Tuesday, September 8, 2009
Leibovitz loan coming due Tuesday
(AP) - Celebrity photographer Annie Leibovitz risks losing the copyright to her images if she doesn't pay back a $24 million loan that is now due.
The world-famous photographer must repay Art Capital Group on Tuesday.
The New York company sued Ms. Leibovitz in July. It claimed she breached an agreement that authorized it to act as the agent in the sale of her photography and real estate.
Ms. Leibovitz spokesman Matthew Hiltzik said last week the photographer was working to resolve the situation. He declined further comment.
Art Capital spokesman Montieth Illingworth said, "We have clear contractual rights and will protect them in any scenario.'' He added: "Our preference is for this to be resolved.''
Ms. Leibovitz's images appear in Vanity Fair, Vogue and other publications.
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Source: Crain's New York