Leibovitz: Better off Bankrupt
Now that she's staring down a $24 million lawsuit, Annie Leibovitz is running out of choices. With Art Capital Group claiming the rights to her photo archive, real estate and other assets posted as collateral, some experts say bankruptcy would buy her some time to find a new plan. But, it would come at the cost of privacy, as the photographers finances would be thrust into the public eye.
Neither Leibovitz's attorneys nor financial advisers returned Bloomberg News' calls for comment, but experts suggest that desperate times call for desperate measures. Filing for protection would push litigation into the future and secure the artist a bit of leverage. Hell, maybe it would buy her some time to see if Miley Cyrus wants to get naked again. I don't know if that would be worth $24 million, but I'm sure it would help Leibovitz to chip away at the debt.
Industry insiders seem to call Art Capital Group a capital source of last resort, though that's probably a bit unfair. If you're pledging collateral or are otherwise transacting in an illiquid market, common sense is necessary. And, let's face it, if traditional banks played in this space, Leibovitz may not have been hit with such tough terms. But, it's hard to believe she didn't know the rules of the game.
Mum's the word for now on Leibovitz's future. One thing is certain, however: she didn't spend the money on makeup.
[Thanks, Jason, for the makeup crack]
Reader Comments (Page 1 of 1)
Valerie Aug 5th 2009 10:17PM
Luxist is getting so sleazy and cheap for letting language and remarks pass as is posted here.How old are you anyway Tom?I was sure you'd be old enough to be past the immature stage,but I guess not.A poor and stupid example you set.
Valerie Aug 5th 2009 10:20PM
I would also like to point out this is not your first time nor are you the only one to show such poor professionalism.
Goto98 Aug 5th 2009 10:29PM
Valerie,
I assume you are referring the the Miley Cirus comment, in which case I understand but actually found it rather hilarious.
The article does seem a bit unforgiving, but lets remember that it was this woman's own poor choices which landed her in such a situation.
duane Aug 6th 2009 12:36AM
Annie Leibovitz has given us some of the most iconic images of a generation. Making comments about her lack of make up and the snarky Miley Cirus crack?
Some forms of ugliness go all the way to the bone.
inese Aug 6th 2009 3:39AM
What good is being a great talent....
when your most basic skills...
are lacking
Some Guy Aug 6th 2009 11:38AM
Stay classy, Tom. Are you trying to get a job on TV or something?
Susan Aug 6th 2009 9:31PM
Really, Tom.... leave the snide comments about makeup and snickers about bankruptcy to the sleazy celebrity bloggers. Try to be a bit classier than that. We can go to Perez Hilton for cheap shots.
GPR Aug 7th 2009 12:26AM
Another cruddy post from Tom. Snide political references in cigar articles, and now juvenile snickers about a female not living up to his ideals. He's bringing down the whole tenor of the place.