Fla. Says $20M In Tax Credits Not Part Of DDMG Estate

Law360, Wilmington (August 04, 2014, 3:46 PM ET) -- The Florida Department of Economic Opportunity asked a Delaware bankruptcy judge Friday to rule that $20 million in tax credits Digital Domain Media Group Inc. applied for aren’t part of the debtor’s estate because the “Titanic” special effects shop never met the conditions for final approval.

In a motion before the Delaware bankruptcy court, the agency said that even if the tax credits, which are provided to entities that create completed film projects in Florida, are determined to be estate property, the DEO ought to be...
To view the full article, register now.