Annie Leibovitz Makes a Deal with Art Capital Group, Staves Off Destitution

When we last checked in on Annie Leibovitz back in early August, things were looking pretty dim for the famous photographer. She was being sued to the tune of $24 million for loans she had taken out through the Art Capital Group (ACG) and it sounded like bankruptcy was possibly right around the corner. Now that a month has gone by, Leibovitz has been in talks with ACG and things aren’t much better, but she’s bought some time with them, the company deciding to give her a loan extension for another month while they simultaneously take over in possibly selling her archives and her real estate. So it certainly isn’t the most ideal spot to find yourself in and Leibovitz clearly isn’t out of the thick of her financial troubles, but she has at least retained the rights to her work and might have time to work something out with her property now (maybe it’s worth giving Eli Broad a call?). If anything, sometimes just a little breathing room can help, too. Here’s a bit of speculation about the extension from the NY Times:

To win the extension, Ms. Leibovitz might have agreed to sell something valuable quickly, like the rights to some photographs or a home, or to pay more interest.

“The great likelihood is she had to demonstrate to them how she is going to come up with the money and how soon she is going to come up with the money,” [unaffiliated attorney Eliot Zuckerman] said. “Of course there could have been an interest rate increase as well.”