Digital Domain Media Group’s assets are up for auction today in New York City. Any sales are to be finalized at 1 p.m. on Dec 4th by U.S. Bankruptcy Judge Brendan L. Shannon in Wilmington, Del., where the bankruptcy proceedings are being held.
Among the auction items is the studio’s animated feature, The Legend of Tembo which was submitted by co-producer and co-director Chuck Williams and his partner Aaron Blaise. Potential bids were due on Monday. Williams has said he’d like to see the movie rights sold quickly in hopes it will continue to be made at Tradition Studios. Many of the people working on the movie when Digital Domain laid off 346 employees and filed for bankruptcy in September have since left Port St. Lucie, Florida.
“We’re waiting to hear back,” Williams said. “We’re looking forward to the auction tomorrow and hoping all goes well.”
Digital Domain sold assets at sites outside Florida at a Sept. 21 auction for $30.2 million to a consortium of Beijing-based Galloping Horse Film Co. and Reliance MediaWorks Limited, based in Mumbai, India.
“Our story is about a young African elephant who ends up in China and becomes a battle elephant in order to get home,” Williams told WPTV.com Williams and Blaise are also trying to raise capital to try and get ownership of the movie. “Galloping Horse has seen Tembo, they’re very excited about it, they’ve put a few million dollars in to it,” said Williams.
Williams and Blaise had a staff of 120 animators, some of whom have moved on in the weeks since Digital Domain shut down earlier this month.
“That’s why time is of the essence and that’s why Chuck and I are working so hard to find a partner, try to find a way to get back into the building, get some money to back Tembo, get the rights of Tembo and get working again before we start losing people,” said Blaise.
TCPALM.com is reporting that Beijing Galloping Horse won the bid for the Temboon Wednesday pending court approval, former Digital Domain Media Group CEO John Textor confirmed.However, it’s uncertain whether it will want to use Port St. Lucie’s $40 million animation studio — built for now-bankrupt Digital Domain Media Group — to finish the film.