police looking for Port St. Lucie car burglary suspect
- Senior robbed at gunpoint in Port St. Lucie bank parking lot
- UPDATED: Amber Alert baby found dead, father in custody
- POLICE: Port St. Lucie man arrested for front-yard lewd behavior
- More banned bath salts drugs off the street in Indian River County
- POLICE: Drug-addict mom kept kids in filthy squalor
- Port St. Lucie police chief finalists down from 48 to 3
- POLICE: Habitual offender busted on DUI with kids in the car
- Port St. Lucie 9/11 memorial approved after controversial plans are re-worked
- Cleanup efforts underway in Port St. Lucie from small twister
- Detour: Stuart's Roosevelt bridge closed for repairs
- Hooded suspect robs Harbor Community Bank in Ft. Pierce
- Woman struck by pickup in Port St. Lucie dies in hospital
- Father wanted for Treasure Coast child's kidnapping
- Old Roosevelt Bridge in Stuart closes for repairs
- Stuart gets hit with hail, heavy rain
- Tornado damages Lyngate Park, home in Port St. Lucie
- Synthetic pot bust nets 7 arrests of convenience store clerks
- On the road to graduation with Martin County's "Highway to Success"
- Chase suspect shot by police recovering in hospital
- Neighbors: Giant rats breeding in vacant Ft. Pierce property
- Ft. Pierce residents cleaning up after Tuesday's storm damage
- Fertilizer ban in Martin County
- Guide dog helps legally blind Port St. Lucie woman graduate law school
- Research shows Treasure Coast dolphins have highest mercury levels
- Martin County schools take top FCAT writing spot in the state
- Semi catches fire in St. Lucie County
- Palm City 5th graders leave their mark on history
- St. Lucie County Solar Energy Loan Fund: Going green more affordable than ever
- 9 suspected illegal immigrants detained near Hutchinson Island
- Vero Beach city leaders accuse police union of forged petition
- Vandal strikes, smashes multiple Port St. Lucie businesses
- UPDATED: 2 schools locked down in search for 'gunman'
- PSL student has 14 years, 2520 days, of perfect attendance
- Florida Forest Service: High risk, low pay, no raise in near future
- POLICE: Stuart dad pulls knife on daughter's friend
- Grow house bust: Stuart woman arrested with $50,000 worth of pot
- St. Lucie County teachers demanding salary increase
- German tourist attacked by shark returns home after recovery
- Local esurfing event theraputic for kids with autism
- All signs point to economic recovery on the Treasure Coast
- Treasure Coast judge reprimanded for DUI crash, arrest
- Adam Fetterman announces run for new Treasure Coast state rep seat
- City sets sail on Ft. Pierce marina makeover
- Ft. Pierce city manager David Recor resigns
- Bolduc named as Port St. Lucie interim police chief
- New stroke, brain injury rehabilitation hospital breaks ground in Stuart
- Port St. Lucie driver's license office closing, moving to tax collector's office
- Report: South Florida home prices on the rise after hitting bottom
- 2 suspicious Treasure Coast brush fires under investigation
- Port St. Lucie police officer loses battle to cancer
- UPDATED: Donations sought to dig up, study Vero Beach field of fossils
- New life for dogs rescued from Sanctuary Animal Refuge in St. Lucie County
- Confirmed case of rabies in Palm City
- Boaters Detour: Port Salerno Sandsprit boat ramp closing
- Port St. Lucie teen charged with bludgeoning parents signs autographs
- Former top brass sues city of Port St. Lucie
- Gov. Scott 'gets to work' in Indian River County citrus groves
- Obama's pledge evokes mixed emotions for Stuart mom with 2 sons in the military
- Vero Beach High School students get a dose of DUI reality
- Doctor, wife arrested on pill-pushing charges
- UPDATED: Love triangle ends in fatal shooting near Vero Beach
- Port St. Lucie's 'road to nowhere' is finally going somewhere
- School bus, semi truck in injury wreck near Fort Pierce
- Fatal school bus crash kills 9-year-old student
- UPDATED: Missing Ft. Pierce man returns home
- Stuart woman arrested in stabbing death of her boyfriend
- Ft. Pierce man faces animal cruelty charges for boiling, stomping cats
- UPDATED: Double shooting in Port St. Lucie
- Jensen Beach re-opens after shark bite scare
- Oyster bed restoration aiding in cleaning St. Lucie River
- NTSB to investigate deadly Ft. Pierce school bus crash
- New policy training in wake of Gabrielle Taylor suspected DUI case
- Police uncover 'gang bible' in Ft. Pierce drug bust
- New Habitat for Humanity program helps St. Lucie County veterans
- Fort Pierce teen accused of trying to murder deputies
- Indiantown man dies after fight at party in Port Salerno
- Man turns himself, and his 12 pot plants, into PSL police
- Project Citizen: Ft. Pierce students try to simplify voting process
- Martin County Parks: Pay to Play?
- Mom, dad arrested after newborn tests positive for marijuana
- Pachyderm Playground: Elephant sanctuary breaks ground in Fellsmere
- Flick it and Ticket: Ridding litter bugs in Port St. Lucie
- UPDATED: Port St. Lucie teacher's aide arrested after reports of creepy behavior
- Bathtub Beach fills up, but won't have lifeguards for a while
- Virulent 'stomach flu' on the rise in St. Lucie County
- 1 killed, 2 injured when driver loses control of Ferrari on I-95
- Deadline Approaching: Last minute tax tips you need to know
- Port St. Lucie police fired in department restructuring
- SeaWorld Orlando treating manatee struck by boat near Vero Beach
- Gearing up: Stuart Sailfish Regatta preps
- FYI: Boater Safety and Awareness Important at Stuart Sailfish Regatta April 14-15
- UPDATED: Couple arrested in double-shooting following parking lot argument
- Safey measures ramped up for Stuart Sailfish Regatta
- Jupiter man dies in motorcycle vs. car crash in Hobe Sound
- New Port St. Lucie assistant police chiefs appointed
- Port St. Lucie hit with more layoffs
- March of Dimes walk kicks-off Saturday in St. Lucie West
- Off to the races: 30,000 people expected at Stuart Sailfish Regatta
- March of Dimes highlights plight of preemies in Port St. Lucie
- $3 million verdict in Stuart New Horizons lawsuit
- Stuart Sailfish Regatta winds down
- Catch a ride with the 1st mass produced airliner
- Port St. Lucie teen indicted in online death threats against British woman
- Waste companies say no chance to bid for St. Lucie County contract
- Governor vetoes funding for Port St. Lucie road extension
- POLICE: Pair stole cars from dealerships, sold them for scrap in Vero Beach
- Deputies uproot marijuana grow house near Fort Pierce
- Seniors upset over increase in Martin County rec fees
- FAU cuts will hit two campuses on Treasure Coast, in Fort Lauderdale
- Charter school debuts on the Treasure Coast
- Chimps make the trek from despair to hope in Fort Pierce
- New taxpayer-funded waterpark debuts in Martin County
- Detectives search for suspect who ignited Hobe Sound fire
- 90 acre St. Lucie County brush fire caused by lightning
- Sportsman's Park temporarily closed for maintenance
- St. Lucie County oceanfront taxpayers face new beach tax
- Dry conditions put a damper on controlled burns
- UPDATED: 11-year-old caught trying to set playground on fire in Port St. Lucie
- Engineers create massive stabilization plan for Bathtub Beach
- Stuart job fair aims to get local vets back to work
- Nobel winner visits scientists in Port St. Lucie
- BB&T branch robbed in Palm City
- Rising 'food insecurity' among Treasure Coast residents
- Newest surgical robot unveiled at Martin Health System in Stuart
- Nickelodeon star fights back over drug raid on his Port St. Lucie home
- Crews remove 500 football fields of sand for St. Lucie Inlet dredging project
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