Florida to get $5M from failed effects studio

Posted at 2:31 PM, May 31, 2016
and last updated 2016-05-31 14:31:59-04

TALLAHASSEE, Fla. (AP) - Florida is going to recoup $5 million out of $20 million the state invested in a failed visual effects film studio.

State and local governments have reached a settlement in a complicated legal battle that involved filings in bankruptcy court as a well as a civil lawsuit filed in St. Lucie County.

Digital Domain had promised to create about 500 jobs at a Port St. Lucie animation studio and a West Palm Beach film school, but it filed for bankruptcy in 2012.

Under the settlement Florida taxpayers will actually get back about $3 million since part of the settlement money will go to lawyers hired by the state.

Florida has also gotten back the rights to $20 million in film production tax credits that were initially pledged to Digital Domain.

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