The creators of the Tupac hologram are going through a hard times and will be shutting down their offices…..
According to eurweb.com, the company responsible for creation of the Tupac hologram, filed for bankruptcy after going public less than a year ago. Â The company is called Digital Domain Media Group Inc. and they are responsible for bringing films such as â€œPirates of the Caribbeanâ€ and â€œTransformers.â€ Â Even with those major films under their belt, the company was still â€œrunning out of cash,â€ says Chief Restructuring Officer Michael Katzenstein.
The company went public 10 months ago, selling shares at $8.50, below the expected rate of $10-12. In March the shares went down to $5 and then back up to $9.20 because of the Tupac hologram creation. Recently, the shares went down as low as 44 cents.
D.D.M.G. defaulted on a lot of loans and said they would lay off about 280 workers and close its Florida facility just last week. EvenÂ CEO John Textor, the companyâ€™s second-largest shareholder, resigned, because he wasn’t happy with the decision but had no control over it.