John Textor’s Wyndcrest Holdings offers to Cover $62 Million Debt for South Florida City

Former Digital Domain Chairman looks to Payoff Bonds and Re-open Tradition Studios

PORT ST. LUCIE, Fla.--()--John Textor, entertainment technology executive and pioneer of the emerging holographic music performance industry, through his holding company Wyndcrest Holdings, LLC, has reiterated his offer to fully pay the annual principal and interest payments of the $62 million bonds that have impacted the city of Port Saint Lucie, since the closure of Digital Domain’s Tradition Studios.

In February of 2015, Textor submitted a written offer to meet with city officials, including City Manager Jeffrey Bremer and Mayor Greg Oravec, 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. Further written clarification of Mr. Textor’s offer to repay the bonds was provided to City leadership on April 23, 2015. In response to reports of the City Council’s apparent decision to discount and sell the facility, thereby approving a $50 million loss on the bond debt, Textor again, on April 27, submitted a written offer to cover the City’s annual debt service.

Citing the City 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 required public discussion of the proposed alternatives to prevent such loss, Textor also requested a formal written response to his offer to cover the City’s Digital Domain studio debt.

Mr. Textor’s offer affirms his desire to assume all principal and interest payments on the city of Port St. Lucie’s $62 million bond debt associated with its economic development incentives originally offered to Digital Domain. Such offer would provide an attractive alternative to the city council’s decision to accept a sizable loss on the bonds. 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, and that are already underway in Port St. Lucie by Mr. Textor’s market leading, globally recognized character animation company.

In submitting his offer, Mr. Textor directed his comments to the city council of Port St. Lucie, “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. Our plan for economic development and high-wage job creation was the right plan for the City and we are still here, on the same team as are you, devoted to seeing it through.”

Textor concluded his remarks with a reference to the proposed buyer of the former studio, “I also commend the leaders of Christ Fellowship Church for making a bold an well-advised decision, as did I, to invest in the promising city of Port St. Lucie. Surely there is a way, with council leadership, to bring their beautiful and inspiring vision to the City, without committing one of the City’s most powerful economic development assets to waste. I stand ready to work with you to make this possible.”

About John Textor and Wyndcrest Holdings, LLC

Mr. Textor is Executive Chairman of Pulse Evolution Corporation, a next generation technology and intellectual property company, established to produce specialized, high-impact applications of computer-generated human likeness – or “digital human beings” – for utilization in entertainment, life sciences, education and telecommunications. In its first year of operation, Pulse emerged as the leader in the new, globally relevant digital performance industry. The Company acquired the digital likeness rights of three late celebrities - Michael Jackson, Elvis Presley and Marilyn Monroe – and produced the Virtual Michael Jackson Show at the 2014 Billboard Music Awards.

Mr. Textor is also a Founding Partner of Wyndcrest Holdings, LLC, a Florida-based private venture capital firm which, since 1997, has focused on high-risk, high-return investment and operating opportunities in start-up, early stage and challenged businesses, principally in the industries of Entertainment, Telecommunications and the Internet. Wyndcrest has led successful investment launch and turn-around strategies for businesses such as Art Technology Group (1997), Virtual Bank / Lydian Bank (2004), BabyUniverse.com (2007), Multicast Media Networks (2001), Publishing Group of America (2000), Digital Domain (2005) and Pulse Evolution Corporation (2014).

Contacts

Wyndcrest Holdings, LLC
Melissa Santiago, 772-345-4100

Release Summary

John Textor, entertainment technology executive and pioneer of the emerging holographic music performance industry, through his holding company Wyndcrest Holdings, LLC, has reiterated his offer...