In addition to the securities class action that has been filed against John C. Textor former officers and director of Digital Domain Media Group (DDMG), a new complaint was filed against John C. Textor in the Southern District of Florida by Legendary Pictures Funding, LLC (LPFL).
According to the complaint, on March 19, 2012, DDMG executed a Note pursuant to which DDMG promised to pay LPFL $3,000,000 plus interest at 8% per annum. In connection with this transaction, Textor “executed a Guaranty pursuant to which he irrevocably and unconditionally guaranteed the punctual payment in full of all of the obligations of DDMG under the Note.”
As a result of the DDMG bankruptcy, LPFL contends that Textor is personally responsible for the obligations under the Note and has failed to perform under the Guaranty.
Legendary Pictures Funding, LLC v. Textor, Case No. 12-cv012375 (Southern District of Florida).