CBS NFL analyst Dan Marino lost millions on a failed investment endeavor with the Chapter 11 bankruptcy filing by the production company Digital Domain Media Group, Inc. The company, founded by renowned director James Cameron, had gone public only less than a year ago. This sordid ordeal is quite astounding, consider the company had done work on extremely high-grossing films such as "Titantic", "Pirates of the Caribbean", and the new "Transformers" trilogy.
Maybe Marino really likes Tupac Shakur? Because the company "surged" to $9.20 per share in April after its Tupac hologram made a splash when it took the stage at the Coachella Valley Music and Arts Festival and appeared to "perform" alongside Snoop Dogg. From that point on, the company went into a freefall that resulted in defaulting of loans and laying off workers.
The company had sold over five million shares, and Dan Marino was the largest shareholder. From the WPEC report...
"One of the biggest shareholders in the company is former Miami Dolphins quarterback Dan Marino, who is listed in bankruptcy filings as owning 1.6 million shares. From the high to Tuesday's closing price of 55 cents, his holdings have lost $13.6 million in value."
While that $13.6 mil is nothing to sneeze at, Marino is in better shape than another analyst turned investor - Curt Schilling. Schilling is still dealing with the 38 Studios fallout, laying off all its workers and going bankrupt in spite of a $75 million dollar loan from the state of Rhode Island. There's also the matter of a federal investigation that is ongoing and the $89.2 million dollar tab for the good people of Rhode Island. Maybe the lesson here is to stay away from technology companies high profile athletes are investing in heavily.