Celebrity photographer in deal to stave off bankruptcyUS photography icon Annie Leibovitz This article is about the American photographer. For the American writer, see Fran Lebowitz. Anna-Lou "Annie" Leibovitz (IPA: /ˈliːbəvɪts/ won a reprieve Friday from possible bankruptcy when her creditors agreed to an extension of a 24-million-dollar loan. The settlement, announced in a joint statement, came three days after an initial deadline expired for Leibovitz to pay back the money, or risk losing her photo back-catalogue and string of luxury properties, which had been pledged as collateral. Art Capital, a short-term lending agency, said the agreement meant "withdrawal of the suit... filed against Ms Leibovitz on July 29, 2009 and extends the maturity date for the 24 million dollar loan." The statement did not say how much longer Leibovitz had been given. In addition, Leibovitz has bought back Art Capital's rights "to act as exclusive agent in the sale of her real property and copyrights. Ms Leibovitz will therefore retain control of those assets within the context of the loan," the statement said. Leibovitz is free to raise money by selling her archive and houses. But if she is unable to come up with the money by the undisclosed deadline, that property will still be considered the collateral, Art Capital said. Leibovitz, the world's leading portrait photographer, expressed gratitude for the extra time. "In these challenging times I am appreciative to Art Capital for all they have done to resolve this matter," Leibovitz said. "We?re gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to be able to further assist Ms Leibovitz to achieve financial stability and proud to have been of such value to her at this juncture in her life and career," said Ian Peck, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Art Capital Group. Leibovitz ran into trouble after pledging her famed photo catalogue and pricey residences against the loan from Art Capital, which issues short-term credits to owners of art and other luxuries. For decades Leibovitz, 59, shot cover photos for Rolling Stone rolling stone Noun a restless or wandering person , Vanity Fair and Vogue magazines. Famous shoots include a portrait of a nude John Lennon Noun 1. John Lennon - English rock star and guitarist and songwriter who with Paul McCartney wrote most of the music for the Beatles (1940-1980) Lennon hugging his wife Yoko Ono Noun 1. Yoko Ono - United States musician (born in Japan) who married John Lennon and collaborated with him on recordings (born in 1933) Ono -- taken hours before the Beatle was murdered -- nude and pregnant actress Demi Moore Demi Kutcher (born Demetria Gene Guynes on November 11, 1962) is an American actress. For most of her career, she has been known as Demi Moore, using the surname of her first husband, singer-songwriter Freddy Moore. , and portraits of Queen Elizabeth Queen Elizabeth, or Elizabeth, may refer to: Living people
Bohemia Last week she came under fresh financial pressure when an Italian photographer sued her for allegedly stealing images he took. Paolo Pizzetti sued Leibovitz in federal court in Manhattan, alleging she took material he shot at sites in Rome and Venice for her own use in an advertising campaign. He is seeking a halt to use of the images and compensation of 150,000 dollars for each alleged infringement. 
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion