A bankrupt movie studio was funded in part by state incentives. <\/p>\n
The State of Florida is attempting to recover nearly $20 million from a movie studio that went bankrupt after receiving cash incentives from the government.<\/p>\n
According to the Miami Herald, the Department of Economic Opportunity has hired two bankruptcy attorneys to recoup the money granted to Digital Domain Media Group in 2009. The company was founded by director James Cameron and was behind the special effects in the film Titanic.<\/p>\n
The incentives helped convince the company to build a new, state-of-the-art studio in Port St. Lucie. But in September 2012, Digital Domain filed for bankruptcy, shuttered the studio, and laid off 300 Florida employees.<\/p>\n
The Department of Economic Opportunity, which was created by Gov. Rick Scott, has issued a request for $500,000 to the state legislature to help recover the $20 million granted to Digital Domain.<\/p>\n
Monica Russell, a spokesperson for the Department of (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A bankrupt movie studio was funded in part by state incentives. The State of Florida is attempting to recover nearly $20 million from a movie studio that went bankrupt after receiving cash incentives from the government. According to the Miami…<\/span><\/p>\n