CBS Miami: As Digital Domain files Chapter 11, former Dolphins QB Dan Marino loses millions

Former Dolphins QB Dan Marino owned 1.6M shares of Digital Domain.

CBS Miami reports that one of the biggest shareholders in Digital Doman is former Miami Dolphins quarterback Dan Marino, who is listed in bankruptcy filings as owning 1.6 million shares. From the high to last Tuesday’s closing price of 55 cents, his holdings have lost $13.6 million in value.

The downward spiral was swift. The company went public just 10 months ago, selling nearly 5 million shares at $8.50 each, below the expected $10 to $12 range. But the company was “running out of cash,” Chief Restructuring Officer Michael Katzenstein said in court filings, and had violated cash and debt requirements set forth by its lenders. It tried to find additional outside sources of capital, but wasn’t able get enough to restructure its debt and pay its operating expenses, he said.

For the complete story: http://miami.cbslocal.com/2012/09/11/hollywood-digital-effects-company-files-chapter-11-dan-marino-loses-millions/

Related posts:


Comments are closed.