Wyndcrest offers to Port St. Lucie, Fla., to pay $62 million Digital Domain bonds

By Toni Weeks

San Luis Obispo, Calif., May 13 – Wyndcrest Holdings, LLC has offered to pay the annual principal and interest payments on the $62 million of bonds that have impacted the city of Port Saint Lucie, Fla., since the closure of Digital Domain’s Tradition Studios.

According to a press release, in February, John Textor, a founding partner of Wyndcrest, submitted a written offer to discuss plans for accelerated facility due diligence and a plan for Textor-affiliated businesses to assume responsibility for principal and interest payments on the $62 million Digital Domain studio bonds. Textor reiterated his offer on April 23 and, in response to reports of the city council’s decision to discount and sell the facility, thereby approving a $50 million loss on the bond debt, again on April 27.

Citing the council’s decision to move forward on a $13 million sale of the building, and its willingness to accept a substantial loss on the debt without the required public discussion of the proposed alternatives to prevent such loss, Textor also requested a formal written response to his offer to cover the Digital Domain debt.

Textor said that his offer to assume all principal and interest payments on the debt, which is associated with economic development incentives originally offered to Digital Domain by Port St. Lucie, would provide an attractive alternative to the city council’s decision to accept a sizable loss on the bonds.

Furthermore, a re-opening of Tradition Studios, as a combined animation and digital media education facility, would provide a strong path to realize the job creation benefits once envisioned by Digital Domain, according to the release.

“It is never too late to engage in discussions that will inform your decision-making process and provide much -needed debt repayment solutions for the city,” Textor said in his offer. “Our plan for economic development and high-wage job creations was the right plan for the city, and we are still here, on the same team as are you, devoted to seeing it through.”

Port St. Lucie, Fla.-based Wyndcrest Holdings is a private venture capital firm that focuses on high-risk, high-return investment and operating opportunities in start-up, early-stage and challenged businesses, primarily in the industries of entertainment, telecommunications and the internet.

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