Saturday, September 12, 2009
Leibovitz Granted Extension
In a 13th-hour agreement on Friday, the photographer Annie Leibovitz avoided having to give up her homes and her artistic property to the finance company that had lent her $24 million. But all she may have won is time.
The Art Capital Group, which specializes in loans secured by artwork, had given Ms. Leibovitz a $24 million one-year loan that was due on Tuesday. As collateral, she pledged the rights to all of her intellectual property, including her photographs, as well as three adjoining town houses in Greenwich Village and a home in Rhinebeck, N.Y.
On Friday, three days after the deadline, Ms. Leibovitz and Art Capital announced that they had reached an agreement on a loan extension.
For more, click HERE.