Digital Domain Media Group Inc. (fka DDMGQ)

[jamesnames]

Another 5.45 million in the pot.


The InThree patents were sold for 5.45 million this week. How do I know this? The Disney attorney filed a letter to the court today, and in the letter was a copy of a transcript from a hearing that they had yesterday.

The Digital Domain attorney mentions the sale, buyer, and amount.


http://www.kccllc.net/ddmg

Document 0717



So, most all of the assets have been liquidated. That is great. Now, we move on to recovering proceeds from Directors and Officers insurance policies, as we also await the trial or settlement involving Palm Beach Capital and the Senior Lenders.


Here is a great article that happens to mention the Palm Beach Capital/Senior Lenders battle.

http://www.tcpalm.com/news/2012/dec/18/former-textor-associate-looks-to-get-paid-after/


Textor wrote that he thinks Stork’s matter against him will be settled.

“Carl is entitled to the $5 million settlement he negotiated with the company,” Textor wrote in an email. “Carl’s claims should take priority over the claims made by Digital Domain’s lenders who shorted the Company’s stock, refused to allow new money to come in to the Company, and tried to double their money in less than four months, as outlined in Palm Beach Capital’s lawsuit against the lenders which is now being considered and investigated by the Delaware bankruptcy court.”


Of course, that money doesn't have any priority status at all. It is a general unsecured claim now, and besides, the D&O insurance policies were obligated to pay that out anyways, as the insurance carriers were involved in the settlement.

But it is good to see the story getting out there.